<SEC-DOCUMENT>0001193125-13-215837.txt : 20130513
<SEC-HEADER>0001193125-13-215837.hdr.sgml : 20130513
<ACCEPTANCE-DATETIME>20130513104356
ACCESSION NUMBER:		0001193125-13-215837
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20130508
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130513
DATE AS OF CHANGE:		20130513

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TOLL BROTHERS INC
		CENTRAL INDEX KEY:			0000794170
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				232416878
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09186
		FILM NUMBER:		13835765

	BUSINESS ADDRESS:	
		STREET 1:		250 GIBRALTAR ROAD
		CITY:			HORSHAM
		STATE:			PA
		ZIP:			19044
		BUSINESS PHONE:		2159388000

	MAIL ADDRESS:	
		STREET 1:		250 GIBRALTAR ROAD
		CITY:			HORSHAM
		STATE:			PA
		ZIP:			19044
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d536416d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<TITLE>Form 8-K</TITLE>
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<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:4px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Washington, D.C. 20549 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM 8-K
</B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>CURRENT REPORT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Pursuant to Section&nbsp;13 or 15(d) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>of the Securities Exchange Act of
1934 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Date of Report: May&nbsp;13, 2013 (May 8, 2013) </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>(Date of earliest event reported) </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>TOLL
BROTHERS, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(Exact name of registrant as specified in its charter) </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Delaware</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>001-09186</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>23-2416878</B></FONT></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(State or other jurisdiction</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>of incorporation)</B></FONT></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Commission</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>File Number)</B></FONT></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(I.R.S. Employer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Identification No.)</B></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>250 Gibraltar Road </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Horsham, PA 19044 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Address of principal executive offices and zip code)
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(215) 938-8000 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>(Registrant&#146;s telephone number, including area code) </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On May&nbsp;13, 2013, Toll Brothers Finance Corp., Inc. (the &#147;Issuer&#148;), a wholly-owned subsidiary of Toll Brothers, Inc. (the
&#147;Company&#148;) completed the public offering of an additional $100,000,000 aggregate principal amount of its 4.375% Senior Notes Due 2023 (the &#147;Senior Notes&#148;), guaranteed by the Company and certain of its subsidiaries. The Senior
Notes were sold pursuant to an Underwriting Agreement (the &#147;Underwriting Agreement&#148;), with the Company, as guarantor, and Citigroup Global Markets Inc., Deutsche Bank Securities Inc., RBS Securities Inc. and SunTrust Robinson Humphrey,
Inc. as representatives of the other several underwriters named therein. The Senior Notes have been registered under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), pursuant to the Company&#146;s universal shelf registration
statement on Form S-3 (File No.&nbsp;333-178130), as supplemented by the prospectus supplement dated May&nbsp;8, 2013, previously filed with the Securities and Exchange Commission under the Securities Act. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The description of the Underwriting Agreement is qualified in its entirety by the terms of such agreement, which is incorporated herein
by reference and attached to this report as Exhibit 1.1. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Senior Notes constitute an additional issuance of the
Issuer&#146;s 4.375% Senior Notes due 2023, $300 million aggregate principal amount of which were previously issued and are outstanding (the &#147;Existing Notes&#148;). The Senior Notes form a single series with the previously issued notes.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Senior Notes were issued (and the guarantees delivered) pursuant to an indenture (the &#147;Base Indenture&#148;), dated
as of February&nbsp;7, 2012, among the Issuer, the guarantors named therein, including the Company (collectively, the &#147;Guarantors&#148;) and The Bank of New York Mellon as trustee (the &#147;Trustee&#148;), as amended and supplemented by the
resolutions authorizing the Existing Notes, dated as of April&nbsp;3, 2013 (the &#147;Authorizing Resolutions for the Existing Notes&#148; and as amended and supplemented by the resolutions authorizing the Senior Notes, dated as of May&nbsp;8, 2013
(the &#147;Authorizing Resolutions&#148; and together with the Base Indenture, the &#147;Indenture&#148;). Copies of the Base Indenture, the Authorizing Resolutions for the Existing Notes, the Authorizing Resolutions and the form of note are
attached hereto as Exhibits 4.1, 4.2, 4.3 and 4.4 respectively, and are incorporated herein by reference. The description of the Indenture and the Senior Notes in this report are summaries and are qualified in their entirety by the terms of the
Indenture and the form of note. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Senior Notes are unsecured and unsubordinated obligations of the Issuer and rank equally
and ratably with the other unsecured and unsubordinated indebtedness of the Issuer. The Senior Notes and the guarantee of the Company are structurally subordinated to the prior claims of creditors of non-guarantor subsidiaries of the Company.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Issuer will pay interest on the Senior Notes semi-annually on April&nbsp;15 and October&nbsp;15, beginning
October&nbsp;15, 2013, to holders of record on the preceding April&nbsp;1 and October&nbsp;1, as the case may be. Interest will be calculated on the basis of a 360-day year of twelve 30-day months. The Senior Notes will mature on April&nbsp;15,
2023. The Issuer may redeem the Senior Notes in whole or in part at any time and from time to time prior to their stated maturity at the </FONT></P>

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redemption prices set forth in the Authorizing Resolutions. In the event of a change of control repurchase event (as defined in the Indenture), the holders of the Senior Notes may require the
Issuer to purchase for cash all or a portion of their Senior Notes at a purchase price equal to 101% of the principal amount of such Senior Notes, plus accrued and unpaid interest, if any, to, but not including, the date of repurchase. The Senior
Notes are subject to certain customary covenants, including limitations on the ability of the Company and its subsidiaries, with exceptions, to incur debt secured by liens and to engage in sale and lease-back transactions. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Holders of the Senior Notes may not enforce the Indenture or the Senior Notes except as provided therein. In case an event of default
(other than a default resulting from bankruptcy, insolvency or reorganization) shall occur and be continuing with respect to the Senior Notes, the Trustee or the holders of not less than 25% in aggregate principal amount of Senior Notes then
outstanding may declare the principal amount of all the Senior Notes and interest, if any, accrued thereon to be due and payable immediately. If an event of default results from bankruptcy, insolvency or reorganization, all amounts due and payable
on the Senior Notes will automatically become and be immediately due and payable. Any event of default with respect to the Senior Notes (except defaults in payment of principal of (or premium, if any, on) or interest, if any, on the Senior Notes or
a default in respect of a covenant or provision that cannot be modified without the consent of the holder of each outstanding Senior Note) may be waived by the holders of at least a majority in aggregate principal amount of the Senior Notes
outstanding. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The net proceeds from the offering of the Senior Notes will be used for general corporate purposes, which may
include the repayment or repurchase of certain of the Company&#146;s outstanding indebtedness. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;2.03 Creation of a Direct
Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The information provided in Item&nbsp;1.01
of this report is incorporated by reference into this Item&nbsp;2.03. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;8.01 Other Events </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In connection with the offering of the Senior Notes, the Company is filing the legal opinions relating to the offering as Exhibit 5.1 and
5.2 to this report. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;9.01 Financial Statements and Exhibits. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">d) Exhibits </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;1.1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Underwriting Agreement, dated May&nbsp;8, 2013, among Toll Brothers Finance Corp., Toll Brothers, Inc., as guarantor, and Citigroup Global Markets Inc., Deutsche Bank Securities
Inc., RBS Securities Inc. and SunTrust Robinson Humphrey, Inc. representatives of the other several underwriters named therein.</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;4.1*</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indenture, dated as of February&nbsp;7, 2012, among Toll Brothers Finance Corp., Toll Brothers, Inc., the other guarantors named therein and The Bank of New York Mellon, as trustee,
is hereby incorporated by reference to Exhibit 4.1 of the Registrant&#146;s Form 8-K filed with the Securities and Exchange Commission on February&nbsp;7, 2012.</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;4.2*</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Authorizing Resolutions, dated as of April 3, 2013, relating to the $300,000,000 principal amount of 4.375% Senior Notes due 2023 of Toll Brothers Finance Corp. guaranteed on a
Senior Basis by Toll Brothers, Inc. and certain of its subsidiaries, is hereby incorporated by reference to Exhibit 4.2 of the Registrant&#146;s Form 8-K filed with the Securities and Exchange Commission on April 10, 2013.</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;4.3</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Authorizing Resolutions, dated as of May 8, 2013, relating to the $100,000,000 principal amount of 4.375% Senior Notes due 2023 of Toll Brothers Finance Corp. guaranteed on a Senior
Basis by Toll Brothers, Inc. and certain of its subsidiaries.</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;4.4*</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form of Global Note for the Issuer&#146;s 4.375% Senior Notes due 2023, is hereby incorporated by reference to Exhibit 4.3 of the Registrant&#146;s Form 8-K filed with the
Securities and Exchange Commission on April 10, 2013.</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;5.1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Opinion of Simpson Thacher &amp; Bartlett LLP</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;5.2</FONT></P></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Opinion of John McDonald, Senior Vice President, Chief Compliance Officer and General Counsel to Toll Brothers, Inc.</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">23.1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consent of Simpson Thacher &amp; Bartlett LLP (included as part of Exhibit 5.1).</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">23.2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consent of John McDonald, Senior Vice President, Chief Compliance Officer and General Counsel to Toll Brothers, Inc. (included as part of Exhibit 5.2).</FONT></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Previously filed. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Signature </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">TOLL BROTHERS, INC.</FONT></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">(Registrant)</FONT></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Joseph R. Sicree</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Joseph R. Sicree</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President,</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chief Accounting Officer</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date: May&nbsp;13, 2013 </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">5 </FONT></P>

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<DESCRIPTION>EX-1.1
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 1.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Toll Brothers Finance Corp. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>$100,000,000 </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>4.375% Senior Notes due 2023 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Guaranteed on a Senior Basis by Toll Brothers, Inc. and </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Certain of Its
Subsidiaries </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Underwriting Agreement </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="2">May&nbsp;8, 2013 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Citigroup Global Markets Inc. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Deutsche Bank Securities Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">RBS Securities
Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">SunTrust Robinson Humphrey, Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">As the Representatives of the several Underwriters </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">c/o RBS Securities Inc. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">600 Washington Boulevard </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stamford, CT 06901
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ladies and Gentlemen: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll Brothers Finance Corp., a corporation organized under the laws of Delaware (the &#147;<U>Issuer</U>&#148;), proposes to issue and sell to the several parties named in <U>Annex A</U> hereto
(collectively, the &#147;<U>Underwriters</U>&#148;), for whom Citigroup Global Markets Inc., Deutsche Bank Securities Inc., RBS Securities Inc. and SunTrust Robinson Humphrey, Inc. (collectively, &#147;<U>you</U>&#148; or the
&#147;<U>Representatives</U>&#148;) are acting as representatives, $100,000,000 aggregate principal amount of its 4.375% Senior Notes due 2023 (the &#147;<U>Notes</U>&#148;). The Notes are to be issued under the indenture dated as of
February&nbsp;7, 2012 (the &#147;<U>Base Indenture</U>&#148; and as amended and supplemented (including, without limitation, the authorizing resolutions of the Issuer and the Guarantors setting forth certain terms of the Notes (the
&#147;<U>Authorizing Resolutions</U>&#148;), the &#147;<U>Indenture</U>&#148;) among the Issuer, the guarantors party thereto (individually, a &#147;<U>Guarantor</U>&#148; and, collectively, the &#147;<U>Guarantors</U>&#148;) including Toll
Brothers, Inc. (the &#147;<U>Company</U>&#148;), and The Bank of New York Mellon, as trustee (the &#147;<U>Trustee</U>&#148;). The Notes will be fully and unconditionally guaranteed (the &#147;<U>Guarantees</U>&#148; and, together with the Notes,
the &#147;<U>Securities</U>&#148;) by the Guarantors. Certain terms used herein are defined in Section&nbsp;16 hereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
Issuer has previously issued $300,000,000 in aggregate principal amount of its 4.375% Senior Notes due 2023 under the Indenture (the &#147;<U>Existing Notes</U>&#148;). The Notes offered by the Company constitute an issuance of &#147;Additional
Notes&#148; under the Indenture. Except as otherwise described in the Time of Sale Information (as defined below), the Notes offered by the Company will have identical terms (other than the issue date and public offering price) to the Existing Notes
and will be treated as a single class of notes for all purposes under the Indenture. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Issuer and the Guarantors have
prepared and filed with the Commission under the Securities Act a registration statement on Form S-3 (File No.&nbsp;333-178130), including a prospectus (the &#147;<U>Base Prospectus</U>&#148;), relating to, among other things, debt securities to be
issued from time to time by the Issuer. The Company has also filed, or proposes to file, with the Commission pursuant to Rule 424 under the Securities Act a prospectus supplement specifically relating to the Securities (the &#147;<U>Prospectus
Supplement</U>&#148;). The registration statement, as amended at the time the second amendment to the registration </FONT></P>

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statement became effective on May&nbsp;8, 2013, including the information, if any, deemed pursuant to Rule 430A, 430B or 430C under the Securities Act to be part of the registration statement at
the time of its effectiveness (&#147;<U>Rule 430 Information</U>&#148;), is referred to herein as the &#147;<U>Registration Statement</U>&#148;; and as used herein, the term &#147;<U>Prospectus</U>&#148; means the Base Prospectus as supplemented by
the Prospectus Supplement specifically relating to the Securities in the form first used (or made available upon request of purchasers pursuant to Rule 173 under the Securities Act) in connection with confirmation of sales of the Securities and the
term &#147;<U>Preliminary Prospectus</U>&#148; means the preliminary Prospectus Supplement specifically relating to the Securities together with the Base Prospectus. If the Company has filed an abbreviated registration statement pursuant to Rule
462(b) under the Securities Act (the &#147;<U>Rule 462 Registration Statement</U>&#148;), then any reference herein to the term &#147;Registration Statement&#148; shall be deemed to include such Rule 462 Registration Statement. Any reference in this
Agreement to the Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein pursuant to Item&nbsp;12 of Form S-3 under the Securities Act, as of the
effective date of the Registration Statement or the date of such Preliminary Prospectus or the Prospectus, as the case may be and any reference to &#147;amend&#148;, &#147;amendment&#148; or &#147;supplement&#148; with respect to the Registration
Statement, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include any documents filed after such date under the Exchange Act that are deemed to be incorporated by reference therein. Capitalized terms used but not
defined herein shall have the meanings given to such terms in the Registration Statement and the Prospectus. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">At or prior to
the time when sales of the Securities were first made (the &#147;<U>Time of Sale</U>&#148;), the Issuer and the Guarantors had prepared the following information (collectively, the &#147;<U>Time of Sale Information</U>&#148;): (i)&nbsp;a Preliminary
Prospectus dated May&nbsp;8, 2013 and (ii)&nbsp;each &#147;free-writing prospectus&#148; (as defined pursuant to Rule 405 under the Securities Act) listed on <U>Annex B</U> hereto </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. <U>Representations and Warranties</U>. Each of the Issuer and the Company represents and warrants to the Underwriters as set forth
below in this Section&nbsp;1. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) <U>Registration Statement, Issuer Free Writing Prospectus and Time of Sale
Information</U>. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) The Company meets the requirements for use of Form&nbsp;S-3 under the Securities Act and
has prepared and filed with the Commission an automatic shelf registration statement, as defined in Rule 405 on Form&nbsp;S-3, including a related Base Prospectus, for registration under the Securities Act of the offering and sale of the Securities.
Such Registration Statement, including any amendments thereto filed prior to the Time of Sale, became effective upon filing. The Issuer and the Company may have filed with the Commission, as part of an amendment to the Registration Statement or
pursuant to Rule 424(b), one or more preliminary prospectus supplements relating to the Securities, each of which has previously been furnished to you. The Issuer and the Company will file with the Commission a final prospectus supplement relating
to the Securities in accordance with Rule 424(b). As filed, such final prospectus supplement shall contain all information required by the Securities Act and the rules thereunder, and, except to the extent each Representative shall agree in writing
to a modification, shall be in all substantive respects in the form furnished to you prior to the Time of Sale or, to the extent not completed at the Time of Sale, shall contain only such specific additional information and other changes (beyond
that contained in the Base Prospectus and any Time of Sale Information) as each of the Issuer and the Company has advised you, prior to the Time of Sale, will be included or made therein. The Registration Statement, at the Time of Sale, meets the
requirements set forth in Rule 215(a)(1)(x). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) The Registration Statement is an &#147;automatic shelf
registration statement&#148; as defined in Rule 405 under the Securities Act that has been filed with the Commission not earlier </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-2-
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than three years prior to the date hereof; and no notice of objection of the Commission to the use of such registration statement or any post-effective amendment thereto pursuant to Rule
401(g)(2) under the Securities Act has been received by the Company, and the Securities, since their registration pursuant to the Registration Statement, have been and remain eligible for registration by the Company on a Rule 405 &#147;automatic
shelf registration statement.&#148; No stop order suspending the effectiveness of the Registration Statement is in effect; neither the Issuer nor the Company has been notified that any proceeding for that purpose has been instituted by the
Commission or by the state securities authority of any jurisdiction and, to the knowledge of the Issuer or the Company, no such proceeding has been threatened. On each Effective Date, the Registration Statement did, and when the Prospectus is first
filed in accordance with Rule&nbsp;424(b) and on the Closing Date (as defined herein), the Prospectus (and any supplement thereto) will, comply in all material respects with the applicable requirements of the Securities Act, the Exchange Act and the
Trust Indenture Act and the respective rules thereunder; on each Effective Date and at the Time of Sale, the Registration Statement did not and will not contain any untrue statement of a material fact or omit to state any material fact required to
be stated therein or necessary in order to make the statements therein not misleading; on the Closing Date the Indenture will comply in all material respects with the applicable requirements of the Trust Indenture Act and the rules thereunder; and
on the date of any filing pursuant to Rule&nbsp;424(b) and on the Closing Date, the Prospectus (together with any supplement thereto) will not include any untrue statement of a material fact or omit to state a material fact necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Company makes no representations or warranties as to (i)&nbsp;that part of the Registration Statement which shall
constitute the Statement of Eligibility and Qualification (Form T-1) under the Trust Indenture Act of the Trustee or (ii)&nbsp;the information contained in or omitted from the Registration Statement or the Prospectus (or any supplement thereto) in
reliance upon and in conformity with information furnished in writing to the Issuer or the Company by or on behalf of any Underwriter through the Representatives specifically for inclusion in the Registration Statement or the Prospectus (or any
supplement thereto), it being understood and agreed that the only such information furnished by or on behalf of any Underwriter consists of the information described as such in Section&nbsp;6 hereof. The Prospectus delivered to the Underwriters for
use in connection with the offering of the Securities will, at the time of such delivery, be identical to the electronically transmitted copies thereof filed with the Commission&#146;s Next-Generation EDGAR system (or successor system thereto),
except to the extent permitted by Regulation S-T under the Securities Act. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) (a) The Time of Sale
Information and (b)&nbsp;each electronic road show, if any, when taken together as a whole with the Time of Sale Information, at the Time of Sale did not, and at the Closing Date will not, contain any untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that the Issuer and the Company make no representation and warranty with respect to any
statements or omissions made in reliance upon and in conformity with information relating to the Underwriters furnished to the Issuer or the Company in writing by the Underwriters expressly for use in such Time of Sale Information. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) Each Issuer Free Writing Prospectus and the final term sheet prepared and filed pursuant to Section&nbsp;3(b) hereto
does not include any information that conflicts with the information contained in the Registration Statement, including any document incorporated therein by reference and any prospectus supplement deemed to be a part thereof that has not been
superseded or modified. The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity with written information furnished to the Issuer or the Company by any Underwriter
through the Representatives specifically for use therein, it being understood and agreed that the only such information furnished by or on behalf of any Underwriter consists of the information described as such in Section&nbsp;6 hereof. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-3-
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) <U>Well-Known Seasoned Issuer</U>. The Company is a &#147;well-known
seasoned issuer&#148; and is not an &#147;ineligible issuer&#148; in connection with the offering of the Securities, in each case as defined in Rule 405 under the Securities Act and at the times specified in the Securities Act in connection with the
offering of the Securities. The Issuer and the Company have paid the registration fee for this offering or will pay such fee within the time period required by such pursuant to Rule 456(b)(1) under the Securities Act prior to the Closing Date,
without giving effect to the proviso in Rule 456(b)(1)(i). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) <U>Incorporated Documents</U>. The documents
incorporated by reference in the Registration Statement, the Prospectus and the Time of Sale Information, when they became effective or were filed with the Commission, as the case may be, except to the extent otherwise superseded by a subsequently
filed document with the Commission, conformed, and any documents so filed and incorporated by reference after the date of this Agreement and on or prior to the Closing Date will conform, when they are filed with the Commission, in all material
respects to the requirements of the Exchange Act and none of such documents contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) <U>No Material Adverse Change</U>. Since
the respective dates as of which information is given in the Registration Statement, the Time of Sale Information and the Prospectus, except as otherwise specifically stated therein, (a)&nbsp;there has been no material adverse change in the
condition (financial or otherwise), earnings, business affairs or business prospects of the Company and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business (a &#147;<U>Material Adverse
Change</U>&#148;), and (b)&nbsp;there has not been any change in the capital stock (other than as a result of the exercise of stock options) or long-term debt (other than as a result of payments on purchase money mortgages) of the Company or any of
its subsidiaries, and there has been no dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(e) <U>Exchange Act Reporting</U>. The Company is subject to and in full compliance with the reporting requirements of Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) <U>No Stabilization</U>. None of the Issuer, the Guarantors or their respective affiliates has taken, directly or
indirectly, any action designed to cause or which has constituted or which might reasonably be expected to cause or result, under the Exchange Act or otherwise, in the stabilization or manipulation of the price of any security of the Issuer or the
Company to facilitate the sale or resale of the Securities. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g) <U>Organization and Good Standing</U>. Each of
the Company and its subsidiaries has been duly incorporated (if a corporation) or formed (if a partnership, limited liability corporation or trust) and is validly existing as a corporation, partnership, limited liability company or trust, as the
case may be, in good standing (if applicable) under the laws of its jurisdiction of incorporation or formation, as the case may be (except where the failure to have full corporate or other organizational power and authority to own or lease, as the
case may be, would not result, individually or in the aggregate, in a Material Adverse Change), with full corporate or other organizational power and authority to own or lease, as the case may be (except where the failure to be in good standing
would not result, individually or in the aggregate, in a Material Adverse Change), and to operate its properties and conduct its business as described in the Registration Statement, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-4-
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the Time of Sale Information and the Prospectus, and is duly qualified to do business as a foreign corporation, partnership, limited liability company or trust, as the case may be, and is in good
standing (if applicable) under the laws of each jurisdiction that requires such qualification (except where the failure to so qualify would not result, individually or in the aggregate, in a Material Adverse Change). </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(h) <U>Capitalization</U>. The Company has an authorized capitalization as set forth in the Time of Sale Information and
the Prospectus under the heading &#147;Capitalization,&#148; all the outstanding shares of capital stock or outstanding interests of the Company and each of its subsidiaries have been duly and validly authorized and issued and are fully paid and
nonassessable and, except as otherwise set forth in the Registration Statement, the Time of Sale Information and the Prospectus, all outstanding shares of capital stock or outstanding interests of such subsidiaries are owned by the Company either
directly or through wholly owned subsidiaries free and clear of any perfected security interest or any other security interests, claims, liens or encumbrances. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(i) <U>Authorization of Transaction Documents</U>. This Agreement has been duly authorized, executed and delivered by the Issuer and the Company; the Indenture has been duly authorized by the Issuer and
the Guarantors; the Base Indenture (assuming due authorization, execution and delivery thereof by the Trustee) has been duly executed and delivered by the Issuer and the Guarantors and when the Authorizing Resolutions are duly executed and delivered
by the Issuer and the Guarantors, the Indenture will constitute a legal, valid and binding instrument, enforceable against the Issuer and the Guarantors in accordance with its terms (except that (a)&nbsp;the enforceability thereof may be subject to
applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors&#146; rights generally from time to time in effect and to general principles of equity, (b)&nbsp;the enforceability of provisions imposing liquidated
damages, penalties or an increase in interest rate upon the occurrence of certain events may be limited in certain circumstances, (c)&nbsp;provisions specifying that provisions of documents may be amended or waived only in writing may not be
enforced and (d)&nbsp;any rights to indemnity and contribution may be limited by applicable law or publicly policy considerations with respect thereto; such clauses (a), (b), (c)&nbsp;and (d)&nbsp;collectively being referred to as
&#147;<U>Enforceability Limitations</U>&#148;); and the Notes and Guarantees have been duly authorized and executed by the Issuer and the Guarantors, respectively, in accordance with the provisions of the Indenture (assuming due authorization,
authentication and delivery by the Trustee) and delivered through the facilities of The Depository Trust Company to and paid for by the Underwriters under this Agreement, will constitute the legal, valid and binding obligations of the Issuer and the
Guarantors, enforceable against the Issuer and the Guarantors (subject to the Enforceability Limitations) and entitled to the benefits of the Indenture. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(j) <U>Description of the Securities</U>. The statements made in each of the Time of Sale Information and the Prospectus under the caption &#147;Description of Notes&#148;, insofar as they purport to
constitute summaries of certain terms of documents referred to therein, constitute accurate summaries of the terms of such documents in all material respects. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(k) <U>No Consents</U>. Each of the Issuer and each Guarantor has all requisite corporate or other organizational power and authority and has taken all requisite corporate or other organizational action,
to enter into and perform this Agreement, the Indenture and the Securities, to the extent it is a party thereto, and no consent, authorization, approval or order of or filing with any court or governmental agency or body is required for the
performance by the Issuer or any of the Guarantors of its obligations under this Agreement, the Indenture or the Securities, except such as will be obtained under the Securities Act and the Trust Indenture Act and such as may be required under the
blue sky or securities laws of any jurisdiction in connection with the purchase and distribution of the Securities by the Underwriters in the manner contemplated in this Agreement, the Registration Statement, the Time of Sale Information and the
Prospectus. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(l) <U>No Violations</U>. None of the execution and delivery of the
Indenture or this Agreement, the issue and sale of the Securities, or the consummation of any other of the transactions herein or therein contemplated, nor the fulfillment of the terms hereof or thereof, will conflict with, result in a breach or
violation of, or impose any lien, charge or encumbrance upon any property or assets of the Company or any of its subsidiaries pursuant to, (i)&nbsp;the charter, by-laws or other similar organizational document of the Company or any of its
subsidiaries; (ii)&nbsp;the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which the Company or any of its subsidiaries is a party
or bound or to which its or their property is subject; or (iii)&nbsp;any statute, law, rule, regulation, judgment, order or decree applicable to the Company or any of its subsidiaries of any court, regulatory body, administrative agency,
governmental body, arbitrator or other authority having jurisdiction over the Company or any of its subsidiaries or any of its respective properties (except in the cases of clauses (ii)&nbsp;and (iii)&nbsp;for such conflicts, breaches, violations,
defaults, liens, charges or encumbrances that would not result, individually or in the aggregate, in a Material Adverse Change). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(m) <U>Financial Statements and Information</U>. The consolidated historical financial statements and schedules of the Company and its consolidated and consolidating subsidiaries incorporated by reference
in the Registration Statement, the Time of Sale Information and the Prospectus present fairly in all material respects the financial condition, results of operations and cash flows of the Company as of the dates and for the periods indicated, comply
as to form with the applicable accounting requirements of the Securities Act and have been prepared in conformity with generally accepted accounting principles applied on a consistent basis throughout the periods involved (except as otherwise noted
therein). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(n) <U>Legal Proceedings</U>. No action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Company or any of its subsidiaries or its or their property is, to the best knowledge of the Issuer and the Company, pending or threatened that (i)&nbsp;could reasonably be expected to have a
material adverse effect on the performance of this Agreement or the Indenture, or the consummation of any of the transactions contemplated hereby or thereby; or (ii)&nbsp;could reasonably be expected to result, individually or in the aggregate, in a
Material Adverse Change, except as set forth, incorporated by reference in or contemplated in the Registration Statement, the Time of Sale Information and the Prospectus (exclusive of any amendment or supplement thereto). </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(o) <U>Real and Personal Property</U>. Each of the Company and its subsidiaries owns or leases all such properties as are
necessary to the conduct of its operations as presently conducted. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(p) <U>No Violation</U>. Neither the
Company nor any subsidiary is in violation or default of (i)&nbsp;any provision of its charter, by-laws or other similar organizational document; (ii)&nbsp;the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan
agreement or other agreement, obligation, condition, covenant or instrument to which it is a party or bound or to which its property is subject; or (iii)&nbsp;any statute, law, rule, regulation, judgment, order or decree applicable to the Company or
any of its subsidiaries of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company or such subsidiary or any of its properties, as applicable (except in the cases of
clauses (ii)&nbsp;and (iii)&nbsp;for such violations or defaults that would not result, individually or in the aggregate, in a Material Adverse Change). </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(q) <U>Independent Registered Public Accounting Firm</U>. Ernst&nbsp;&amp;
Young LLP, who have certified certain financial statements of the Company and its consolidated subsidiaries and delivered their report with respect to the audited consolidated financial statements and schedules contained in or incorporated by
reference in the Registration Statement, the Time of Sale Information and the Prospectus, is the independent registered public accounting firm with respect to the Company within the meaning of the Securities Act and the applicable published rules
and regulations thereunder. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(r) <U>Taxes</U>. Each of the Company and its subsidiaries has filed all foreign,
federal, state and local tax returns that are required to be filed or has requested extensions thereof (except in any case in which the failure so to file would not result, individually or in the aggregate, in a Material Adverse Change), whether or
not arising from transactions in the ordinary course of business, except as set forth in or contemplated in the Registration Statement, the Time of Sale Information and the Prospectus (exclusive of any amendment or supplement thereto) and has paid
all taxes required to be paid by it and any other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable, except for any such assessment, fine or penalty that is currently being contested in good
faith or as would not result, individually or in the aggregate, in a Material Adverse Change, whether or not arising from transactions in the ordinary course of business, except as set forth in or contemplated in the Registration Statement, the Time
of Sale Information and the Prospectus (exclusive of any amendment or supplement thereto). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(s) <U>No Labor
Disputes</U>. No labor problem or dispute with the employees of the Company or any of its subsidiaries exists or, to the best knowledge of the Issuer and the Company, is threatened or imminent, and neither the Issuer nor the Company is aware of any
existing or imminent labor disturbance by the employees of any of its or its subsidiaries&#146; principal suppliers, contractors or customers, which problem, dispute or labor disturbance could result, individually or in the aggregate, in a Material
Adverse Change, whether or not arising from transactions in the ordinary course of business, except as set forth in or contemplated in the Registration Statement, the Time of Sale Information and the Prospectus (exclusive of any amendment or
supplement thereto). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(t) <U>Investment Company</U>. Neither the Issuer nor the Company is, and after giving
effect to the offering and sale of the Securities and the application of the proceeds thereof as described in the Registration Statement, the Time of Sale Information and the Prospectus neither will be, an &#147;investment company&#148; as defined
in the Investment Company Act, without taking account of any exemption arising out of the number of holders of the Issuer or the Company&#146;s securities. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(u) <U>Insurance</U>. The Company and each of its subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary
in the businesses in which they are engaged; all policies of insurance and fidelity or surety bonds insuring the Company or any of its subsidiaries or their respective businesses, assets, employees, officers and directors are in full force and
effect; the Company and its subsidiaries are in compliance with the terms of such policies and instruments in all material respects; and there are no claims by the Company or any of its subsidiaries under any such policy or instrument as to which
any insurance company is denying liability or defending under a reservation of rights clause, which denials or defenses if resolved adversely to the Company would result, individually or in the aggregate, in a Material Adverse Change; neither the
Company nor any such subsidiary has (i)&nbsp;been refused any insurance coverage sought or applied for or (ii)&nbsp;any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires, except
that, in either (i)&nbsp;or (ii), the Company and any such subsidiary believe </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
that if any such coverage is refused, they will be able to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not result, individually
or in the aggregate, in a Material Adverse Change, whether or not arising from transactions in the ordinary course of business, except as set forth in or contemplated in the Registration Statement, the Time of Sale Information and the Prospectus
(exclusive of any amendment or supplement thereto). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(v) <U>No Restrictions on Subsidiaries</U>. Except for
minimum capital requirements of law or contract, no Guarantor is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such subsidiary&#146;s capital stock, from repaying to the
Company any loans or advances to such subsidiary from the Company or from transferring any of such Guarantor&#146;s property or assets to the Company or any other Guarantor, except as described in or contemplated by the Registration Statement, the
Time of Sale Information and the Prospectus (exclusive of any amendment or supplement thereto). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(w)
<U>Licenses and Permits</U>. The Company and its subsidiaries possess all licenses, certificates, permits and other authorizations issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct their respective
businesses (except where the failure to possess such licenses, certificates, permits or other authorizations would not result, individually or in the aggregate, in a Material Adverse Change) and neither the Company nor any such subsidiary has
received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit which, if the subject of an unfavorable decision, ruling or finding, would result, individually or in the aggregate, in a
Material Adverse Change, whether or not arising from transactions in the ordinary course of business, except as set forth in or contemplated in the Registration Statement, the Time of Sale Information and the Prospectus (exclusive of any amendment
or supplement thereto). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(x) <U>Accounting Controls</U>. The Company maintains a system of internal accounting
controls sufficient to provide reasonable assurance that, in reference to the Company and its subsidiaries on a consolidated basis, (i)&nbsp;transactions are executed in accordance with management&#146;s general or specific authorization;
(ii)&nbsp;transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability; (iii)&nbsp;access to assets is permitted only in
accordance with management&#146;s general or specific authorization; and (iv)&nbsp;the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(y) <U>Sarbanes-Oxley Act</U>. There is and has been no failure on the part of the Company and any of the
Company&#146;s directors or officers, in their capacities as such, to comply in all material respects with any provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith, including Section&nbsp;402
related to loans and Sections 302 and 906 related to certifications. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(z) <U>Disclosure Controls</U>. The
Company has established and maintains disclosure controls and procedures (as such term is defined in Rules 13a-15 and 15d-14 under the Exchange Act); such disclosure controls and procedures are designed to ensure that material information relating
to the Company and its subsidiaries is made known to the chief executive officer and chief financial officer of the Company by others within the Company or any subsidiary, and such disclosure controls and procedures are reasonably effective to
perform the functions for which they were established subject to the limitations of any such control system; the Company&#146;s auditors and the audit committee of the board of directors of the Company have been advised of: (A)&nbsp;any
</FONT></P>
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significant deficiencies in the design or operation of internal controls which are reasonably likely to adversely affect the Company&#146;s ability to record, process, summarize, and report
financial data; and (B)&nbsp;any fraud, whether or not material, that involves management or other employees who have a significant role in the Company&#146;s internal controls; and since the date of the most recent evaluation of such disclosure
controls and procedures, there have been no significant changes in internal controls or in other factors that are reasonably likely to materially affect internal controls, including any corrective actions with regard to significant deficiencies and
material weaknesses. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any certificate signed by any officer of the Issuer or the Guarantors and delivered to the Underwriters
or counsel for the Underwriters in connection with the offering of the Securities shall be deemed a representation and warranty by the Issuer and the Guarantors, as to matters covered thereby, to the Underwriters. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. <U>Purchase and Sale</U>. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) Subject to the terms and conditions and in reliance upon the representations and warranties herein set forth, the Issuer agrees to sell to the Underwriters, and each of the Underwriters severally
agrees to purchase from the Issuer, at a purchase price of 102.333% of the principal amount thereof, plus accrued interest from April&nbsp;10, 2013 to the Closing Date, the entire aggregate principal amount of Notes set forth opposite such
Underwriter&#146;s name on <U>Annex A</U> hereto, which shall be endorsed with the Guarantees. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Delivery of and payment
for the Securities shall be made at 10:00&nbsp;A.M., New York City time, on May&nbsp;13, 2013 at the offices of Cahill Gordon&nbsp;&amp; Reindel LLP, or at such time on such later date or such other place as the Representatives shall designate,
which date and time may be postponed by agreement between the Representatives and the Issuer and the Company (such date and time of delivery and payment for the Securities being herein called the &#147;<U>Closing Date</U>&#148;). Delivery of the
Securities shall be made to the Representatives for the accounts of the several Underwriters against payment of the purchase price thereof to or upon the order of the Issuer and the Company by wire transfer payable in same-day funds to the account
specified by the Issuer and the Company. Delivery of the Securities shall be made through the facilities of The Depository Trust Company unless the Representatives shall otherwise instruct. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Each of the Issuer and the Guarantors hereby acknowledges that (a)&nbsp;the purchase and sale of the Securities pursuant to this
Agreement is an arm&#146;s-length commercial transaction between the Issuer and Guarantors, on the one hand, and the Underwriters and any affiliate through which it may be acting, on the other, (b)&nbsp;the Underwriters are acting as principal and
not as an agent or fiduciary of the Company and (c)&nbsp;the Issuer and Guarantors&#146; engagement of the Underwriters in connection with the offering and the process leading up to the offering is as independent contractors and not in any other
capacity. Furthermore, each of the Issuer and Guarantors agrees that it is solely responsible for making its own judgments in connection with the offering (irrespective of whether the Underwriters have advised or is currently advising the Issuer or
Guarantors on related or other matters). Each of the Issuer and Guarantors agrees that it will not claim that the Underwriters have rendered advisory services of any nature or respect, or owe an agency, fiduciary or similar duty to the Issuer and
Guarantors, in connection with such transaction or the process leading thereto. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. <U>Agreements</U>. Each of the Issuer and
the Company agrees with the Underwriters that: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Prior to the termination of the offering of the Securities,
the Issuer and the Company will not file any amendment of the Registration Statement or supplement (including the Prospectus </FONT></P>
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or any Time of Sale Information) to the Base Prospectus unless the Issuer and the Company have furnished you a copy for your review prior to filing and will not file any such proposed amendment
or supplement to which you reasonably object. The Issuer and the Company will cause the Prospectus, properly completed, and any supplement thereto to be filed in a form approved by the Representatives with the Commission pursuant to the applicable
paragraph of Rule&nbsp;424(b) within the time period prescribed and will provide evidence satisfactory to the Representatives of such timely filing. The Issuer and the Company will promptly advise the Representatives (i)&nbsp;when the Prospectus,
and any supplement thereto, shall have been filed (if required) with the Commission pursuant to Rule&nbsp;424(b), (ii)&nbsp;when, prior to termination of the offering of the Securities, any amendment to the Registration Statement shall have been
filed or become effective, (iii)&nbsp;of any request by the Commission or its staff for any amendment of the Registration Statement, or any Rule&nbsp;462(b) Registration Statement, or for any supplement to the Prospectus or for any additional
information, (iv)&nbsp;of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or of any notice objecting to its use or the institution or threatening of any proceeding for that purpose and
(v)&nbsp;of the receipt by the Issuer or the Company of any notification with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the institution or threatening of any proceeding for such purpose. The
Issuer and the Company will use their best efforts to prevent the issuance of any such stop order or the occurrence of any such suspension or objection to the use of the Registration Statement and, upon such issuance, occurrence or notice of
objection, to obtain as soon as possible the withdrawal of such stop order or relief from such occurrence or objection, including, if necessary, by filing an amendment to the Registration Statement or a new registration statement and using its best
efforts to have such amendment or new registration statement declared effective as soon as practicable. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) To
prepare a final term sheet, containing solely a description of final terms of the Securities and the offering thereof, in the form approved by you and attached as <U>Annex C</U> hereto and to file such term sheet pursuant to Rule 433(d) within the
time required by such Rule. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) If, at any time prior to the filing of the Prospectus pursuant to Rule 424(b),
any event occurs as a result of which the Time of Sale Information would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein in the light of the circumstances under which they
were made not misleading, the Issuer and the Company will (i)&nbsp;notify promptly the Representatives so that any use of the Time of Sale Information may cease until it is amended or supplemented; (ii)&nbsp;amend or supplement the Time of Sale
Information to correct such statement or omission; and (iii)&nbsp;supply any amendment or supplement to you in such quantities as you may reasonably request. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(d) If, at any time when a prospectus relating to the Securities is required to be delivered under the Securities Act (including in circumstances where such requirement may be satisfied pursuant to Rule
172), any event occurs as a result of which the Prospectus as then supplemented would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein in the light of the circumstances under
which they were made at such time not misleading, or if it shall be necessary to amend the Registration Statement, file a new registration statement or supplement the Prospectus to comply with the Securities Act or the Exchange Act or the respective
rules thereunder, including in connection with use or delivery of the Prospectus, the Issuer and the Company promptly will (i)&nbsp;notify the Representatives of any such event, (ii)&nbsp;prepare and file with the Commission, subject to the second
sentence of paragraph (a)&nbsp;of this Section&nbsp;3, an amendment or supplement or new registration statement which will correct such statement or omission or effect such compliance, (iii)&nbsp;use its best efforts to have any amendment to the
Registration Statement or new registration statement declared effective as soon as practicable in order to avoid any disruption in use of the Prospectus and (iv)&nbsp;supply any supplemented Prospectus to you in such quantities as you may reasonably
request. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) As soon as practicable, the Issuer and the Company will make generally
available to its security holders and to the Representatives an earnings statement or statements of the Company and its subsidiaries which will satisfy the provisions of Section&nbsp;11(a) of the Securities Act and Rule&nbsp;158. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) The Issuer and the Company will furnish to the Representatives and counsel for the Underwriters, without charge,
signed copies of the Registration Statement (including exhibits thereto) and to each other Underwriter a copy of the Registration Statement (without exhibits thereto) and, so long as delivery of a prospectus by an Underwriter or dealer may be
required by the Securities Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172), as many copies of each the Time of Sale Information, the Prospectus and each Issuer Free Writing Prospectus and any supplement
thereto as the Representatives may reasonably request. The Issuer and the Company will pay the expenses of printing or other production of all documents relating to the offering. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g) The Issuer and the Company will arrange, if necessary, for the qualification of the Securities for sale under the laws
of such jurisdictions as the Representatives may designate and will maintain such qualifications in effect so long as required for the distribution of the Securities; <U>provided</U> that in no event shall the Issuer and the Company be obligated to
qualify to do business in any jurisdiction where it is not now so qualified or to take any action that would subject it to service of process in suits, other than those arising out of the offering or sale of the Securities, in any jurisdiction where
it is not now so subject. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(h) Each of the Issuer and the Company agrees that, unless it has or shall have
obtained the prior written consent of the Representatives, and each Underwriter, severally and not jointly, agrees with the Issuer and the Company that, unless it has or shall have obtained, as the case may be, the prior written consent of the
Issuer and the Company, it has not made and will not make any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a &#147;free writing prospectus&#148; (as defined in Rule 405)
required to be filed by the Issuer and the Company with the Commission or retained by the Company under Rule 433, other than a free writing prospectus containing the information contained in the final term sheet prepared and filed pursuant to
Section&nbsp;3(b) hereto; <U>provided</U> that the prior written consent of the parties hereto shall be deemed to have been given in respect of the Issuer Free Writing Prospectus included in <U>Annex B</U> hereto and, if applicable, any electronic
road show. Any such free writing prospectus consented to by the Representatives or the Issuer and the Company is hereinafter referred to as a &#147;<U>Permitted Free Writing Prospectus</U>.&#148; Each of the Issuer and the Company agrees that
(x)&nbsp;it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus and (y)&nbsp;it has complied and will comply, as the case may be, with the requirements of Rules 164 and 433
applicable to any Permitted Free Writing Prospectus, including in respect of timely filing with the Commission, legending and record keeping. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(i) The Issuer and the Guarantors will use their best efforts, in cooperation with the Underwriters, to arrange, if necessary, for the qualification of the Securities for sale by the Underwriters under
the laws of such jurisdictions as the Underwriters may designate and will maintain such qualifications in effect so long as required for the distribution of the Securities; <U>provided</U> that in no event shall the Issuer and the Guarantors be
obligated to qualify to do business in any jurisdiction where they are not now so qualified or to take any action that would subject them to </FONT></P>
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service of process in suits, other than those arising out of the offering or sale of the Securities, in any jurisdiction where they are not now so subject. The Issuer and the Company will
promptly advise the Representatives of the receipt by the Issuer or any of the Guarantors of any notification with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(j) (1)&nbsp;If during the Prospectus Delivery Period (i)&nbsp;any event shall
occur or condition shall exist as a result of which the Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make
the statements therein, in the light of the circumstances existing when the Prospectus is delivered to a purchaser, not misleading or (ii)&nbsp;it is necessary to amend or supplement the Prospectus to comply with law, the Issuer and the Company will
immediately notify the Underwriters thereof and forthwith prepare and, subject to paragraph (a)&nbsp;of this Section&nbsp;3, file with the Commission and furnish to the Underwriters and to such dealers as the Representatives may designate, such
amendments or supplements to the Prospectus as may be necessary so that the statements in the Prospectus as so amended or supplemented will not, in the light of the circumstances existing when the Prospectus is delivered to a purchaser, be
misleading or so that the Prospectus will comply with law and (2)&nbsp;if at any time prior to the Closing Date (i)&nbsp;any event shall occur or condition shall exist as a result of which the Time of Sale Information as then amended or supplemented
would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances, not misleading or (ii)&nbsp;it is necessary to amend or supplement the
Time of Sale Information to comply with law, the Issuer and the Company will immediately notify the Underwriters thereof and forthwith prepare and, subject to paragraph (a)&nbsp;of this Section&nbsp;3, file with the Commission (to the extent
required) and furnish to the Underwriters and to such dealers as the Representatives may designate, such amendments or supplements to the Time of Sale Information as may be necessary so that the statements in the Time of Sale Information as so
amended or supplemented will not, in the light of the circumstances, be misleading or so that the Time of Sale Information will comply with law. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(k) The Company and the Issuer will make generally available to its security holders and the Representatives as soon as practicable an earnings statement that satisfies the provisions of
Section&nbsp;11(a) of the Securities Act and Rule 158 of the Commission promulgated thereunder covering a period of at least twelve months beginning with the first fiscal quarter of the Company and the Issuer occurring after the &#147;effective
date&#148; (as defined in Rule 158) of the Registration Statement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(l) The Issuer will, pursuant to reasonable
procedures developed in good faith, retain copies of each Issuer Free Writing Prospectus that is not filed with the Commission in accordance with Rule 433 under the Securities Act. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(m) The Issuer and the Guarantors will cooperate with the Representatives and use their best efforts to permit the
Securities to be eligible for clearance and settlement through The Depository Trust Company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(n) Neither the
Issuer nor any of the Guarantors will for a period of ten business days following the Closing Date, without the prior written consent of the Representatives, offer, sell or contract to sell, or otherwise dispose of (or enter into any transaction
which is designed to, or might reasonably be expected to, result in the disposition of (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by the Issuer or the Guarantors or any of their respective
affiliates or any person in privity with the Issuer or the Guarantors or </FONT></P>
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any of their respective affiliates), directly or indirectly, or announce the offering of, any debt securities issued or guaranteed by the Issuer or the Guarantors (other than the Securities).
Notwithstanding anything in this Section&nbsp;3(n)&nbsp;to the contrary, the Company directly or indirectly through a subsidiary, may (i)&nbsp;make borrowings under the Bank Credit Facilities (as defined in the Indenture) pursuant to the terms and
conditions of such agreement, (ii)&nbsp;enter into purchase money mortgage transactions, (iii)&nbsp;obtain letters of credit and (iv)&nbsp;enter into such other commercial lending transactions consistent with the Company&#146;s business. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(o) The Issuer and the Guarantors will not take, directly or indirectly, any action designed to or which has constituted
or which might reasonably be expected to cause or result, under the Exchange Act or otherwise, in stabilization or manipulation of the price of any security of the Issuer or the Guarantors to facilitate the sale or resale of the Securities.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(p) The Issuer and the Company agree to pay all expenses incident to the performance of their obligations
under this Agreement, including (i)&nbsp;the costs of the preparation and printing of the Registration Statement, any Issuer Free Writing Prospectus, each Preliminary Prospectus, the Time of Sale Information and the Prospectus and each amendment or
supplement thereto, (ii)&nbsp;the costs of printing and distributing to the Underwriters and any selected dealers the Registration Statement, any Issuer Free Writing Prospectus, each Preliminary Prospectus, the Time of Sale Information and the
Prospectus, and all amendments or supplements thereto, as provided in this Agreement, (iii)&nbsp;the costs of typing, printing and reproducing this Agreement and the Indenture, (iv)&nbsp;the fees paid to rating agencies in connection with the rating
of the Securities, (v)&nbsp;the fees and expenses of qualifying the Securities under the securities laws of the several jurisdictions as provided in Section&nbsp;3(i) hereof and of preparing, printing, reproducing and distributing a Blue Sky
Memorandum (including the reasonable fees and disbursements of counsel for the Underwriters in connection therewith), (vi)&nbsp;the fees and disbursements of the counsel and accountants for the Issuer and the Guarantors and (vii)&nbsp;the fees of
the Trustee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4. <U>Conditions to the Obligations of the Underwriters</U>. The obligations of the Underwriters to purchase the
Securities shall be subject to the accuracy of the representations and warranties on the part of the Issuer and the Guarantors contained herein at the Time of Sale, the Closing Date and any settlement date, to the accuracy of the statements of the
Issuer and the Guarantors made in any certificates pursuant to the provisions hereof, to the performance by the Issuer and the Guarantors of their respective obligations hereunder and to the following additional conditions: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) No order suspending the effectiveness of the Registration Statement shall be in effect, and no proceeding for such
purpose, pursuant to Rule 401(g)(2) or pursuant to Section&nbsp;8A under the Securities Act shall be pending before or, to the knowledge of the Issuer or any of the Guarantors, threatened by the Commission; the Prospectus and each Issuer Free
Writing Prospectus shall have been timely filed with the Commission under the Securities Act (in the case of an Issuer Free Writing Prospectus, to the extent required by Rule 433 under the Securities Act) and in accordance with Section&nbsp;3(a)
hereof; and all requests by the Commission for additional information shall have been complied with to the reasonable satisfaction of the Representatives. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) The Issuer and the Company shall have requested and caused the General Counsel of the Company (or, at the Company&#146;s option, one or more other counsel reasonably acceptable to the Representatives)
to furnish to the Underwriters such counsel&#146;s opinion, dated the Closing Date and addressed to the Underwriters, to the effect that: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(i) each of the Issuer, the Company and the subsidiaries listed as co-registrants on the Registration Statement (the &#147;<U>Subsidiaries</U>&#148; or in the singular the
</FONT></P>
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&#147;<U>Sub</U><U>sidiary</U>&#148;) has been duly incorporated (if a corporation) or formed (if a partnership, limited liability corporation or trust) and is validly existing as a corporation,
partnership, limited liability company or trust, as the case may be, in good standing (if applicable) (based solely upon review of status telecopies provided by Corporation Service Company (or any comparable service) or, in the absence of such
status telecopies, to the knowledge of such counsel) under the laws of its jurisdiction of incorporation or formation, as the case may be (except where the failure to be in good standing would not have, individually or in the aggregate, a material
adverse effect on the condition (financial or otherwise) or earnings of the Company and its subsidiaries considered collectively as one enterprise, whether or not arising in the ordinary course of business (a &#147;<U>Material Adverse
Effect</U>&#148;), with full corporate or other organizational power and authority to own or lease, as the case may be, and to operate its properties and conduct its business as described in the Registration Statement, the Time of Sale Information
and the Prospectus, and is duly qualified to do business as a foreign corporation, partnership, limited liability company or trust, as the case may be, (based solely upon review of status telecopies provided by Corporation Service Company (or any
comparable service) or, in the absence of such status telecopies, to the knowledge of such counsel) under the laws of each jurisdiction that requires such qualification (except where the failure to so qualify would not have, individually or in the
aggregate, a Material Adverse Effect); </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) all the outstanding shares of capital stock or outstanding
interests of the Issuer and the Company and, to the knowledge of such counsel, each Subsidiary have been duly and validly authorized and issued and are fully paid and nonassessable, and, except as otherwise set forth in the Registration Statement,
the Time of Sale Information and the Prospectus, all outstanding shares of capital stock or outstanding interests of the Subsidiaries are owned by the Company either directly or through wholly owned subsidiaries free and clear of any perfected
security interest and, to such counsel&#146;s knowledge, any other security interests, claims, liens or encumbrances; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(iii) this Agreement has been duly authorized, executed and delivered by the Issuer and the Guarantors; the Indenture has been duly authorized, executed and delivered by the Issuer and the Guarantors and
(assuming due authorization, execution and delivery thereof by the Trustee) constitutes a legal, valid and binding instrument enforceable against the Issuer and the Guarantors in accordance with its terms (subject to the Enforceability Limitations);
and the Securities have been duly and validly authorized, executed by the Issuer and the Guarantors and (assuming due authorization, authentication and delivery by the Trustee and delivery through the facilities of The Depository Trust Company to
and payment for by the Underwriters under this Agreement), will constitute the legal, valid and binding obligations of the Issuer and the Guarantors, enforceable against the Issuer and the Guarantors in accordance with their terms (subject to the
Enforceability Limitations) and entitled to the benefits of the Indenture; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) to the knowledge of such
counsel, no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of the Subsidiaries or its or their property is pending or threatened that is not adequately
disclosed in the Registration Statement, the Time of Sale Information and the Prospectus, except in each case for such action, suit or proceeding that, if the subject of an unfavorable decision, ruling or finding, would not have, individually or in
the aggregate, a Material Adverse Effect, and the Company has not received a notice of objection of the Commission to the use of the Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act;
</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(v) each of the Issuer and each Guarantor has all requisite corporate or
other organizational power and authority and has taken all requisite corporate or other organizational action, and has received and is in compliance with all governmental, judicial and other consents, authorizations, approvals and orders, if any,
necessary to enter into and perform this Agreement, the Indenture or the Securities, to the extent it is a party thereto, and, to the knowledge of such counsel, no consent, authorization, approval or order of or filing with any court or governmental
agency or body is required for the performance by the Issuer or any of the Guarantors of its obligations under this Agreement, the Indenture and the Securities, except such as may be required under the blue sky or securities laws of any jurisdiction
in connection with the purchase and sale of the Securities by the Underwriters (as to which such counsel need express no opinion) in the manner contemplated in this Agreement, the Registration Statement, the Time of Sale Information and the
Prospectus; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(vi) none of the execution and delivery of the Indenture or this Agreement, the issue and sale
of the Securities, or the consummation of any other of the transactions herein or therein contemplated, nor the fulfillment of the terms hereof or thereof, will conflict with, result in a breach or violation of or constitute a default under,
(1)&nbsp;the charter, by-laws or other similar organizational document of the Issuer, the Company or the Subsidiaries; (2)&nbsp;the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement,
obligation, condition, covenant or instrument to which the Issuer, the Company or any of the Subsidiaries is a party or bound and is known to such counsel; or (3)&nbsp;to the best of such counsel&#146;s knowledge, any statute, law, rule, regulation,
judgment, order or decree applicable to the Issuer, the Company or any of the Subsidiaries of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Issuer, the Company or any
of the Subsidiaries (except in the cases of clauses (2)&nbsp;and (3)&nbsp;for such conflicts, breaches, violations or defaults that would not have, individually or in the aggregate, a Material Adverse Effect). </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Simpson Thacher&nbsp;&amp; Bartlett LLP, counsel for the Issuer and the Guarantors, to furnish to the Underwriters
their opinion, dated the Closing Date and addressed to the Underwriters, to the effect that: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) The
Registration Statement has become effective under the Securities Act and the Prospectus was filed on May&nbsp;8, 2013 pursuant to Rule 424(b) of the rules and regulations of the Commission under the Securities Act and, to such counsel&#146;s
knowledge, no stop order suspending the effectiveness of the Registration Statement has been issued or proceeding for that purpose has been instituted or threatened by the Commission. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) This Agreement has been duly authorized, executed and delivered by the Issuer and the Company. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) The Indenture has been duly authorized, executed and delivered by the Issuer and the Company and, assuming that the
Indenture is the valid and legally binding obligation of the Trustee, the Indenture (including the Guarantee set forth therein) constitutes a valid and legally binding obligation of the Issuer and the Company enforceable against the Issuer and the
Company in accordance with its terms, except as the enforceability thereof may be limited by the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors&#146;
</FONT></P>
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rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing, and complies as to form in all
material respects with the requirements of the Trust Indenture Act. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) The Notes have been duly authorized,
executed and issued by the Issuer and, assuming due authentication thereof by the Trustee and upon payment and delivery in accordance with this Agreement, will constitute valid and legally binding obligations of the Company enforceable against the
Company in accordance with their terms, except as the enforceability thereof may be limited by the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors&#146;
rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing, and entitled to the benefits of the Indenture. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(v) The Guarantee has been duly authorized, executed and issued by the Company and, and assuming the Guarantees have been
duly authorized, executed and issued by the Guarantors (other than the Company) and assuming due authentication of the Securities by the Trustee and upon payment for and delivery of the Securities in accordance with the terms of this Agreement, the
Guarantees will constitute valid and legally binding obligations of the Guarantors enforceable against the Guarantors in accordance with their terms and entitled to the benefits of the Indenture except as the enforceability thereof may be limited by
the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors&#146; rights generally, general equitable principles (whether considered in a proceeding in equity or
at law) and an implied covenant of good faith and fair dealing. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(vi) The statements made in each of the Time
of Sale Information and the Prospectus under the caption &#147;Description of Notes&#148;, insofar as they purport to constitute summaries of certain terms of documents referred to therein, constitute accurate summaries of the terms of such
documents in all material respects. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(vii) The statements made in each of the Preliminary Prospectus and the
Prospectus under the caption &#147;Certain United States Federal Income and Estate Tax Consequences to Non-U.S. Holders&#148;, insofar as they purport to constitute summaries of matters of United States federal tax law and regulations or legal
conclusions with respect thereto, constitute accurate summaries of the matters described therein in all material respects. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(viii) No consent, approval, authorization, order, registration or qualification of or with any federal or New York governmental agency or body or any Delaware governmental agency or body acting pursuant
to the Delaware General Corporation Law or, to our knowledge, any federal or New York court or any Delaware court acting pursuant to the Delaware General Corporation Law is required for the issue and sale of the Notes by the Issuer, the issue of the
Guarantees by the Guarantors, and the compliance by the Company and the Guarantors with all of the provisions of the Underwriting Agreement and the Indenture, except for the registration under the Securities Act of the Notes, and such consents,
approvals, authorizations, registrations or qualifications as may be required under state securities or Blue Sky laws in connection with the purchase and distribution of the Notes by the Underwriters. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ix) The issue and sale of the Notes by the Issuer, the issue of the Guarantee by the Guarantors, the execution, delivery
and performance by the Issuer and the </FONT></P>
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Guarantors of the Underwriting Agreement and the execution and delivery of the Indenture by the Issuer and the Guarantors will not violate the Certificate of Incorporation or By-laws of the
Issuer or the Company or any federal or New York State statute or the Delaware General Corporation Law or any rule or regulation that has been issued pursuant to any federal or New York State statute or the Delaware General Corporation Law or any
order known to us issued pursuant to any federal or New York State statute or the Delaware General Corporation Law by any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their
properties. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(x) Neither the Issuer nor the Company is and, after giving effect to the offering and sale of the
Notes and the application of the proceeds thereof as described in the Prospectus neither the Issuer nor the Company will be, an &#147;investment company&#148; within the meaning of and subject to the Investment Company Act. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(xi) Each of the Issuer and the Company has been duly incorporated and is validly existing in good standing as a
corporation under the laws of the State of Delaware, and has full corporate power and to conduct its business as described in the Registration Statement and the Prospectus. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Such opinion or a separate letter addressed to the Underwriters shall also state the following matters. Such counsel shall
state that although they have not independently verified the accuracy, completeness or fairness of the statements made or included in the Registration Statement, the Time of Sale Information, the Prospectus or the Exchange Act documents incorporated
by reference or deemed to be incorporated by reference in the Time of Sale Information or the Prospectus (collectively, the &#147;<U>Exchange Act Documents</U>&#148;), and they take no responsibility therefor, except as and to the extent set forth
in numbered paragraphs (vi)&nbsp;and (vii)&nbsp;of their opinion letter to Underwriters dated the date hereof: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) such counsel shall advise that each of the Registration Statement, as of the date it first became effective under the
Securities Act, and the Prospectus, as of its date, appeared, on its face, to be appropriately responsive, in all material respects, to the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder,
except that in each case such counsel need not express any view with respect to the financial statements or other financial, accounting or statistical data contained in, incorporated or deemed incorporated by reference in, or omitted from the
Registration Statement, the Prospectus or the Exchange Act Documents; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) nothing has come to such
counsel&#146;s attention that causes such counsel to believe that the Registration Statement (including the Exchange Act Documents), as of the date of this Agreement, contained any untrue statement of a material fact or omitted to state any material
fact required to be stated therein or necessary in order to make the statements therein not misleading, that the Time of Sale Information as of the Time of Sale, contained any untrue statement of a material fact or omitted to state a material fact
necessary to make the statements therein not misleading, or that the Prospectus (including the Exchange Act Documents), as of its date or as of the Closing Date, contained or contains any untrue statement of a material fact or omitted or omits to
state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that in each case such counsel expresses no belief with respect to the financial
statements or other financial, accounting or statistical data contained in, incorporated or deemed incorporated by reference in, or omitted from the Registration Statement, the Time of Sale Information, the Prospectus or the Exchange Act Documents.
</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) The Representatives shall have received from Cahill Gordon&nbsp;&amp;
Reindel <SMALL>LLP</SMALL>, counsel for the Underwriters, an opinion and a negative assurance letter, dated the Closing Date and addressed to the Underwriters, with respect to the issuance and sale of the Securities, the Indenture, the Registration
Statement, the Time of Sale Information and the Prospectus (as amended or supplemented at the Closing Date) (it being understood that such counsel need not express any comment with respect to the financial statements or any other financial or
statistical data that is included in or omitted from the Registration Statement, the Time of Sale Information and the Prospectus) and other related matters as the Representatives may reasonably require, and the Issuer and the Guarantors shall have
furnished to such counsel such documents as they request for the purpose of enabling them to pass upon such matters. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(e) The Issuer and the Company shall have furnished to the Representatives a certificate of the Issuer and the Company, signed by the President or an Executive or Senior Vice President and the principal
financial or accounting officer of each of the Issuer and the Company, dated the Closing Date, to the effect that the signers of such certificate have carefully examined the Registration Statement, the Time of Sale Information and the Prospectus,
any amendments or supplements to the Registration Statement, the Time of Sale Information and the Prospectus and this Agreement and that: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(i) no order suspending the effectiveness of the Registration Statement is in effect, and no proceeding for such purpose, pursuant to Rule 401(g)(2) or pursuant to Section&nbsp;8A under the Securities Act
is pending before, to their knowledge, or threatened by the Commission; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) the representations and
warranties of the Issuer and the Guarantors in this Agreement are true and correct in all material respects (except that any representation and warranty that is qualified as to &#147;materiality&#148; or &#147;Material Adverse Change&#148; shall be
true and correct in all respects) on and as of the Closing Date with the same effect as if made on the Closing Date, and each of the Issuer and the Guarantors has complied with all the agreements and satisfied all the conditions on its part to be
performed or satisfied hereunder at or prior to the Closing Date; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) since the date of the most recent
financial statements included in the Registration Statement, the Time of Sale Information and the Prospectus (exclusive of any amendment or supplement thereto), there has been no Material Adverse Change, except as set forth in or contemplated by the
Registration Statement, the Time of Sale Information and the Prospectus (exclusive of any amendment or supplement thereto). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(f) On the date of this Agreement and on the Closing Date, the Company shall have requested and caused Ernst&nbsp;&amp; Young LLP to furnish to the Representatives, &#147;comfort letters,&#148; dated the
respective dates of delivery thereof, in form and substance satisfactory to the Representatives, confirming that they are an independent registered public accounting firm within the meaning of the Exchange Act and the applicable published rules and
regulations thereunder and confirming certain matters with respect to the audited and unaudited financial statements and other financial and accounting information contained in or incorporated by reference in the Registration Statement, the Time of
Sale Information and the Prospectus. References to the Registration Statement, the Time of Sale Information and the Prospectus in this Section&nbsp;4(f) include any amendments or supplements thereto at the date of the applicable letter. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g) Subsequent to the Time of Sale or, if earlier, the dates as of which
information is given in the Registration Statement, the Time of Sale Information and the Prospectus (exclusive of any amendment or supplement thereto), there shall not have been (i)&nbsp;any change or decrease specified in the letter referred to in
Section&nbsp;4(f) hereof; or (ii)&nbsp;any Material Adverse Change, whether or not arising from transactions in the ordinary course of business, except as set forth in or contemplated in the Registration Statement, the Time of Sale Information and
the Prospectus (exclusive of any amendment or supplement thereto), the effect of which, in any case referred to in clause (i)&nbsp;or (ii)&nbsp;above, is, in the sole judgment of the Representatives, so material and adverse as to make it impractical
or inadvisable to market the Securities as contemplated by the Registration Statement, the Time of Sale Information and the Prospectus (exclusive of any amendment or supplement thereto). </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(h) Subsequent to the Time of Sale, there shall not have been any decrease in the rating of any of the debt securities of
the Issuer or any of the Guarantors by any &#147;nationally recognized statistical rating organization&#148; registered under Section&nbsp;15(e) of the Exchange Act or any notice given of any intended or potential decrease in any such rating or of a
possible change in any such rating that does not indicate the direction of the possible change. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) Prior to
the Closing Date, the Issuer and the Guarantors shall have furnished to the Representatives such further information, certificates and documents as the Representatives may reasonably request. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If any of the conditions specified in this Section&nbsp;4 shall not have been fulfilled in all material respects when and as provided in
this Agreement, or if any of the opinions, letters and certificates mentioned above or elsewhere in this Agreement shall not be in all material respects reasonably satisfactory in form and substance to the Representatives and counsel for the
Underwriters, this Agreement and all obligations of the Underwriters hereunder may be canceled at, or at any time prior to, the Closing Date by the Representatives. Notice of such cancellation shall be given to the Issuer and the Company in writing
or by telephone or facsimile confirmed in writing. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The documents required to be delivered by this Section&nbsp;4 will be
delivered at the office of counsel for the Underwriters, at 80 Pine Street, New York, New York 10005, on the Closing Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.
<U>Reimbursement of Expenses</U>. If the sale of the Securities provided for herein is not consummated because any condition to the obligations of the Underwriters set forth in Section&nbsp;4 hereof is not satisfied, because of any termination
pursuant to Section&nbsp;7 hereof or because of any refusal, inability or failure on the part of the Company to perform any agreement herein or comply with any provision hereof other than by reason of a default by the Underwriters, the Issuer and
the Company will reimburse the Underwriters on demand for all reasonable out-of-pocket expenses (including reasonable fees and disbursements of counsel) that shall have been incurred by them in connection with the proposed purchase and sale of the
Securities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6. <U>Indemnification and Contribution</U>. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Each of the Issuer and the Guarantors agrees to indemnify and hold harmless each of the Underwriters, the directors, officers,
employees and agents of each of the Underwriters and each person who controls an Underwriter within the meaning of either the Securities Act or the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which
they or any of them may become subject under the Securities Act, the Exchange Act or other Federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a </FONT></P>
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material fact contained in the Registration Statement, the Time of Sale Information (or any part thereof), the Prospectus or any electronic roadshow and any Issuer Free Writing Prospectus (or in
any supplements or amendments thereto), or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, and agrees to reimburse each such indemnified party, as incurred, for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage,
liability or action; <U>provided</U>, <U>however</U>, that the Issuer and Guarantors will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged
untrue statement or omission or alleged omission made in the Registration Statement, the Time of Sale Information or the Prospectus, or in any amendment thereof or supplement thereto, in reliance upon and in conformity with written information
furnished to the Issuer or any of the Guarantors by or on behalf of any Underwriter through the Representatives specifically for inclusion therein. This indemnity agreement will be in addition to any liability which the Issuer and the Guarantors may
otherwise have. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The Underwriters severally and not jointly agree to indemnify and hold harmless each of the Issuer and
the Guarantors, each of their directors, officers, general partners, managers and managing members, as the case may be, of each of the Issuer and the Guarantors and each person who controls the Issuer and the Guarantors within the meaning of either
the Securities Act or the Exchange Act, to the same extent as the foregoing indemnity from the Issuer and the Guarantors to each Underwriter, but only with reference to written information relating to an Underwriter furnished to the Issuer and the
Guarantors by or on behalf of such Underwriter through the Representatives specifically for inclusion in the Registration Statement, the Time of Sale Information or the Prospectus (or in any amendments or supplements thereto). This indemnity
agreement will be in addition to any liability which any Underwriter may otherwise have. The Issuer and the Guarantors acknowledge that the statements set forth in the third paragraph, ninth paragraph (third sentence), tenth paragraph (first and
second sentences), eleventh paragraph and the twelfth paragraph (third sentence) under the heading &#147;Underwriting&#148; in the Preliminary Prospectus and the Prospectus constitute the only information furnished in writing by the Underwriters for
inclusion in the Registration Statement, the Time of Sale Information, the Prospectus, any electronic roadshow and any Issuer Free Writing Prospectus (or in any amendment or supplement thereto). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Promptly after receipt by an indemnified party under this Section&nbsp;6 of notice of the commencement of any action, such
indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section&nbsp;6, notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party
(i)&nbsp;will not relieve it from liability under paragraph (a)&nbsp;or (b)&nbsp;above unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and
defenses; and (ii)&nbsp;will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraph (a)&nbsp;or (b)&nbsp;above. The indemnifying party shall be
entitled to appoint counsel of the indemnifying party&#146;s choice at the indemnifying party&#146;s expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not
thereafter be responsible for the fees and expenses of any separate counsel retained by the indemnified party or parties); <U>provided</U>, <U>however</U>, that such counsel shall be reasonably satisfactory to the indemnified party. An indemnifying
party may participate in its own expense in the defense of any action; <U>provided</U>, <U>however</U>, that counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be counsel to the indemnified party. In
no event shall the indemnifying parties be liable for the fees and expenses or more than one counsel (in addition to any local counsel) separate from their own counsel for all indemnified parties in connection with any one action or separate but
similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances. An indemnifying party will not, without the prior written consent of the indemnified parties, settle or compromise or consent to the
entry of any judgment with respect to any pending or threatened claim, action, </FONT></P>
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suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action)
unless (a)&nbsp;such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or proceeding and (b)&nbsp;such settlement does not include any statement
as to or any admission of fault, culpability or a failure to act by or on behalf of any indemnified person. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) In the event
that the indemnity provided in paragraph (a)&nbsp;or (b)&nbsp;of this Section&nbsp;6 is unavailable to or insufficient to hold harmless an indemnified party for any reason, the Issuer and the Guarantors and the Underwriters agree to contribute to
the aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably incurred in connection with investigating or defending same) (collectively &#147;<U>Losses</U>&#148;) to which the Issuer or the Guarantors and the
Underwriters may be subject in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and by the Underwriters on the other from the offering of the Securities; <U>provided</U>, <U>however</U>, that
in no case shall any Underwriters be responsible for any amount in excess of the purchase discount or commission applicable to the Securities purchased by such Underwriters hereunder. If the allocation provided by the immediately preceding sentence
is unavailable for any reason, the Issuer and the Guarantors and the Underwriters shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Issuer and the Guarantors on the
one hand and of the Underwriters on the other in connection with the statements or omissions which resulted in such Losses, as well as any other relevant equitable considerations. Benefits received by the Issuer and the Guarantors shall be deemed to
be equal to the total net proceeds from the offering (before deducting expenses) received by it, and benefits received by the Underwriters shall be deemed to be equal to the total purchase discounts and commissions in each case set forth on the
cover of the Prospectus. Relative fault shall be determined by reference to, among other things, whether any untrue or any alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to
information provided by the Issuer and the Guarantors on the one hand or the Underwriters on the other, the intent of the parties and their relative knowledge, information and opportunity to correct or prevent such untrue statement or omission. The
Issuer and the Guarantors and the Underwriters agree that it would not be just and equitable if contribution were determined by pro rata allocation or any other method of allocation which does not take account of the equitable considerations
referred to above. Notwithstanding the provisions of this paragraph (d), no person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. For purposes of this Section&nbsp;6, each person who controls the Underwriters within the meaning of either the Securities Act or the Exchange Act and each director, officer, employee and agent of the
Underwriters shall have the same rights to contribution as the Underwriters, and each person who controls any of the Issuer and the Guarantors within the meaning of either the Securities Act or the Exchange Act and each officer, director, general
partner, manager and managing member, as the case may be, of the Issuer and the Guarantors shall have the same rights to contribution as the Issuer and the Guarantors, subject in each case to the applicable terms and conditions of this paragraph
(d). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">7. <U>Termination</U>. This Agreement shall be subject to termination in the absolute discretion of the Representatives,
by notice given to the Issuer and the Company prior to delivery of and payment for the Securities, if at any time prior to such time (i)&nbsp;trading in the Company&#146;s Common Stock shall have been suspended by the Commission or the New York
Stock Exchange or trading in securities generally on the New York Stock Exchange, the American Stock Exchange, or the NASDAQ National Market shall have been suspended or limited or minimum prices shall have been established on such exchanges or the
NASDAQ National Market; (ii)&nbsp;a banking moratorium shall have been declared either by Federal or New York State authorities; (iii)&nbsp;there shall have occurred any outbreak or escalation of hostilities, declaration by the United States of a
national emergency or war, or other calamity or crisis the effect of which on financial markets is such as to make it, in the sole judgment of the Representatives, </FONT></P>
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impracticable or inadvisable to proceed with the offering or delivery of the Securities as contemplated by this Agreement, the Time of Sale Information and the Prospectus (exclusive of any
amendment or supplement thereto); or (iv)&nbsp;since the respective dates as of which information is given in the Registration Statement, the Time of Sale Information and the Prospectus, there has been a Material Adverse Change. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">8. <U>Representations and Indemnities to Survive</U>. The respective agreements, representations, warranties, indemnities and other
statements of the Issuer and the Guarantors or their respective officers and of the Underwriters set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by the Underwriters or the
Issuer and the Guarantors or any of the officers, directors, general partners, managers or managing members, as the case may be, or controlling persons referred to in Section&nbsp;6 hereof, and will survive delivery of and payment for the
Securities. The provisions of Sections&nbsp;5 and 6 hereof shall survive the termination or cancellation of this Agreement. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">9. <U>Notices</U>. All communications hereunder will be in writing and effective only on receipt, and, if sent to Citigroup Global
Markets Inc., General Counsel (fax no: (212)&nbsp;816-7912) and confirmed to the General Counsel, Citigroup Global Markets Inc., at 388 Greenwich Street, New York, New York 10013, Attention: General Counsel; if sent to Deutsche Bank Securities Inc.,
will be mailed, delivered or telefaxed to Deutsche Bank Securities Inc., 60 Wall Street, New York, New York 10005, Attention: Debt Capital Markets Syndicate, (fax no.: (212)&nbsp;469-7875), with a copy to General Counsel (fax no.:
(212)&nbsp;797-4561); if sent to RBS Securities Inc., will be mailed, delivered or telefaxed to RBS Securities Inc. 600 Washington Blvd. Stamford, CT 06901, Attention: Debt Capital Markets Syndicate (fax no: (203)&nbsp;873-4534); if sent to SunTrust
Robinson Humphrey, Inc., will be mailed, delivered or telefaxed to 3333 Peachtree Road, Atlanta, Georgia 30326, Attention: Investment Grade Debt Capital Market (fax no.(404) 926-5129); or if sent to the Issuer and the Company, will be mailed,
delivered or telefaxed to Toll Brothers Finance Corp./Toll Brothers, Inc., Chief Executive Officer (fax no.: (215)&nbsp;938-8255) and confirmed to 250 Gibraltar Road, Horsham, Pennsylvania 19044, Attention: Douglas C. Yearley, Jr., Chief Executive
Officer, and confirmed to the General Counsel at the same address. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">10. <U>Successors</U>. This Agreement is binding upon the
parties hereto and their respective successors and will inure to the benefit of the officers, directors, general partners, managers and managing members, as the case may be, and controlling persons referred to in Section&nbsp;6 hereof, and no other
person will have any right or obligation hereunder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">11. <U>Default by an Underwriter</U>. If any one or more Underwriters
shall fail to purchase and pay for any of the Securities agreed to be purchased by such Underwriter hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the remaining
Underwriters shall be obligated severally to take up and pay for (in the respective proportions which the amount of Securities set forth opposite their names in <U>Annex A</U> hereto bears to the aggregate amount of Securities set forth opposite the
names of all the remaining Underwriters) the Securities which the defaulting Underwriter or Underwriters agreed but failed to purchase; <U>provided</U>, <U>however</U>, that in the event that the aggregate amount of Securities which the defaulting
Underwriter or Underwriters agreed but failed to purchase shall exceed 10% of the aggregate amount of Securities set forth in <U>Annex A</U> hereto, the remaining Underwriters shall have the right to purchase all, but shall not be under any
obligation to purchase any, of the Securities, and if such nondefaulting Underwriters do not purchase all the Securities, this Agreement will terminate without liability to any nondefaulting Underwriter or the Issuer and the Guarantors. In the event
of a default by any Underwriter as set forth in this Section&nbsp;11, the Closing Date shall be postponed for such period, not exceeding five Business Days, as the Representatives shall determine in order that the required changes in the
Registration Statement, the Time of Sale Information and the Prospectus or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting Underwriter of its liability, if any, to the Issuer
and the Guarantors or any nondefaulting Underwriter for damages occasioned by its default hereunder. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">12. <U>Applicable Law</U>. This Agreement will be governed by and construed in accordance
with the laws of the State of New York applicable to contracts made and to be performed within the State of New York. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">13.
<U>Counterparts</U>. This Agreement may be executed in one or more counterparts, each of which shall constitute an original and all of which together shall constitute one and the same instrument. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">14. <U>Headings</U>. The section headings used herein are for convenience only and shall not affect the construction hereof. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">15. <U>Authority of the Representatives</U>: Any action by the Underwriters hereunder must be taken by the Representatives on behalf of
the Underwriters, and any such action taken by the Representatives shall be binding upon the Underwriters. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">16.
<U>Definitions</U>. The terms which follow, when used in this Agreement, shall have the meanings indicated. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Business
Day</U>&#148; shall mean any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorized or obligated by law to close in The City of New York. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Commission</U>&#148; shall mean the Securities and Exchange Commission. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Effective Date</U>&#148; shall mean each date and time that the Registration Statement and any post-effective amendment or
amendments thereto became or becomes effective. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Exchange Act</U>&#148; shall mean the Securities Exchange Act of
1934, as amended, and the rules and regulations of the Commission promulgated thereunder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Investment Company
Act</U>&#148; shall mean the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission promulgated thereunder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Issuer Free Writing Prospectus</U>&#148; shall mean an issuer free writing prospectus, as defined in Rule 405 under the Securities Act. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Prospectus Delivery Period</U>&#148; shall mean such period of time after the first date of the public offering of the
Securities as in the opinion of counsel for the Underwriters a Prospectus relating to the Securities is required by law to be delivered (or required to be delivered but for Rule 172 under the Securities Act) in connection with sales of the
Securities by the Underwriters or any dealer. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Securities Act</U>&#148; shall mean the Securities Act of 1933, as
amended, and the rules and regulations of the Commission promulgated thereunder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<U>Trust Indenture Act</U>&#148; shall
mean the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Commission promulgated thereunder. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the foregoing is in accordance with your understanding of our agreement, please sign and
return to us the enclosed duplicate hereof, whereupon this Agreement and your acceptance shall represent a binding agreement among the Issuer, the Company and the Underwriters. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very truly yours,</FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">TOLL BROTHERS FINANCE CORP.,<BR>As Issuer</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Martin P. Connor</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">TOLL BROTHERS, INC.,<BR>As a Guarantor</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Martin P. Connor</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-1
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-family:Times New Roman" SIZE="2">The foregoing Agreement is hereby confirmed and accepted as of the date first above written.</FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-family:Times New Roman" SIZE="2">CITIGROUP GLOBAL MARKETS INC.</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Brian Bednarski</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Brian Bednarski</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Managing Director</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-2
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-family:Times New Roman" SIZE="2">DEUTSCHE BANK SECURITIES INC.</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Ritu Ketkar</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ritu Ketkar</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Managing Director</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Marc Fratepietro</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Marc Fratepietro</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Managing Director</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-3
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-family:Times New Roman" SIZE="2">RBS SECURITIES INC.</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Michael Newcomb</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Michael Newcomb</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Managing Director</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-4
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-family:Times New Roman" SIZE="2">SUNTRUST ROBINSON HUMPHREY, INC.</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Christopher S. Grumboski</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Christopher S. Grumboski</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-5
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ANNEX A </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:39pt"><FONT STYLE="font-family:Times New Roman" SIZE="1">Underwriter</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">Principal&nbsp;Amount&nbsp;of&nbsp;Notes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Citigroup Global Markets Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Deutsche Bank Securities Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">RBS Securities Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">SunTrust Robinson Humphrey, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">15,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">PNC Capital Markets LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Capital One Southcoast, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">BMO Capital Markets Corp.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Comerica Securities, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">SMBC Nikko Capital Markets Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Wells Fargo Securities, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">U.S. Bancorp Investments, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Annex A-1
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ANNEX B </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Time of Sale Information </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pricing Term Sheet of the Issuer and the
Guarantors relating to the Securities dated May&nbsp;8, 2013. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Annex B-1
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ANNEX C </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Toll Brothers Finance Corp. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[as attached] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Annex C-1
</FONT></P>

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<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>3
<FILENAME>d536416dex43.htm
<DESCRIPTION>EX-4.3
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 <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 4.3 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>AUTHORIZING RESOLUTIONS </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">May&nbsp;8, 2013 </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:2px;margin-top:0px;margin-bottom:2px;border-bottom:2pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">These Authorizing Resolutions relate to $100,000,000 aggregate principal amount of additional 4.375% Senior Notes due 2023 (the &#147;<U>Additional Notes</U>&#148;) to be issued in accordance with the
indenture dated as of February&nbsp;7, 2012 (as amended and supplemented, the &#147;<U>Indenture</U>&#148;) among Toll Brothers Finance Corp. (the &#147;<U>Issuer</U>&#148;), Toll Brothers, Inc. (the &#147;<U>Company</U>&#148;) and the other
Guarantors and The Bank of New York Mellon, as trustee (the &#147;<U>Trustee</U>&#148;), as amended and supplemented by the authorizing resolutions relating to the existing $300,000,000 aggregate principal amount of 4.375% Senior Notes due 2023 (the
&#147;<U>Authorizing Resolutions for the Existing Notes</U>&#148;). Capitalized terms not otherwise defined herein but used below shall have the meanings given to them in the Indenture. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pursuant to Section&nbsp;2.01 of the Indenture and Paragraph 2 of the Authorizing Resolutions for the Existing Notes, the aggregate
principal amount at maturity of additional 4.375% Senior Notes which shall be authenticated and delivered under the Indenture, shall be $100,000,000 (except for any Notes authenticated and delivered upon registration of the transfer of, or in
exchange for, or in lieu of other Notes pursuant to the terms of the Indenture). The terms of the Additional Notes shall be the same as those set forth in the Authorizing Resolutions for the Existing Notes. </FONT></P>
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<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>d536416dex51.htm
<DESCRIPTION>EX-5.1
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 5.1 </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="2">May&nbsp;13, 2013 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Brothers Finance Corp. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">250 Gibraltar Road </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Horsham, Pennsylvania 19044
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ladies and Gentlemen: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">We have acted as counsel to Toll Brothers, Inc., a Delaware corporation (the &#147;Company&#148;), Toll Brothers Finance Corp., a Delaware corporation (the &#147;Issuer&#148;), and the certain
subsidiaries of the Company (other than the Issuer) named as co-registrants in the Registration Statement (as defined below) (each, a &#147;Guarantor,&#148; and together with the Company, the &#147;Guarantors&#148;) in connection with the
Registration Statement on Form S-3 (File No.&nbsp;333-178130) (as amended by the Post-Effective Amendment No.&nbsp;1 and the Post-Effective Amendment No.&nbsp;2, the &#147;Registration Statement&#148;) filed by the Issuer and the Guarantors with the
Securities and Exchange Commission (the &#147;Commission&#148;) under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), relating to debt securities of the Issuer, Toll Corp. or First Huntingdon Finance Corp., guarantees of any
such debt securities by the Guarantors and certain other securities (collectively, the &#147;Securities&#148;). The Securities may be issued and sold or delivered from time to time as set forth in the Registration Statement, any amendment thereto,
the prospectus contained therein and supplements to the Prospectus and pursuant to Rule 415 under the Securities Act. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This
opinion is being delivered in connection with the additional $100,000,000 aggregate principal amount of 4.375% Senior Notes due 2023 (the &#147;Senior Notes&#148;) being issued by the Issuer and unconditionally guaranteed by the Company and the
other Guarantors (the &#147;Guarantees&#148;), which Senior Notes are being offered and sold by the Issuer pursuant to the Prospectus dated November&nbsp;23, 2011, as supplemented by the prospectus supplement dated May&nbsp;8, 2013 (together, the
&#147;Prospectus&#148;) filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act, and an Underwriting Agreement, dated May&nbsp;8, 2013 (the &#147;Underwriting Agreement&#148;), among the Issuer, the Company and the
underwriters named therein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Senior Notes and the Guarantees are issued under an Indenture, dated as of February&nbsp;7,
2012 (the &#147;Base Indenture&#148;), among the Issuer, the Guarantors and The Bank of New York Mellon, as trustee (the &#147;Trustee&#148;), as supplemented by the authorizing resolutions of the Boards of Directors of the Issuer and the Company
(the &#147;Authorizing Resolutions&#148;). The Base Indenture, as supplemented by the Authorizing Resolutions, is hereinafter referred to collectively as the &#147;Indenture.&#148; </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have examined the Registration Statement, the Prospectus, the Indenture (including the
Guarantees set forth therein), duplicates of the global note representing the Senior Notes and the Underwriting Agreement. We also have examined the originals, or duplicates or certified or conformed copies, of such records, agreements, documents
and other instruments and have made such other investigations as we have deemed relevant and necessary in connection with the opinions hereinafter set forth. As to questions of fact material to this opinion, we have relied upon certificates or
comparable documents of public officials and of officers and representatives of the Issuer and the Guarantors. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In rendering
the opinions set forth below, we have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted
to us as duplicates or certified or conformed copies and the authenticity of the originals of such latter documents. We also have assumed that the Indenture is the valid and legally binding obligation of the Trustee. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have assumed further that (i)&nbsp;the Indenture has been duly authorized, executed and delivered by each of the Guarantors not
incorporated or organized in the State of Delaware or New York, as the case may be, and (ii)&nbsp;the execution, delivery and performance of the Indenture and the Guarantees by each of the Guarantors not incorporated or organized in the State of
Delaware or New York, as the case may be, will not violate the law of its state of incorporation or organization or any other applicable law (except that we make no such assumption with respect to the law of the State of New York and the federal law
of the United States). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Based upon the foregoing, and subject to the qualifications, assumptions and limitations stated
herein, we are of the opinion that: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. Assuming due authentication of the Senior Notes by the Trustee and upon payment and
delivery in accordance with the Underwriting Agreement, the Senior Notes will constitute valid and legally binding obligations of the Issuer enforceable against the Issuer in accordance with their terms. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. Assuming due authentication of the Senior Notes by the Trustee and upon payment and delivery in accordance with the Underwriting
Agreement, the Guarantees will constitute valid and legally binding obligations of the Guarantors, enforceable against the Guarantors in accordance with their terms. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Our opinions set forth above are subject to (i)&nbsp;the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting
creditors&#146; rights generally, (ii)&nbsp;general equitable principles (whether considered in a proceeding in equity or at law), and (iii)&nbsp;an implied covenant of good faith and fair dealing. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-2-
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We do not express any opinion herein concerning any law other than the law of the State of
New York, the federal law of the United States, the Delaware General Corporation Law, the Delaware Limited Liability Company Act and the Delaware Revised Uniform Limited Partnership Act. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Current Report on Form 8-K of the Company filed with the
Commission in connection with the offer and sale of the Senior Notes by the Issuer and to the use of our name under the caption &#147;Legal Matters&#148; in the Prospectus. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very truly yours,</FONT></TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ SIMPSON THACHER&nbsp;&amp; BARTLETT LLP</FONT></TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">SIMPSON THACHER&nbsp;&amp; BARTLETT LLP</FONT></TD></TR>
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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">-3-
</FONT></P>

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<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>5
<FILENAME>d536416dex52.htm
<DESCRIPTION>EX-5.2
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 5.2 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">[TBI Letterhead] </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">May&nbsp;13, 2013 </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Brothers, Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">250 Gilbraltar Road
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Horsham, PA 19044 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ladies and
Gentlemen: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">I am Senior Vice President, Chief Compliance Officer and General Counsel of Toll Brothers, Inc., a Delaware
corporation (&#147;TBI&#148;). TBI, Toll Brothers Finance Corp., a Delaware corporation and a wholly-owned subsidiary of TBI (&#147;the Issuer&#148;) and certain other subsidiaries of TBI (the &#147;Subsidiary Registrants&#148;) have filed a
Registration Statement on Form S-3 (File No.&nbsp;333-178130) (the &#147;Registration Statement&#148;) with the Securities and Exchange Commission (the &#147;Commission&#148;) under the Securities Act of 1933, as amended by the Post-Effective
Amendment No.&nbsp;1 and the Post-Effective Amendment No.&nbsp;2 to the Registration Statement (the &#147;Securities Act&#148;), pursuant to which the Issuer is issuing an additional $100 million in aggregate principal of 4.375% Senior Notes due
2023 (the &#147;Senior Notes&#148;). The Senior Notes will be unconditionally guaranteed (each a &#147;Senior Note Guarantee&#148; and, collectively, the &#147;Senior Notes Guarantees&#148;) on a senior basis by TBI and the Subsidiary Registrants
(together, in such capacity, the &#147;Senior Notes Guarantors&#148;), pursuant to the Underwriting Agreement dated May&nbsp;8, 2013, among TBI, the Issuer, the Senior Notes Guarantors and the underwriters named therein (the &#147;Underwriting
Agreement&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">I have examined the Registration Statement as it became effective under the Securities Act; TBI&#146;s and
the Issuer&#146;s prospectus dated November&nbsp;23, 2011 (the &#147;Base Prospectus&#148;), as </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
supplemented by the prospectus supplement relating to the offering of the Senior Notes dated May&nbsp;8, 2013 (together with the Base Prospectus, the &#147;Senior Notes Prospectus&#148;), filed
by TBI and the Issuer pursuant to Rule 424(b) of the rules and regulations of the Commission under the Securities; the indenture dated as of February&nbsp;7, 2012 (the &#147;Base Indenture&#148;) among the Issuer, the Senior Notes Guarantors and The
Bank of New York Mellon as trustee (the &#147;Trustee&#148;), as supplemented by the Authorizing Resolutions dated as of April&nbsp;3, 2013 and May&nbsp;8, 2013 (the &#147;Authorizing Resolutions&#148; and, together with the Base Indenture, the
&#147;Indenture&#148;); a duplicate of the global note representing the Senior Notes; and the Underwriting Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In
rendering the opinions contained herein, I have relied upon my examination or the examination by members of our legal staff or outside counsel (in the ordinary course of business) of the original or copies certified or otherwise identified to our
satisfaction of the charter, bylaws or other governing documents of the subsidiaries named in Schedule I hereto (the &#147;Schedule I Subsidiaries&#148;), resolutions and written consents of their respective boards of directors, general partners,
managers and managing members, as the case may be, statements and certificates from officers of the Schedule I Subsidiaries and, to the extent obtained, from various state authorities, status telecopies provided by CT Corporation, and such other
documents and records relating to the Schedule I Subsidiaries as we have deemed appropriate. I, or a member of my staff, have also examined the originals, or duplicates or certified or conformed copies, of such corporate and other records,
agreements, documents and other instruments of all the registrants and have made such other investigations as I have deemed relevant and necessary in connection with the opinions hereinafter set forth. As to questions of fact material to this
opinion, I have relied upon certificates or comparable documents or statements of public officials and of officers and representatives of TBI, the Issuer, and the Schedule I Subsidiaries. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In rendering the opinions set forth below, I have also assumed the genuineness of all
signatures, the legal capacity of natural persons, the authenticity of all documents submitted to me as originals, the conformity to original documents of all documents submitted to me as duplicates or certified or conformed copies and the
authenticity of the originals of such latter documents. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Based upon the foregoing, and subject to the qualifications,
assumptions and limitations stated herein, I am of the opinion that the Senior Notes Guarantees have been duly authorized, executed and delivered by each of the Schedule I Subsidiaries. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This opinion letter is given as of the date hereof and I assume no obligation to update or supplement this opinion letter to reflect any
facts or circumstances that may hereafter come to my attention or any change in laws that may hereafter occur. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">I hereby
consent to the filing of this opinion letter as Exhibit 5.2 to the Current Report on Form 8-K of TBI filed with the Commission in connection with the registration of the Senior Notes. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very truly yours,</FONT></TD></TR>
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<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ John McDonald</FONT></TD></TR>
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<TD HEIGHT="8"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">John McDonald</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President,</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chief Compliance Officer and</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">General Counsel</FONT></TD></TR>
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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>SCHEDULE I </U></B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>NON-NEW YORK OR DELAWARE GUARANTORS </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV STYLE="position:relative;float:left; width:32%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">HQZ Acquisitions, Inc. (MI) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">SH Homes Corporation (MI) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">SI Investment Corporation (MI) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Silverman Building
Companies, Inc. (MI) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Bros. of Arizona, Inc. (AZ) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Bros. of North Carolina II, Inc. (NC) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Bros. of North Carolina III, Inc. (NC) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Bros. of North Carolina, Inc. (NC) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Bros., Inc. (PA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll Bros., Inc. (TX) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Brothers AZ Construction
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Company (AZ) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll Brothers Real Estate, Inc. (PA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll CA GP Corp. (CA)
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll CO GP Corp. (CO) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Development Company, Inc. (MI) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll FL GP Corp. (FL) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll GA GP Corp. (GA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll IL GP Corp. (IL) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Land Corp. No.&nbsp;6 (PA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll MD Builder Corp. (MD) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll MI GP Corp. (MI) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll MN GP Corp. (MN) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll NC GP Corp. (NC) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll NH GP Corp. (NH) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll NV GP Corp. (NV) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll OH GP Corp. (OH) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll PA Builder Corp. (PA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll PA GP Corp. (PA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll PA II GP Corp. (PA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll PA III GP Corp. (PA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll RI GP Corp. (RI) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll SC GP Corp. (SC) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll SW Holding I Corp. (NV) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll TN GP Corp. (TN) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll WA GP Corp. (WA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll WV GP Corp. (WV) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll YL, Inc. (CA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Audubon Ridge, L.P. (PA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Belmont Land, L.P. (VA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Binks Estates Limited Partnership (FL)
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Blue Bell Country Club, L.P. (PA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Broad Run Associates, L.P. (PA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">CC Estates Limited Partnership (MA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cold Spring Hunt, L.P. (PA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Coleman Toll Limited Partnership (NV) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dominion Country Club,
L.P. (VA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Estates at Princeton Junction, L.P. (NJ) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Estates at Rivers Edge, L.P. (NJ) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll CO II, L.P. (CO) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll CT IV Limited Partnership (CT) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll NC II LP (NC)
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll NC III LP (NC) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll NC, L.P. (NC) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll NH Limited Partnership (NH)
</FONT></P></DIV><DIV STYLE="position:relative;float:left; margin-left:2%; width:32%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll NJ Builder I, L.P. (NJ) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll NJ II, L.P. (NJ) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll NJ III, L.P. (NJ) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll NJ IV, L.P. (NJ) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll NJ V, L.P. (NJ) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll NJ VI, L.P. (NJ) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll NJ VII, L.P. (NJ) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll NJ VIII, L.P. (NJ) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll NJ XI, L.P. (NJ) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll NJ, L.P. (NJ) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Northville Limited Partnership (MI) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll NV Limited Partnership (NV) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Orlando Limited Partnership (FL) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll PA II, L.P. (PA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll PA III, L.P. (PA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll PA IV, L.P. (PA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll PA IX, L.P. (PA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll PA V, L.P. (PA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll PA VI, L.P. (PA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll PA VIII, L.P. (PA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll PA X, L.P. (PA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll PA XI, L.P. (PA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll PA XII, L.P. (PA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll PA XIII, L.P. (PA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll PA XIV , L.P. (PA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll PA XV, L.P. (PA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll PA, L.P. (PA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll RI II, L.P. (RI) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll RI, L.P. (RI) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll SC II, L.P. (SC) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll SC III, L.P. (SC) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll SC IV, L.P. (SC) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll SC, L.P. (SC) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Stonebrae LP (CA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll VA II, L.P. (VA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll VA III, L.P. (VA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll VA IV, L.P. (VA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll VA V, L.P. (VA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll VA VI, L.P. (VA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll VA VII, L.P. (VA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll VA, L.P. (VA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll WA LP (WA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll WV LP (WV) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll YL II, L.P. (CA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll YL, L.P. (CA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll-Dublin, L.P. (CA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Village Partners, L.P. (PA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">West Amwell Limited Partnership (NJ) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Wilson Concord, L.P. (TN)
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1450 Washington LLC (NJ) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fairfax Investment, L.P. (VA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Farmwell Hunt, L.P. (VA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Great Falls Hunt, L.P. (VA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Greens at Waynesborough, L.P. (PA)
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Greenwich Chase, L.P. (NJ) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hoboken Land LP (NJ)
</FONT></P></DIV><DIV STYLE="position:relative;float:right; width:32%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Huckins Farm Limited Partnership (MA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Laurel Creek, L.P. (NJ) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Loudoun Valley Associates, L.P. (VA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">NC Country Club Estates
Limited </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Partnership (NC) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Silverman-Toll Limited Partnership (MI) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sorrento at Dublin Ranch I LP (CA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sorrento at Dublin Ranch III LP (CA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">South Riding Amberlea LP (VA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">South Riding Partners Amberlea LP (VA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">South Riding Partners, L.P. (VA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">South Riding, L.P. (VA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Southport Landing Limited Partnership (CT) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Springton Pointe,
L.P. (PA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stone Mill Estates, L.P. (PA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Swedesford Chase, L.P. (PA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">TBI/Naples Limited Partnership (FL) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">TBI/Palm Beach Limited
Partnership (FL) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Bird Estate Limited Partnership (MA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Estates at Brooke Manor Limited </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Partnership (MD) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll at Brier Creek Limited Partnership (NC) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll at Honey
Creek Limited </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Partnership (MI) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll at Westlake, L.P. (NJ) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll Brothers AZ Limited Partnership (AZ) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll CA II, L.P.
(CA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll CA III, L.P. (CA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll CA IV, L.P. (CA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll CA IX, L.P. (CA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll CA V, L.P. (CA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll CA VI, L.P. (CA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll CA VII, L.P. (CA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll CA VIII, L.P. (CA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll CA X, L.P. (CA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll CA XI, L.P. (CA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll CA XII, L.P. (CA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll CA XIX, L.P. (CA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll CA, L.P. (CA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll CO, L.P. (CO) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll CT II Limited Partnership (CT) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll CT III Limited Partnership (CT) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll CT Limited Partnership (CT) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Estero Limited Partnership (FL) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll FL II Limited Partnership (FL) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll FL III Limited Partnership (FL) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll FL IV Limited Partnership (FL) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll FL Limited Partnership (FL) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">126-142 Morgan Street Urban Renewal LLC (NJ)
</FONT></P></DIV><div style="clear:both; height:0px; font-size:0px">&nbsp;</div>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1500 Garden St. LLC (NJ) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">2301 Fallston Road LLC (MD) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">700 Grove Street Urban Renewal, LLC (NJ) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Arbor Hills
Development LLC (MI) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Arthur&#146;s Woods, LLC (MD) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Belmont Country Club I LLC (VA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Belmont Country Club II LLC (VA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Block 255 LLC (NJ) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Brier Creek Country Club I LLC (NC) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Brier Creek Country Club
II LLC (NC) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">C.B.A.Z. Construction Company LLC (AZ) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">CWG Construction Company LLC (NJ) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dominion Valley Country Club I LLC (VA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dominion Valley Country Club II LLC (VA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Frenchman&#146;s Reserve Realty, LLC (FL) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Golf I Country Club Estates at </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Moorpark LLC (CA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Golf II Country Club Estates at </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Moorpark LLC (CA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Goshen Road Land Company LLC (PA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hatboro Road Associates LLC (PA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hawthorn Woods Country Club II LLC (IL) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hoboken Cove LLC (NJ) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Jacksonville TBI Realty LLC (FL) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Liseter Land Company LLC (PA)
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lighthouse Point Land Company, LLC (FL) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Long Meadows TBI, LLC (MD) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Longmeadow Properties LLC (MD) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Martinsburg Ventures, L.L.C.
(VA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mizner Realty, L.L.C. (FL) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Naples TBI Realty, LLC (FL) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Orlando TBI Realty LLC (FL) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Paramount Village LLC (CA)
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Phillips Drive LLC (MD) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Prince William Land I LLC (VA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Prince William Land II LLC (VA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">PT Maxwell Holdings, LLC ((NJ) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">PT Maxwell, L.L.C. (NJ) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Regency at Denville LLC (NJ) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Regency at Dominion Valley LLC
(VA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Regency at Long Valley I LLC (NJ) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Regency at Long Valley II LLC (NJ) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Regency at Mansfield I LLC (NJ) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Regency at Mansfield II LLC (NJ) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Regency at Washington I LLC (NJ) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Regency at Washington II LLC (NJ) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">South Riding Realty LLC (VA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">SR Amberlea LLC (VA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">SRLP II LLC (VA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Tampa TBI Realty LLC (FL) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Regency Golf Club I LLC (VA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Regency Golf Club II LLC (VA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll FL V Limited Partnership (FL) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll FL VI Limited Partnership (FL) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll FL VII Limited Partnership (FL)
</FONT></P></DIV><DIV STYLE="position:relative;float:left; margin-left:2%; width:32%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll FL VIII Limited Partnership (FL) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll FL X Limited Partnership (FL) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Ft. Myers Limited Partnership (FL) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll GA LP (GA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll Grove LP (NJ) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Houston TX LLC (TX) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Hudson LP (NJ) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll IL HWCC, L.P. (IL) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll IL II, L.P. (IL) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll IL III, L.P. (IL) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll IL IV, L.P. (IL) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll IL WSB, L.P. (IL) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll IL, L.P. (IL) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll Jacksonville Limited Partnership (FL) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Land IV
Limited Partnership (NJ) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Land IX Limited Partnership (VA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Land X Limited Partnership (VA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Land XI Limited Partnership (NJ) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Land XIX Limited Partnership (CA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Land XV Limited Partnership (VA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Land XVI Limited Partnership (NJ) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Land XVIII Limited Partnership (CT) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Land XX Limited Partnership (CA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Land XXI Limited Partnership (VA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Land XXII Limited Partnership (CA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Land XXIII Limited Partnership (CA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Land XXV Limited Partnership (NJ) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Land XXVI Limited Partnership (OH) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Livingston at Naples Limited </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Partnership (FL) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll MA Land Limited Partnership (MA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll MD Builder I, L.P.
(MD) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll MD II Limited Partnership (MD) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll MD III Limited Partnership (MD) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll MD IV Limited Partnership (MD) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll MD IX Limited Partnership (MD) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll MD Limited Partnership (MD) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll MD V Limited Partnership (MD) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll MD VI Limited Partnership (MD) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll MD VII Limited Partnership (MD) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll MD VIII Limited Partnership (MD) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll MD X Limited Partnership (MD) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll MD XI Limited Partnership (MD) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll MI II Limited Partnership (MI) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll MI III Limited Partnership (MI) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll MI IV Limited Partnership (MI) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll MI Limited Partnership (MI) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll MI V Limited Partnership (MI) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll MN II, L.P. (MN) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll MN, L.P. (MN) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Naval Associates (PA)
</FONT></P></DIV><DIV STYLE="position:relative;float:right; width:32%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Ridges at Belmont Country Club I LLC (VA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Ridges at Belmont Country Club II LLC (VA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll BBC LLC (TX) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll BBC II LLC (TX) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll MA I LLC (MA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll MA II LLC (MA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll Austin TX LLC (TX) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll CA I LLC (CA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll CA Note II LLC (CA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll Cedar Hunt LLC (VA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll CO I LLC (CO) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Dallas TX LLC (TX) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll FL I, LLC (FL) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll FL IV LLC (FL) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll FL V LLC (FL) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll Glastonbury LLC (CT) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Henderson LLC (NV) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll IN LLC (IN) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll Jupiter LLC (FL) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll MA III LLC (MA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll MA IV LLC (MA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll MD I, L.L.C. (MD) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll MD II LLC (MD) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll MD III LLC (MD) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll MD IV LLC (MD) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll NC I LLC (NC) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll NC IV LLC (NC) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll NC Note II LLC </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll NC Note LLC (NC) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll NJ I, L.L.C. (NJ) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll NJ II, L.L.C. (NJ) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll NJ III, LLC (NJ) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll North LV LLC (NV) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll North Reno LLC (NV) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll NV Holdings LLC (NV) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Realty L.L.C. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll San Antonio TX LLC (TX) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll South LV LLC (NV)
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll South Reno LLC (NV) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Stratford LLC (VA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll SW Holding LLC (NV) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll TX Note LLC (TX) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll VA III L.L.C. (VA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll Vanderbilt I LLC (RI) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Vanderbilt II LLC (RI)
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll-Dublin, LLC (CA) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vanderbilt Capital LLC (RI) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Virginia Construction Co. I, LLC (VA) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Virginia Construction
Co. II, LLC (VA) </FONT></P></DIV><div style="clear:both; height:0px; font-size:0px">&nbsp;</div>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>SCHEDULE II </U></B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>NEW YORK AND DELAWARE GUARANTORS </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV STYLE="position:relative;float:left; width:32%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">110-112 Third Ave. Realty Corp. (NY) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amwell Chase, Inc. (DE) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">ESE Consultants, Inc. (DE) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fairway Valley, Inc. (DE)
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">First Brandywine Investment Corp. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">II (DE) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">First Brandywine Investment Corp. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">IV (DE) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">First Huntingdon Finance Corp. (DE) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Franklin Farms G.P., Inc. (DE) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">MA Limited Land Corporation (DE) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">TB Proprietary Corp. (DE) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Tenby Hunt, Inc. (DE) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Architecture I, P.A. (DE)
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Architecture, Inc. (DE) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll AZ GP Corp. (DE) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll Bros., Inc. (DE) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Brothers, Inc. (DE) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Buckeye Corp. (DE) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll Centennial Corp. (DE) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Corp. (DE) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Diamond Corp. (DE) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll Golden Corp. (DE) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Granite Corp. (DE) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Holdings, Inc. (DE) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll Land Corp. No.&nbsp;10 (DE) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Land Corp. No.&nbsp;20
(DE) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Land Corp. No.&nbsp;43 (DE) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Land Corp. No.&nbsp;50 (DE) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Mid-Atlantic LP Company, Inc. (DE) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Mid-Atlantic Note Company, Inc. (DE) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Midwest Note Company, Inc. (DE) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll NJX-I Corp. (DE) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll Northeast LP Company, Inc. (DE)
</FONT></P></DIV><DIV STYLE="position:relative;float:left; margin-left:2%; width:32%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Northeast Note Company, Inc. (DE) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Northeast Services, Inc. (DE) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Palmetto Corp. (DE) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll Peppertree, Inc. (NY) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Realty Holdings Corp. I (DE)
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Realty Holdings Corp. II (DE) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Southeast LP Company, Inc. (DE) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Southeast Note Company, Inc. (DE) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Southwest Note Company, Inc. (DE) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll TX GP Corp. (DE) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll VA GP Corp. (DE) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll VA Member Two, Inc. (DE)
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll WestCoast Note Company, Inc. (DE) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">51 N. 8th Street L.P. (NY) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Ashford Land Company, L.P. (DE) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">First Brandywine Partners,
L.P. (DE) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hockessin Chase, L.P. (DE) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll at Whippoorwill, L.P. (NY) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Brooklyn L.P. (NY) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll DE II LP (DE) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll DE LP (DE) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Land V Limited Partnership (NY) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Land VI Limited Partnership (NY) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Midwest LLC (DE) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll NY II L.P. (NY) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll NY III L.P. (NY) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll NY IV L.P. (NY) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Toll NY LP (NY) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toll Realty Holdings LP (DE) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">110-112 Third Ave. GC II LLC (NY) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">110-112 Third Ave. GC LLC (NY) </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13px; text-indent:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">134 Bay Street LLC (DE)
</FONT></P></DIV><DIV STYLE="position:relative;float:right; width:32%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">
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</FONT></P></DIV><div style="clear:both; height:0px; font-size:0px">&nbsp;</div>

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