Brookfield Completes Offering

On April 30, 2004, Brookfield Properties Corp. completed the issue of $200 million of class AAA preference shares, series J, which included an over-allotment option for 2 million series J shares. The underwriters were led by CIBC World Markets and included RBC Dominion Securities, Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corp., Desjardins Securities Inc., Raymond James Ltd., Trilon Securities Corp.

Brookfield Properties was represented by Torys, with a team of Mike Siltala, Rena Shadowitz, Michelle Campbell and Jim Welkoff. The underwriters were represented by Lawrence Chernin and Linda Misetich of Goodman and Carr.