Brookfield Properties Corporation Announces Toronto Stock Exchange Accepts Notice Regarding Normal Course Issuer Bid.

TORONTO--(BUSINESS WIRE)--Aug. 19, 1999--

Brookfield Properties Corporation (NYSE: BPO)(TSE: BPO) announced today that The Toronto Stock Exchange has accepted a notice filed by Brookfield of its intention to make a normal course issuer bid.

Brookfield believes that its common shares have been trading in price ranges which do not fully reflect their value. As a result, depending on future price movements and other factors, Brookfield believes that its shares may represent an attractive investment and a desirable use of available funds.

The Notice provides that Brookfield may, during the 12 month period commencing August 23, 1999 and ending August 22, 2000, purchase on the TSE up to 6,654,911 common shares, representing approximately 5% of the issued and outstanding common shares of the company. At August 8, 1999, there were 133,098,217 common shares issued and outstanding and 62,295,686 common shares in the public float. The price to be paid for the shares will be the market price at the time of purchase. The actual number of shares to be purchased and the timing of such purchases will be determined by Brookfield. All shares purchased by the Corporation under this bid will be promptly cancelled.

Brookfield Properties Corporation owns and manages a portfolio of premier North American office properties and also develops master-planned residential communities. Operations include:

--50 commercial properties containing 34 million square feet of rental area;

--a property services business which manages over 100 million square feet; and

--a land and housing business which sells over 5,000 residential building lots annually.

Brookfield's objective is to build shareholder value by owning quality assets and managing each of its operations to increase cashflows. Brookfield is listed on the New York and Toronto Stock Exchanges under the symbol BPO.