Dear Unitholders, Highlights for the quarter include: Advanced developments and pre-leasing

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1 Dear Unitholders, Brookfield Property Partners began 2015 with solid performance in-line with expectations. For the first quarter, Company FFO was $181 million or $0.25 per unit and net income was $833 million or $1.17 per unit. Operational performance was strong across virtually all of our regions and property sectors led by our US-based regional mall and office investments. We remain active with our capital recycling program, new acquisitions, and working toward achieving our strategic objectives. Highlights for the quarter include: Advanced developments and pre-leasing In the first quarter, we advanced our 7 million-square-foot Manhattan West project in New York City s Hudson Yards district. To date, we have finalized construction of the platform spanning a portion of Manhattan West effectively completing the site, commenced the redevelopment of Five Manhattan West (formerly 450 West 33 rd St.) where we are installing a new façade and lobby among other improvements, launched construction of an 844-unit residential tower on the site, and, in April, announced the signing of an anchor tenant lease with a major professional services firm and the commencement of construction of One Manhattan West, the first of two, 2 million-square-foot office towers. In light of this progress, we have secured construction financing totaling $1.2 billion for this office tower. When complete, our $4.5 billion Manhattan West project will include two new and one renovated class A office towers, retail, rooftop gardens, restaurants and cafes, and a luxury residential building. A twoacre public park will transect the site and will be activated by our acclaimed Arts Brookfield program. With this project, we now have over 7 million square feet of office development underway, which are 51% pre-leased on average. These projects, which are projected to cost approximately $4.6 billion in total, are expected to come online over the course of and to generate meaningful incremental NOI at stabilized levels of approximately $330 million per year. Continued to rationalize our structure We continue to seek avenues to enhance the value and transparency of our various investments. For over a decade, we had held a minority stake in the Canary Wharf Group in London. Last December, with a leading sovereign wealth fund, we launched a bid to take control of Canary Wharf. In early February, it was announced that our offer had been accepted, allowing us to move ahead with the acquisition. The transaction closed last week, giving us a 50% interest in a world-class collection of operating assets and development sites. Canary Wharf remains one of the most treasured property estates in the world. With the transaction now concluded, we look forward to working with our partner and the Canary Wharf Group management

2 team to advance the substantial development pipeline and to realize the full potential of the site for our tenants, stakeholders and the people of London. We will provide further detail on our plans for Canary Wharf, including the 11 million square feet of future mixed-use development, over the course of this year, beginning with an investor tour in London on May We hope you are able to join us for this event. Recycling of capital, reducing corporate leverage and enhancing liquidity Investor demand for high-quality, stabilized real estate continues to be robust. To capitalize on this, we have completed or are well advanced on several transactions to monetize positions in mature assets including the sale of interests in select office properties in Seattle, Boston, Washington, DC and London. Net proceeds of close to $1 billion are expected from these initiatives by the end of the second quarter. Overall, our office sales program in 2015 is expected to produce net proceeds of approximately $1.5 billion. Proceeds from our asset sale and other liquidity initiatives will be used to pay down the debt from our Brookfield Office Properties ( BPO ) acquisition facility, draws on our short-term corporate lines of credit, and to further fund development projects. Additional highlights from the first quarter include: Office In the first quarter of 2015, our office platform generated Company FFO of $170 million versus $97 million in the first quarter of 2014 and net income of $821 million versus $201 million during the first quarter of the prior year, primarily reflecting the increased ownership of BPO during much of 2014 and fair value gains of $770 million during the quarter, primarily driven by strong market conditions and leasing activity in New York City and Sydney. We leased 1.9 million square feet of space in our core office portfolio during the quarter, increasing global occupancy by 30 basis points quarter-over-quarter to 92.5% and capturing healthy market rent increases in the process. In addition to strong performance from our Manhattan office operations mentioned earlier, our London portfolio continues to outperform in response to healthy tenant demand. An example of this is Moor Place, a property we acquired in the fourth quarter of Moor Place is a new building adjacent to our London Wall project, that was only 7% occupied upon our acquisition. We are pleased to report that over the four months that we have owned this property we have executed leases with several tenants, bringing this 232,000-square-foot building to 94% occupancy with the remaining 6% currently under offer.

3 Retail In the first quarter of 2015, our retail operations reported Company FFO of $114 million compared to $105 million in the comparable period in 2014 and net income of $164 million against $303 million during the first quarter of the prior year. The increase in Company FFO for the quarter was due primarily to increased rental rates and higher tenant sales in our US portfolio. General Growth Properties ( GGP ), which represents our largest investment in the retail sector, continues to execute its focused strategic plan which has included expansion into street retail. Earlier this month, GGP announced, along with co-investors, the acquisition of the iconic Crown Building at 730 Fifth Avenue in New York City for approximately $1.8 billion. GGP s repositioning plan for this asset includes a reconfigured lobby and an increase in the high-value square footage along Fifth Avenue. In addition, GGP acquired, through a 50/50 joint venture with Sears, 12 stores from Sears for a total of $165 million ($48 million at BPY s share). GGP will redevelop and reposition some of these stores, capitalizing on the real estate premium of in-line retailers. Investors continue to show a strong appetite for high-quality US real estate and have been allocating an increasing portion of their capital into such properties, including regional shopping centers. In light of this, GGP recently sold, in two transactions, interests of 25% and 12.5%, respectively, in Ala Moana Center in Honolulu, valuing the property at $5.5 billion. GGP s redevelopment and expansion of Ala Moana continues to outperform expectations and should prove to be a successful, high-yielding venture for all of the partners. In March, we unveiled our new curated retail center at Brookfield Place New York, which is transforming downtown Manhattan into a premier luxury fashion, dining and cultural destination. At this center, we recently held a grand opening celebration for many of the shops, including Le District, a 30,000-squarefoot French-inspired marketplace. Over 60% of our luxury and aspirational retailers have opened, with the balance coming online shortly. Saks Fifth Avenue will open downtown Manhattan s only full-line department store in early Eight signature restaurants will open at Brookfield Place New York throughout the year, including Michelin-starred and world-renowned French chef Joel Robuchon s highly anticipated French eatery L Atelier this fall. Among the other top-tier dining options are Chef Jose Garces acclaimed Amada and Italian eatery Parm. Many of our new office tenants at the center have also begun occupying their space and will continue to do so as the year progresses. With the redevelopment and re-tenanting essentially complete, Brookfield Place is a showcase property in our global portfolio. Industrial, Multifamily & Other In the first quarter of 2015, our industrial, multifamily and other operations generated Company FFO of $33 million compared with $17 million in the comparable period in 2014 and net income was $49 million

4 against $8 million in the first quarter of the prior year. These increases were largely a result of returns generated from our incremental capital invested throughout We continue to build our investments in these sectors primarily through our participation in Brookfield managed private equity funds. At this time, Brookfield s $4.4 billion real estate opportunity fund is fully invested and the focus for this fund has shifted to maximizing value of the portfolio. As monetizations occur, Brookfield Property Partners anticipates earning meaningful opportunistic returns on its $1.3 billion participation in this initiative. In addition, in the past quarter Brookfield Property Partners has continued to commit and deploy significant amounts of additional capital to opportunistic real estate opportunities. Growth Initiatives & Senior Management Structure Since the inception of Brookfield Property Partners in April 2013, we have experienced meaningful growth over a short period of time. On our proportionate balance sheet, total assets have doubled in that timeframe and now stand at over $60 billion. In the process, we have continued to add to our holdings in Europe with the recent success of our London developments and the acquisition of Canary Wharf. Recently, with institutional clients from a Brookfield fund, we entered into an agreement to acquire Associated Estates Realty Corporation ( AEC ), a US multifamily company. Earlier this month, the board of directors of AEC recommended to shareholders to accept Brookfield s cash offer of $28.75 per share. That correlates with a gross transaction size of $2.5 billion; the ultimate equity commitment from Brookfield Property Partners will be approximately $200 million. If successful, the transaction should close in the second half of 2015, and will add over 15,000 high-quality multifamily units to our portfolio. AEC s portfolio overlaps with many of our existing multifamily markets and we see attractive opportunities to leverage our existing platform with AEC to generate the best risk-adjusted returns within these assets. We continue to acquire assets in developing markets as well, such as Brazil, a market Brookfield has been invested in for over 100 years. Notwithstanding the short-term problems the country is facing, the growing middle class, evolving economy and maturing political system have given Brookfield the ability to earn excellent returns by staying committed to our long-term, disciplined and value-oriented approach. Given the headwinds created by the weakness in commodity prices, we are currently seeing numerous opportunities to invest in real property in Brazil. We recently entered into an agreement to acquire an interest in a premier quality portfolio of seven essentially new office buildings in Rio de Janeiro and Sao Paulo. In light of our recent and projected growth, to position Brookfield s real estate group for continued success, we are pleased to announce the following changes within our organizational structure:

5 John Stinebaugh, who has served as chief financial officer of Brookfield Property Group since mid-2013, has been named chief operating officer. In this new role, John will oversee the performance of our opportunistic real estate investments globally. Bryan Davis, who previously served as chief financial officer of our global office platform, will pick-up John s existing duties and become CFO of Brookfield Property Partners. Bryan s diligence and financial acumen have been great assets to the organization over his 16-year career at Brookfield and will continue to be in his new, enhanced role. Outlook Overall, our office and retail properties continue to perform solidly. London, along with most of the US markets, have been particularly strong, where we are seeing occupancy levels and rents trending towards historical levels. Demand for office space has weakened in Calgary, Houston and Perth, cities whose economies are driven by oil and gas companies or those involved in commodities. However, investments in these cities make up a small part of our portfolio and the overall impact of lower energy and commodity prices, we believe, is a net benefit to the balance of our holdings. The most compelling attribute of our current portfolio is that irrespective of positive or negative market conditions we have a defined path to grow our NOI by over $1 billion by About half of this growth will come from the completion of the development and redevelopment projects mentioned earlier. The balance is a combination of leases that have been signed but have yet to commence (about 75% of which is from Brookfield Place New York), as well as opportunities to capture rent increases on our below-market leases upon expiry, and address the remaining pockets of vacancy in our portfolio. On behalf of the Board of Directors and our employees, I thank you for your continued interest and investment in Brookfield Property Partners. Sincerely, Ric Clark Chief Executive Officer

6 Forward-Looking Statements This letter to unitholders, particularly the Outlook section, contains forward-looking information within the meaning of Canadian provincial securities laws and applicable regulations and forward-looking statements within the meaning of safe harbor provisions of the United States Private Securities Litigation Reform Act of Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding our operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as expects, anticipates, plans, believes, estimates, seeks, intends, targets, projects, forecasts, likely,, or negative versions thereof and other similar expressions, or future or conditional verbs such as may, will, should, would and could. Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: risks incidental to the ownership and operation of real estate properties including local real estate conditions; the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the ability to enter into new leases or renew leases on favorable terms; business competition; dependence on tenants financial condition; the use of debt to finance our business; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; uncertainties of real estate development or redevelopment; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; risks relating to our insurance coverage; the possible impact of international conflicts and other developments including terrorist acts; potential environmental liabilities; changes in tax laws and other tax related risks; dependence on management personnel; illiquidity of investments; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits therefrom; operational and reputational risks; catastrophic events, such as earthquakes and hurricanes; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States. We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements or information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.