Business: Brookfield Property Partners L.P., 5.750% Class A Cumulative Redeemable Perpetual Preferred Units Series 3, liquidation preference $25 per unit, redeemable at the issuer's option on or after 03/31/2025 at $25 per unit plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 5.750% per annum ($1.4375 per annum or $0.359375 per quarter) will be paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the record date that will be on the first Business Day of the month of the Payment Date. (NOTE: the ex-dividend date is one business day prior to the record date). If a Ratings Event occurs prior to 03/31/2025, the Units may be redeemed at the Partnership’s option within 120 days of the occurrence of such Ratings Event, at a price of $25.50 per Unit (102% of the liquidation preference), plus an amount equal to all accumulated and unpaid distributions (see prospectus for further information). Upon the occurrence of a Change of Control Triggering Event, the Partnership may redeem all of the Units by paying $25.00 per Unit, plus all accumulated and unpaid distributions. If the Partnership does not give notice of redemption the distribution rate per annum on the Units will increase by 5.00% (see prospectus for further information). Upon the occurrence of a Delisting Brookfield Transaction Triggering Event, the Partnership may redeem all of the Units by paying $25.00 per Unit, plus all accumulated and unpaid distributions. If the Partnership does not give notice of redemption the distribution rate per annum on the Units will increase by 5.00% provided that if either the LP Units and/or the Units are subsequently listed on either the Nasdaq Stock Market, the New York Stock Exchange or the Toronto Stock Exchange, the distribution rate per annum on the Units will reset to 5.750% (see prospectus for further information). The Partnership will have the option to redeem all of the Units at a redemption price of $25.00 per Unit, if as a result of a Change in Tax Law (see prospectus for further information). Holders of the Preferred Units will receive specific tax information from the company, including a Schedule K-1 which generally would be expected to provide a single income item equal to the preferred return (see page S-38 of the prospectus for details). This security was rated as BB+ by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred units rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.