SENIOR NOTES



			September 30, 2015							December 31, 2014
(Dollars in millions)					Unamortized							Unamortized
	Interest Rate	Maturity Date	Face Value		Net Premium/(Discount)			Carrying Value		Face Value		Net Premium/(Discount)			Carrying Value
2042 Notes	7.75%	12/1/2042	$	55.0	$	—		$	55.0	$	55.0	$	—		$	55.0
2024 Notes	5.88%	4/1/2024	650.0		(2.5		)	647.5		650.0		(2.6		)	647.4
Senior Notes			$	705.0	$	(2.5	)	$	702.5	$	705.0	$	(2.6	)	$	702.4

The indentures governing the 2024 Notes and 2042 Notes contain various restrictive covenants, including, among others, limitations on our ability and the ability of certain of our subsidiaries to incur or guarantee additional indebtedness, to make restricted payments, pay dividends or make any other distributions from restricted subsidiaries, redeem or repurchase capital stock, sell assets or subsidiary stock, engage in transactions with affiliates, create or permit liens on assets, enter into sale/leaseback transactions, and enter into consolidations or mergers. The indentures governing the 2024 and 2042 Notes limit the ability of Kennedy Wilson and its restricted subsidiaries to incur additional indebtedness if, on the date of such incurrence and after giving effect to the new indebtedness, the maximum balance sheet leverage ratio (as defined in the indenture) is greater than 1.50 to 1.00. This ratio is measured at the time of incurrence of additional indebtedness. As of September 30, 2015, the maximum balance sheet leverage ratio was 0.63 to 1.00. See Note 15 for the guarantor and non-guarantor financial statements.