BROOKFIELD NEWS, March 21, 2017 (GLOBE NEWSWIRE) -- Brookfield Office Properties Inc. (“Brookfield”), a
subsidiary of Brookfield Property Partners, today announced that after having taken into account all election notices following the
March 16, 2017 conversion deadline for the Class AAA Preference Shares, Series P (the “Series P Shares”) (TSX:BPO.PR.P) tendered
for conversion into Class AAA Preference Shares, Series Q (the “Series Q Shares”), the holders of Series P Shares are not entitled
to convert their Series P Shares into Series Q Shares. There were 488,396 Series P Shares tendered for conversion, which is less
than the 1,000,000 shares required to give effect to conversions into Series Q Shares.
The Series P Shares will pay on a quarterly basis, for the five-year period beginning on April 1, 2017, as and
when declared by the board of directors of Brookfield, a fixed dividend based on an annual dividend rate of 4.161% per annum
(C$0.260063 per share per quarter).
About Brookfield Office Properties
Brookfield Office Properties Inc. is a subsidiary of Brookfield Property Partners L.P., one of the world’s
largest commercial real estate companies, with approximately $65 billion in total assets. Brookfield Office Properties owns,
develops and manages premier office properties in the United States, Canada, Australia and Europe. Its portfolio is comprised of
interests in 118 properties totaling 89 million square feet in the downtown cores of New York, Washington, D.C., Houston, Los
Angeles, Toronto, Calgary, Ottawa, London, Berlin, Sydney, Melbourne and Perth, making Brookfield Office Properties the global
leader in the ownership and management of office assets. Landmark properties include Brookfield Places in New York City, Toronto
and Perth, Bank of America Plaza in Los Angeles, Bankers Hall in Calgary and Darling Park in Sydney.
Brookfield Contact: Matt Cherry, Senior Vice President, Investor Relations & Communications (212) 417-7488; matthew.cherry@brookfield.com
