Brookfield Office Properties Inc. Announces Commencement of Normal Course Issuer Bid for Preferred Shares

TORONTO, ON--(Marketwired - December 15, 2015) - Brookfield Office Properties Inc. ("Brookfield") today announced it has received approval from the Toronto Stock Exchange ("TSX") for its proposed normal course issuer bid to purchase up to 10% of the public float of each series of the company's outstanding Class AAA Preference Shares that are listed on the TSX (the "Preferred Shares"). Purchases under the bid will be made through the facilities of the TSX and any alternative Canadian trading systems in compliance with applicable Canadian securities laws. The period of the normal course issuer bid will extend from December 17, 2015 to December 16, 2016, or an earlier date should Brookfield complete its purchases prior to such date. Brookfield will pay the market price at the time of acquisition for any Preferred Shares purchased. All Preferred Shares acquired by Brookfield under this bid will be cancelled. Brookfield has not repurchased any Preferred Shares in the past 12 months.

Under the normal course issuer bid, Brookfield is authorized to repurchase each respective series of the Preferred Shares as follows:



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Series Ticker Issued and Public Average Maximum number of
outstanding float(1) daily shares subject to
shares(1) trading purchase(3)
volume(2)
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Total Daily
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Series G BPO.PR.U 4,400,000 3,396,451 2,854 339,645 1,000
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Series H BPO.PR.H 8,000,000 7,000,000 4,484 700,000 1,121
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Series J BPO.PR.J 7,902,768 6,902,768 5,713 690,276 1,428
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Series K BPO.PR.K 6,000,000 4,995,414 2,280 499,541 1,000
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Series N BPO.PR.N 11,000,000 11,000,000 11,277 1,100,000 2,819
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Series P BPO.PR.P 12,000,000 12,000,000 14,336 1,200,000 3,584
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Series R BPO.PR.R 10,000,000 10,000,000 11,821 1,000,000 2,955
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Series T BPO.PR.T 10,000,000 10,000,000 12,333 1,000,000 3,083
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Series V BPO.PR.X 1,805,489 1,290,789 1,148 129,078 1,000
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Series W BPO.PR.W 3,816,527 1,884,427 1,460 188,442 1,000
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Series Y BPO.PR.Y 2,847,711 1,242,911 727 124,291 1,000
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Series AA BPO.PR.A 12,000,000 11,975,000 11,495 1,197,500 2,873
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1. Calculated as at December 10, 2015.
2. Calculated for the six months ended November 30, 2015.
3. In accordance with TSX rules, any daily repurchases with respect to: (i)
the Series G, Series K, Series V, Series W and Series Y preferred shares
would be limited to 1,000 shares of the respective series and (ii) each
of the other series of Preferred Shares (excluding the Series G, Series
H, Series K, Series V, Series W and Series Y preferred shares) would be
limited to 25% of the average daily trading volume on the TSX of the
respective series.


Brookfield is commencing a normal course issuer bid because it believes that, from time to time, the market price of its Preferred Shares may not fully reflect the underlying value of its business and its future business prospects. Brookfield believes that, in such circumstances, the outstanding Preferred Shares represent an attractive investment for Brookfield, since a portion of its excess cash generated on an annual basis can be invested for an attractive risk adjusted return through the issuer bid.

About Brookfield Office Properties

Brookfield Office Properties Inc. is a division of Brookfield Property Partners BPY BPY, a global commercial property company that owns, operates and invests in best-in-class office, retail, industrial, multifamily and hotel assets. Brookfield Office Properties owns, develops and manages premier office properties in the United States, Canada, Australia and the United Kingdom. Its portfolio is comprised of interests in 112 properties totaling 88 million square feet in the downtown cores of New York, Washington, D.C., Houston, Los Angeles, Toronto, Calgary, Ottawa, London, Sydney, Melbourne and Perth, making Brookfield the global leader in the ownership and management of office assets. Landmark properties include Brookfield Places in Manhattan, Toronto and Perth, Bank of America Plaza in Los Angeles, Bankers Hall in Calgary and Darling Park in Sydney. For more information, visit www.brookfieldofficeproperties.com.



FOR FURTHER INFORMATION PLEASE CONTACT:
Brookfield Contact:
Matt Cherry
Vice President, Investor Relations & Communications
(212) 417-7488
matthew.cherry@brookfield.com