Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

Kennedy Wilson Europe Real Estate Plc

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

Yes

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

No

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

No

An event changing the breakdown of voting rights

No

Other (please specify):

3. Full name of person(s) subject to thenotification obligation: iii

Kennedy-Wilson Holdings, Inc

4. Full name of shareholder(s)  (if different from 3.):iv

KW Europe Investors Ltd

KW Investment Management Ltd

KW Carried Interest Partner LP

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

23 October 2014

6. Date on which issuer notified:

23 October 2014

7. Threshold(s) that is/are crossed orreached: vi, vii

13.59%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

JE00BJT32513

13,625,215

13,625,215

18,374,964

18,374,964

13.59%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

18,374,964

13.59%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

KW Europe Investors Ltd - 17,801,522 shares

KW Investment Management Ltd - 168,862 shares

KW Carried Interest Partner LP - 404,580 shares

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will ceaseto hold:

12. Date on which proxy holder will cease to holdvoting rights:

13. Additional information:

14. Contact name:

In Ku Lee

15. Contact telephone number:

+1 310 887 6470

Note: Annex should only be submitted to the FCA not the issuer

Annex: Notification of major interests in sharesxxii

A: Identity of the persons or legal entity subject to the notification obligation

Full name

(including legal form of legal entities)

Kennedy-Wilson Holdings, Inc

Contact address

(registered office for legal entities)

9701 Wilshire Boulevard Suite 700 / Beverly Hills, CA 90212

Phone number & email

[email protected], +1 (310) 887-6470

Other useful information

(at least legal representative for legal persons)

B: Identity of the notifier, if applicable

Full name

In Ku Lee

Contact address

9701 Wilshire Boulevard Suite 700 / Beverly Hills, CA 90212

Phone number & email

[email protected], +1 (310) 887-6470

Other useful information

(e.g. functional relationship with the person or legal entity subject to the notification obligation)

C: Additional information