NEWS RELEASE

KENNEDY WILSON TO OFFER $200M OF SENIOR NOTES

BEVERLY HILLS, Calif. (March 28, 2011) – Kennedy-Wilson, Inc. (“Kennedy Wilson”), a wholly owned subsidiary of international real estate investment and services firm Kennedy-Wilson Holdings, Inc. (NYSE: KW), today announced that it intends to offer, subject to market conditions and other factors, $200 million in aggregate principal amount of senior notes due 2019 (the “Notes”). The Notes will be Kennedy Wilson’s senior unsecured obligations and will be guaranteed by certain subsidiaries of Kennedy Wilson.

Kennedy Wilson intends to use the net proceeds from the offering to repay in full outstanding borrowings under its unsecured revolving credit facility and certain unsecured loans and mortgage loans. The remaining proceeds will be used by Kennedy Wilson for general corporate purposes, including future acquisitions and co-investments.

The Notes will be offered through a private placement and will not be registered under the Securities Act of 1933 or any state securities laws. As a result, they may not be offered or sold in the United States or to any U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the Notes will be offered only to “qualified institutional buyers” under Rule 144A of the Securities Act or, outside the United States, to persons other than “U.S. persons” in compliance with Regulation S under the Securities Act. This news release is being issued pursuant to Rule 135c under the Securities Act, and is neither an offer to sell nor a solicitation of an offer to buy, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Kennedy Wilson

Founded in 1977, Kennedy Wilson is an international real estate investment and services company headquartered in Beverly Hills, CA with 22 offices in the U.S. and Japan. The company offers a comprehensive array of real estate services including property and asset management, brokerage and auction services, and construction and trust management. Through its fund management and separate account businesses, Kennedy Wilson is a strategic investor and manager of real estate investments in the U.S. and Japan. For further information on Kennedy Wilson, please visit www.kennedywilson.com.

FOR IMMEDIATE RELEASE

Safe Harbor Statement

This news release contains forward-looking statements, including statements related to the offering and the expected use of the net proceeds, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are discussed in Kennedy Wilson’s filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2010, quarterly reports on Form 10-Q and periodic reports on Form 8-K. Do not rely on any forward-looking statement, as Kennedy Wilson cannot predict or control many of the factors that ultimately may affect its ability to achieve the results estimated. Kennedy Wilson makes no promise to update any forward-looking statement, whether as a result of changes in underlying factors, new information, future events or otherwise.

# # #

FOR IMMEDIATE RELEASE