X0201 4 2004-02-18 0 0001202157 BROOKFIELD HOMES CORP BHS 0001245812 STELZL ROBERT L C/O COLONY CAPITAL INC. 1999 AVENUE OF THE STARS, SUITE 1200 LOS ANGELES CA 90067 1 0 0 0 Deferred Share Units 2004-02-18 4 A 0 808 0 A Common Stock 808 2755 D 1-for-1. The units vest in five equal annual installments beginning on February 18, 2005. Vested units can only be redeemed after cessation of employment whether due to termination, retirement or death. There will be no shares of common stock issued, authorized, reserved, purchased or sold at any time in connection with units allocated. Under no circumstances will units be considered shares of common stock, or entitle any participant to the exercise of voting rights or to the exercise of any other rights arising from the ownership of shares of common stock. Robert Stelzl 2004-02-19