Market Overview

Brookfield Residential Prices Offering of Common Stock

Brookfield Residential Properties)(NYSE: BRP) ("Brookfield Residential", "we" or the "Company") today announced that it has entered into an underwriting agreement with a syndicate of underwriters in connection with its previously announced offering of common shares (the "Offering"). The Company also announced that it is entering into a subscription agreement in connection with its previously announced private placement of 8,000,000 of its common shares with Brookfield Asset Management Inc., which is conditional upon the closing of the Offering (the "Concurrent Private Placement").The net proceeds from the Offering, together with the net proceeds of the Concurrent Private Placement, will be used to repay a portion of the outstanding debt owed to Brookfield Office Properties Inc. The remaining net proceeds will be used to fund working capital and general corporate purposes, including the pay down of a revolving credit facility with Brookfield Asset Management Inc.The Company has also granted the underwriters an over-allotment option to purchase up to an additional 1,200,000 common shares of the Company at the Offering Price, exercisable for a period of 30 days following the closing of the Offering. Citigroup Global

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