FORM 8.5 (EPT/RI)

PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY

Rule 8.5 of the Takeover Code (the "Code")

1. KEY INFORMATION

(a) Name of exempt principal trader:	Deutsche Bank AG London
(b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	Kennedy Wilson Europe Real Estate Plc
(c) Name of the party to the offer with which exempt principal trader is connected:	Kennedy-Wilson Holdings, Inc.
(d) Date dealing undertaken:	13/06/2017
(e) In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer? If it is a cash offer or possible cash offer, state "N/A"	Yes - Kennedy-Wilson Holdings, Inc.

2. DEALINGS BY THE EXEMPT PRINCIPAL TRADER

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security

Purchases/ sales

Total number of securities

Highest price per unit paid/received GBP

Lowest price per unit paid/received GBP

Ordinary NPV

Purchase

821,120

11.321089

11.04

Ordinary NPV

Sales

36,706

11.24

11.035

(b) Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
Ordinary NPV	SWAP	LONG	1	11.07372
Ordinary NPV	SWAP	LONG	1,061	11.07372
Ordinary NPV	SWAP	SHORT	1	11.221122
Ordinary NPV	SWAP	SHORT	2	11.321132
Ordinary NPV	SWAP	SHORT	3	11.351135
Ordinary NPV	SWAP	SHORT	3	11.321132
Ordinary NPV	SWAP	SHORT	4	11.321132
Ordinary NPV	SWAP	SHORT	6	11.111111
Ordinary NPV	SWAP	SHORT	9	11.111111
Ordinary NPV	SWAP	SHORT	10	11.321132
Ordinary NPV	SWAP	SHORT	11	11.351135
Ordinary NPV	SWAP	SHORT	12	11.228623
Ordinary NPV	SWAP	SHORT	13	11.321132
Ordinary NPV	SWAP	SHORT	15	11.321132
Ordinary NPV	SWAP	SHORT	16	11.321132
Ordinary NPV	SWAP	SHORT	17	11.227594
Ordinary NPV	SWAP	SHORT	19	11.213864
Ordinary NPV	SWAP	SHORT	22	11.290777
Ordinary NPV	SWAP	SHORT	30	11.351135
Ordinary NPV	SWAP	SHORT	37	11.198805
Ordinary NPV	SWAP	SHORT	38	11.321132
Ordinary NPV	SWAP	SHORT	42	11.256529
Ordinary NPV	SWAP	SHORT	55	11.351135
Ordinary NPV	SWAP	SHORT	55	11.111111
Ordinary NPV	SWAP	SHORT	56	11.111111
Ordinary NPV	SWAP	SHORT	59	11.25614
Ordinary NPV	SWAP	SHORT	64	11.111111
Ordinary NPV	SWAP	SHORT	75	11.293468
Ordinary NPV	SWAP	SHORT	78	11.292291
Ordinary NPV	SWAP	SHORT	83	11.232207
Ordinary NPV	SWAP	SHORT	86	11.240853
Ordinary NPV	SWAP	SHORT	96	11.111111
Ordinary NPV	SWAP	SHORT	116	11.180659
Ordinary NPV	SWAP	SHORT	120	11.2002
Ordinary NPV	SWAP	SHORT	122	11.247846
Ordinary NPV	SWAP	SHORT	122	11.235458
Ordinary NPV	SWAP	SHORT	133	11.240598
Ordinary NPV	SWAP	SHORT	152	11.236453
Ordinary NPV	SWAP	SHORT	163	11.288464
Ordinary NPV	SWAP	SHORT	181	11.259936
Ordinary NPV	SWAP	SHORT	182	11.166354
Ordinary NPV	SWAP	SHORT	224	11.201241
Ordinary NPV	SWAP	SHORT	250	11.291809
Ordinary NPV	SWAP	SHORT	254	11.265573
Ordinary NPV	SWAP	SHORT	267	11.049243
Ordinary NPV	SWAP	SHORT	275	11.241532
Ordinary NPV	SWAP	SHORT	281	11.200464
Ordinary NPV	SWAP	SHORT	284	11.268047
Ordinary NPV	SWAP	SHORT	285	11.259762
Ordinary NPV	SWAP	SHORT	289	11.233463
Ordinary NPV	SWAP	SHORT	306	11.111111
Ordinary NPV	SWAP	SHORT	309	11.201991
Ordinary NPV	SWAP	SHORT	343	11.290752
Ordinary NPV	SWAP	SHORT	402	11.274632
Ordinary NPV	SWAP	SHORT	437	11.275464
Ordinary NPV	SWAP	SHORT	485	11.23898
Ordinary NPV	SWAP	SHORT	503	11.18828
Ordinary NPV	SWAP	SHORT	542	11.266278
Ordinary NPV	SWAP	SHORT	573	11.265266
Ordinary NPV	SWAP	SHORT	576	11.291534
Ordinary NPV	SWAP	SHORT	594	11.265266
Ordinary NPV	SWAP	SHORT	610	11.200601
Ordinary NPV	SWAP	SHORT	636	11.241395
Ordinary NPV	SWAP	SHORT	749	11.213584
Ordinary NPV	SWAP	SHORT	890	11.258436
Ordinary NPV	SWAP	SHORT	978	11.172234
Ordinary NPV	SWAP	SHORT	997	11.187551
Ordinary NPV	SWAP	SHORT	1,005	11.213864
Ordinary NPV	SWAP	SHORT	1,027	11.26
Ordinary NPV	SWAP	SHORT	1,069	11.17252
Ordinary NPV	SWAP	SHORT	1,228	11.291566
Ordinary NPV	SWAP	SHORT	1,303	11.206755
Ordinary NPV	SWAP	SHORT	1,355	11.241475
Ordinary NPV	SWAP	SHORT	1,611	11.049312
Ordinary NPV	SWAP	SHORT	1,665	11.265445
Ordinary NPV	SWAP	SHORT	1,735	11.049318
Ordinary NPV	SWAP	SHORT	1,755	11.222634
Ordinary NPV	SWAP	SHORT	1,936	11.223126
Ordinary NPV	SWAP	SHORT	1,945	11.265573
Ordinary NPV	SWAP	SHORT	2,042	11.259306
Ordinary NPV	SWAP	SHORT	2,070	11.24053
Ordinary NPV	SWAP	SHORT	2,291	11.240466
Ordinary NPV	SWAP	SHORT	2,478	11.206302
Ordinary NPV	SWAP	SHORT	2,611	11.266284
Ordinary NPV	SWAP	SHORT	3,003	11.188635
Ordinary NPV	SWAP	SHORT	3,867	11.232495
Ordinary NPV	SWAP	SHORT	4,093	11.266284
Ordinary NPV	SWAP	SHORT	4,351	11.259317
Ordinary NPV	SWAP	SHORT	5,667	11.235458
Ordinary NPV	SWAP	SHORT	6,353	11.235796
Ordinary NPV	SWAP	SHORT	6,595	14.25972
Ordinary NPV	SWAP	SHORT	7,365	11.230445
Ordinary NPV	SWAP	SHORT	7,578	11.207435
Ordinary NPV	SWAP	SHORT	10,395	14.195851
Ordinary NPV	SWAP	SHORT	17,922	14.336278
Ordinary NPV	SWAP	SHORT	20,216	14.0653
Ordinary NPV	SWAP	SHORT	22,236	11.231878
Ordinary NPV	SWAP	SHORT	39,405	14.25972
Ordinary NPV	SWAP	SHORT	42,297	14.367219
Ordinary NPV	SWAP	SHORT	62,105	14.195851
Ordinary NPV	SWAP	SHORT	107,078	14.336278
Ordinary NPV	SWAP	SHORT	120,784	14.0653
Ordinary NPV	SWAP	SHORT	252,703	14.367219

(i) Writing, selling, purchasing or varying

Class of relevant security

Product description

e.g. call option

Writing, purchasing, selling, varying etc.

Number of securities to which option relates

Exercise price per unit

Type

e.g. American, European etc.

Expiry date

Option money paid/received per unit

(ii) Exercise

Class of relevant security

Product description

e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

(d) Other dealings (including subscribing for new securities)

Class of relevant security

Nature of dealing

e.g. subscription, conversion

Details

Price per unit (if applicable)

3. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer:

Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state "none"

NONE

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to:

(i) the voting rights of any relevant securities under any option; or

(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:

If there are no such agreements, arrangements or understandings, state "none"

NONE

Date of disclosure:	14/06/2017
Contact name:	Daniel Banayo
Telephone number:	0207 545 7575

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at monitoring@disclosure.org.uk. The Panel's Market Surveillance Unit is available for consultation in relation to the Code's dealing disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.

Date of disclosure:

14/06/2017

Contact name:

Daniel Banayo

Telephone number:

0207 545 7575