Skyline Investments Inc.

Major Shareholding Notification • Jun 25, 2017

CI Investments Inc. (-)

23-Jun-2017 / 15:35 GMT/BST Dissemination of a RegulatoryAnnouncement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

FORM 8.3

PUBLIC OPENINGPOSITION DISCLOSURE/DEALINGDISCLOSURE BY APERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING1% OR MORE

Rule 8.3 of the Takeover Code (the "Code")

1. KEYINFORMATION

(a) Full name of discloser:	Cambridge GlobalAsset Management and Signature GlobalAsset
	Management, both business units of CI Investments Inc., as portfolio
	advisor to certain investment funds
(b) Owner or controller of interests and short
positions disclosed, if different from1(a):
The naming of nominee or vehicle companies is
insufficient. For a trust, the trustee(s), settlor and
beneficiaries must be named.
(c) Name of offeror/offeree in relation to whose	Kennedy-Wilson Holdings, Inc.
relevant securities this formrelates:
Use a separate form for each offeror/offeree
(d) If an exempt fund manager connected with an	N/A
offeror/offeree, state this and specify identity of
offeror/offeree:
(e) Date position held/dealing undertaken:	June 16, 2017*
For an opening position disclosure, state the latest
practicable date prior to the disclosure
	* In addition, CI Investments Inc. has dealt on previous dates during the
	offer period as stated at the end of form.
(f) In addition to the company in 1(c) above, is the	YES
discloser making disclosures in respect of any	If YES, specify which: Kennedy Wilson Europe Real Estate Plc
other party to the offer?
If it is a cash offer or possible cash offer, state "N/A"

2. POSITIONS OF THE PERSON MAKINGTHE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:	Common Stock
	Interests Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	23078212.01
(2) Cash-settled derivatives:
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
	23078212.01
TOTAL:

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors' and other employee options)

Class of relevant security in relation to which subscription right exists: Details, including nature of the rights concerned and relevant percentages:

3. DEALINGS (IFANY) BYTHE PERSON MAKINGTHE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(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	securityPurchase/saleNumber	of securitiesPrice	per unit
Common Stock	Sale	571	18.6141

(b) Cash-settled derivative transactions

Class of relevant security	Product description	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a	Number of reference securities	Price per unit
	e.g. CFD	long/short position

(c) Stock-settled derivative transactions (including options)

(i) Writing, selling, purchasing or varying

Class of relevant	Product description	Writing, purchasing, selling, varying etc.	Number of securities to which option	Exercise price per	Type e.g.	Expiry date	Option money paid/ received per
security			relates	unit	American,		unit
	e.g. call				European
	option				etc.

(ii) Exercise

Class of relevant security	Product description	Exercising/ exercised against	Number of securities	Exercise price per unit
	e.g. call option

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

Class of relevant securityNature of dealing		DetailsPrice	per unit (if applicable)
	e.g. subscription, conversion

4. 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 fromdealing entered into by the person 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 person making the disclosure and any other person relating to:

the voting rights of any relevant securities under any option; or 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

(c)Attachments

Is a Supplemental Form8 (Open Positions) attached?Yes

Date of disclosure: June 23, 2017 Contact name: Anne Ramsay Telephone number: 416-681-1771

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129.

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

Supplemental Form8 (Open Positions)

Date	Class of Relevant	SecurityPurchase/SaleNumber	of securitiesPrice	per unit
	May 5, 2017 Common Stock	Sale	3,200	19.8805
	May 16, 2017 Common Stock	Purchase	8,900	20.5342
	May 24, 2017 Common Stock	Purchase	105,718	20.0727
	May 31, 2017 Common Stock	Sale	2,708	19.6
	June 2, 2017 Common Stock	Sale	19,300	19.8503
	June 5, 2017 Common Stock	Sale	39,198	19.841
	June7, 2017 Common Stock	Sale	214,797	19.5174
	June 7, 2017 Common Stock	Sale	2,011	19.4814
	June 8, 2017 Common Stock	Sale	135,905	19.6875
	June 9, 2017 Common Stock	Sale	104,600	19.6926
	June 12, 2017Common Stock	Sale	13,701	19.6663
	June 15, 2017Common Stock	Sale	1,400	18.4607
	June 15, 2017Common Stock	Sale	1,538	18.65

Language: English ISIN: CA125521AA21 Category Code:RET - Kennedy-Wilson Holdings, Inc. TIDM: - Sequence No.: 4337

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