Mr. Amar Dhotar of Brookfield Asset reports

BROOKFIELD ASSET MANAGEMENT CLOSES GOING PRIVATE TRANSACTION OF BROOKFIELD RESIDENTIAL

Brookfield Asset Management Inc. has closed the going-private transaction of Brookfield Residential Properties Inc., pursuant to which 1927726 Ontario Inc., a wholly owned subsidiary of Brookfield Asset Management, acquired all of the issued and outstanding common shares of Brookfield Residential that Brookfield Asset Management and its affiliates did not already own, by way of a plan of arrangement.

As a result of the 32.4 million common shares of Brookfield Residential acquired by Brookfield Asset Management pursuant to the arrangement, Brookfield Asset Management now owns 100 per cent of the issued and outstanding common shares of Brookfield Residential. The remaining 2.4 million common shares of Brookfield Residential were purchased for cancellation by Brookfield Residential pursuant to the arrangement. Payment of the cash consideration of $24.25 (U.S.) per common share acquired pursuant to the arrangement will be made to the depositary (contact information below).

Brookfield Residential shareholders who hold their common shares through a broker or other intermediary may contact that broker or other intermediary for instructions and assistance in receiving the consideration for their shares. Shareholders who hold their common shares in certificated form are required to complete and sign a letter of transmittal, and deliver it together with their share certificates and the other required documents to the depositary. Further information concerning these processes is outlined in Brookfield Residential's management information circular dated Jan. 12, 2015, a copy of which is available, along with the letter of transmittal, under Brookfield Residential's profile on SEDAR, on EDGAR and on Brookfield Residential's website.

Any questions regarding the cash consideration, including any request for another letter of transmittal, should be directed to the depositary, CST Trust Company, at 416-682-3860 or toll-free at 1-800-387-0825.

With the completion of the plan of arrangement, it is expected that the common shares of the corporation will be delisted from the Toronto Stock Exchange at the close of business on March 16, 2015, and suspended from trading on the New York Stock Exchange on March 16, 2015. Delisting of the common shares from the New York Stock Exchange is expected to take place on March 30, 2015, at the latest.

We seek Safe Harbor.