X0202 4 2007-02-01 0 0001202157 BROOKFIELD HOMES CORP BHS 0001063243 COCKWELL IAN G C/O 181 BAY ST, SUITE 330 BCE PLACE TORONTO A6 M5J 2T3 ONTARIO, CANADA 1 1 0 0 President & CEO Employee Stock Option (Right to Buy) 36.41 2007-02-01 4 A 0 90000 0 A 2017-02-01 Common Stock 90000 370319 D Deferred Share Units 2007-02-01 4 A 0 8789 0 A Common Stock 8789 394708 D The options will vest in five equal annual installments beginning on February 1, 2008. 1-for-1. The units vest in five equal annual installments beginning on February 1, 2008. 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. Ian G. Cockwell 2007-02-02