KW Telstar Partners, LLC Watch

from S-4 5 pages Kwf Manager, XII, LLC, a Delaware Limited Liability Company Limited Liability Company Agreement Dated as of December 3, 2012

from S-4 4 pages State of Delaware Secretary of State Division of Corporations Delivered 06:20 Pm 10/19/2012 Filed 05:33 Pm 10/19/2012 Srv 121148909 - 5230572 File State of Delaware Limited Liability Company Certificate of Formation

from S-4 5 pages Kwf Manager XI, LLC, a Delaware Limited Liability Company Limited Liability Company Agreement Dated as of February 14, 2013

from S-4 4 pages State of Delaware Secretary of State Division of Corporations Delivered 06:20 Pm 10/19/2012 Filed 05:32 Pm 10/19/2012 Srv 121148896 - 5230569 File State of Delaware Limited Liability Company Certificate of Formation

from S-4 5 pages Amended and Restated Limited Liability Company Agreement of Kwf Manager X, LLC Dated as of November 13, 2012

from S-4 4 pages State of Delaware Secretary of State Division of Corporations Delivered 06:20 Pm 10/19/2012 Filed 05:29 Pm 10/19/2012 Srv 121148878 -5230565 File State of Delaware Limited Liability Company Certificate of Formation

from S-4 27 pages Operating Agreement of Cca-Boise Plaza, LLC

from S-4 23 pages Bylaws of Kennedy-Wilson Capital a California Corporation

from S-4 5 pages Limited Liability Company Agreement of Kw Investment Adviser, LLC a Delaware Limited Liability Company Limited Liability Company Agreement of Kw Investment Adviser, LLC

from S-4 11 pages Limited Liability Company Agreement of Kw Armacost, LLC

from S-4 2 pages /S/ Jeffrey W. Bullock Jeffrey W. Bullock, Secretary of State 4933589 8100h Authentication: 9938532 121158956 Date: 10-23-12 You May Verify This Certificate Online at CORP.DELAWARE.GOV/AUTHVER.SHTML State of Delaware Secretary of State Division of Corporations Delivered 06:52 Pm 01/28/2011 Filed 06:41 Pm 01/28/2011 Srv 110094333 - 4933589 File Certificate of Limited Partnership of Kennedy Wilson Property Services IV, L.P

from S-4 3 pages 3390762 Arts-Gs Articles of Incorporation of a General Stock Corporation to Form a General Stock Corporation in California, You Can Fill Out This Form or Prepare Your Own Document, and Submit for Filing Along With: – A $100 Filing Fee, – A Separate, Non-Refundable $15 Service Fee, if You Drop Off the Completed Form or Document. Important! Corporations in California May Have to Pay a Minimum $800 Yearly Tax to the California Franchise Tax Board. Go to WWW.FTB.CA.GOV for More Information. Note: Before Submitting the Completed Form, You Should Consult With a Private Attorney for Advice About Your Specific Business Needs. This Space for Office Use Only for Questions About This Form, Go to WWW.SOS.CA.GOV/BUSINESS/BE/FILING-TIPS.HTM. Corporate Name (List the Proposed Corporate Name. Go to WWW.SOS.CA.GOV/BUSINESS/BE/NAME-AVAILIBILITY.HTM for General Corporate Name Requirements and Restrictions.) 1 the Name of the Corporation Is Kw Residential Group, Inc. Corporate Purpose

from S-4 2 pages 2560307 Filed on the Offices of the Secretary of State of the State of California Oct 02 2003 Kevin Shelley, Secretary of State Articles of Incorporation of Kennedy-Wilson Capital /S/ Kent Y. Mouton Kent Y. Mouton, Esq., Incorporator I Hereby Certify That the Foregoing Transcript of 1 Page(s) Is a Full, True and Correct Copy of the Original Record in the Custody of the California Secretary of State’s Office. Date: Nov 28 2012 /S/ Debra Bowen Debra Bowen, Secretary of State

from S-4 3 pages LLC-1 File # 200711110160 State of California Secretary of State Limited Liability Company Articles of Organization Filed in the Office of the Secretary of State of the State of California Apr 19 2007 a $70.00 Filing Fee Must Accompany This Form. Important – Read Instructions Before Completing This Form. This Space for Filing Use Only Entity Name (End the Name With the Words “Limited Liability Company,” or the Abbreviations “LLC” or “L.L.C.” the Words “Limited” and “Company” May Be Abbreviated to “Ltd.” and “Co.,” Respectively.) 1. Name of Limited Liability Company Kennedy Wilson Auction Group LLC Purpose (The Following Statement Is Required by Statute and Should Not Be Altered.) 2. the Purpose of the Limited Liability Company Is to Engage in Any Lawful Act or Activity for Which a Limited Liability Company May Be Organized Under the Beverly-Killea Limited Liability Company Act

from S-4 2 pages LLC-1 File # 201011710134 State of California Secretary of State Limited Liability Company Articles of Organization a $70.00 Filing Fee Must Accompany This Form. Important – Read Instructions Before Completing This Form. Filed in the Office of the Secretary of State of the State of California Apr 27 2010 This Space for Filing Use Only Entity Name (End the Name With the Words “Limited Liability Company,” or the Abbreviations “LLC” or “L.L.C.” the Words “Limited” and “Company” May Be Abbreviated to “Ltd.” and “Co.,” Respectively.) 1. Name of Limited Liability Company Kw Loan Partners II LLC Purpose (The Following Statement Is Required by Statute and Should Not Be Altered.) 2. the Purpose of the Limited Liability Company Is to Engage in Any Lawful Act or Activity for Which a Limited Liability Company May Be Organized Under the Beverly-Killea Limited Liability Company Act

from S-4 17 pages Operating Agreement of Kw Blossom Hill Manager, LLC, a Delaware Limited Liability Company

from S-4 4 pages Operating Agreement of Kennedy Wilson Fund Management Group, LLC a California Limited Liability Company

from S-4 4 pages Agreement of Limited Partnership of Kennedy Wilson Property Services III, L.P

from S-4 22 pages Limited Liability Company Agreement of Kwf Investors III, LLC a Delaware Limited Liability Company

from S-4 8 pages Limited Liability Company Agreement of Kennedy Wilson Property Special Equity III, LLC