Brookfield Property Split Corp. — Interim / Quarterly Report 2021

May 14, 2021

NOTICE

Brookfield Property Split Corp. hereby gives notice, pursuant to section 13.4(2)(d)(ii)(A) of National Instrument 51-102 ─ Continuous Disclosure Obligations ( “ NI 51-102 ”), that it is relying on the continuous disclosure documents filed by Brookfield Property Partners L.P. and that such documents can be found for viewing in electronic format at www.sedar.com under the company profile for Brookfield Property Partners L.P.

Attached to this notice and forming part hereof is the consolidated summary financial information for Brookfield Property Partners L.P. as required by section 13.4 of NI 51-102.

Date: May 14, 2021.

UNAUDITED CONSOLIDATING SUMMARY FINANCIAL INFORMATION (in millions of US dollars)

Brookfield Property Partners L.P. and its subsidiaries Brookfield Property L.P., Brookfield BPY Holdings Inc., Brookfield BPY Retail Holdings II Inc., BPY Bermuda Holdings Limited, BPY Bermuda Holdings II Limited and Brookfield Office Properties Inc. fully and unconditionally guarantee the payment obligations of Brookfield Property Split Corp. (“ BOP Split ”) in respect of the Series 1, Series 2, Series 3 and Series 4 class A senior preference shares issued by BOP Split. Accordingly, the following consolidating summary financial information is provided in compliance with the requirements of section 13.4 of National Instrument 51-102 ─ Continuous Disclosure Obligations providing for an exemption for certain credit support issuers. The tables below contain consolidating summary financial information for (i) Brookfield Property Partners L.P., (ii) BOP Split, (iii) Brookfield Office Properties Inc. (“ BPO ”), (iv) the primary holding subsidiaries of Brookfield Property Partners L.P. (the “ Holding entities ”), (v) Brookfield Property Partners L.P.’s additional holding entities and eliminations, (vi) consolidating adjustments, and (vii) Brookfield Property Partners L.P. and all of its subsidiaries on a consolidated basis, in each case for the periods indicated. Such summary financial information is intended to provide investors with meaningful and comparable financial information about Brookfield Property Partners L.P. and its subsidiaries. This summary financial information should be read in conjunction with the most recently issued annual and interim financial statements of Brookfield Property Partners L.P. This summary financial information has been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board.

Consolidating summary financial information with respect to Brookfield Property Preferred Equity Inc. is not available as this entity has, since the date of its incorporation to, and as of, the date of the attached consolidated summary financial information for Brookfield Property Partners L.P., no income, no assets or liabilities, no subsidiaries and no ongoing business operations of its own.

The following table provides consolidated summary financial information for the partnership, BOP Split, BPO, Brookfield Property Finance ULC, Brookfield Property Preferred Equity Inc. and the holding entities:

(US$ Millions) For the three months ended	Brookfield Property Partners	Brookfield Property Partners					Brookfield Property Preferred	Brookfield Property Finance	Holding		Additional holding entities and	Consolidating	Consolidating	Brookfield Property Partners L.P	Brookfield Property Partners L.P
Mar. 31,2021		L.P.	BOP	Split	BPO	EquityInc.		ULC	entities(2)	eliminations(3)		adjustments(4)		consolidated
Revenue	$	—	$	47 $	94	$	— $	20 $	137	$	76	$	1,076	$	1,450
Net income attributable to
unitholders(1)		130		278	271		—	(26)	266		182		(835)		266
For the three months ended
Mar. 31,2020
Revenue	$	—	$	64 $	39	$	— $	15 $	200	$	4	$	1,578	$	1,900
Net income attributable to
unitholders(1)		(244)		56	27		—	112	(486)		(73)		122		(486)

(1) Includes net income attributable to LP Units, GP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, Exchange LP Units, FV LTIP Units and BPYU Units.

(2) Includes the operating partnership, Brookfield BPY Holdings Inc., Brookfield BPY Retail Holdings II Inc., BPY Bermuda Holdings Limited, and BPY Bermuda Holdings II Limited.

(3) Includes BPY Bermuda Holdings IV Limited, BPY Bermuda Holdings V Limited and BPY Bermuda Holdings VI Limited, which serve as guarantors for BPO but not BOP Split, net of intercompany balances and transactions with other holding entities.

(4) Includes elimination of intercompany transactions and balances necessary to present the partnership on a consolidated basis.

(US$ Millions)	Brookfield Property Partners	Brookfield Property Partners					Brookfield Property Preferred	Brookfield Property Finance	Holding		Additional holding entities and	Consolidating	Consolidating	Brookfield Property Partners L.P	Brookfield Property Partners L.P
As of Mar. 31,2021		L.P.	BOP Split		BPO	EquityInc.		ULC	entities(2)	eliminations(3)		adjustments(4)		consolidated
Current assets	$	—	$	580 $	125	$	— $	1,702 $	8,928	$	187	$	(8,209)	$	3,313
Non-current assets		12,593		30,386	23,505		—	205	37,923		2,141		(2,677)		104,076
Assets held for sale		—		—	—		—	—	—		—		285		285
Current liabilities		—		3,598	1,418		—	335	8,069		1,335		5,432		20,187
Non-current liabilities		—		4,601	3,978		—	1,593	12,969		399		21,962		45,502
Liabilities associated with
assets held for sale		—		—	—		—	—	—		—		114		114
Preferred equity		699		—	—		—	—	—		—		—		699
Equity attributable to		—		—	2,839		—	—	—		—		13,219		16,058
interests of others in
operating subsidiaries and
properties
Equity attributable to unitholders(1)	$	11,894	$	22,767 $	15,395	$	— $	**(21) $ **	25,813	$	594	$	**(51,328) **	$	25,114

(1) Includes net income attributable to LP Units, GP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, Exchange LP Units, FV LTIP Units and BPYU Units.

(2) Includes the operating partnership, Brookfield BPY Holdings Inc., Brookfield BPY Retail Holdings II Inc., BPY Bermuda Holdings Limited, and BPY Bermuda Holdings II Limited.

(3) Includes BPY Bermuda Holdings IV Limited, BPY Bermuda Holdings V Limited and BPY Bermuda Holdings VI Limited, which serve as guarantors for BPO but not BOP Split, net of intercompany balances and transactions with other holding entities.

(4) Includes elimination of intercompany transactions and balances necessary to present the partnership on a consolidated basis.

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(US$ Millions)	Brookfield Property Partners	Brookfield Property Partners					Brookfield Property Preferred	Brookfield Property Finance	Holding		Additional holding entities and	Consolidating	Consolidating	Brookfield Property Partners L.P	Brookfield Property Partners L.P
As of Dec. 31,2020		L.P.	BOP Split		BPO	EquityInc.		ULC	entities(2)	eliminations(3)		adjustments(4)		consolidated
Current assets	$	—	$	545 $	171	$	— $	1,457 $	8,780	$	196	$	(6,728)	$	4,421
Non-current assets		12,628		30,137	23,542		—	438	38,142		2,227		(4,172)		102,942
Assets held for sale		—		—	—		—	—	—		—		588		588
Current liabilities		—		3,595	678		—	336	7,587		1,356		4,272		17,824
Non-current liabilities		—		4,542	5,270		—	1,571	13,499		531		22,795		48,208
Liabilities associated with
assets held for sale		—		—	—		—	—	—		—		396		396
Preferred equity		699		—	—		—	—	—		—		—		699
Equity attributable to		—		—	2,686		—	—	—		—		13,001		15,687
interests of others in
operating subsidiaries and
properties
Equity attributable to unitholders(1)	$	11,929	$	22,545 $	15,079	$	— $	(12) $	25,836	$	536	$	(50,776)	$	25,137

(1) Includes net income attributable to LP Units, GP Units, Redeemable/Exchangeable Partnership Units, Special LP Units, Exchange LP Units, FV LTIP Units and BPYU Units.

(2) Includes the operating partnership, Brookfield BPY Holdings Inc., Brookfield BPY Retail Holdings II Inc., BPY Bermuda Holdings Limited, and BPY Bermuda Holdings II Limited.

(3) Includes BPY Bermuda Holdings IV Limited, BPY Bermuda Holdings V Limited and BPY Bermuda Holdings VI Limited, which serve as guarantors for BPO but not BOP Split, net of intercompany balances and transactions with other holding entities.

(4) Includes elimination of intercompany transactions and balances necessary to present the partnership on a consolidated basis.

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