<SEC-DOCUMENT>0000950123-15-003035.txt : 20150219
<SEC-HEADER>0000950123-15-003035.hdr.sgml : 20150216
<ACCEPTANCE-DATETIME>20150217171034
ACCESSION NUMBER:		0000950123-15-003035
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20150217
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150217
DATE AS OF CHANGE:		20150217

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KB HOME
		CENTRAL INDEX KEY:			0000795266
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				953666267
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09195
		FILM NUMBER:		15624221

	BUSINESS ADDRESS:	
		STREET 1:		10990 WILSHIRE BLVD
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90024
		BUSINESS PHONE:		3102314000

	MAIL ADDRESS:	
		STREET 1:		10990 WILSHIRE BLVD
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90024

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KAUFMAN & BROAD HOME CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d876132d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): February&nbsp;17, 2015 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>KB HOME </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of
registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>1-9195</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>95-3666267</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>10990 Wilshire Boulevard, Los Angeles, California</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>90024</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(Address of Principal Executive Offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (310)&nbsp;231-4000 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
name or former address if changed since last report.)</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Other Events. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On February&nbsp;17, 2015, KB Home (the &#147;Company&#148;) completed its offering of
$250,000,000 in aggregate principal amount of its 7.625% Senior Notes due 2023 (the &#147;Notes&#148;). The Company filed a prospectus supplement, dated February&nbsp;11, 2015, under its Registration Statement on Form S-3ASR (No. 333-197517) with
respect to the offering of the Notes. Exhibits are filed herewith in connection with the issuance of the Notes. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(d)&nbsp;Exhibits. </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:25.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.29</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Officers&#146; Certificate and Guarantors&#146; Officers&#146; Certificate dated February&nbsp;17, 2015, establishing the form and terms of the Notes.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.30</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of 7.625% Senior Note due 2023.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Munger, Tolles &amp; Olson LLP.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Parsons Behle &amp; Latimer.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Graves, Dougherty, Hearon &amp; Moody, P.C.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Ballard Spahr LLP.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Fox Rothschild LLP.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of Munger, Tolles &amp; Olson LLP (included in Exhibit 5.3).</TD></TR>
</TABLE>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: February&nbsp;17, 2015 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">KB Home</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ BRIAN J. WORAM</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Brian J. Woram</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Executive&nbsp;Vice&nbsp;President&nbsp;and&nbsp;General Counsel</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Registered In-House Counsel</TD></TR>
</TABLE></DIV>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:25.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.29</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Officers&#146; Certificate and Guarantors&#146; Officers&#146; Certificate dated February&nbsp;17, 2015, establishing the form and terms of the Notes.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.30</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of 7.625% Senior Note due 2023.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Munger, Tolles &amp; Olson LLP.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Parsons Behle &amp; Latimer.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Graves, Dougherty, Hearon &amp; Moody, P.C.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Ballard Spahr LLP.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Fox Rothschild LLP.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of Munger, Tolles &amp; Olson LLP (included in Exhibit 5.3).</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.29
<SEQUENCE>2
<FILENAME>d876132dex429.htm
<DESCRIPTION>EX-4.29
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.29</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.29 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Officers&#146; Certificate and Guarantors&#146; Officers&#146; Certificate </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Sections 201 and 301 of the Indenture </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: February&nbsp;17, 2015 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Jeff J.
Kaminski, Executive Vice President and Chief Financial Officer, and William A. (Tony) Richelieu, Vice President and Corporate Secretary (together, the &#147;<U>Company Officers</U>&#148;), of KB&nbsp;Home, a Delaware corporation (the
&#147;<U>Company</U>&#148;), in each case on behalf of the Company, and Thad Johnson, Vice President, and Mr.&nbsp;Richelieu, Secretary (together with Mr.&nbsp;Johnson, the &#147;<U>Guarantor Officers</U>&#148;), of each of KB HOME South Bay Inc., a
California corporation, KB HOME Coastal Inc., a California corporation, KB HOME Greater Los Angeles Inc., a California corporation, KB HOME Sacramento Inc., a California corporation, KB HOME Reno Inc., a Nevada corporation, KB HOME Las Vegas Inc., a
Nevada corporation, KB HOME Nevada Inc., a Nevada corporation, KB HOME Lone Star Inc., a Texas corporation, KBSA, Inc., a Texas corporation, KB HOME Phoenix Inc., an Arizona corporation, KB HOME Tucson Inc., an Arizona corporation, KB HOME Colorado
Inc., a Colorado corporation (collectively, the &#147;<U>Corporate Guarantors</U>&#148;), KB HOME Tampa LLC, a Delaware limited liability company, KB HOME Fort Myers LLC, a Delaware limited liability company, KB HOME Jacksonville LLC, a Delaware
limited liability company, KB HOME Treasure Coast LLC, a Delaware limited liability company, and KB HOME Florida LLC, a Delaware limited liability company (the &#147;<U>Sole Member</U>&#148;), and the sole member of each of KB HOME Tampa LLC, KB
HOME Fort Myers LLC, KB HOME Jacksonville LLC and KB HOME Treasure Coast LLC (collectively, with the Corporate Guarantors, the &#147;<U>Guarantors</U>&#148;), in each case on behalf of each Guarantor, hereby certify as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned, having read the appropriate provisions of the Indenture dated as of January&nbsp;28, 2004 (the &#147;<U>Original
Indenture</U>&#148;), as amended and supplemented by the First Supplemental Indenture dated as of January&nbsp;28, 2004 (the &#147;<U>First Supplemental Indenture</U>&#148;), the Second Supplemental Indenture dated as of June&nbsp;30, 2004 (the
&#147;<U>Second Supplemental Indenture</U>&#148;), the Third Supplemental Indenture dated as of May&nbsp;1, 2006 (the &#147;<U>Third Supplemental Indenture</U>&#148;), the Fourth Supplemental Indenture dated as of November&nbsp;9, 2006 (the
&#147;<U>Fourth Supplemental Indenture</U>&#148;), the Fifth Supplemental Indenture dated as of August&nbsp;17, 2007 (the &#147;<U>Fifth Supplemental Indenture</U>&#148;), the Sixth Supplemental Indenture dated as of January&nbsp;30, 2012 (the
&#147;<U>Sixth Supplemental Indenture</U>&#148;), the Seventh Supplemental Indenture dated as of January&nbsp;11, 2013 (the &#147;<U>Seventh Supplemental Indenture</U>&#148;), the Eighth Supplemental Indenture dated as of March&nbsp;12, 2013 (the
&#147;<U>Eighth Supplemental Indenture</U>&#148;) and the Ninth Supplemental Indenture dated as of February&nbsp;28, 2014 (the &#147;<U>Ninth Supplemental Indenture</U>&#148;; the&nbsp;Original Indenture, as amended and supplemented by the First
Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental Indenture, the Eighth
Supplemental Indenture and the Ninth Supplemental Indenture, is hereinafter called the &#147;<U>Indenture</U>&#148;), each among the Company, the Guarantors and U.S. Bank National Association, as successor to SunTrust Bank, as trustee (the
&#147;<U>Trustee</U>&#148;), including Sections 103, 201, 301 and 303 thereof and the definitions in such Indenture relating thereto, and certain other corporate and limited liability company documents and records, and having made such examination
and investigation as, in the opinion of the undersigned, each considers necessary to enable the undersigned to express an informed opinion as to whether or not the conditions set forth in the Indenture relating to the establishment of the terms of
the Company&#146;s 7.625% Senior Notes due 2023 (the &#147;<U>Notes</U>&#148;) and the form of certificate evidencing the Notes have been complied with, and whether the conditions in the Indenture relating to the authentication and delivery by the
Trustee of the Notes have been complied with, certify that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;the terms of the Notes were established pursuant to resolutions duly
adopted by the Board of Directors of the Company on January&nbsp;21, 2015 and by the Company Officers pursuant to authority </P>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
delegated to them by such resolutions (the &#147;<U>Company Resolutions</U>&#148;) and such terms are as set forth in Annex I hereto, and the issuance, form and terms of the Notes were approved
and the guarantees of the Notes and all related Guaranteed Obligations (as defined in the Indenture) by the Guarantors were approved and confirmed by resolutions duly adopted by the Board of Directors of each Corporate Guarantor and by the Sole
Member and the Company, as the case may be, on January&nbsp;21, 2015 (collectively, the &#147;<U>Guarantors&#146; Resolutions</U>&#148;) and by the Guarantor Officers pursuant to authority delegated to them by the Guarantors&#146; Resolutions, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;the form of certificate evidencing the Notes was established and approved by the undersigned pursuant to authority delegated to them
by the Company Resolutions and the Guarantors&#146; Resolutions and shall be in substantially the form attached as Annex II hereto, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;a true, complete and correct copy of the Company Resolutions and the Guarantors&#146; Resolutions, which were duly adopted by the
Board of Directors, by each Corporate Guarantor&#146;s Board of Directors and by the Sole Member and the Company, as the case may be, and are in full force and effect on the date hereof, are attached as exhibits to the Certificate of the Secretary
of the Company of even date herewith, and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;the form and terms of the Notes have been established pursuant to Sections 201 and 301
of the Indenture and comply with the Indenture and, in the opinion of the undersigned, all conditions provided for in the Indenture (including, without limitation, those set forth in Sections&nbsp;103, 201, 301 and 303 of the Indenture) relating to
the establishment of the terms of the Notes and the form of certificate evidencing the Notes, and relating to the authentication and delivery of the Notes, have been complied with. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This certificate may be executed by the parties hereto in counterparts, each of which when so executed shall be deemed to be an original, with
the same effect as if the signatures thereto and hereto were on the same instrument, but all such counterparts shall together constitute but one and the same instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[SIGNATURE PAGE FOLLOWS] </P>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, we have hereunto set our hands as of the date first written above. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">KB HOME</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jeff J. Kaminski</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Jeff J. Kaminski</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Executive Vice President and</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William A. (Tony) Richelieu</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">William A. (Tony) Richelieu</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Vice President and Corporate Secretary</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><I>Officers&#146;
Certificate and Guarantors&#146; Officers&#146; Certificate Pursuant to the Indenture</I> </P>


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

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">GUARANTORS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Thad Johnson</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Thad Johnson</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Vice President of each of the Guarantors (as such term is defined in the foregoing Officers&#146; Certificate)</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William A. (Tony) Richelieu</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">William A. (Tony) Richelieu</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Secretary of each of the Guarantors (as such term is defined in the foregoing Officers&#146; Certificate)</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><I>Officers&#146;
Certificate and Guarantors&#146; Officers&#146; Certificate Pursuant to the Indenture</I> </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>ANNEX I </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Capitalized terms used in this Annex&nbsp;I and not otherwise defined herein have the same definitions as in the Indenture referred to in the
Officers&#146; Certificate and Guarantors&#146; Officers&#146; Certificate of which this Annex&nbsp;I constitutes a part. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(1) The
Securities of the series established hereby shall be known and designated as the 7.625% Senior Notes due 2023 and are sometimes hereinafter called the &#147;<U>Notes</U>.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(2) The aggregate principal amount of the Notes which may be authenticated and delivered under the Indenture is limited to $250,000,000,
except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 304, 305, 306, 905 or 1107 of the Indenture; <U>provided</U>, <U>however</U>, such series may be
re-opened by the Company for the issuance of additional Notes of such series, so long as any such additional Notes have the same form and terms (other than date of issuance and the date from which interest thereon shall begin to accrue), and carry
the same right to receive accrued and unpaid interest, as the Notes theretofore issued; <U>provided</U>, <U>however</U>, that, notwithstanding the foregoing, such series may not be reopened if the Company has effected defeasance or covenant
defeasance with respect to the Notes pursuant to Section&nbsp;402(2) or 402(3), respectively, of the Indenture or has effected satisfaction and discharge with respect to the Notes pursuant to Section&nbsp;401 of the Indenture; and <U>provided</U>,
<U>further</U>, that no additional Notes may be issued at a price that would cause such additional Notes to have &#147;original issue discount&#148; within the meaning of Section&nbsp;1273 of the Internal Revenue Code of 1986, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(3) The Notes are to be issuable only as Registered Securities without Coupons. The Notes shall be initially issued in book-entry form and
represented by one or more permanent global Notes deposited with or on behalf of and registered in the name of the Depositary or its nominee (the &#147;<U>Global Notes</U>&#148;). The initial depositary (the &#147;<U>Depositary</U>&#148;) for the
Global Notes shall be The Depository Trust Company, the depositary arrangements shall be those employed by whoever shall be the Depositary with respect to the Global Notes from time to time, and the Trustee shall be entitled to make endorsements on
any Global Notes to reflect any increases or decreases in the principal amount thereof. Notwithstanding the foregoing, certificated Notes in definitive form (&#147;<U>Certificated Notes</U>&#148;) may be issued in exchange for Global Notes under the
circumstances contemplated by the seventh paragraph of Section&nbsp;305 of the Original Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(4) The Notes shall be sold to the
Underwriters at a price of 99.0% of the principal amount thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(5) The Stated Maturity of the Notes on which the principal thereof is
due and payable shall be May&nbsp;15, 2023. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(6) The principal of the Notes shall bear interest at the rate of 7.625%&nbsp;per annum from
February&nbsp;17, 2015 or from the most recent date to which interest has been paid or duly provided for, payable semiannually in arrears on May&nbsp;15 and November&nbsp;15 (each, an &#147;<U>Interest Payment Date</U>&#148;) of each year,
commencing May&nbsp;15, 2015, to the Persons in whose names such Notes (or one or more Predecessor Securities) are registered at the close of business on the May&nbsp;1 or November&nbsp;1, as the case may be, immediately preceding such Interest
Payment Dates (each, a &#147;<U>Regular Record Date</U>&#148;) regardless of whether such Regular Record Date is a Business Day. Interest on the Notes will be computed on the basis of a 360-day year consisting of twelve 30-day months. No Additional
Amounts shall be payable on the Notes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex I-1 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(7) The Notes are redeemable, as a whole at any time or in part from time to time, at the option
of the Company on the terms and subject to the conditions set forth in the Indenture and in the form of Note which appears as Annex II to the Officers&#146; Certificate and Guarantors&#146; Officers&#146; Certificate of which this Annex&nbsp;I
constitutes a part. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(8) The Notes shall not be repayable or redeemable at the option of the Holders prior to the Stated Maturity of the
principal thereof (except in the event of a Change of Control Triggering Event as specified in the form of Note which appears as Annex II to the Officers&#146; Certificate and Guarantors&#146; Officers&#146; Certificate of which this Annex&nbsp;I
constitutes a part and as provided in Article&nbsp;Five of the Indenture) and shall not be subject to a sinking fund or analogous provision. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(9) The Borough of Manhattan, The City of New York is hereby designated as a Place of Payment for the Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(10) The Company hereby appoints the Trustee, acting through the office of the Trustee located at U.S. Bank National Association, 100 Wall
Street, 16th Floor, New York, NY 10005, Attn: Corporate Trust Services, in the Borough of Manhattan, The City of New York, as the Company&#146;s Office or Agency for the purposes specified in Section&nbsp;1002 of the Indenture; <U>provided</U>,
<U>however</U>, subject to Section&nbsp;1002 of the Indenture, the Company may at any time remove the Trustee as its Office or Agency in the Borough of Manhattan, The City of New York designated for such purposes and may from time to time designate
one or more other Offices or Agencies for such purposes and may from time to time rescind such designation, so long as the Company shall at all times maintain an Office or Agency for such purposes in the Borough of Manhattan, The City of New York.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(11) The Notes shall be issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(12) The principal of, premium, if any, and interest on the Notes shall be payable in Dollars. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(13) Sections 402(2) and 402(3) of the Indenture shall apply to the Notes; <U>provided</U> that (i)&nbsp;the Company may effect defeasance and
covenant defeasance pursuant to Sections 402(2) and 402(3), respectively, only with respect to all (and not less than all) of the Outstanding Notes, and (ii)&nbsp;the only covenants that shall be subject to covenant defeasance shall be those
expressly referred to in Section&nbsp;402(3) of the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(14) The Notes shall not be convertible into or exchangeable for other
securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(15) Anything in the Indenture or the Notes to the contrary notwithstanding, payments of the principal of and premium, if
any, and interest on the Global Notes shall be made by wire transfer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(16) To the extent that any provision of the Indenture or the Notes
provides for the payment of interest on overdue principal of, or premium, if any, or interest on, the Notes, then, to the extent permitted by law, interest on such overdue principal, premium, if any, and interest shall accrue at the rate of interest
borne by the Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(17) The Notes shall have such other terms and provisions as are set forth in the form of Note attached as Annex II
to the Officers&#146; Certificate and Guarantors&#146; Officers&#146; Certificate of which this Annex&nbsp;I constitutes a part, all of which terms and provisions are incorporated by reference in and made a part of this Annex&nbsp;I as if set forth
in full herein. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex I-2 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(18) As used in the Indenture with respect to the Notes and in the certificates evidencing the
Notes, all references to &#147;premium&#148; on the Notes shall mean any amounts (other than accrued interest) payable upon the redemption of any Notes in excess of 100% of the principal amount of such Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(19) The Notes shall have the benefit of the Guarantees and the Guarantors hereby confirm that the principal of and premium, if any, and
interest on the Notes and all related Guaranteed Obligations shall be guaranteed pursuant to the Guarantees and otherwise in accordance with and subject to the limitations set forth in Article&nbsp;Sixteen of the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(20) The Company may, at its option, cause (x)&nbsp;any Subsidiary to become a Guarantor, whether or not such Subsidiary is a Domestic
Significant Subsidiary, and (y)&nbsp;any Subsidiary to continue as a Guarantor, notwithstanding the fact that such Subsidiary does not or ceases to qualify as a Domestic Significant Subsidiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(21) Section&nbsp;101 of the Original Indenture is hereby amended, solely insofar as relates to the Notes, by deleting the definition of
&#147;Subject Notes&#148; appearing in such Section&nbsp;101 and replacing such definition with the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;&#145;Subject Notes&#146; means, with respect to any series of Securities issued under this Indenture, Securities of any
other series issued and Outstanding under this Indenture.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex I-3 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>ANNEX II </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Form of Certificate Evidencing the Notes </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THIS NOTE IS A GLOBAL SECURITY REFERRED TO IN THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF.
THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
DEFINITIVE CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (&#147;DTC&#148;), TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE&nbsp;&amp; CO. OR IN SUCH
OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE&nbsp;&amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE&nbsp;&amp; CO., HAS AN INTEREST HEREIN. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">No. 1</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Principal Amount: $250,000,000</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">CUSIP No.&nbsp;48666KAV1</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">(or such other principal amount as</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">ISIN No. US48666KAV17</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">is set forth on Schedule A hereto)</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">KB Home </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7.625% Senior Notes due 2023 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">KB
Home, a Delaware corporation (hereinafter called the &#147;<U>Company</U>&#148;, which term includes any successor corporation under the Indenture referred to below), for value received, hereby promises to pay to Cede&nbsp;&amp; Co., or registered
assigns, the principal sum of TWO HUNDRED FIFTY MILLION DOLLARS ($250,000,000) or such other principal amount as is set forth on Schedule A hereto on May&nbsp;15, 2023, and to pay interest thereon from February&nbsp;17, 2015, or from the most recent
date to which interest has been paid or duly provided for, semiannually in arrears on May&nbsp;15 and November&nbsp;15 of each year (each, an &#147;<U>Interest Payment Date</U>&#148;), commencing May&nbsp;15, 2015, and at Maturity, at the rate of
7.625%&nbsp;per annum, until the principal hereof is paid or duly made available for payment. Interest on this Note shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. The interest so payable and punctually paid or
duly provided for on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest, which shall be the May&nbsp;1 or November&nbsp;1 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Any such interest which is payable, but is not punctually paid or duly provided for, on
any Interest Payment Date shall forthwith cease to be payable to the Person who was the Holder hereof on the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex II-1 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
relevant Regular Record Date by virtue of having been such Holder, and may be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to the Holder of this Note not less than 10 days prior to such Special Record Date, or may be paid at any time in
any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in such Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payment of the principal of and premium, if any, and interest on this Note will be made at the Office or Agency of the Company maintained for
that purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; <U>provided</U>, <U>however</U>, that, at the
option of the Company, interest may be paid by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or by transfer to an account maintained by the payee with a bank located in the United
States; and <U>provided</U>, <U>further</U>, that if this Note is a global Note registered in the name of a Depository or its nominee, then, anything in the Indenture or the Notes to the contrary notwithstanding, payments of the principal of and
premium, if any, and interest on this Note shall be made by wire transfer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Note is one of a duly authorized issue of Securities of
the Company (herein called the &#147;<U>Notes</U>&#148;) issued and to be issued in one or more series under an Indenture dated as of January&nbsp;28, 2004 (the &#147;<U>Original Indenture</U>&#148;), as amended and supplemented by the First
Supplemental Indenture dated as of January&nbsp;28, 2004 (the &#147;<U>First Supplemental Indenture</U>&#148;), the Second Supplemental Indenture dated as of June&nbsp;30, 2004 (the &#147;<U>Second Supplemental Indenture</U>&#148;), the Third
Supplemental Indenture dated as of May&nbsp;1, 2006 (the &#147;<U>Third Supplemental Indenture</U>&#148;), the Fourth Supplemental Indenture dated as of November&nbsp;9, 2006 (the &#147;<U>Fourth Supplemental Indenture</U>&#148;), the Fifth
Supplemental Indenture dated as of August&nbsp;17, 2007 (the &#147;<U>Fifth Supplemental Indenture</U>&#148;), the Sixth Supplemental Indenture dated as of January&nbsp;30, 2012 (the &#147;<U>Sixth Supplemental Indenture</U>&#148;), the Seventh
Supplemental Indenture dated as of January&nbsp;11, 2013 (the &#147;<U>Seventh Supplemental Indenture</U>&#148;), the Eighth Supplemental Indenture dated as of March&nbsp;12, 2013 (the &#147;<U>Eighth Supplemental Indenture</U>&#148;) and the Ninth
Supplemental Indenture dated as of February&nbsp;28, 2014 (the &#147;<U>Ninth Supplemental Indenture</U>&#148;; the&nbsp;Original Indenture, as amended and supplemented by the First Supplemental Indenture, the Second Supplemental Indenture, the
Third Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental Indenture, the Eighth Supplemental Indenture, the Ninth Supplemental Indenture and all
other indentures supplemental thereto, is herein called the &#147;<U>Indenture</U>&#148;), each among the Company, the Guarantors and U.S. Bank National Association (successor in interest to SunTrust Bank), as trustee (herein called the
&#147;<U>Trustee</U>&#148;, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties
and immunities thereunder of the Company, the Guarantors, the Trustee and the Holders of the Notes, and the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof,
initially limited (subject to exceptions provided in the Indenture and subject to the right of the Company to reopen such series for issuance of additional Securities of such series upon the terms and subject to the conditions specified in the
Indenture) in aggregate principal amount to $250,000,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payments of principal of and premium, if any, and interest on the Notes are
fully, irrevocably and unconditionally guaranteed, jointly and severally, by the Guarantors on the terms and subject to the limitations set forth in the Indenture. A Guarantor may be released from its obligations under the Indenture and those
obligations may be reinstated, all on the terms and subject to the conditions set forth in the Indenture. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex II-2 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Notes may be redeemed, in whole at any time or from time to time in part, at the
Company&#146;s option on any date of redemption (each, a &#147;<U>Redemption Date</U>&#148;). Prior to November&nbsp;15, 2022, the Redemption Price for the Notes to be redeemed will be equal to the greater of: (a)&nbsp;100% of the principal amount
of the Notes to be redeemed on that Redemption Date, and (b)&nbsp;the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of interest accrued to the applicable Redemption
Date) discounted to such Redemption Date on a semiannual basis, assuming a 360-day year consisting of twelve 30-day months, at the Treasury Rate plus 50 basis points, plus, in the case of both clause (a)&nbsp;and (b)&nbsp;above, accrued and unpaid
interest on the principal amount of the Notes being redeemed to, but excluding, such Redemption Date. On or after November&nbsp;15, 2022 and until Maturity, the Redemption Price for the Notes to be redeemed will be equal to 100% of the principal
amount of the Notes to be redeemed, plus accrued and unpaid interest on the principal amount of the Notes being redeemed to, but excluding, such Redemption Date. Notwithstanding the foregoing, installments of interest on Notes whose Stated Maturity
is on or prior to the relevant Redemption Date will be payable to the Holders of such Notes (or one or more Predecessor Securities) registered as such at the close of business on the relevant Regular Record Date according to their terms and the
provisions of the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As used in this Note, the following terms have the meanings set forth below: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Treasury Rate&#148; </I>means, with respect to any Redemption Date for the Notes: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">the yield, under the heading that represents the average for the immediately preceding week, appearing in the most recently published statistical release designated &#147;H.15(519)&#148; or any successor publication
which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption &#147;Treasury Constant
Maturities,&#148; for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Final Maturity Date for the Notes, yields for the two published maturities most closely corresponding to the
Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding to the nearest month); or </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the
Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Treasury Rate shall be calculated on the third Business Day preceding the applicable Redemption Date. As used in the immediately preceding sentence and in
the definition of &#147;Reference Treasury Dealer Quotations&#148; below, the term &#147;Business Day&#148; means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in The City of New York are
authorized or obligated by law, regulation or executive order to close. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Comparable Treasury Issue&#148; </I>means, with respect
to any Redemption Date for the Notes, the United States Treasury security selected by the Independent Investment Bankers as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes to be redeemed. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex II-3 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Independent Investment Bankers&#148; </I>means, with respect to any Redemption Date for
the Notes, (a)&nbsp;Credit Suisse Securities (USA) LLC and its successors, (b)&nbsp;Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated and its successors, (c)&nbsp;Citigroup Global Markets Inc. and its successors and (d)&nbsp;Deutsche Bank
Securities Inc. and its successors, or, if any such firm or any successor to such firm, as the case may be, is unwilling or unable to select the Comparable Treasury Issue, the remaining of (a)-(d)&nbsp;exclusively or, if none of such firms or any
successor to such firms, as the case may be, is willing or able to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Trustee after consultation with the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Comparable Treasury Price&#148; </I>means, with respect to any Redemption Date for the Notes: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">the average of four Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">if the Trustee obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Reference Treasury Dealer&#148; </I>means each of (a)&nbsp;Credit Suisse Securities (USA) LLC and its successors, (b)&nbsp;Merrill
Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated and its successors, (c)&nbsp;Citigroup Global Markets Inc. and its successors and (d)&nbsp;Deutsche Bank Securities Inc. and its successors (provided that for each of (a)-(d), however, if such firm
or any such successor, as the case may be, shall cease to be a primary U.S. Government securities dealer in New York City (a &#147;<U>Primary Treasury Dealer</U>&#148;), the Trustee, after consultation with the Company, will substitute therefor
another Primary Treasury Dealer), and (e)&nbsp;one other Primary Treasury Dealer selected by the Trustee after consultation with the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Reference Treasury Dealer Quotations&#148; </I>means, with respect to each Reference Treasury Dealer and any Redemption Date for the
Notes, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at
5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Final Maturity Date&#148; </I>means
May&nbsp;15, 2023. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notice of any redemption by the Company will be mailed at least 30 days but not more than 60 days before any
Redemption Date to each Holder of Notes to be redeemed. If less than all the Notes are to be redeemed at the option of the Company, the Trustee will select, in such manner as it deems fair and appropriate, the Notes (or portions thereof) to be
redeemed. Unless the Company defaults in payment of the Redemption Price (including, without limitation, interest, if any, accrued to, but excluding, the applicable Redemption Date), on and after any Redemption Date interest will cease to accrue on
the Notes or portions thereof called for redemption on such Redemption Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a Change of Control Triggering Event occurs, unless the
Company has exercised its option to redeem the Notes by notifying the Holders of Notes to that effect as described above, the Company will be required to make an offer (a &#147;<U>Change of Control Offer</U>&#148;) to each Holder of Notes to
repurchase all or any part (equal to $2,000 or any integral multiples of $1,000 in excess thereof) of that Holder&#146;s Notes on the terms set forth herein. In a Change of Control Offer, the Company will be required to offer payment in cash equal
to 101% of the aggregate principal amount of the Notes repurchased, plus accrued and unpaid interest, if any, on the Notes repurchased up to, but not including, the date of repurchase (a &#147;<U>Change of Control Payment</U>&#148;). Within 30 days
following any Change of Control Triggering Event or, at the Company&#146;s option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, notice will be given to
Holders of the Notes </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex II-4 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase the Notes on the date specified in the notice, which date will be
no earlier than 30 days and no later than 60 days from the date that notice is given or, if the notice is given prior to the Change of Control, no earlier than 30 days and no later than 60 days from the date on which the Change of Control Triggering
Event occurs, other than in each case as may be required by law (a &#147;<U>Change of Control Payment Date</U>&#148;). The notice will, if mailed prior to the date of consummation of the Change of Control, state that the Change of Control Offer is
conditioned on the Change of Control Triggering Event occurring on or prior to the applicable Change of Control Payment Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On each
Change of Control Payment Date, the Company will, to the extent lawful, accept for payment all Notes or portions of Notes properly tendered and not withdrawn pursuant to the terms of the Change of Control Offer; deposit with the Paying Agent an
amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered; and deliver or cause to be delivered to the Trustee the Notes properly tendered and accepted together with an Officers&#146; Certificate
stating the aggregate principal amount of Notes or portions of Notes being repurchased. The Company will not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third party makes such an
offer in the manner, at the times and price and otherwise substantially in compliance with the requirements for an offer made by the Company and the third party promptly purchases all Notes properly tendered and not withdrawn under its offer. In
addition, the Company will not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture, other than a default in the payment of the Change of Control Payment upon a
Change of Control Triggering Event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To the extent that the provisions of Rule 14e-1 under the Securities Exchange Act of 1934, as amended
(the &#147;<U>Exchange Act</U>&#148;), or any other securities laws and regulations that are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event conflict with the Change of Control Offer
provisions of the Notes, the Company may comply with those securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control Offer provisions of the Notes by virtue of any such conflict. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of the Change of Control Offer provisions of the Notes, the following terms will be applicable: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Change of Control</I>&#148; means the occurrence of any of the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in
one or a series of related transactions, of all or substantially all of the Company&#146;s assets and the assets of its subsidiaries, taken as a whole, to any person, other than to the Company or one of its subsidiaries; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is
that any &#147;person&#148; becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company&#146;s outstanding Voting Stock or other Voting Stock into which the
Company&#146;s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) the Company&#146;s consolidation with, or the Company&#146;s merger with or into, any person, or any person consolidates
with, or merges with or into, the Company, in either case, pursuant to a transaction in which any of the Company&#146;s outstanding Voting Stock or the Voting Stock of such other person is converted into or exchanged for cash, securities or other
property, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex II-5 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
other than pursuant to a transaction in which shares of the Company&#146;s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a
majority of the Voting Stock of the surviving person or any direct or indirect parent company of the surviving person immediately after giving effect to such transaction, measured by voting power rather than number of shares; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) the first day on which a majority of the members of the Company&#146;s board of directors are not Continuing Directors; or
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) the adoption by the Company&#146;s board of directors of a plan relating to the Company&#146;s liquidation or
dissolution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, a transaction (or series of related transactions) will not be deemed to involve a Change of Control under
clauses (1)&nbsp;or (2)&nbsp;above if the Company becomes a direct or indirect wholly-owned subsidiary of a holding company and (a)&nbsp;the direct or indirect holders of a majority of the Voting Stock of such holding company immediately following
that transaction are substantially the same as the holders of a majority of the Company&#146;s Voting Stock immediately prior to that transaction or (b)&nbsp;the shares of the Company&#146;s Voting Stock outstanding immediately prior to such
transaction are converted into or exchanged for a majority of the Voting Stock of such holding company immediately after giving effect to such transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The term &#147;<I>person</I>&#148; is used in this definition as that term is used in Section&nbsp;13(d)(3) of the Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Change of Control Triggering Event</I>&#148; means the occurrence of both a Change of Control and a Rating Event. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Continuing Director</I>&#148; means, as of any date of determination, any member of the Company&#146;s board of directors who
(1)&nbsp;was a member of the Company&#146;s board of directors on the date the Notes were issued, (2)&nbsp;was nominated for election to the Company&#146;s board of directors with the approval of a committee of the board of directors consisting of a
majority of independent Continuing Directors or (3)&nbsp;was nominated for election, elected or appointed to the Company&#146;s board of directors with the approval of a majority of the Continuing Directors who were members of the Company&#146;s
board of directors at the time of such nomination, election or appointment (either by a specific vote or by approval of a proxy statement in which such member was named as a nominee for election as a director, without objection by such member to
such nomination). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Investment Grade Rating</I>&#148; means a rating equal to or higher than &#147;Baa3&#148; (or the equivalent)
by Moody&#146;s and &#147;BBB-&#148; (or the equivalent) by S&amp;P, or, if applicable, the equivalent investment grade credit rating by any Substitute Rating Agency or Substitute Rating Agencies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Moody&#146;s</I>&#148; means Moody&#146;s Investors Service, Inc., or any successor thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Rating Agencies</I>&#148; means (1)&nbsp;each of Moody&#146;s and S&amp;P and (2)&nbsp;if any of Moody&#146;s or S&amp;P ceases to
rate the applicable Notes or fails to make a rating of the applicable Notes publicly available for reasons outside of the Company&#146;s control, a Substitute Rating Agency in lieu thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Rating Event</I>&#148; means the rating on the Notes is lowered independently by each of the Rating Agencies and the Notes are rated
below an Investment Grade Rating by each of the Rating Agencies, in each case on any day during the period (which period will be extended so long as either of the Rating Agencies has publicly announced that, as a result of the Change of Control, the
rating of the Notes is under consideration for a possible downgrade) commencing 60 days prior to the first public announcement of the occurrence of a Change of Control or of the Company&#146;s intention to effect a Change of Control and ending 60
days following consummation of such Change of Control. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex II-6 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>S&amp;P</I>&#148; means Standard&nbsp;&amp; Poor&#146;s Rating Services, a division of
The McGraw-Hill Companies, Inc., or any successor thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Substitute Rating Agency</I>&#148; means a &#147;nationally
recognized statistical rating organization&#148; within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected by the Company (as certified by a resolution of the Company&#146;s Board of Directors) as a replacement agency for
Moody&#146;s or S&amp;P, or both of them, as the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Voting Stock</I>&#148; means, with respect to any specified
&#147;person&#148; (as that term is used in Section&nbsp;13(d)(3) of the Exchange Act) as of any date, the capital stock of that person that is at the time entitled to vote generally in the election of the board of directors of that person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an Event of Default with respect to the Notes shall occur and be continuing, the principal of and accrued and unpaid interest on the Notes
may be declared due and payable in the manner and with the effect provided in the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the Guarantors and the rights of the Holders of the Securities of each series issued under the Indenture at any time by the
Company, the Guarantors and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding of each series affected thereby. The Indenture also contains provisions
permitting the Holders of specified percentages in aggregate principal amount of the Securities of any series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company and the Guarantors
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Notes issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of and premium, if any, and interest on this Note, at the time, place and rate, and in the coin or currency, herein and in the Indenture prescribed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Security
Register upon surrender of this Note for registration of transfer at the Office or Agency of the Company maintained for the purpose in any place where the principal of and interest on this Note are payable, duly endorsed, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or transferees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Notes are issuable only in fully registered
form without coupons in the denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations set forth therein, the Notes are exchangeable for a like aggregate principal
amount of Notes of authorized denominations as requested by the Holders surrendering the same. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex II-7 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith, other than in certain cases provided in the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to due presentment of this Note for registration of transfer, the Company, the Guarantors, the Trustee and any agent of the Company, any
Guarantor or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note shall be overdue, and none of the Company, the Guarantors or the Trustee nor any such agent shall be
affected by notice to the contrary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Indenture contains provisions whereby (i)&nbsp;the Company and the Guarantors may be discharged
from their obligations with respect to the Notes (subject to certain exceptions) or (ii)&nbsp;the Company may be released from its obligations under specified covenants and agreements in the Indenture, in each case if the Company irrevocably
deposits with the Trustee money and/or Government Obligations sufficient to pay and discharge the entire indebtedness on all Notes, and satisfies certain other conditions, all as more fully provided in the Indenture. In addition, the Indenture shall
cease to be of further effect (subject to certain exceptions) with respect to the Notes when (1)&nbsp;either (A)&nbsp;all Notes previously authenticated and delivered have been delivered (subject to certain exceptions) to the Trustee for
cancellation, or (B)&nbsp;all Notes (i)&nbsp;have become due and payable or (ii)&nbsp;will become due and payable at their Stated Maturity within one year or (iii)&nbsp;are to be called for redemption within one year and, in the case of (i),
(ii)&nbsp;or (iii)&nbsp;above, the Company has irrevocably deposited with the Trustee money in an amount sufficient to pay and discharge the entire indebtedness on all such Notes not theretofore delivered to the Trustee for cancellation in respect
of principal, premium, if any, and interest to the date of such deposit (if such Notes have become due and payable) or to the Stated Maturity or Redemption Date thereof, as the case may be, and (2)&nbsp;the Company satisfies certain other
conditions, all as more fully provided in the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Note shall be governed by and construed in accordance with the laws of the
State of New York. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All terms used in this Note which are defined in the Indenture and not defined herein shall have the meanings assigned
to them in the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee under the
Indenture by the manual signature of one of its authorized signatories, this Note shall not be entitled to any benefits under the Indenture (including, without limitation, the Guarantees) or be valid or obligatory for any purpose. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex II-8 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed by the manual or
facsimile signatures of its duly authorized officers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: February&nbsp;17, 2015 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="39%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="39%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="9">KB HOME</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Thad Johnson</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">William A. (Tony) Richelieu</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Vice President and Treasurer</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Vice President and Corporate Secretary</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">TRUSTEE&#146;S CERTIFICATE OF AUTHENTICATION</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">U.S. BANK NATIONAL ASSOCIATION, as Trustee</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">Authorized Signatory</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex II-9 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ABBREVIATIONS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out
in full according to applicable laws or regulations: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">TEN COM&#151;as tenants in common </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">TEN ENT&#151;as tenants by the entireties </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">JT TEN&#151;as joint tenants with right of survivorship and not as tenants in common </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">UNIF GIFT MIN ACT&#151; <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Custodian
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cust)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Minor) </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">under the Uniform Gift to Minors Act</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="text-indent:2.00em; font-size:10pt; font-family:Times New Roman">(State)</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Additional abbreviations may also be used though not in the above list. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FOR VALUE RECEIVED, the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PLEASE PRINT OR TYPEWRITE NAME AND
ADDRESS OF ASSIGNEE </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">the within security and all rights thereunder, hereby
irrevocably constituting and appointing </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="99%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right">Attorney</TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">to transfer said security on the books of the Company with full power of substitution in the premises. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="41%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dated:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Signed:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="right">Notice: The signature to this assignment must correspond with the name as it
appears upon the face of the within security in every particular, without alteration or enlargement or any change whatever. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex II-10 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SCHEDULE A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The initial principal amount of this global Note is Two Hundred Fifty Million Dollars ($250,000,000). The following increases or decreases in
the principal amount of this global Note have been made: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:34.40pt; font-size:8pt; font-family:Times New Roman">Date made</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Amount of<BR>increase in<BR>principal amount<BR>of&nbsp;this&nbsp;global&nbsp;Note</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Amount of<BR>decrease in<BR>principal amount<BR>of&nbsp;this&nbsp;global&nbsp;Note</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Principal amount<BR>of&nbsp;this&nbsp;global&nbsp;Note<BR>following such<BR>decrease or<BR>increase</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Signature&nbsp;of<BR>authorized<BR>signatory&nbsp;of<BR>Trustee</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex II-11 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.30
<SEQUENCE>3
<FILENAME>d876132dex430.htm
<DESCRIPTION>EX-4.30
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.30</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.30 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THIS NOTE IS A GLOBAL SECURITY REFERRED TO IN THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF.
THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
DEFINITIVE CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (&#147;DTC&#148;), TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE&nbsp;&amp; CO. OR IN SUCH
OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE&nbsp;&amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE&nbsp;&amp; CO., HAS AN INTEREST HEREIN. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">No. 1</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Principal Amount: $250,000,000</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">CUSIP No.&nbsp;48666KAV1</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">(or such other principal amount as</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">ISIN No. US48666KAV17</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">is set forth on Schedule A hereto)</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">KB Home </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7.625% Senior Notes due 2023 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">KB
Home, a Delaware corporation (hereinafter called the &#147;<U>Company</U>&#148;, which term includes any successor corporation under the Indenture referred to below), for value received, hereby promises to pay to Cede&nbsp;&amp; Co., or registered
assigns, the principal sum of TWO HUNDRED FIFTY MILLION DOLLARS ($250,000,000) or such other principal amount as is set forth on Schedule A hereto on May&nbsp;15, 2023, and to pay interest thereon from February&nbsp;17, 2015, or from the most recent
date to which interest has been paid or duly provided for, semiannually in arrears on May&nbsp;15 and November&nbsp;15 of each year (each, an &#147;<U>Interest Payment Date</U>&#148;), commencing May&nbsp;15, 2015, and at Maturity, at the rate of
7.625%&nbsp;per annum, until the principal hereof is paid or duly made available for payment. Interest on this Note shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. The interest so payable and punctually paid or
duly provided for on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest, which shall be the May&nbsp;1 or November&nbsp;1 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Any such interest which is payable, but is not punctually paid or duly provided for, on
any Interest Payment Date shall forthwith cease to be payable to the Person who was the Holder hereof on the relevant Regular Record Date by virtue of having been such Holder, and may be paid to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to the Holder of this Note not less than 10 days prior to such Special
Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in such Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payment of the principal of and premium, if any, and interest on this Note will be made at the Office or
Agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts;
<U>provided</U>, <U>however</U>, that, at the option of the Company, interest may be paid by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or by transfer to an account maintained by
the payee with a bank located in the United States; and <U>provided</U>, <U>further</U>, that if this Note is a global Note registered in the name of a Depository or its nominee, then, anything in the Indenture or the Notes to the contrary
notwithstanding, payments of the principal of and premium, if any, and interest on this Note shall be made by wire transfer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Note is
one of a duly authorized issue of Securities of the Company (herein called the &#147;<U>Notes</U>&#148;) issued and to be issued in one or more series under an Indenture dated as of January&nbsp;28, 2004 (the &#147;<U>Original Indenture</U>&#148;),
as amended and supplemented by the First Supplemental Indenture dated as of January&nbsp;28, 2004 (the &#147;<U>First Supplemental Indenture</U>&#148;), the Second Supplemental Indenture dated as of June&nbsp;30, 2004 (the &#147;<U>Second
Supplemental Indenture</U>&#148;), the Third Supplemental Indenture dated as of May&nbsp;1, 2006 (the &#147;<U>Third Supplemental Indenture</U>&#148;), the Fourth Supplemental Indenture dated as of November&nbsp;9, 2006 (the &#147;<U>Fourth
Supplemental Indenture</U>&#148;), the Fifth Supplemental Indenture dated as of August&nbsp;17, 2007 (the &#147;<U>Fifth Supplemental Indenture</U>&#148;), the Sixth Supplemental Indenture dated as of January&nbsp;30, 2012 (the &#147;<U>Sixth
Supplemental Indenture</U>&#148;), the Seventh Supplemental Indenture dated as of January&nbsp;11, 2013 (the &#147;<U>Seventh Supplemental Indenture</U>&#148;), the Eighth Supplemental Indenture dated as of March&nbsp;12, 2013 (the &#147;<U>Eighth
Supplemental Indenture</U>&#148;) and the Ninth Supplemental Indenture dated as of February&nbsp;28, 2014 (the &#147;<U>Ninth Supplemental Indenture</U>&#148;; the&nbsp;Original Indenture, as amended and supplemented by the First Supplemental
Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental Indenture, the Eighth Supplemental
Indenture, the Ninth Supplemental Indenture and all other indentures supplemental thereto, is herein called the &#147;<U>Indenture</U>&#148;), each among the Company, the Guarantors and U.S. Bank National Association (successor in interest to
SunTrust Bank), as trustee (herein called the &#147;<U>Trustee</U>&#148;, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantors, the Trustee and the Holders of the Notes, and the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one
of the series designated on the face hereof, initially limited (subject to exceptions provided in the Indenture and subject to the right of the Company to reopen such series for issuance of additional Securities of such series upon the terms and
subject to the conditions specified in the Indenture) in aggregate principal amount to $250,000,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payments of principal of and
premium, if any, and interest on the Notes are fully, irrevocably and unconditionally guaranteed, jointly and severally, by the Guarantors on the terms and subject to the limitations set forth in the Indenture. A Guarantor may be released from its
obligations under the Indenture and those obligations may be reinstated, all on the terms and subject to the conditions set forth in the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Notes may be redeemed, in whole at any time or from time to time in part, at the Company&#146;s option on any date of redemption (each, a
&#147;<U>Redemption Date</U>&#148;). Prior to November&nbsp;15, 2022, the Redemption Price for the Notes to be redeemed will be equal to the greater of: (a)&nbsp;100% of the principal </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
amount of the Notes to be redeemed on that Redemption Date, and (b)&nbsp;the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed
(exclusive of interest accrued to the applicable Redemption Date) discounted to such Redemption Date on a semiannual basis, assuming a 360-day year consisting of twelve 30-day months, at the Treasury Rate plus 50 basis points, plus, in the case of
both clause (a)&nbsp;and (b)&nbsp;above, accrued and unpaid interest on the principal amount of the Notes being redeemed to, but excluding, such Redemption Date. On or after November&nbsp;15, 2022 and until Maturity, the Redemption Price for the
Notes to be redeemed will be equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest on the principal amount of the Notes being redeemed to, but excluding, such Redemption Date. Notwithstanding the
foregoing, installments of interest on Notes whose Stated Maturity is on or prior to the relevant Redemption Date will be payable to the Holders of such Notes (or one or more Predecessor Securities) registered as such at the close of business on the
relevant Regular Record Date according to their terms and the provisions of the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As used in this Note, the following terms have
the meanings set forth below: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Treasury Rate&#148; </I>means, with respect to any Redemption Date for the Notes: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">the yield, under the heading that represents the average for the immediately preceding week, appearing in the most recently published statistical release designated &#147;H.15(519)&#148; or any successor publication
which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption &#147;Treasury Constant
Maturities,&#148; for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Final Maturity Date for the Notes, yields for the two published maturities most closely corresponding to the
Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding to the nearest month); or </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the
Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Treasury Rate shall be calculated on the third Business Day preceding the applicable Redemption Date. As used in the immediately preceding sentence and in
the definition of &#147;Reference Treasury Dealer Quotations&#148; below, the term &#147;Business Day&#148; means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in The City of New York are
authorized or obligated by law, regulation or executive order to close. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Comparable Treasury Issue&#148; </I>means, with respect
to any Redemption Date for the Notes, the United States Treasury security selected by the Independent Investment Bankers as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes to be redeemed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Independent Investment Bankers&#148; </I>means, with respect to any Redemption Date for the Notes, (a)&nbsp;Credit Suisse Securities
(USA) LLC and its successors, (b)&nbsp;Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated and its successors, (c)&nbsp;Citigroup Global Markets Inc. and its successors and (d)&nbsp;Deutsche Bank Securities Inc. and its successors, or, if
any such firm or any successor to such firm, as the case may </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
be, is unwilling or unable to select the Comparable Treasury Issue, the remaining of (a)-(d)&nbsp;exclusively or, if none of such firms or any successor to such firms, as the case may be, is
willing or able to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Trustee after consultation with the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Comparable Treasury Price&#148; </I>means, with respect to any Redemption Date for the Notes: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">the average of four Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">if the Trustee obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Reference Treasury Dealer&#148; </I>means each of (a)&nbsp;Credit Suisse Securities (USA) LLC and its successors, (b)&nbsp;Merrill
Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated and its successors, (c)&nbsp;Citigroup Global Markets Inc. and its successors and (d)&nbsp;Deutsche Bank Securities Inc. and its successors (provided that for each of (a)-(d), however, if such firm
or any such successor, as the case may be, shall cease to be a primary U.S. Government securities dealer in New York City (a &#147;<U>Primary Treasury Dealer</U>&#148;), the Trustee, after consultation with the Company, will substitute therefor
another Primary Treasury Dealer), and (e)&nbsp;one other Primary Treasury Dealer selected by the Trustee after consultation with the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Reference Treasury Dealer Quotations&#148; </I>means, with respect to each Reference Treasury Dealer and any Redemption Date for the
Notes, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at
5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Final Maturity Date&#148; </I>means
May&nbsp;15, 2023. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notice of any redemption by the Company will be mailed at least 30 days but not more than 60 days before any
Redemption Date to each Holder of Notes to be redeemed. If less than all the Notes are to be redeemed at the option of the Company, the Trustee will select, in such manner as it deems fair and appropriate, the Notes (or portions thereof) to be
redeemed. Unless the Company defaults in payment of the Redemption Price (including, without limitation, interest, if any, accrued to, but excluding, the applicable Redemption Date), on and after any Redemption Date interest will cease to accrue on
the Notes or portions thereof called for redemption on such Redemption Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a Change of Control Triggering Event occurs, unless the
Company has exercised its option to redeem the Notes by notifying the Holders of Notes to that effect as described above, the Company will be required to make an offer (a &#147;<U>Change of Control Offer</U>&#148;) to each Holder of Notes to
repurchase all or any part (equal to $2,000 or any integral multiples of $1,000 in excess thereof) of that Holder&#146;s Notes on the terms set forth herein. In a Change of Control Offer, the Company will be required to offer payment in cash equal
to 101% of the aggregate principal amount of the Notes repurchased, plus accrued and unpaid interest, if any, on the Notes repurchased up to, but not including, the date of repurchase (a &#147;<U>Change of Control Payment</U>&#148;). Within 30 days
following any Change of Control Triggering Event or, at the Company&#146;s option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, notice will be given to
Holders of the Notes describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase the Notes on the date specified in the notice, which date will be no earlier than 30 days and no
later than 60 days from the date that notice is given or, if the notice is given prior to the Change of Control, no earlier than 30 days and no later than 60 days from the date on which the Change </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
of Control Triggering Event occurs, other than in each case as may be required by law (a &#147;<U>Change of Control Payment Date</U>&#148;). The notice will, if mailed prior to the date of
consummation of the Change of Control, state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring on or prior to the applicable Change of Control Payment Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On each Change of Control Payment Date, the Company will, to the extent lawful, accept for payment all Notes or portions of Notes properly
tendered and not withdrawn pursuant to the terms of the Change of Control Offer; deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered; and deliver or cause to
be delivered to the Trustee the Notes properly tendered and accepted together with an Officers&#146; Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased. The Company will not be required to make a
Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and price and otherwise substantially in compliance with the requirements for an offer made by the
Company and the third party promptly purchases all Notes properly tendered and not withdrawn under its offer. In addition, the Company will not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an
Event of Default under the Indenture, other than a default in the payment of the Change of Control Payment upon a Change of Control Triggering Event. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To the extent that the provisions of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the &#147;<U>Exchange Act</U>&#148;),
or any other securities laws and regulations that are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event conflict with the Change of Control Offer provisions of the Notes, the Company may
comply with those securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control Offer provisions of the Notes by virtue of any such conflict. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of the Change of Control Offer provisions of the Notes, the following terms will be applicable: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Change of Control</I>&#148; means the occurrence of any of the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in
one or a series of related transactions, of all or substantially all of the Company&#146;s assets and the assets of its subsidiaries, taken as a whole, to any person, other than to the Company or one of its subsidiaries; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is
that any &#147;person&#148; becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company&#146;s outstanding Voting Stock or other Voting Stock into which the
Company&#146;s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) the Company&#146;s consolidation with, or the Company&#146;s merger with or into, any person, or any person consolidates
with, or merges with or into, the Company, in either case, pursuant to a transaction in which any of the Company&#146;s outstanding Voting Stock or the Voting Stock of such other person is converted into or exchanged for cash, securities or other
property, other than pursuant to a transaction in which shares of the Company&#146;s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving
person or any direct or indirect parent company of the surviving person immediately after giving effect to such transaction, measured by voting power rather than number of shares; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) the first day on which a majority of the members of the Company&#146;s board
of directors are not Continuing Directors; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) the adoption by the Company&#146;s board of directors of a plan relating
to the Company&#146;s liquidation or dissolution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, a transaction (or series of related transactions) will not be deemed to
involve a Change of Control under clauses (1)&nbsp;or (2)&nbsp;above if the Company becomes a direct or indirect wholly-owned subsidiary of a holding company and (a)&nbsp;the direct or indirect holders of a majority of the Voting Stock of such
holding company immediately following that transaction are substantially the same as the holders of a majority of the Company&#146;s Voting Stock immediately prior to that transaction or (b)&nbsp;the shares of the Company&#146;s Voting Stock
outstanding immediately prior to such transaction are converted into or exchanged for a majority of the Voting Stock of such holding company immediately after giving effect to such transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The term &#147;<I>person</I>&#148; is used in this definition as that term is used in Section&nbsp;13(d)(3) of the Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Change of Control Triggering Event</I>&#148; means the occurrence of both a Change of Control and a Rating Event. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Continuing Director</I>&#148; means, as of any date of determination, any member of the Company&#146;s board of directors who
(1)&nbsp;was a member of the Company&#146;s board of directors on the date the Notes were issued, (2)&nbsp;was nominated for election to the Company&#146;s board of directors with the approval of a committee of the board of directors consisting of a
majority of independent Continuing Directors or (3)&nbsp;was nominated for election, elected or appointed to the Company&#146;s board of directors with the approval of a majority of the Continuing Directors who were members of the Company&#146;s
board of directors at the time of such nomination, election or appointment (either by a specific vote or by approval of a proxy statement in which such member was named as a nominee for election as a director, without objection by such member to
such nomination). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Investment Grade Rating</I>&#148; means a rating equal to or higher than &#147;Baa3&#148; (or the equivalent)
by Moody&#146;s and &#147;BBB-&#148; (or the equivalent) by S&amp;P, or, if applicable, the equivalent investment grade credit rating by any Substitute Rating Agency or Substitute Rating Agencies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Moody&#146;s</I>&#148; means Moody&#146;s Investors Service, Inc., or any successor thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Rating Agencies</I>&#148; means (1)&nbsp;each of Moody&#146;s and S&amp;P and (2)&nbsp;if any of Moody&#146;s or S&amp;P ceases to
rate the applicable Notes or fails to make a rating of the applicable Notes publicly available for reasons outside of the Company&#146;s control, a Substitute Rating Agency in lieu thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Rating Event</I>&#148; means the rating on the Notes is lowered independently by each of the Rating Agencies and the Notes are rated
below an Investment Grade Rating by each of the Rating Agencies, in each case on any day during the period (which period will be extended so long as either of the Rating Agencies has publicly announced that, as a result of the Change of Control, the
rating of the Notes is under consideration for a possible downgrade) commencing 60 days prior to the first public announcement of the occurrence of a Change of Control or of the Company&#146;s intention to effect a Change of Control and ending 60
days following consummation of such Change of Control. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>S&amp;P</I>&#148; means Standard&nbsp;&amp; Poor&#146;s Rating Services, a division of
The McGraw-Hill Companies, Inc., or any successor thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Substitute Rating Agency</I>&#148; means a &#147;nationally
recognized statistical rating organization&#148; within the meaning of Rule&nbsp;15c3-1(c)(2)(vi)(F) under the Exchange Act selected by the Company (as certified by a resolution of the Company&#146;s Board of Directors) as a replacement agency for
Moody&#146;s or S&amp;P, or both of them, as the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Voting Stock</I>&#148; means, with respect to any specified
&#147;person&#148; (as that term is used in Section&nbsp;13(d)(3) of the Exchange Act) as of any date, the capital stock of that person that is at the time entitled to vote generally in the election of the board of directors of that person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an Event of Default with respect to the Notes shall occur and be continuing, the principal of and accrued and unpaid interest on the Notes
may be declared due and payable in the manner and with the effect provided in the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the Guarantors and the rights of the Holders of the Securities of each series issued under the Indenture at any time by the
Company, the Guarantors and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding of each series affected thereby. The Indenture also contains provisions
permitting the Holders of specified percentages in aggregate principal amount of the Securities of any series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company and the Guarantors
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Notes issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of and premium, if any, and interest on this Note, at the time, place and rate, and in the coin or currency, herein and in the Indenture prescribed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Security
Register upon surrender of this Note for registration of transfer at the Office or Agency of the Company maintained for the purpose in any place where the principal of and interest on this Note are payable, duly endorsed, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or transferees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Notes are issuable only in fully registered
form without coupons in the denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations set forth therein, the Notes are exchangeable for a like aggregate principal
amount of Notes of authorized denominations as requested by the Holders surrendering the same. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No service charge shall be made for any
such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith, other than in certain cases provided in the Indenture. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to due presentment of this Note for registration of transfer, the Company, the Guarantors,
the Trustee and any agent of the Company, any Guarantor or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note shall be overdue, and none of the Company, the
Guarantors or the Trustee nor any such agent shall be affected by notice to the contrary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Indenture contains provisions whereby
(i)&nbsp;the Company and the Guarantors may be discharged from their obligations with respect to the Notes (subject to certain exceptions) or (ii)&nbsp;the Company may be released from its obligations under specified covenants and agreements in the
Indenture, in each case if the Company irrevocably deposits with the Trustee money and/or Government Obligations sufficient to pay and discharge the entire indebtedness on all Notes, and satisfies certain other conditions, all as more fully provided
in the Indenture. In addition, the Indenture shall cease to be of further effect (subject to certain exceptions) with respect to the Notes when (1)&nbsp;either (A)&nbsp;all Notes previously authenticated and delivered have been delivered (subject to
certain exceptions) to the Trustee for cancellation, or (B)&nbsp;all Notes (i)&nbsp;have become due and payable or (ii)&nbsp;will become due and payable at their Stated Maturity within one year or (iii)&nbsp;are to be called for redemption within
one year and, in the case of (i), (ii)&nbsp;or (iii)&nbsp;above, the Company has irrevocably deposited with the Trustee money in an amount sufficient to pay and discharge the entire indebtedness on all such Notes not theretofore delivered to the
Trustee for cancellation in respect of principal, premium, if any, and interest to the date of such deposit (if such Notes have become due and payable) or to the Stated Maturity or Redemption Date thereof, as the case may be, and (2)&nbsp;the
Company satisfies certain other conditions, all as more fully provided in the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Note shall be governed by and construed in
accordance with the laws of the State of New York. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All terms used in this Note which are defined in the Indenture and not defined herein
shall have the meanings assigned to them in the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless the certificate of authentication hereon has been executed by or on
behalf of the Trustee under the Indenture by the manual signature of one of its authorized signatories, this Note shall not be entitled to any benefits under the Indenture (including, without limitation, the Guarantees) or be valid or obligatory for
any purpose. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed by the manual or
facsimile signatures of its duly authorized officers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: February&nbsp;17, 2015 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="39%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="39%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">KB HOME</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD COLSPAN="5" VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Thad Johnson</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William A. (Tony) Richelieu</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Thad Johnson</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">William A. (Tony) Richelieu</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Vice President and Treasurer</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Vice President and Corporate Secretary</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">TRUSTEE&#146;S CERTIFICATE OF AUTHENTICATION</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">U.S. BANK NATIONAL ASSOCIATION, as Trustee</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Muriel Shaw</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center">Authorized Signatory</TD></TR>
</TABLE>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ABBREVIATIONS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out
in full according to applicable laws or regulations: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">TEN COM&#151;as tenants in common </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">TEN ENT&#151;as tenants by the entireties </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">JT TEN&#151;as joint tenants with right of survivorship and not as tenants in common </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">UNIF GIFT MIN ACT&#151; <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Custodian
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:21%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cust)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Minor) </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">under the Uniform Gift to Minors Act</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="text-indent:2.00em; font-size:10pt; font-family:Times New Roman">(State)</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Additional abbreviations may also be used though not in the above list. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FOR VALUE RECEIVED, the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PLEASE PRINT OR TYPEWRITE NAME AND
ADDRESS OF ASSIGNEE </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">the within security and all rights thereunder, hereby irrevocably constituting and appointing </P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="99%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right">Attorney</TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">to transfer said security on the books of the Company with full power of substitution in the premises. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="41%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dated:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Signed:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="right">Notice: The signature to this assignment must correspond with the name as it
appears upon the face of the within security in every particular, without alteration or enlargement or any change whatever. </P>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SCHEDULE A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The initial principal amount of this global Note is Two Hundred Fifty Million Dollars ($250,000,000). The following increases or decreases in
the principal amount of this global Note have been made: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:34.40pt; font-size:8pt; font-family:Times New Roman">Date made</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Amount&nbsp;of<BR>increase&nbsp;in<BR>principal&nbsp;amount<BR>of&nbsp;this&nbsp;global&nbsp;Note</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Amount&nbsp;of<BR>decrease&nbsp;in<BR>principal&nbsp;amount<BR>of&nbsp;this&nbsp;global&nbsp;Note</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Principal&nbsp;amount<BR>of&nbsp;this&nbsp;global&nbsp;Note<BR>following such<BR>decrease or<BR>increase</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Signature&nbsp;of<BR>authorized<BR>signatory of<BR>Trustee</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.3
<SEQUENCE>4
<FILENAME>d876132dex53.htm
<DESCRIPTION>EX-5.3
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.3</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MUNGER, TOLLES &amp; OLSON LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">355 SOUTH GRAND AVENUE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35<SUP
STYLE="font-size:85%; vertical-align:top">TH</SUP> FLOOR </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">LOS ANGELES, CALIFORNIA 90017 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(213) 683-9100 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17,
2015 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">KB Home </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10990 Wilshire Boulevard </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Los Angeles, CA 90024 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"><U>Registration Statement on Form S-3 (File No.&nbsp;333-197517)</U> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have acted as counsel for KB Home, a Delaware corporation (the &#147;Company&#148;), in connection with the Company&#146;s Registration
Statement on Form&nbsp;S-3, as amended by Post-Effective Amendment No.&nbsp;1 (the &#147;Registration Statement&#148;), and as filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the &#147;Securities
Act&#148;), and the prospectus and prospectus supplement with respect thereto, dated July&nbsp;18, 2014 and February&nbsp;11, 2015, respectively, in connection with the offer and sale by the Company and the Guarantors (as defined below) from time to
time of the securities listed therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This opinion is intended to update the opinions we previously delivered in connection with the
initial filing of the Registration Statement and the filing of Post-Effective Amendment No.&nbsp;1 thereto and is being delivered to you in connection with the proposed issuance of $250,000,000 in aggregate principal amount of the Company&#146;s
7.625% Senior Notes due 2023 (the &#147;Notes&#148;) pursuant to the Underwriting Agreement, dated February&nbsp;11, 2015 (the &#147;Underwriting Agreement&#148;), by and among the Company, the Guarantors (as defined below), and Credit Suisse
Securities (USA) LLC, Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated, Citigroup Global Markets Inc., and Deutsche Bank Securities Inc. as representatives of the several underwriters named in Schedule B thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have also acted as counsel to (a)&nbsp;KB HOME Sacramento Inc., KB HOME South Bay Inc., KB HOME Coastal Inc. and KB HOME Greater Los
Angeles Inc., each a California </P>

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


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">KB Home </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 17, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
corporation, (b)&nbsp;KB HOME Tampa LLC, KB HOME Fort Myers LLC, KB HOME Treasure Coast LLC, KB HOME Jacksonville LLC, and KB HOME Florida LLC, each a Delaware limited liability company,
(c)&nbsp;KB HOME Las Vegas Inc., KB HOME Nevada Inc. and KB HOME Reno Inc., each a Nevada corporation, (d)&nbsp;KB HOME Lone Star Inc. and KBSA, Inc., each a Texas corporation, (e)&nbsp;KB HOME Phoenix Inc. and KB HOME Tucson Inc., each an Arizona
corporation, and (f)&nbsp;KB HOME Colorado Inc., a Colorado corporation (collectively, the &#147;Guarantors&#148;), in connection with the registration under the Registration Statement of the offer and sale by the Guarantors of their guarantees (the
&#147;Guarantees&#148;) of the Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Notes and the Guarantees will be issued pursuant to the Indenture, dated as of January&nbsp;28,
2004, as amended and supplemented on January&nbsp;28, 2004, June&nbsp;30, 2004, May&nbsp;1, 2006, November&nbsp;9, 2006, August&nbsp;17, 2007,&nbsp;January&nbsp;30, 2012,&nbsp;January&nbsp;11, 2013,&nbsp;March&nbsp;12, 2013 and February&nbsp;28,
2014 (the &#147;Indenture&#148;), among the Company, the guarantors party thereto and U.S. Bank National Association (successor in interest to SunTrust Bank), as Trustee (the &#147;Trustee&#148;), and the Officers&#146; Certificate and
Guarantors&#146; Officers&#146; Certificate dated February&nbsp;17, 2015 establishing the form and terms of the Notes (the &#147;Officers&#146; Certificate&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have examined originals or copies, certified or otherwise identified to our satisfaction, of such documents, corporate records,
certificates of public officials and other instruments as we have deemed necessary or advisable for purposes of this opinion. As to certain factual matters, we have relied, without independent verification, on statements and representations of
officers and other representatives of the Company, the Guarantors and others. In our examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals and the conformity with the originals
of all documents submitted to us as copies. We have also assumed the due authorization, execution and delivery of the Indenture by, and the enforceability of the Indenture against, the Trustee and the due authentication of the Notes by the Trustee
in the manner provided in the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based upon the foregoing, and subject to the assumptions, qualifications and limitations set
forth herein, we are of the opinion that when the Notes shall have been delivered against payment therefor pursuant to the terms of the Underwriting Agreement, the Notes will constitute valid and binding obligations of the Company and the Guarantees
will constitute valid and binding obligations of the Guarantors, in each case subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors&#146;
rights and to general equitable principles. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We render this opinion only with respect to, and express no opinion herein concerning the
application or effect of the laws of any jurisdiction other than, the laws of the State of New York, the laws of the State of California, the laws of the State of Nevada, the laws of the State of Arizona, the laws of the State of Texas, the laws of
the State of Colorado, the General Corporation Law of the State of Delaware and the Delaware Limited Liability Company Act, in each case as in effect as of the date hereof. With respect to matters of Nevada law, Arizona law, Texas law and Colorado
law, we have, with your approval, relied upon (without investigation) the opinions, dated the date hereof and delivered to you, of Parsons Behle&nbsp;&amp; Latimer, Ballard Spahr LLP, Graves, Dougherty, Hearon&nbsp;&amp; Moody, P.C., and Fox
Rothschild LLP, respectively, and our opinion is subject to the same assumptions, qualifications and limitations with respect to such matters as are contained in each such opinion. </P>

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


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">KB Home </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 17, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We hereby consent to the filing of this opinion as an exhibit&nbsp;to the Registration
Statement and the reference to our firm name and the discussion of our opinion under the caption &#147;Legal Matters&#148; in the Registration Statement and the related prospectus supplement. In giving such consent, we do not thereby admit that we
are included in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act or the rules and regulations thereunder. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Munger, Tolles &amp; Olson LLP</TD></TR>
</TABLE></DIV>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.4
<SEQUENCE>5
<FILENAME>d876132dex54.htm
<DESCRIPTION>EX-5.4
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.4</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.4 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February 17, 2015 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">KB Home </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10990 Wilshire Boulevard </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Los Angeles, CA 90024 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top">KB Home 7.625% Senior Notes due 2023 </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have acted as Nevada counsel at the request of KB Home, a Delaware corporation (the &#147;Company&#148;), on behalf of KB HOME Nevada Inc.,
KB HOME Reno Inc. and KB HOME Las Vegas Inc., each a Nevada corporation (collectively, the &#147;Nevada Guarantors&#148;), in connection with the Company&#146;s offer and sale of $250,000,000 in aggregate principal amount of the Company&#146;s
7.625% Senior Notes due 2023 (the &#147;Securities&#148;), the offer and sale of which was registered on its Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;S-3</FONT> (File No.&nbsp;333-197517), as amended (the
&#147;Registration Statement&#148;). The offering is being made pursuant to the Underwriting Agreement dated February&nbsp;11, 2015 (the &#147;Underwriting Agreement&#148;), by and among (i)&nbsp;the Company, (ii)&nbsp;the guarantors named therein
and (iii)&nbsp;Credit Suisse Securities (USA) LLC, Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated, Citigroup Global Markets Inc., and Deutsche Bank Securities Inc., as representatives of the several underwriters named in Schedule B
thereto. The Securities are to be issued pursuant to an Indenture dated as of January&nbsp;28, 2004 (the &#147;Base Indenture&#148;), as amended and supplemented by a First Supplemental Indenture dated as of January&nbsp;28, 2004 (the &#147;First
Supplemental Indenture&#148;), a Second Supplemental Indenture dated as of June&nbsp;30, 2004 (the &#147;Second Supplemental Indenture&#148;), a Third Supplemental Indenture dated as of May&nbsp;1, 2006 (the &#147;Third Supplemental
Indenture&#148;), a Fourth Supplemental Indenture dated as of November&nbsp;9, 2006 (the &#147;Fourth Supplemental Indenture&#148;), a Fifth Supplemental Indenture dated as of August&nbsp;17, 2007 (the &#147;Fifth Supplemental Indenture&#148;), a
Sixth Supplemental Indenture dated as of January&nbsp;30, 2012 (the &#147;Sixth Supplemental Indenture&#148;), a Seventh Supplemental Indenture dated as of January&nbsp;11, 2013, (the &#147;Seventh Supplemental Indenture&#148;), an Eighth
Supplemental Indenture dated as of March&nbsp;12, 2013 (the &#147;Eighth Supplemental Indenture&#148;), and a Ninth Supplemental Indenture dated as of February&nbsp;28, 2014 (the &#147;Ninth Supplemental Indenture&#148;); the Base Indenture, as
amended and supplemented by the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh
Supplemental Indenture, the Eighth Supplemental Indenture, and the Ninth Supplemental Indenture, is hereinafter called the &#147;Indenture&#148;, each among the Company, the guarantors party thereto and U.S. Bank National Association (successor in
interest to SunTrust Bank), as trustee, </P>

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


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 17, 2015 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Two </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
and the Officers&#146; Certificate and Guarantors&#146; Officers&#146; Certificate dated February&nbsp;17, 2015 (the &#147;Officers&#146; Certificate&#148;), establishing the form and terms of
the Securities. The Securities will be guaranteed by each of the Nevada Guarantors pursuant to the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with
rendering this opinion, we have made such legal and factual examinations and inquiries and obtained such advice, assurances and certificates as we have deemed necessary or advisable under the circumstances in order to render this opinion including,
but not limited to, an examination of originals or copies of the following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Indenture; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Articles of Incorporation of Kaufman and Broad Reno, Inc. (now known as KB HOME Reno Inc.), filed with the Nevada Secretary of State
on December&nbsp;1, 1998; and Certificate of Amendment filed with the Nevada Secretary of State&#146;s Office on August&nbsp;31, 2004; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Code of Bylaws of Kaufman and Broad of Reno, Inc. (now known as KB HOME Reno Inc.) dated December&nbsp;2, 1998; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Written Consent Resolution of the Directors of KB HOME Reno Inc. authorizing the execution, delivery and performance of its
obligations under, and the consummation of the transactions contemplated by, the Indenture and the Underwriting Agreement, including the guaranty of the Company&#146;s obligations under the Indenture and the Securities; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The Articles of Incorporation of KB HOME Las Vegas Inc. filed with the Nevada Secretary of State on February&nbsp;11, 2010; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) The By-laws of KB HOME Las Vegas Inc., dated as of February&nbsp;11, 2010; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) The Written Consent Resolution of the Directors of KB HOME Las Vegas Inc. authorizing the execution, delivery and performance of its
obligations under, and the consummation of the transactions contemplated by, the Indenture and the Underwriting Agreement, including the guaranty of the Company&#146;s obligations under the Indenture and the Securities; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) The Articles of Incorporation of Kaufman and Broad of Nevada, Inc. (now known as KB HOME Nevada Inc.) filed with the Nevada Secretary of
State on July&nbsp;6, 1992, as amended by Certificate of Amendment filed with the Nevada Secretary of State on January&nbsp;17, 2001; </P>

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


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 17, 2015 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Three </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The Code of Bylaws of Kaufman and Broad of Nevada, Inc. (now known as KB HOME Nevada
Inc.) dated July&nbsp;7, 1992, as amended July&nbsp;1, 1997 and January&nbsp;21, 2013; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) The Written Consent Resolution of the
Directors of KB HOME Nevada Inc. authorizing the execution, delivery and performance of its obligations under, and the consummation of the transactions contemplated by, the Indenture and the Underwriting Agreement, including the guaranty of the
Company&#146;s obligations under the Indenture and the Securities; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) The Secretary&#146;s Certificate of KB Home delivered to us in
connection with the offer and sale of the Securities; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) Certificates of Good Standing of the Nevada Guarantors, each dated as of
January&nbsp;9, 2015 issued by the Nevada Secretary of State; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) The Underwriting Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) A photocopy of the executed global note representing the aggregate principal amount of all of the Securities; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) The Officers&#146; Certificate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with this opinion, we have examined and relied upon the representations and warranties as to factual matters contained in and
made pursuant to the Underwriting Agreement by the various parties and the Secretary&#146;s Certificate, including as to the fact of delivery of the Indenture and the Underwriting Agreement, and upon originals or copies certified to our satisfaction
of such records, documents, certificates, opinions, memoranda, and other instruments as in our judgment are necessary or appropriate to enable us to render the opinion expressed below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our opinion is expressed only with respect to the laws of the State of Nevada. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On the basis of the foregoing, and subject to the General Qualifications set forth in Schedule A to this letter, the Assumptions set forth in
Schedule B to this letter, and the Excluded Law and Legal Issues set forth in Schedule C to this letter, in reliance thereon, and with the foregoing qualifications, we are of the opinion that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. Each Nevada Guarantor is a corporation organized under the laws of the State of Nevada, has been duly organized and validly exists as a
corporation in good standing under the laws of the State of Nevada and has power and authority as a corporation to enter into and perform its obligations under the Indenture and the Officers&#146; Certificate. </P>

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


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 17, 2015 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Four </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. The Indenture and the Officers&#146; Certificate have been duly authorized, executed and
delivered by each Nevada Guarantor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our opinions set forth above are limited to the matters expressly set forth in this opinion letter,
and no opinion may be implied or inferred beyond the matters expressly stated. This opinion letter speaks only as to the law and facts in effect or existing as of the date hereof, and we undertake no obligation or responsibility to update or
supplement our opinion to reflect any facts or circumstances that may hereafter come to our attention or any changes in law which may hereafter occur. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We hereby consent to the filing of this opinion letter as an exhibit to the Company&#146;s Current Report filed on Form 8-K or the
Registration Statement. In giving such consent, we do not admit that we are within the category of persons whose consent is required under Section&nbsp;7 of the Securities Act&nbsp;of 1933, as amended, or the rules and
regulations&nbsp;thereunder.&nbsp;Munger, Tolles&nbsp;&amp; Olson LLP may rely on this opinion letter as if it were an addressee hereof on this date for the sole purpose of rendering its opinion letter to the Company relating to the&nbsp;offering of
the Securities, as filed&nbsp;as&nbsp;an exhibit&nbsp;to the Company&#146;s Current Report filed on Form 8-K or the Registration Statement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Parsons Behle&nbsp;&amp; Latimer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PARSONS BEHLE&nbsp;&amp; LATIMER</TD></TR>
</TABLE></DIV>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE A </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GENERAL QUALIFICATIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The opinions in the letter to which this Schedule is attached (&#147;<U>our letter</U>&#148;) are subject to the qualifications as set forth
in this <U>Schedule A</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Bankruptcy and Insolvency Exception</U>. Each of our opinions of our letter is subject to the effect of
bankruptcy, insolvency, reorganization, receivership, moratorium and other similar laws relating to creditors&#146; rights. </P>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE B </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ASSUMPTIONS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes
of our opinion letter, we have relied, without investigation, upon each of the following assumptions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">1. Each document submitted to us for
review is accurate and complete, each such document that is an original is authentic, each such document that is a copy conforms to an authentic original, and all signatures on each such document are genuine; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">2. Each certificate obtained from a governmental authority relied on by us is accurate, complete and authentic and all relevant official public
records to which each such certificate relates are accurate and complete; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">3. Each of the Nevada Guarantor&#146;s bylaws and all
amendments to each such document have been adopted in accordance with all applicable legal requirements. </P>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE C </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXCLUDED LAW AND LEGAL ISSUES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">None of the opinions or advice contained in our opinion letter covers or otherwise addresses any of the following laws, regulations or other
governmental requirements or legal issues: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">Federal laws, including federal regulations; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">Fraudulent transfer and fraudulent conveyance laws; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">Nevada State Securities (Blue Sky) laws. </TD></TR></TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.5
<SEQUENCE>6
<FILENAME>d876132dex55.htm
<DESCRIPTION>EX-5.5
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.5</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.5 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="19%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">P.O. Box 98</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Austin, TX 78767</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">512-480-5600</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17, 2015 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">KB Home </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10990 Wilshire Boulevard </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Los Angeles, CA 90024 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"><B>KB Home 7.625% Senior Notes due 2023</B> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have acted as special Texas counsel at the request of KB Home, a Delaware corporation (the &#147;<U>Company</U>&#148;), on behalf of KB
HOME Lone Star Inc., a Texas corporation (&#147;<U>KBHLS</U>&#148;), and KBSA, Inc., a Texas corporation (&#147;<U>KBSA</U>&#148;) (KBHLS and KBSA collectively, the &#147;<U>Texas Guarantors</U>&#148;), in connection with the Company&#146;s offer
and sale of $250,000,000 in aggregate principal amount of the Company&#146;s 7.625% Senior Notes due 2023 (the &#147;<U>Securities</U>&#148;), the offer and sale of which are registered on its Registration Statement on Form S-3ASR (File
No.&nbsp;333-197517), as amended (the &#147;<U>Registration Statement</U>&#148;). The offering is being made pursuant to the Underwriting Agreement dated February&nbsp;11, 2015 (the &#147;<U>Underwriting Agreement</U>&#148;), by and among
(i)&nbsp;the Company, (ii)&nbsp;the guarantors named therein and (iii)&nbsp;Credit Suisse Securities (USA) LLC, Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated, Citigroup Global Markets Inc., and Deutsche Bank Securities Inc., as the
representatives of the several underwriters named in Schedule B thereto. The Securities are to be issued pursuant to an Indenture dated as of January&nbsp;28, 2004 (the &#147;<U>Base Indenture</U>&#148;), as amended and supplemented by a First
Supplemental Indenture dated as of January&nbsp;28, 2004 (the &#147;<U>First Supplemental Indenture</U>&#148;), a Second Supplemental Indenture dated as of June&nbsp;30, 2004 (the &#147;<U>Second Supplemental Indenture</U>&#148;), a Third
Supplemental Indenture dated as of May&nbsp;1, 2006 (the &#147;<U>Third Supplemental Indenture</U>&#148;), a Fourth Supplemental Indenture dated as of November&nbsp;9, 2006 (the &#147;<U>Fourth Supplemental Indenture</U>&#148;), a Fifth Supplemental
Indenture dated as of August&nbsp;17, 2007 (the &#147;<U>Fifth Supplemental Indenture</U>&#148;), a Sixth Supplemental Indenture dated as of January&nbsp;30, 2012 (the &#147;<U>Sixth Supplemental Indenture</U>&#148;), a Seventh Supplemental
Indenture dated as of January&nbsp;11, 2013 (the &#147;<U>Seventh Supplemental Indenture</U>&#148;), an Eighth Supplemental Indenture dated as of March&nbsp;12, 2013 (the &#147;<U>Eighth Supplemental Indenture</U>&#148;), and a Ninth Supplemental
Indenture dated February&nbsp;28, 2014 (the &#147;<U>Ninth Supplemental Indenture</U>&#148;) (the Base Indenture, as amended and supplemented by the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture,
the Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental Indenture, the Eighth Supplemental Indenture and the Ninth Supplemental Indenture, is hereinafter called the
&#147;<U>Indenture</U>&#148;), each among the Company, the guarantors party thereto and U.S. Bank National Association (successor in interest to SunTrust Bank), as trustee, and the Officers&#146; and Guarantors&#146; Officers&#146; Certificate dated
February&nbsp;17, 2015, establishing the form and terms of the Securities (the &#147;<U>Officers&#146; Certificate</U>&#148;). The Securities will be guaranteed by the Texas Guarantors pursuant to the Indenture. </P>

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


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 17, 2015 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In rendering the opinions expressed below, we have made such legal and factual examinations
and inquiries and obtained such advice, assurances and certificates as we have deemed necessary or advisable under the circumstances including, but not limited to, an examination of originals or copies of the following: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">The Indenture; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">The Certificate of Formation of KB Lone Star Inc. (now known as KB HOME Lone Star Inc.) filed with the Texas Secretary of State on June&nbsp;28, 2007; the Certificate of Merger of KB Home Lone Star LP and KB Lone Star
Inc. filed with the Texas Secretary of State on June&nbsp;28, 2007; and the Certificate of Amendment of KB Lone Star Inc. filed with the Texas Secretary of State on June&nbsp;28, 2007; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">The Bylaws of KBHLS, dated as of June&nbsp;28, 2007; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">The Written Consent Resolution of the Directors of KBHLS authorizing the execution, delivery and performance of its obligations under, and the consummation of the transactions contemplated by, the Indenture, the
Officers&#146; Certificate and the Underwriting Agreement, including the guaranty of the Company&#146;s obligations under the Indenture and the Securities; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top">The Certificate dated February&nbsp;13, 2015 of the Secretary of State of the State of Texas as to the existence of KBHLS; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top">A copy of the franchise tax account status information for KBHLS as of February&nbsp;13, 2015 from the website maintained by the Comptroller of Public Accounts of Texas; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top">The Articles of Incorporation of Kaufman and Broad of San Antonio, Inc. (now known as KBSA, Inc.) filed with the Texas Secretary of State on February&nbsp;27, 1996; the Articles of Amendment to the Articles of
Incorporation of Kaufman and Broad of San Antonio, Inc. filed with the Texas Secretary of State on October&nbsp;29, 1996; the Articles of Amendment to the Articles of Incorporation of Kaufman and Broad of San Antonio, Inc. filed with the Texas
Secretary of State on January&nbsp;6, 1997; and the Certificate of Merger of KBSA and Clear Brook Crossing Inc. filed with the Texas Secretary of State on April&nbsp;26, 2011; </TD></TR></TABLE>

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


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 17, 2015 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top">The Bylaws of Kaufman and Broad of San Antonio, Inc. (now known as KBSA, Inc.); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">The Written Consent Resolution of the Directors of KBSA authorizing the execution, delivery and performance of its obligations under, and the consummation of the transactions contemplated by, the Indenture, the
Officers&#146; Certificate and the Underwriting Agreement, including the guaranty of the Company&#146;s obligations under the Indenture and the Securities; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(j)</TD>
<TD ALIGN="left" VALIGN="top">The Certificate dated February&nbsp;13, 2015 of the Secretary of State of the State of Texas as to the existence of KBSA; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(k)</TD>
<TD ALIGN="left" VALIGN="top">A copy of the franchise tax account status information for KBSA as of February&nbsp;13, 2015 from the website maintained by the Comptroller of Public Accounts of Texas; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(l)</TD>
<TD ALIGN="left" VALIGN="top">The Secretary&#146;s Certificate of KB Home delivered to us in connection with the offering of the Securities; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(m)</TD>
<TD ALIGN="left" VALIGN="top">The Underwriting Agreement; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(n)</TD>
<TD ALIGN="left" VALIGN="top">The form of global note representing the Securities; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(o)</TD>
<TD ALIGN="left" VALIGN="top">The Officers&#146; Certificate. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with this opinion, we have examined and relied
upon the representations and warranties as to factual matters contained in and made pursuant to the Underwriting Agreement by the various parties and the Secretary&#146;s Certificate, including as to the fact of delivery of the Indenture and the
Underwriting Agreement, and upon originals or copies certified to our satisfaction of such records, documents, certificates, opinions, memoranda, and other instruments as in our judgment are necessary or appropriate to enable us to render the
opinions expressed below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our opinions are expressed only with respect to the laws of the State of Texas. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based upon and subject to the foregoing and subject also to the qualifications set forth below, and having considered such questions of law as
we have deemed necessary as a basis for the opinions expressed below, we are of the opinion that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. Each of the Texas Guarantors is a
corporation organized under the laws of the State of Texas, has been duly organized and is validly existing as a corporation in good standing under the laws of the State of Texas and has power and authority as a corporation to enter into and perform
its obligations under the Indenture and the Officers&#146; Certificate. </P>

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


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 17, 2015 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 4 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. The Indenture and the Officers&#146; Certificate have been duly authorized, executed and
delivered by the Texas Guarantors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our opinions set forth above are limited to the matters expressly set forth in this opinion letter,
and no opinion may be implied or inferred beyond the matters expressly stated. This opinion letter speaks only as to the law and facts in effect or existing as of the date hereof, and we undertake no obligation or responsibility to update or
supplement our opinion to reflect any facts or circumstances that may hereafter come to our attention or any changes in law which may hereafter occur. Our opinions set forth above are subject to the effect of bankruptcy, insolvency, reorganization,
receivership, moratorium and other similar laws relating to creditors&#146; rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of this opinion letter, we have relied,
without investigation, upon each of the following assumptions: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. Each document submitted to us for review is accurate and complete, each
such document that is an original is authentic, each such document that is a copy conforms to an authentic original, and all signatures on each such document are genuine; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. Each certificate obtained from a governmental authority relied on by us is accurate, complete and authentic and all relevant official
public records to which each such certificate relates are accurate and complete; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. The bylaws of each of the Texas Guarantors have
been adopted in accordance with all applicable legal requirements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">None of the opinions or advice contained herein covers or otherwise
addresses any of the following laws, regulations or other governmental requirements or legal issues: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. Federal laws, including federal
regulations; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. Fraudulent transfer and fraudulent conveyance laws; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. Texas State Securities (Blue Sky) laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We hereby consent to the filing of this opinion letter as an exhibit to the Company&#146;s Current Report filed on Form 8-K or the
Registration Statement. In giving such consent, we do not admit that we are within the category of persons whose consent is required under Section&nbsp;7 of the Securities Act of 1933, as amended, or the rules and regulations thereunder. Munger,
</P>

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


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 17, 2015 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 5 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Tolles&nbsp;&amp; Olson LLP may rely on this opinion letter as if it were an addressee hereof on this date for the sole purpose of rendering its opinion letter to the Company relating to the
offering of the Securities, as filed as an exhibit to the Company&#146;s Current Report filed on Form 8-K or the Registration Statement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="97%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;Graves, Dougherty, Hearon&nbsp;&amp; Moody,</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">&nbsp;A Professional Corporation</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">GRAVES, DOUGHERTY, HEARON&nbsp;&amp; MOODY,</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">A PROFESSIONAL CORPORATION</TD></TR>
</TABLE></DIV>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.6
<SEQUENCE>7
<FILENAME>d876132dex56.htm
<DESCRIPTION>EX-5.6
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.6</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.6 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g876132ex5_6pg001.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g876132ex5_6pg001b.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17, 2015 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">KB Home </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10990 Wilshire Boulevard </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Los Angeles, California 90024 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top">KB Home 7.625% Senior Notes due 2023 </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have acted as Arizona counsel at the request of KB Home, a Delaware corporation (the &#147;<U>Company</U>&#148;), to KB HOME Phoenix Inc.
(&#147;<U>Phoenix</U>&#148;) and KB HOME Tucson Inc. (&#147;<U>Tucson</U>&#148;), each an Arizona corporation (collectively, the &#147;<U>Arizona Guarantors</U>&#148;), in connection with the Company&#146;s offer and sale of $250,000,000 in
aggregate principal amount of the Company&#146;s 7.625% Senior Notes due 2023 (the &#147;<U>Securities</U>&#148;), the offer and sale of which was registered on its Registration Statement on Form S-3 (Registration No.&nbsp;333-197517), as amended by
post-effective amendment on February&nbsp;11, 2015 (the &#147;<U>Registration Statement</U>&#148;). The offering is being made pursuant to the Underwriting Agreement dated February&nbsp;11, 2015 (the &#147;<U>Underwriting Agreement</U>&#148;), by
and among (i)&nbsp;the Company, (ii)&nbsp;the Arizona Guarantors, (iii)&nbsp;KB HOME Sacramento Inc., KB HOME South Bay Inc., KB HOME Coastal Inc., KB HOME Greater Los Angeles Inc., KB HOMES Tampa LLC, KB HOME Fort Myers LLC, KB HOME Jacksonville
LLC, KB HOME Treasure Coast LLC, KB HOME Florida LLC, KB HOME Las Vegas Inc., KB HOME Nevada Inc., KB HOME Reno Inc., KB HOME Lone Star Inc., KBSA, Inc. and KB HOME Colorado Inc. (together, the &#147;<U>Non-Covered Guarantors</U>&#148;), and
(iv)&nbsp;Credit Suisse Securities (USA) LLC, Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated, Citigroup Global Markets Inc., and Deutsche Bank Securities Inc., as representatives of the several underwriters named on Schedule B thereto.
The Securities are to be issued pursuant to an Indenture dated as of January&nbsp;28, 2004 (the &#147;<U>Base Indenture</U>&#148;), as amended and supplemented by a First Supplemental Indenture dated as of January&nbsp;28, 2004 (the &#147;<U>First
Supplemental Indenture</U>&#148;), a Second Supplemental Indenture dated as of June&nbsp;30, 2004 (the &#147;<U>Second Supplemental Indenture</U>&#148;), a Third Supplemental Indenture dated as of May&nbsp;1, 2006 (the &#147;<U>Third Supplemental
Indenture</U>&#148;), a Fourth Supplemental Indenture dated as of November&nbsp;9, 2006 (the &#147;<U>Fourth Supplemental Indenture</U>&#148;), a Fifth Supplemental Indenture dated as of August&nbsp;17, 2007 (the &#147;<U>Fifth Supplemental
Indenture</U>&#148;), a Sixth Supplemental Indenture dated as of January&nbsp;30, 2012 (the &#147;<U>Sixth Supplemental Indenture</U>&#148;), a Seventh Supplemental Indenture dated as of </P>

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


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">KB Home </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
January&nbsp;11, 2013 (the &#147;<U>Seventh Supplemental Indenture</U>&#148;), an Eighth Supplemental Indenture dated as of March&nbsp;12, 2013 (the &#147;<U>Eighth Supplemental
Indenture</U>&#148;), and a Ninth Supplemental Indenture dated as of February&nbsp;28, 2014 (the &#147;<U>Ninth Supplemental Indenture</U>&#148;; the Base Indenture, as amended and supplemented by the First Supplemental Indenture, the Second
Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental Indenture, the Eighth Supplemental Indenture, and the Ninth
Supplemental Indenture, is hereinafter called the &#147;<U>Indenture</U>&#148;), each among the Company, the guarantors party thereto and U.S. Bank National Association (successor in interest to SunTrust Bank), as trustee, and the Officers&#146;
Certificate and Guarantors&#146; Officers&#146; Certificate dated February&nbsp;17, 2015 (the &#147;<U>Officers&#146; Certificate Establishing Terms</U>&#148;), establishing the form and terms of the Securities. The Securities will be guaranteed by
each of the Arizona Guarantors and the Non-Covered Guarantors pursuant to the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with this opinion, we have
examined originals or copies, certified or otherwise identified to our satisfaction, of the following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the Indenture; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the Articles of Incorporation for Phoenix filed April&nbsp;12, 1993 with the Arizona Corporation Commission (the &#147;<U>ACC</U>&#148;),
together with all amendments thereto as certified to us by the Secretary of Phoenix; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) the Bylaws of Phoenix, together with all
amendments thereto, as certified to us on the date hereof by the Secretary of Phoenix; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) a Certificate of Good Standing in respect of
Phoenix issued by the ACC dated January&nbsp;9, 2015 (the &#147;<U>Phoenix Good Standing</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) the Unanimous Consent of the
Board of Directors of Phoenix to Corporate Action Without a Meeting dated January&nbsp;21, 2015, and the accompanying Certificate of Secretary of the Company dated the date hereof (the &#147;<U>Company&#146;s Certificate of Secretary</U>&#148;);
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) the Articles of Incorporation for Tucson filed January&nbsp;6, 1999 with the ACC, together with all amendments thereto as certified
to us on the date hereof by the Secretary of Tucson; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) the Bylaws of Tucson, together with all amendments thereto, as certified to us
by the Secretary of Tucson; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) a Certificate of Good Standing in respect of Tucson issued by the ACC dated January&nbsp;9, 2015 (the
&#147;<U>Tucson Good Standing</U>,&#148; and together with the Phoenix Good Standing, the &#147;<U>Good Standing Certificates</U>&#148;); </P>

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


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">KB Home </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) the Unanimous Consent of the Board of Directors of Tucson to Corporate Action Without a
Meeting dated January&nbsp;21, 2015, and the accompanying Company&#146;s Certificate of Secretary dated the date hereof; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) the
Officers&#146; Certificate Establishing Terms; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11) an Officers&#146; Certificate and a Certificate of Corporate Secretary of the
Company and Secretary of the Guarantors, each dated the date hereof, issued on behalf of the Arizona Guarantors, among others, confirming certain factual matters relevant to the opinions set forth herein (collectively, the &#147;<U>Reliance
Certificates</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have reviewed such other documents and made such examination of law as we have deemed appropriate to give the
opinions set forth below. We have relied, without independent verification, on certificates of public officials, and, as to matters of fact material to our opinions, also without independent verification, on representations made in the Underwriting
Agreement and certificates and other inquiries of officers of the Arizona Guarantors, including the Company&#146;s Certificate of Secretary and the Reliance Certificates, including as to the fact of delivery of the Indenture, the Underwriting
Agreement and the global note representing the aggregate principal amount of the Securities, in each instance without undertaking an independent investigation or inquiry. We have assumed that the factual matters contained in certificates obtained
from public officials remain true and correct as of the date hereof. We have not examined any records of any court, administrative tribunal or any similar entity in connection with our opinion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have assumed the legal capacity and competence of natural persons, the genuineness of all signatures, the authenticity of all documents
submitted to us as originals, the conformity to original documents of documents submitted to us as certified, conformed, photostatic, electronic or facsimile copies, and the completeness of all documents reviewed by us. We have also assumed, without
independent verification, (i)&nbsp;that the parties to the Indenture and the other agreements, instruments and documents executed in connection therewith, other than the Arizona Guarantors, have the power (including, without limitation, corporate
power where applicable) and authority to enter into and perform the Indenture and such other agreements, instruments and documents, (ii)&nbsp;the due authorization, execution and delivery by such parties, other than the Arizona Guarantors, of the
Indenture and such other agreements, instruments and documents and (iii)&nbsp;that the Indenture and such other agreements, instruments and documents constitute legal, valid and binding obligations of each party thereto, including the Arizona
Guarantors (except to the extent of our opinions in paragraphs 1, 2, and 3 below), enforceable against each such party in accordance with their respective terms. This opinion is limited to the present laws of the State of Arizona. We express no
opinion as to the laws of any other jurisdiction and no opinion regarding the statutes, administrative decisions, rules and regulations or requirements of any county, municipality or subdivision or other local authority of any jurisdiction. </P>

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


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">KB Home </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Page
 4
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based upon and subject to the foregoing qualifications, assumptions and limitations and the
further limitations set forth below, we are of the opinion that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. Each Arizona Guarantor is a corporation duly formed, validly existing
and in good standing under the laws of the State of Arizona. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. Each Arizona Guarantor has the requisite corporate power and corporate
authority to execute and deliver, and to perform its obligations under, the Indenture and the Officers&#146; Certificate Establishing Terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. The execution and delivery by each of the Arizona Guarantors of the Indenture and the Officers&#146; Certificate Establishing Terms, and
the performance by each of the Arizona Guarantors of its obligations thereunder, have been duly authorized by all requisite corporate action on the part of each Arizona Guarantor, and each such document has been duly executed and delivered by each
Arizona Guarantor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We express no opinion as to compliance with or the effect of any bankruptcy, insolvency, reorganization, fraudulent
transfer, fraudulent conveyance, moratorium or other similar laws, including general principles of equity, to the extent the same may be applied to the delivery or performance of the Indenture by the Arizona Guarantors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This opinion is limited to the specific issues addressed herein, and no opinion may be inferred or implied beyond that expressly stated
herein. This opinion speaks only as of the date hereof, and we assume no obligation to update, revise or supplement this opinion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We
hereby consent to the filing of this opinion as an exhibit to the Company&#146;s Current Report filed on Form 8-K or the Registration Statement. In giving this consent, we do not admit that we are within the category of persons whose consent is
required by Section&nbsp;7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission promulgated thereunder. Munger, Tolles&nbsp;&amp; Olson LLP may rely upon this opinion as if it were an
addressee hereof on this date with respect to matters set forth herein that are governed by Arizona law for purposes of its opinion relating to the offering of the Securities, as filed as an exhibit to the Company&#146;s Current Report on Form 8-K
or the Registration Statement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Ballard Spahr LLP</TD></TR>
</TABLE></DIV>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.7
<SEQUENCE>8
<FILENAME>d876132dex57.htm
<DESCRIPTION>EX-5.7
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.7</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.7 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February&nbsp;17,&nbsp;2015 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">KB H<SMALL>OME</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10990 Wilshire Boulevard </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Los Angeles, California&nbsp;900024
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Re: KB Home 7.625% Notes due 2023 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies
and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At the request of KB Home, a Delaware corporation (the &#147;<U>Company</U>&#148;), we have acted as special Colorado counsel to KB HOME
Colorado Inc., a Colorado corporation (the &#147;<U>Colorado&nbsp;Guarantor</U>&#148;), in connection with the Company&#146;s offer and sale of $250,000,000.00 in aggregate principal amount of the Company&#146;s 7.625% Senior Notes due 2023 (the
&#147;<U>Securities</U>&#148;), the offer and sale of which are registered on the Company&#146;s Registration Statement on Form S-3 (File&nbsp;No. <FONT STYLE="white-space:nowrap">333-197517)</FONT> (as amended on February&nbsp;11, 2015, <U>the
&#147;Registration Statement&#148;)</U>. The offering is being made pursuant to the Underwriting Agreement dated February&nbsp;11, 2015 (the &#147;<U>Underwriting Agreement</U>&#148;), by and among (i)&nbsp;the Company, (ii)&nbsp;the guarantors
named therein and (iii)&nbsp;Credit Suisse Securities (USA) LLC, Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc., as the representatives of the several underwriters named
in Schedule B thereto. The Securities are to be issued pursuant to an Indenture dated as of January&nbsp;28, 2004 (the &#147;<U>Base Indenture</U>&#148;), as amended and supplemented by a First Supplemental Indenture dated as of January&nbsp;28,
2004 (the &#147;<U>First Supplemental Indenture</U>&#148;), a Second Supplemental Indenture dated as of June&nbsp;30, 2004 (the &#147;<U>Second Supplemental Indenture</U>&#148;), a Third Supplemental Indenture dated as of May&nbsp;1, 2006 (the
&#147;<U>Third Supplemental Indenture</U>&#148;), a Fourth Supplemental Indenture dated as of November&nbsp;9, 2006 (the &#147;<U>Fourth Supplemental Indenture</U>&#148;), a Fifth Supplemental Indenture dated as of August&nbsp;17, 2007 (the
&#147;<U>Fifth Supplemental Indenture</U>&#148;), a Sixth Supplemental Indenture dated as of January&nbsp;30, 2012 (the &#147;<U>Sixth Supplemental Indenture</U>&#148;), a Seventh Supplemental Indenture dated as of January&nbsp;11, 2013 (the
&#147;<U>Seventh Supplemental Indenture</U>&#148;), an Eighth Supplemental Indenture dated as of March&nbsp;12, 2013 (the &#147;<U>Eighth Supplemental Indenture</U>&#148;), and a Ninth Supplemental Indenture dated February&nbsp;28, 2014 (the
&#147;<U>Ninth Supplemental Indenture</U>&#148;) (the Base Indenture, as amended and supplemented by the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth
Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental Indenture, the Eighth Supplemental Indenture and the Ninth Supplemental Indenture, is hereinafter called the &#147;<U>Indenture</U>&#148;), each among the Company,
the guarantors party thereto and U.S. Bank National Association (successor in interest to SunTrust Bank), as trustee, and the Officers&#146; and Guarantors&#146; Officers&#146; Certificate dated February&nbsp;17,&nbsp;2015, establishing the form and
terms of the Securities (the &#147;<U>Officers&#146; Certificate</U>&#148;). The Securities will be guaranteed by the Colorado Guarantor pursuant to the Indenture. </P>

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


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">KB H<SMALL>OME</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As counsel to the Colorado&nbsp;Guarantor, we have examined and relied upon originals or
copies, authenticated or certified to our satisfaction, of all such corporate records of the Colorado&nbsp;Guarantor, including the resolutions of the Colorado&nbsp;Guarantor&#146;s board of directors and other records relating to the authorization,
sale, and issuance of the Securities, communications or certifications of public officials (including the Certificate of Good Standing for the Colorado Guarantor issued by the Secretary of State of the State of Colorado on January&nbsp;9,&nbsp;2015
(the &#147;<U>Good Standing Certificate</U>&#148;)), certificates of officers, directors and representatives of the Colorado&nbsp;Guarantor and such other documents as we have deemed relevant and necessary as the basis of the opinions expressed
herein. In making such examination, we have assumed the genuineness of all signatures, the authenticity of all documents tendered to us as originals, and the conformity to original documents of all documents submitted to us as certified or
photostatic copies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based upon the foregoing, we are of the opinion that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">The Colorado Guarantor is a Colorado corporation duly formed and, based solely upon the Good Standing Certificate, validly existing and in good standing under the laws of the State of Colorado. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">The Colorado Guarantor has all requisite corporate power to enter into and perform its obligations under the Indenture and Officers&#146; Certificate. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">The Indenture and the Officers&#146; Certificate have been duly authorized, executed and delivered by the Colorado Guarantor. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our opinion herein is expressed solely with respect to the laws of the State of Colorado and is based on these laws as in effect on the date
hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This opinion letter has been prepared in connection with the offer and sale of the Securities and speaks as of the date hereof.
We undertake no obligation or responsibility to update or supplement this opinion letter to reflect any facts or circumstances that may hereafter come to our attention or any changes in law which may hereafter occur. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We consent to the filing of this opinion letter as an exhibit to the Registration Statement and to any reference to this firm under the
caption &#147;Legal Matters&#148; in the prospectus contained therein. In giving this consent, we do not hereby admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act of 1933, as amended, or
the rules and regulations of the U.S.&nbsp;Securities and Exchange Commission thereunder. Munger, Tolles&nbsp;&amp; Olson LLP may rely on this opinion letter as if it were an addressee hereof on this date for the sole purpose of rendering its
opinion letter to the Company relating to the offering of the Securities, as filed as an exhibit to the Company&#146;s Current Report filed on Form 8-K or the Registration Statement. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Fox Rothschild LLP</TD></TR>
</TABLE></DIV>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>g876132ex5_6pg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g876132ex5_6pg001.jpg
M_]C_X0`817AI9@``24DJ``@``````````````/_L`!%$=6-K>0`!``0```!D
M``#_X01$:'1T<#HO+VYS+F%D;V)E+F-O;2]X87`O,2XP+P`\/WAP86-K970@
M8F5G:6X](N^[OR(@:60](E<U33!-<$-E:&E(>G)E4WI.5&-Z:V,Y9"(_/B`\
M>#IX;7!M971A('AM;&YS.G@](F%D;V)E.FYS.FUE=&$O(B!X.GAM<'1K/2)!
M9&]B92!835`@0V]R92`U+C4M8S`R,2`W.2XQ-30Y,3$L(#(P,3,O,3`O,CDM
M,3$Z-#<Z,38@("`@("`@("(^(#QR9&8Z4D1&('AM;&YS.G)D9CTB:'1T<#HO
M+W=W=RYW,RYO<F<O,3DY.2\P,B\R,BUR9&8M<WEN=&%X+6YS(R(^(#QR9&8Z
M1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2(B('AM;&YS.GAM<$U-/2)H='1P.B\O
M;G,N861O8F4N8V]M+WAA<"\Q+C`O;6TO(B!X;6QN<SIS=%)E9CTB:'1T<#HO
M+VYS+F%D;V)E+F-O;2]X87`O,2XP+W-4>7!E+U)E<V]U<F-E4F5F(R(@>&UL
M;G,Z>&UP/2)H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C`O(B!X;6QN<SID
M8STB:'1T<#HO+W!U<FPN;W)G+V1C+V5L96UE;G1S+S$N,2\B('AM<$U-.D1O
M8W5M96YT240](GAM<"YD:60Z0C9%03<V0D5"-D,S,3%%-$(V1C4Y-C8R0S8W
M.3`W.#@B('AM<$U-.DEN<W1A;F-E240](GAM<"YI:60Z0C9%03<V0D1"-D,S
M,3%%-$(V1C4Y-C8R0S8W.3`W.#@B('AM<#I#<F5A=&]R5&]O;#TB4%-C<FEP
M=#4N9&QL(%9E<G-I;VX@-2XR+C(B/B`\>&UP34TZ1&5R:79E9$9R;VT@<W12
M968Z:6YS=&%N8V5)1#TB=75I9#HV9C%C-68T-2TW9#%E+30Q.3<M.&,V9"UF
M-F5A,V(P8F,P83DB('-T4F5F.F1O8W5M96YT240](G5U:60Z8S8V961A8C@M
M8V5F,BTT-V9E+3ED-6(M9#4X,3,S-C4Y83AB(B\^(#QD8SIC<F5A=&]R/B`\
M<F1F.E-E<3X@/')D9CIL:3YR<C4P-3DU-#PO<F1F.FQI/B`\+W)D9CI397$^
M(#PO9&,Z8W)E871O<CX@/&1C.G1I=&QE/B`\<F1F.D%L=#X@/')D9CIL:2!X
M;6PZ;&%N9STB>"UD969A=6QT(CY-:6-R;W-O9G0@5V]R9"`M($5X:&EB:70@
M-2XV("T@0F%L;&%R9"!3<&%H<B!+0B!(;VUE<R`U+C$@3W!I;FEO;B!$35=%
M4U1$3T-8+F1O8W@\+W)D9CIL:3X@/"]R9&8Z06QT/B`\+V1C.G1I=&QE/B`\
M+W)D9CI$97-C<FEP=&EO;CX@/"]R9&8Z4D1&/B`\+W@Z>&UP;65T83X@/#]X
M<&%C:V5T(&5N9#TB<B(_/O_M`$A0:&]T;W-H;W`@,RXP`#A"24T$!```````
M#QP!6@`#&R5''`(```(``@`X0DE-!"4``````!#\X1^)R+?)>"\T8C0'6'?K
M_^X`#D%D;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!
M`0$"`0$"`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#_\``$0@`(`#"`P$1``(1`0,1`?_$`'P```(#``(#
M`0`````````````(!PD*!@L!`P0%`0$`````````````````````$```!@(!
M`P,"`P4##0`````"`P0%!@<!"`D`$0HA$A03%3%!%E%A<1<XD2(CP36E-C=7
M9W>W6+@9.A$!`````````````````````/_:``P#`0`"$0,1`#\`B3GWW5W1
MU*Y>8AKUKON'M)6%-/D0UO?'."-%[V0X-A[G8<X?&V6GDJGZ0NSJA+<4:<``
MDD*"R2,![%!!CTZ"Z/R'7[9OC8URJ_>+2/;G8BM9%%[LAU9SVK9[9DAOBI)Y
M&INW2$]"XK8?=RV>`;WIF>V,@H0D1R8*E$L/]V,&EDF@"X3B%WFD/(UQ]T)M
MA,XF@A4ZG"&4L$\9&4"L$;%,J]F#[!9`[Q;"\Y2L!'']<P"6I2333C$H3\IQ
M&FB*R8(++.@0GD^`Z-F@VVUA1F76!!9Q4>N=XVA7\JKFP9E7KVQS:(59+'..
M.IBV'/;*-Y3-KD4`_")=\E`8:6`1A(LA#V#.IXG%UW=N9KOOD];17A=%TR5=
M<%61W,OF%JSPR:-[&571C@6V,$O;G]!(HRE`K.,'@+<I2^I@\]_[XNX*)P`;
M8;17GSH[;5E=>QMWV]7U45_MRR5S#K,LV735@B#?&]D(#%F;[0@D#JN)`M11
M]*%+A4/`U.2LBQDS/N%W#>YT!T!T!T'#)["6FP(\='WIQES6BRH(7?*A$ZF5
M=ON#D>1&%`!)((^1Y_+2C%G_`!"<*<$G8[8,"+&,8Z##CXK6W^U>T>_6YZ/9
M'8RY[U1P6A/B0U):=@2&7HHP29=J5"?]E0NJT]$@/5)4!(#32RPFFA+Q@0LX
MQC'0;1=J;X:-7-:+^V0?FXQX::*I^Q+66,Q)N2#GH,&BKI(BF8H_`#?CF.QZ
M`"?!GM%@O)ONSC.,=!2_PV((]R8:4P_>#:VTI#L)>-TRRR%LGC#99$PBM;:U
MY9)R_1]@IFM*R@TH96B"F1R+M:!6<XK"CI(YFK<*SUQQ1B?(0FZ,,6XE!\L]
M*4RX[!3NS="+/UBV+G=;0^=9;WJ9P>Y(+)Z;0.D'EMF"2!F5DQAJC<ORX1DZ
M0*EKF0%2M(.4*/B%&Y"Z[H#H#H#H,8_ER;#;&:@P'52;:P[&;`48^71-+<CE
MCAKFY;#8&5]9HI!(D:QI$T:3R']/,&4QJHX8S&Y,D-4&'#&:(8\^[H-0^A+@
MO=]&-+W9U7+'1T=-3]=7)S<W%2<M<'%Q7U!#U2Y>O6*3#5*Q:M5&C,--,$(P
MPP61"SG.<YZ!L>@.@.@ZQ'RB?KYYUX#A*(@"O-9:@82#4@,-3`59L*2_'&I*
M*&4::G"=[<F!`,`A`[XP+&<XS@+P?)A@>W!%*4];FVR2&["<=E56Q%'6X*/U
M;>I)K7:`IT^"6Q:&36:SN>I;[)?H4F/?#6I.0V%LIR)>ZEF&Y.]P%"0'8K;=
MT5V\%D@GO`'3A;-950L3)3D"UV=6EB5S:C7]$]1PRP4N(^^NZY@GTW:(=(U$
MA:U*I8L)D9Z@"H[Y*D9Z00)AR);`;*Z[<,U>;;+-@K2U2Y/8>MIIPLRI6C;5
M_M8HUUD5AH89)F.74Q/9M/8,I3N,5<RWM2UDM&!,2W(DOOP20<`8/Q6&YU@[
M_P#C:W9M';+>S-]GSC1G<!DGPH\D^W,;K)J]C-K5\X2-M;?>:!K)DWZ9"X#2
M@S]),<I&47C!80XZ"L'PG?Z:-Y?^?-8?]+<?NQT"'>-;_P#05OO^W]*[J_\`
ME?"?W?Y>@T0:^S7D'L[?S>Z*<E\5>M?]+(L\.R33VTHQLE(->(^I:&Z4_:8B
MU1L=;V3$E]HKYA!#AR%V>'7ZBIC="\(L!3E&DI2@0S@BY0MI;:Y--XN-FYKK
M?=D:0K53L&[T';4O<69ZL]@8:FN9NK]H1J;)84J(R>LTFB4B)5!7*Q*U(%B4
M)I!V"3A`P"@W7N)OM%O);A&@-:;C7LGU\2W?4D::X)+9H9)FA"R2S7AEE\P=
M'?"Q"%5-UK.K=5[LUHWHU:WX="DN#R3""_I]!-$BGW,EPF.?)!N]N5?*Z]-<
MW,M]K33>LK!NMXMQHGESV?:S:51DH1QU:,IWJ^,5O7!#HJD:3`VPYS`G^(06
M/_#5$!9%PA-.RF\G'XQ[T7EN=L:^[0W3.;;?(PYI9ZM9J1K9)!YW((7%H>WZ
MX,I:"FWB%JCHU]=T(6M)[@H*5#+(6)QED'%A0=X;65&=^M\<K<)@K<T(DRM"
MC^K\,*W-Y=U@4?U\B/\`B!49%@KWYR/Z?;W9[]^@WR;+UW65O:\W=4]T.J)A
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M7*968G/^,$L0.KSC[B;)<'.Q&D5]Z[7Q=EH4[=1UE,=^ZS[`6=)[GA<R0UD?
M7[BJ>H6^6"K?Y56,N?6:9*B\&M"Q.WE+$J8?Q,DY4D'@_P!OELCR16%?W&A)
M-)ZH7SGCAOB.1"RME;!9)X54[TBBUA'-:HI1,[/;).P3&K8Y!:V>RI$C-:CR
M_O+H$:$_*@``IC`JFY-^3JY.,GENTZBNI6S<IN?5V\8Q7(+TH*>V\HV)AA#D
M^W,XUV_9A\NF#S,)W6\E-C)J9<G+3NX$X%I&!C3F)SC21!^9YM_LS2_'_@S.
M0@S:-_>\6,8$+`?T#"_=G`<^F<XQ^703UO+&=JZ@\?.IMU(UN?L33%X5#K5I
MW(()#Z`L0^`4ZQP:1%5+!D4&>X^VMA#G8#D*)24*I>[NZI2<8]`%E*!.WX`B
MP$U:<[R[);D^.A:FX5A6W.XYL]KY4FV6$-M5T\$PASELRHZ,RT<%F,I:6=$"
M/NQXD>$!C@D,2?!6+DPSLDA^I[<!3;QFS7F?Y4.,7?I;4&Z=MOFQD1OFGDM:
M.;O<"ZNY._)#8^R.=A1!!/T92!-"&5'%>PVI`D&V-ZQQ<%AJ\P8PI1%!.O\`
MZUO+3_[^%7],'Z;_`*DA?YX_W:_ZN?[;O^(/^E^@KW\BR.RR\^:*&6G34&L*
MTJU9H9K`SNT\@=>3>41-M=87/Y`JEC>L?6B/*VXI4P)C`F*@?4[EA%COZ^G0
M:1?(-VO9-F]"+`T@TPK^V-N;]V.D%<L9+#1U26).6*"Q.+S^-S]\E<PFJ",Y
MA<?R8"*%H4A"AP+4C.5X-R`)!)I@0S^W'Q8\I/')P1NS-#$5CMMC;%;4--J;
M@UK0;LZ/\UKB@V>K%\7@40DBJ`&*UKNUBEJ<#A+_`+.:I2$X/1$'C,3)E8\@
MW>QBN@+W\9.NJ5TEI)385_1VK-<W"^XG5=/.)UCUT_55(HI)+]FENK2X\0[@
M7'O[&L,$(T]0Y//S<*$Q2A*!0<2$W<8FP4,(\:.VM>#FN:I9L@UEWCA*TUP@
MTM;6XZV[%>;K<Z\IR.Y7,A"B:6#+XRO"YDIF<M<4F3#)`I,*/4$E"#B7B/S5
MAU1U^W"8MF,O5#O<ONBO'B+M-JQ64PEP?VIOKO+:N<6I,_,B$Q<C2N`<DC,+
MP((1^F>W?'<$CX&D$YJ/FLWCLR3QB45PQ65#=OV.FI]8\#FL<KZ83>>['Q)X
MK)O;Y$Z1]*V.`)*2$*H@`#<Y/2`&,/H'/8)2\?R=?RFY!][0\QS),2-R)6P1
M$,"?]H(#*II(G%X:97-#[1CM2JW9@?T9XGL2UD.:D<=P(ER;$Y86X)A!7LP$
M;\3LBE^IOD0;KS.[*#NVM7*V&7:MPJ>K5]6R,J3R<ZV;JA=B5K'T&&MK4QEG
M3NT*+&L,7J%A#*V)TQWR5)."18Z#[K4/4.OEC1;:=L8I@OUL2715KVIO5-!9
MH;59+2VZH-47<%XYJ&/Y8\)$,EQE`:9];V`5A$7G.,ASV#5#SA:5OW*IQ?3:
MN==7=KDD_2/$*OND"LKB4++8#_`SUQGZ5PZ+A)DJ`R6Q=V<4:$]1DM.6X&IQ
M'C+)P8,((AX].T]?ZV<9L:U'O-LF=:;=Z^6#=,4D&J\KALD8[YE#M*+&DTUA
MX(/7KBV)WB4H)(EDI28MP1@-;$Z@HX2A0424,W`4M^)*BD-/;V;8O%R1"7U4
MEMJJ6V)0%3-HG)6-JE<R77,6YYB\;?5[.F:'QQ)(.[X^.<()@,>\.<A[YP&T
MCE=CTEEO&AO?%H8U/C[,)'JM=3'%&:,HU3A(W22ND&>$3$@842$LU8I>%3H<
M4!,`L.1Y.R'MZ]!`?'GR`R-_UXK:#<BD2D6F^X,$AS/';58]@$9<`B%F.3$@
M3-X[3JRRW11BN)PTS`!.%:U$W.IZYG<1J$QY(2@$'GA6_<>L\3Y,.>'3/:^A
M8^!WU_T&@RY]O?:%I9C$U?VW;[6]NSG3],UQ,QDIV^V7>`.2L+@[.36->V-2
M)28D&J"J]B?H*#&J;%USYA\^FJEA?Y$V,.Q]BGOR.+-:M]?4$<4:E+43])$K
M$VD*G=[31-L4F.2M*B)/7&(DIWQR33<!+&#X>1M&'WF,V+T(U#X\4HMB);`O
MYMR&W[&A)"QUIZD6>SSJU9&1=:%DIDQL6CBAO1Q5P7*F\:@3H$LHDD"8:A2G
M*&"R<C57W%JCS'\;<!VZ;[+F'$YKDQ:>UO6CH^Q>32K7#,9K6LH[$)U))_'&
M9`[P\V5E6NVC<WLET(/799P)?[IJ()>.@X3Y**5IFF^>@&QM&4_+,:EP^/5[
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M#!X"'OGOC`2#X?:[^1U![,U7<S9(JHL>RMBXZY0*%V+%)/#9!+&U)5#&B4KV
M1!(&=N,7(B5;<>6(P'<.!E"QG/X=PVL=`=`=`=`8QC'X8[>N<^G[<Y[YS_'.
M<]`=`=`=`=L=^_;UQWQC/Y]L]N^._P"_MT!V_/\`/\._\>W?^WMT!T!T'CVA
MSGW>W'NQC(<"[8[X#G.,Y#W_`![9SC'I^[H//0'0>A2E2K21IEB9.K3F=OJ)
MU))9Y)GMS@0?>4:$98NPL8SCOC\>@]"Q8VLK:K<'!4B:FAI0GK%JU6<0B;FU
MM0$"/4JE*@T129(B1I2A#&,60@+`'.<YQC'0=<75LWAJ'R[Y->"R51])2IU\
MVDZ%6^H=49-6F-BO4EX9$C@"P3#0Q(2)4]"PD+-^9[#%(L%ASD><8R'8[H%B
M!Q1)')K5)%S<Y)B'!"O0G%*$:Y(L*`H3+4JD@0R5*=408$8#`YR$8<XSC.<9
MZ#Z\XQGTSCOC]F?7H#.,9_''?UQGU_;C/?&?XXSCH#H*\N5B^K7UBT(ON\J.
M>D[!:L%35^=$7!7'VV5)\'OUIPB+NI!L?=4JQ(Y?687M5C`?9[BQ=C,9Q[.@
MABZM[B85O#J/!HY=L5!J^^59O&[;&2`YNCRYK*FFM312:QB`.:_:_>UC;3)X
MYX6$-IF"URI/E.7CZB8XKH.'43?^\-X[W[+P.&3*!G:X:W[;Q2*2]%,HZR(%
KRS7R;:;0>QD+)!\L;(FF#G9:6]YD`0'%Q5$MJ9H2JTB@)ZLK!>`NEZ#_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>g876132ex5_6pg001b.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g876132ex5_6pg001b.jpg
M_]C_X0`817AI9@``24DJ``@``````````````/_L`!%$=6-K>0`!``0```!D
M``#_X01$:'1T<#HO+VYS+F%D;V)E+F-O;2]X87`O,2XP+P`\/WAP86-K970@
M8F5G:6X](N^[OR(@:60](E<U33!-<$-E:&E(>G)E4WI.5&-Z:V,Y9"(_/B`\
M>#IX;7!M971A('AM;&YS.G@](F%D;V)E.FYS.FUE=&$O(B!X.GAM<'1K/2)!
M9&]B92!835`@0V]R92`U+C4M8S`R,2`W.2XQ-30Y,3$L(#(P,3,O,3`O,CDM
M,3$Z-#<Z,38@("`@("`@("(^(#QR9&8Z4D1&('AM;&YS.G)D9CTB:'1T<#HO
M+W=W=RYW,RYO<F<O,3DY.2\P,B\R,BUR9&8M<WEN=&%X+6YS(R(^(#QR9&8Z
M1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2(B('AM;&YS.GAM<$U-/2)H='1P.B\O
M;G,N861O8F4N8V]M+WAA<"\Q+C`O;6TO(B!X;6QN<SIS=%)E9CTB:'1T<#HO
M+VYS+F%D;V)E+F-O;2]X87`O,2XP+W-4>7!E+U)E<V]U<F-E4F5F(R(@>&UL
M;G,Z>&UP/2)H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C`O(B!X;6QN<SID
M8STB:'1T<#HO+W!U<FPN;W)G+V1C+V5L96UE;G1S+S$N,2\B('AM<$U-.D1O
M8W5M96YT240](GAM<"YD:60Z-C<W13DW.3-"-D,V,3%%-$)&139"-C5&0C@W
M,40Y-34B('AM<$U-.DEN<W1A;F-E240](GAM<"YI:60Z-C<W13DW.3)"-D,V
M,3%%-$)&139"-C5&0C@W,40Y-34B('AM<#I#<F5A=&]R5&]O;#TB4%-C<FEP
M=#4N9&QL(%9E<G-I;VX@-2XR+C(B/B`\>&UP34TZ1&5R:79E9$9R;VT@<W12
M968Z:6YS=&%N8V5)1#TB=75I9#HV9C%C-68T-2TW9#%E+30Q.3<M.&,V9"UF
M-F5A,V(P8F,P83DB('-T4F5F.F1O8W5M96YT240](G5U:60Z8S8V961A8C@M
M8V5F,BTT-V9E+3ED-6(M9#4X,3,S-C4Y83AB(B\^(#QD8SIC<F5A=&]R/B`\
M<F1F.E-E<3X@/')D9CIL:3YR<C4P-3DU-#PO<F1F.FQI/B`\+W)D9CI397$^
M(#PO9&,Z8W)E871O<CX@/&1C.G1I=&QE/B`\<F1F.D%L=#X@/')D9CIL:2!X
M;6PZ;&%N9STB>"UD969A=6QT(CY-:6-R;W-O9G0@5V]R9"`M($5X:&EB:70@
M-2XV("T@0F%L;&%R9"!3<&%H<B!+0B!(;VUE<R`U+C$@3W!I;FEO;B!$35=%
M4U1$3T-8+F1O8W@\+W)D9CIL:3X@/"]R9&8Z06QT/B`\+V1C.G1I=&QE/B`\
M+W)D9CI$97-C<FEP=&EO;CX@/"]R9&8Z4D1&/B`\+W@Z>&UP;65T83X@/#]X
M<&%C:V5T(&5N9#TB<B(_/O_M`$A0:&]T;W-H;W`@,RXP`#A"24T$!```````
M#QP!6@`#&R5''`(```(``@`X0DE-!"4``````!#\X1^)R+?)>"\T8C0'6'?K
M_^X`#D%D;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!
M`0$"`0$"`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#_\``$0@`40##`P$1``(1`0,1`?_$`',``0`!!0$!
M`0$````````````'`P0%!@@!`@D*`0$`````````````````````$``!!`("
M`@(!`P,"!04````$`@,%!@$'``@1$A,4%2$B%C$D%R,)05%QD4)B,W.S-!$!
M`````````````````````/_:``P#`0`"$0,1`#\`_NVD]95R6.,D2I&^-$'/
M*??;CMH[*B`D+7C"<X$C8JV!1X#6,8_1##3:,9_7&//`OYRAPE@>$?/-M["P
M@FP&<0VP+U76EL-J4M*RV8"QQK)Q><JS[$/I<?5CQC*\XQC@?+U!@WX,2O+.
MN*0`BW#67V=@WQB:6\YE_*D%V-BQMV`X7&2%>K#Y+C*?"?"<>B/4/8ZA0<7'
MR\8,;<'1IME#!CDAL"]RI[*&TNH2J*E).QER4&[G#N?+@3HZU9QC.<YRE/@*
M<)KV!K\BU*`GW1\EEMYM#<SL78%BC\I?1EM>78J?LTE&/+PG/[%+94I"OU3G
M&?UX%BG5M:28D[$EL#+R2\&X0K:VSU"?-A_[.$9`5;\@J%^3]/@RW\.4?L]?
M3]O`O9K7D!/R3\J<?=6"2$LH<;AMC[!KT?C##26499BH&S1L6.K*$8RO+;*<
MN*\J5Y5G.<A5DZ%!RP40`4;<&F(0=0H:XW8%[AS'FU(91E4K(1-C".G",)8Q
MX=-<(=QG*LX5Y4K.0\;H,&U!$5U)UPS'DFI/<?<V#?'9M+Z/A\(8LCEC781A
M,_`GR.V4AA7E7E&?97D/86A0<"HY0)MP?S(A+`(_,;`O=@2VPYGRI829VQR*
M8TS'_B0/AI]/_!>.!9Q>M*[#GAR0DA>W2`7,.L-R>S]DS(*U80IO&"HR7M9T
M<<WZKS^Q]IQ/GQGQYQC/`^)#6-;DCC)`B1OK;YQ#I3S8&T]F182'7E>RTBQT
M;;1(\%C&<_M:8:;:1C]$IQC].!?SM"@[$6R:>;<!WF!&@T(A-@7NMBY9:6XM
M*G0J]8XP-\G.7<^SRVU/+QC&%*SA*<8`30H,N%CH%TVX(!BWG7QGQM@WL.8<
M6]E[*TGV`2QLSLHSCYU>K9)+S:,83ZXQZI\!X#08./BY:'8.N+@DSAK!CINP
M;Y(R;6&?.$?BYF0L9,O"9SY_=D-]C*__`"\\#R"H$'79!,F`=<2"4LNL8;F]
MA7VR`>CWI[YS%V&R2<:I['ICU<RUE:/U]<X\Y\A8#ZNK0QC!S<E?U/#E-F-M
MO[6V<4&IYI[#Z4/`$VYX$@;*\>%,N-J96G]JDY3^G`N9C7-?G)$J4-D+NR27
MEO+K43LO8D%'I^-E#"?K14):(^,#QE#>,JPTRC"E>59\JSG.0N):A0<TS%L&
M'7!E$.'@$147L"]PCSK&$M)PN3(AK&`_,EYPSCR^6I]_.<JS[^5*\AYB@P>(
M%5<^]</QZCOR&2,[!OF9SY\9QGT39<V/-B2'Y3_^?!6!_P#T?KG@>Q%"@X1N
M3:#-M[R9<)0!69;8%[G7&F%)=3E<<[-6.0=AS,8>SX($RR_C/C.%^4I\!;1&
MMZ]"2`LF'(7AXD-2U,M2NS-BSD>K*VELYP3%35I/C#$X0YG.,/,KPE7A6/"L
M8S@+<O5U:--)/>DK^A\LITQU`NU=G!!I=>=R\M(\>';F`1!DKSX2RTVAI"?V
MI3A.,8X&0G:#!V(_\B>=<1R/@:&^.$V%?:V%\;.5Y0K\;7K)&1WSY^3/LY\7
MR+_3V5GQCP'S_C^"^#Z_WKE\?X/^/>W^0[]\_P!#\C^4^?[/\D^Q^9^S^W\C
M[?D/K_Z'S?!_I\#"P&W*O9-K[#TW'BSZ+=K&NT2TV9\R(<&@%1&QU65NJN1,
MPIW+,F^4[3Y)#K;:?<=0N?DPG"V\K#C?2O:;8-TVAM^`NT[7PJ]J7<W8.HR$
M;$:/V=AL[6VHHR$)CYD39#5BF*R3>4%VH'),<.*2Z<.T3A@9EQ'[0GV`[?Z*
ML\O"UV&L,X39IM_:@Z*PY2[<+9(U6E+$U4MF.34&5#,R48/6+,4,&\XMOT4X
M6PI.<M.I<R&J7GL'<[KT^([-]7*Z7/2#U'A]O5"G[%HMGBYN^4(9H&TS<#$U
MIXZNS(=MMM%P2FO/+4L94FZ+EQ#K"EXR'*VL^Z>ZMO7G8NOJ/8-.2<E7[5K(
M/7\X#3[!(Q>P]=]CQXO;&DMG``HV"/(#0]8Z[1ED)LC;WP9.L$3G`2F!\9;6
M'917<K04?)FU\VT3C5C"M],HK$`_1+L%-3]@V!!VNQT]-8BS(%@FP"6*&H4X
M\(Z)AU)&8IYMKW<4RAT("IO=D?&N^PH^P;6-5]FZK.[N6:!L,IIO8DC0WM6=
M9-V6O7RK*+'5]X56Q7=?PRX#-ACH>7:DB73<*:PS\O\`I!T"?W$T+!W.8H-B
MMDK#35:D96"L,U)4:[QM'CK#!:2#[%RL,[=R8-540<UI8ERPH;P<O"PA2$I6
MIYA;>`U^)[T=?Y^:J-?A#M@24M<;\'K@,=&I]C!LQ4_(ZASOD`B>.DZV#'QT
M(1J-T:<49\JV1@S&<OY:5E:4!?L]W>N9,7^6&MTV4P0/IN4@QA*'>2Y.V5KL
M)=4ZZTO<Z?%"UYZ0LU+V#=%?0#E!&W!$.>%/K:;6VM89NS;[D++UEN6]^MU3
MD]N3\=6KF;3J&5$RM<L4[:J-,2U<LM.(K=CQ6Y<>UPEA@#P519"P72)`7(N'
MF?DP\D(ITYW:UA;XC6B'KS([+,VRWN2<JTS3]+[$JSU8@M*'UR,V)7MQ5.5Q
M+36LM@:^GK.S%28$D@(K)?A.167/9'`V^#[V=:9\/7T@/<IR.%V;$5ZRU55B
MH%]K)"ZE<7BAJ;=)@">KD?(5ZF6Y\`C$=*G-,`$-CO.X=PRTXX@*U9[OZ!NM
MDU[5J;*W*T26S;5)U.L/0^N;N]&9)BZ3$[$<F9*3>A&`X^L$T^>#+:D%*R/X
M?]%Y0XT^AH-[[.;+O6H-.3^PM?4><V!*P$M4%S<-5Z](7.T1M$.ML+';"M];
MHD.^--7Z<I%+*.EAX0%?W9-8?P#H>>4AAT(OUYW0TC)T>LS$IN&NW]R8K^HK
M0+=:%2+D'59ZL=@MN3>G=,S#`2F[`N),F+G%?B9@5PI3D+)-.Y-0&SZX2%2(
M[D:PC)5->N5J(DC#;!VH?_DL!K"\U^ETRG=7=@#U+8;E_EII^8'AE43,V`&9
M,.O#QTP1A98330KK2,!,5&WWK[9E%LNP*$JS6>)JLF?!R4<%4+&-8GYL*-BY
M=$7%PDG'@%2;QT=-AN,NL^PW]QA*W4*;>2T$?5WN#JNS5S25L!B=DCP&];-.
MTNOGR5`FP<5.V5I5M'FX38;#J/LU=<=(465'>*]'P&LB9?6^D1;9"PP@7>+2
MAP`AJ!=ACOV:-J\[JR).HTH',[MK]UG!J[5)W5`#ZD+GH^6DSALN8*R"_'!E
M,FG-BA.H(R'0.L=GU;;5979ZJJ19:"FYZK3T-.1[T18JO;*M)D0UDK%BBG\J
M6#+P\D,M"_53C#[>4/L..CNM.K"0^`X#@.!%M?U%6*WM?8>Y`#+`Y;=G5VC5
M>S#F2RB8!,1KE=C<JK<5$992U&/ANV^26XXA7L0HO/R>V$-80$+C=,M="`;*
MAA+WO$""VU>;YL>[Q$1M>P0#1]NV)"OPD](`2=?_`!=AA!AT.ME!"!F,""G#
M,OI;]T><AC:?T1T13#J:8&W<I5F@[%MFV:O%SUF6?&16PKNS,MV>R`--A"OQ
M3TPNS2:B6`G!A2D2#C#[3HJ!V&0Z%U#JZO:4UG2M35$R?,J>O:]&U.K?R:6=
MG9<&MP@S<?`P[TJ^VV2:/"Q3#(C"W?=[+#*/D6XY[+4$0:GZ7]<-(VRL7;6>
MO!:U8Z?6MFU"OG,R4J2D*N;8V.G:5FBU#%F/#D#QUG^1J&^1*E0<6^['@Y8#
M=6SD(UQ_MT=>%AWF+/>V9-Q&RS:X9?8RQ;"E[`S:OXC+VV9K:9<N80;*$&PA
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MW$5\ZVVB\LS0%M.&N,3:+=LJ2VW*R478F4((9;Q>I=\E`SB71,CKR(XTX+G+
M.0T\7I_J4&>A;:`_<P;A&G[@DY6TAV9T:5N9V]8^M1^QW[@TT*F)E,R::5".
M#I:&'2`N'%2/AMI*VW`QL)TJTU7GJ,J)*V"*#3=*USKQ*0:;W,JKVS=/TL68
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MJBK1`=NY,&<WG3IX5CX,D5>R3L6*8,RTIE^->'1@5YIOV0H)8KNEP:YJ0_4+
M6Q-P2X)\+(P&;W8-B2\KM0((\+\:V_'7UY*94*5C`L)2,:C^[0ZG["G%DJ6\
MH(*.Z85HMS1%==G).7I6A[J!LFM3UMDCK-M@><A1G(F,HT':B,#"5G5TC!.8
M#EP!F?$I'H6$\C+9+[F0S(71_20((P:';^^]7(VLP>KY4V]3)LQI2`I<V-8J
MG!:G/(4XY7(Z'E`1_;Y\&/'B#,A'.%!--CI"?M8ZPJVI:PNKU1N1<9,FYVT3
MLQ-R)$Q8;/:[1)D3-DL]BERL_-(2\Q)E+<7G&$,LH]&6&VF&FFD!(?`<!P'`
M_+Z[S/9B:[E[6J&G;S:G`*8]T.M:JO+'5'&L:[KN\;!W*'V0>FH^4B_Y">Y:
MM7Z\^"';CG7CAK*D5Y"QQ5&9R$>]8^^!E8U12:9MVO;`M%]EDUABB7&5L4#.
M.;1,VOVIMW7JE@S$G]EDBJ$1-C1'X)=-:4C$6YA;7R$HR)D.E:)WJ@MDW>,U
MM3-1;'GKQ&V*;K^UX4)=;PWJQ%<WA;]`3=A+DBY<0&T5D*XT&8.^R"KW5"A9
M=PW]UQJ/6$3"_P"X#&;)U\Y+JUUMC62WPNJ>PH,F#LFN39R6I^\>S:M(B#D$
M$,V2)C4!V*L$HG`U,.$$P!:OH$-FJQD8.I--]G`-KW7<5&D::7KV5T=<1M?W
M;^2VBL/YS:IL[+],:AF8TUYR2A;M4#8V5CSL>C:G9#,8I*9,*0%%"(?]P3>>
MU]/ZV!?T2%8Y?8E>P1N^>B*Q68^UE3&H](2D%:MA4PX0UQ*XEG:0;C=<9.92
MHD?[[KH_AQKV2&G[ZM]CVQ>M9ZVZS[SV('>^P]2J6QTVFI3$`NC:"ZRQJV2Y
MS=;,,76I,:6N&T7)'$%4QY7)3,A+D?;PRN/@Y)O(9#O[V*V7H.AZYG-23K+X
M4U&[$D+!+14?%6^R0\!6]>$RT+M^3BCP9)B;T;KRP/`GW]R+;7/)@R$KBTNO
M9RTX&WR/=?(5MV-1!-?A25HI6S]/Z8@HT^X$5>2M5UV^S\\#:Y2(D*F;_$=,
M2(HQ;T39&2IK$TH$@0499[*A>!K1O?HAD#9;X>G7"S^OE5OUU[#@O;#C06*Q
M`Z[O%NI4QC5L@_7,M[7DS,4*6/';=1`,-M,LC&/"'O\`U6PF8SN#K2/VY=]8
M%!6/,?K_`%1$[0G[Q'0TE/QCKDI>2Z&_3H2O5P&7MTY8H"5&3B2P.$ML1U[`
M^<J?:*0.%:6[(6&,V(17AM-VBQT%S0]KW7#W*MFD&6\EZN?QAR(H\UJ4^OQ=
MCKL_L=N>+:K3+A+TA(&04DPZ$-EA*W`C2D=X!KH7U_$%HT*_C?&M;]M.*.@+
M\=/11T/1T&O/TO6T@[0(AK9.XF1!4O2M57^&D8=KYE+^9(A.6PZ"ZW;I1V$T
M_5]N,1,1!AVQ<LL.(BK*19WHMN+ES88F*L;IE;JID%<X>0CWA)F&?$21#23#
MP;RLNLK\!.G`<!P'`<!P'`<!P'`<#2H[6]"B+K9=D1=0K\??KG%0\';;B'&C
M#V*R0U>^Q^`BYJ5;0DN1`@_N/Y#:=4I`V2'<MX3EUSV#01NL?7<(%4:)I368
MX"JYFH?49I\*AA%9_ERK^B$90D3&&`&+TK,TTA'K\,KX+1ZOXPYP,EGKYHS,
MO0Y__$>O<3VL&Y=K7TVFJ0Z9>HMV`W$I/(A))(N#0TS4PG!Q?A?]P>G!3GL1
MC#F`Q(_5_KH("S&"Z2UD/'#0]:KXX+%0AFA&(*F6U^_5"(:'0*EIN-J]X)<F
M(]G&,-AR3BB6L(>5E?`H3'5KKY-L2#!>I:4W^877\S1`4&"&=,L5?8[VWH,2
M3/890:6*!LTI^<;2I?E$D2^^G.''G5+"2R]=T4^Q2]M-JD&59Y^J9HLU/O1[
M#DK)TW)#Y?\`&"S5)R^["?:*==^OG/Q_(XI7CRK.<A%8'4GK)$COB1&B-81`
MQ-5@**4Q$U&)BVB:35!3P:K3B4`#CI(JM9!E2F8Z/7Y$!:)=0RVA+B\*"0[#
MJ/5ULB:W`V77M.FX2G(;9JL1(U^,)C:^*U'_`(CZ$2$L;(X48[$?VCHJ$X'>
M%_T7$*;_`&\#6C-":ZGK!LBR7:'%OINSH>I56<%M8$8?$ATRA24Y.4RJQ4:D
M)I@<*`LEFD91HASY3OR1:GOGQAH9#`?97770QH-,C"]/:Y)C]=J>520WJE#.
M#US),BU-%ICFU"92ALZ<';/(2KV20>V@ES"GT)<P&M5[JMI.I;]D>Q]7I-?K
MNQ)6@%:^.=@ZW6(@(@61N,E=YFPNKCX0>6=M,],RKOWBUE*^TWX^1.5^5Y#;
M9#1&I2[^;M\;7U,`W*3'Y!'VNFKPI=W"RU"E0$>0W+F"//OYC(LQQEE#F5-I
M9<6WX]'%X4&L5_K91:RC63$89.+#U%(W:VTP.0(#,:_RGL5JY,7';4\OZ3+T
MS=)AO8<]G.,J:CVUS1BDC84MK+`2)K'6M>U35OXM7<F$-E3]JMTY+2:V'9:Q
MW"\V24M]QLTLL0<,/\C/V6:)*<0PRR,S\F&V6VVD(0D)!X#@.`X#@.`X#@.`
MX#@<%6_<&Y(3M7.:?:V!KR/I8'7^P;^0DR@%.S`0L/<V*JBL$S*[T.*XW^-R
MX>X7D5"L.)SC#>&<9X'-^F>^6P;-3^FMMV5<]4UIK==FC?\`,C#D9&!CTRM2
M/3^U;S]!Y`'8\\+5"<[)JGX]M$OG\B."6@8H1!;@[K@2UWKWE?ZBG4$;06R"
M:!9Z1N3;]I^A9YK7,KMK.I*[4)RE=<ZML:,KU@DZ5:MQXM19XWUAFI.28K;\
M>PZPDDAUL+6/[7[*'V6+4D"4JJ!-[(EM:KTC:8"<9V;K[5\-I\Z]1W8J[67^
M5_2S2V)0,=LM*06XS(92!&Y/,LVIIT)`ZV]HC-Q:L98-V[HR>VU=+CMVKZ>G
MJA$SV:M:(RL-R-DH\Y8Z-BU2,E$6'&N'8^:F8%$\@AIA].%.ANO998"'=C]G
MNTFK=2V;9$@K7EUJ`[F\)2#W+6M06R-ID-#ZAUY^8K&;S36MNW"<'K6V-APL
MR`'8!I!(K,<.%G#7S28[J`C76V]=AQO<F]7/<UDM=)U%!ZXMNP++'24W+88U
M81%Z4Z^6&TZYV=2R4_A0=7TXZPFRE3M\>.V9,SC\R`0AI`[;TF'6<YVQEM>[
MFWI5=I#`UVJTBJZTL6HX@6LF$O[,@]D23=6`N;FS`K9,1T<.%L((Z(DXDRNQ
M;T(*VS).$EB$(6D.6JS_`+AFSKYJ#6&U84C4L+(V3KI0MOQ=+_C]TL&.PFV+
M':K36KAU^TS+?F8@Z/G*8[!`,?+D.7.438P"7A&PF7\/AT9IOL]LV][K@Z3,
MCU$H>QS>^8JX:OAX&7"V%UTCM46@B%HMAV+/.S\G'2P.S@66%-_)'QB"GY09
MZ*68"R^^L/T'X#@.`X#@.`X#@.`X#@.`X#@.!YE.,_UQC/G^OG&,_P!<>N?^
M^/T_Z<#ST1^O[4_KG.<_MQ^N<YQG.<_I_7.<8S_UX%`P@0,4@P]\84(-EPPH
MHQUI@45@5.7W2B'WE):89&0WE:EJSC",)\YSCQP/1GA3&63A'1RARQV7AS!G
M&WV217D8>8=9(:RI#P[J'/9"DYRE6%><?UX'Q(`CR8!L:9AU0D@(2"4E@@@-
MY0Y;*QW\,EANL%BNY:<SZN-+0XC/[DJPK&,\#1974VNIR(IE=EJL`=6M?$0I
M=2K#ZRLUF,*K+8J*R0[7L$8AY1RLK"9=CON,OX!):0^SZ/(0XD-R3+0V9AR%
M1)1F9],>W(O1*3!<S"8OYU,-'.`8<^[B/^RYE"7<H^/Y%9QC/G/`QD93:U$6
M.Q6X"*:;L]K:BQIZ<>>),D30(-LE$-%((,>?4%"Q:C2'&`A_B%;(*?>PW\S[
MRUA0HU%J6M:?6*!1X0:OT^F1`4#5X,59#XT-$1P_U`@A737B2\MCC?L3E;BE
M>OZ9SG@;9A*<*RK"4X4K&,*5C&/96$^?7&<_USA/MGQ_R\\#W@.`X#@.`X#@
M.`X#@.`X#@.`X'YR2LEV:@>R_9BZB1FQ;)JBDUW6Q6HJ3E4PF#NMJFM=SD'.
M1%7``CWX^1KXEW-CC)D@EQ!4>MA3X_LUAYIP.?I.7[TAZYUL!*C;ZG-JZBL^
MRJ#V!*IT9"BP&]-!Q]R`CPMHZFD7(F#C%=B)"IGQ<E7$LCQPCK@T^*0.UC,>
MZ@)T[SU;>UU>TQC54!+6.GP52V]<TUN1JJKC7K!V#@X"H$=;*_NFF%3=<DI#
M7!9#]C66X00V'&S[,866IEP<=U`4(^0[:8W$,J89V;$R&=F2Z;/%P<9!RO7N
M'ZU8U8<_&OTJ0?B5D2VTPMA_40PA>%3;\IA]#PWX'+><!M_6BW;,*UF=4-BM
M]IF#[YL/:P==O6S:+4Z_;]+TB2A)FWU0>U6!WS'2G\8CF4!"S+L8:/F;*:`S
M]M@912PYWV/);\U[HPC:-3W=M.UZZN5CO!$&S:+75_\`.1-?=UI(5_0A&H4!
M:[C@[?-[`VN*/-)KCHRBI$.7"8]U-CE"$ABM;Z[[%TSM,3OG:FM;5;V(;6IU
MXOM=J<.$82O<XO5K2]8LMYTY9AY`!FT!;*F(*3IK&N2R,C1LE$-3S+C.#,YX
M$C[HV#V+BK=W,%KEY*C%U31^MMN:K-788.O4RG50HUS%VU5:&2J'9WZ'O:QI
MI<JJ)L1*[,%]68'<3%,_06V:'R%L#LP7V'TE48.:G1(>V8KUP_!V"2BYV2J'
M71SJ]*,6E/8FF,0\>57MK17:+\4Z'*LR",3:#L@C?&P))(0'4G2BR7RTZ("D
M-G2DW/WV/O&RJM:;/(S<=88&VRU+O,Y4";=KB3C*O31LZPLZH3[T&PJ/:>$#
M?PPZX2XVHIX.M.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@1L+M2KF;?G-(M(E\7
M2OZXJ^TCEN1RT02JO;K-;:G$X%ELN?&1*)EJ4;\X^$^S+7Q+SGPYC@4-H[1I
M^L1J0W<AY(D39FQZIJ&&;`BLRPZK)>W"PX=$TW[);#A'W1E-OOKPI",K3C*<
M^W`L]07_`%_O37.O]NTR)=_CDP`5(4Y5@@&8J<A&$/&P!;;8#V'7H,C*0W6%
MH;4G.6OVY_3/C@9';^UZMI'7TULRZ(EUUJ`+KHDC^"C7)>20NS6:&J@#K8+2
MVUN#LR4XRLA?G&&1TK<S^B,\#=EP4&ZDI#L-%.(.D1I@U*XX1:3)<+(>0Y0I
M*F<X(D1,QX_Q/K\NM_`WZJQZ)\!I^Q++3=34'9^UK%$^(*J4VQWR].0D*R?-
MS$)3*X9)R/\`9LI;?GI!N$C5M#LK5E2\82VG.,9QC@;15SXF5K-=E(`=(<%)
M040?"B(%;!2+$F1XY$<.D)K&&@TL!N(3AI/[6\8]<?IC@9W@.`X#@.`X#@.`
MX#@.`X#@.`X'YE;MZA=@;9O&P7W5>YUU6ASE@H%P55I:SW93C4[8:_-:+[`1
M@XH12H^.JJM(R`=GJX8_H@;948@YQ+:'GW%!@9?I)O,7=Q4K3MNNA=?R+T_A
M%$E+UL@JP,:FVI3*\/N^MMR3L@4XU8*_?M9PYM&+02E4.%9+`Q[(2X/C`7E3
MZ6;TKF\&)LK<;\KHAG85W#Q22K?L!V?QIF0M<+V%H`WVR)%Y"[Q4=Z.2=26I
M3V1R-7X%"6M3B,M8"RW1UA[';JVJ-M1@6MZBN<YIG4-+`N%+V_:#I+2EZUIO
MNW;!EYH-H6IU0?9=?L-#LF!L!E,-#&OY>CS1\!/N$9#5HWK#VYD[V98KD'2\
M03W8_K/N$&OB[EN]MCH6/U%9-BL[`-C5W.$+/78;;73((EO.%"LE+;P.M`B1
M4>X5=.]8>V.NICJ6(;'TT:H:38(;V"U7=SWA!=G`L=?['P=BKC%>=A0:>]%A
MS5XI\RA?U6B9%X!>7GVG8T%+@11/=%NU#FD:)K%UBO7_`"O1FCXZT"VSL%L@
MY=5[,ZQVI#7#8VU&I>PP\Z]>XW;=8A(X8=1&!5Q#T1\:1/ADS5(#9=P:TW'3
M-IZ_'O+K]SI^\N];CE9I3FZ+!7;'(5:;Z]=N#K)4;!;(I5<B)/6\.>_"&5J.
M>CTR@*VDQ;KQ:`(=_(4K%TX[LNU^!HCMU@KY&P?6?:6D9BYSNZ=CN2VPY'9.
M@)2FQ*K;$3L3)QS\51-D,"8P2IER2DQO28)>=D5DBI#?8GIMO-E,-23"21M1
M,]E-+[)D*Q';^V4&0SK2'ZL-ZOVM7!#0,AS&&9+<Z,SK<0DY$<=A2C598+4I
MK(=!W?7W92[[GI]LF:M3"=:LP\]76*L%N2V19&K+C6MJ24Q0]["LQM.B@MBD
MW+7XT;^0@BL#J@S!E`,D&AG'$\#G*$ZD=LL5:'B[+=5&DIB^F4'LJ."W3?6V
M-I7O2F_0K[V'WTS.-AARM:>W3K$5R(5!M_%B2R3@0_+8P8[JPE[JOUQWEIS:
M,'/6J3)=IF=?;[JED!(W%>+]]DF4[(D7?KBVU$6M#PSB-=:.,?@LE)<:($^1
M(>,E#MMO)#]'N`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.!CS?_`'1/_F1_]X_`
9R'`<!P'`<!P'`<!P'`<!P'`<!P'`<#__V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
