Brookfield Property Partners L.P. announced first amendment to the third amended and restated master services agreement with Brookfield Asset Management Inc. THIS AMENDMENT (the “Amendment”) to the Third Amended and Restated Master Services Agreement dated as of August 3, 2021 (the “Agreement”) between Brookfield Property Partners L.P. (the Partnership”) and Brookfield Asset Management Inc., inter alias, is dated February 2, 2022. Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement. WHEREAS, the undersigned desire to amend the Agreement, with respect to the definitions of Management Fee and New LP Preferred Units under the Agreement, as set out herein; NOW THEREFORE, Amendments to Article 1: (a) Section 1.1.41 is hereby deleted in its entirety and replaced with the following: “Management Fee” means, with respect to any Quarter, an amount equal to 0.2625% of the sum of the following amounts, if any, each of which shall be calculated by the BPY General Partner, acting reasonably, as of the last day of the Quarter immediately preceding such Quarter: (i) the Equity Attributable to Core Assets and (ii) the carrying value of the Outstanding non-voting common shares of CanHoldco; (b) Section 1.1.42 is hereby deleted in its entirety and replaced with the following: Intentionally Deleted; 2. The amendments contained herein to Sections 1.1.41 and 1.1.42 will apply commencing October 1, 2021.

3. This Amendment shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. 4. Except as modified herein, all terms and conditions of the Agreement shall remain in full force and effect. 5. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which shall be construed together as one agreement.