Brookfield Homes Corporation Announces Preliminary Results of Tender Offer

(NYSE:BHS) Brookfield Homes Corporation today announced 
the preliminary results of its tender offer, which expired on 
November 15, 2005. Based on a preliminary count by Mellon Investor 
Services LLC, the depositary for the tender offer, approximately 
24,258,021 shares of common stock were tendered and not properly 
withdrawn, including 1,519,678 shares that were tendered through 
notice of guaranteed delivery and the shares tendered by Brookfield 
Asset Management Inc. (formerly Brascan Corporation), the major 
stockholder of Brookfield Homes.

   In accordance with the terms of the tender offer, Brookfield 
Homes expects to purchase approximately 3,000,000 shares at a 
purchase price of $55.00 per share. Because the number of shares 
tendered exceeds the number of shares the company expects to 
purchase, the preliminary proration factor for non-odd lot holders 
participating in the tender offer is approximately 11.7%.

   The number of shares expected to be purchased and the proration 
factor are preliminary, and subject to verification by the depositary 
of the proper delivery of all shares tendered and not withdrawn and 
the number of odd lots included in those deliveries. The actual 
number of shares to be purchased and the final proration factor will 
be announced promptly following completion of the verification 
process. Brookfield Homes will pay for all shares purchased promptly 
following that time, and return all other shares tendered and not 
accepted for purchase.

   Brookfield Homes Corporation

   Brookfield Homes Corporation is a residential homebuilder and 
land developer, building homes and developing land in master-planned 
communities and infill locations. We design, construct and market 
single-family and multi-family homes primarily to move-up and luxury 
homebuyers. We also entitle and develop land for our own communities 
and sell lots to other homebuilders. Our portfolio includes 30,000 
lots owned and controlled in the San Francisco Bay Area; Southland / 
Los Angeles; San Diego / Riverside; Sacramento; and Washington D.C. 
Area markets. For more information, visit the Brookfield Homes 
website at www.brookfieldhomes.com.



   Brookfield Homes Corporation (NYSE:BHS)