<SEC-DOCUMENT>0001193125-17-196207.txt : 20170607
<SEC-HEADER>0001193125-17-196207.hdr.sgml : 20170607
<ACCEPTANCE-DATETIME>20170606183159
ACCESSION NUMBER:		0001193125-17-196207
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20170607
DATE AS OF CHANGE:		20170606

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRI Pointe Group, Inc.
		CENTRAL INDEX KEY:			0001561680
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				273201111
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-211523
		FILM NUMBER:		17895243

	BUSINESS ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612
		BUSINESS PHONE:		(949) 478-8600

	MAIL ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRI Pointe Homes, Inc.
		DATE OF NAME CHANGE:	20130130

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRI Pointe Homes, LLC
		DATE OF NAME CHANGE:	20121218

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRI Pointe Homes, Inc.
		DATE OF NAME CHANGE:	20121106

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WINCHESTER HOMES INC.
		CENTRAL INDEX KEY:			0001636973
		IRS NUMBER:				911062978
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-211523-01
		FILM NUMBER:		17895244

	BUSINESS ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612
		BUSINESS PHONE:		949-438-1400

	MAIL ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRENDMAKER HOMES, INC.
		CENTRAL INDEX KEY:			0001636964
		IRS NUMBER:				741714894
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-211523-04
		FILM NUMBER:		17895246

	BUSINESS ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612
		BUSINESS PHONE:		949-438-1400

	MAIL ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MARACAY BRIDGES, LLC
		CENTRAL INDEX KEY:			0001636926
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			AZ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-211523-09
		FILM NUMBER:		17895252

	BUSINESS ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612
		BUSINESS PHONE:		949-438-1400

	MAIL ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MARACAY 91, L.L.C.
		CENTRAL INDEX KEY:			0001636995
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			AZ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-211523-11
		FILM NUMBER:		17895254

	BUSINESS ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612
		BUSINESS PHONE:		949-438-1400

	MAIL ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRI POINTE HOLDINGS, INC.
		CENTRAL INDEX KEY:			0001636970
		IRS NUMBER:				910861867
		STATE OF INCORPORATION:			WA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-211523-02
		FILM NUMBER:		17895257

	BUSINESS ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612
		BUSINESS PHONE:		949-438-1400

	MAIL ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PARDEE HOMES OF NEVADA
		CENTRAL INDEX KEY:			0001636959
		IRS NUMBER:				880104733
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-211523-06
		FILM NUMBER:		17895248

	BUSINESS ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612
		BUSINESS PHONE:		949-438-1400

	MAIL ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRI Pointe Homes, Inc.
		CENTRAL INDEX KEY:			0001674745
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-211523-14
		FILM NUMBER:		17895251

	BUSINESS ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612
		BUSINESS PHONE:		9494381400

	MAIL ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MARACAY HOMES, L.L.C.
		CENTRAL INDEX KEY:			0001636939
		IRS NUMBER:				860778798
		STATE OF INCORPORATION:			AZ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-211523-10
		FILM NUMBER:		17895253

	BUSINESS ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612
		BUSINESS PHONE:		949-438-1400

	MAIL ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MARACAY THUNDERBIRD, L.L.C.
		CENTRAL INDEX KEY:			0001636940
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			AZ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-211523-08
		FILM NUMBER:		17895250

	BUSINESS ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612
		BUSINESS PHONE:		949-438-1400

	MAIL ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MARACAY VR, LLC
		CENTRAL INDEX KEY:			0001636942
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			AZ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-211523-03
		FILM NUMBER:		17895245

	BUSINESS ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612
		BUSINESS PHONE:		949-438-1400

	MAIL ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRI POINTE CONTRACTORS, LP
		CENTRAL INDEX KEY:			0001636972
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-211523-12
		FILM NUMBER:		17895255

	BUSINESS ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612
		BUSINESS PHONE:		949-438-1400

	MAIL ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			QUADRANT Corp
		CENTRAL INDEX KEY:			0001636962
		IRS NUMBER:				910719887
		STATE OF INCORPORATION:			WA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-211523-05
		FILM NUMBER:		17895247

	BUSINESS ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612
		BUSINESS PHONE:		949-438-1400

	MAIL ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PARDEE HOMES
		CENTRAL INDEX KEY:			0001636944
		IRS NUMBER:				952509383
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-211523-07
		FILM NUMBER:		17895249

	BUSINESS ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612
		BUSINESS PHONE:		949-438-1400

	MAIL ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRI POINTE COMMUNITIES, INC.
		CENTRAL INDEX KEY:			0001636965
		IRS NUMBER:				273202747
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-211523-13
		FILM NUMBER:		17895256

	BUSINESS ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612
		BUSINESS PHONE:		949-438-1400

	MAIL ADDRESS:	
		STREET 1:		19540 JAMBOREE ROAD, SUITE 300
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>d408389d424b5.htm
<DESCRIPTION>424B5
<TEXT>
<HTML><HEAD>
<TITLE>424B5</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CALCULATION OF REGISTRATION FEE </B></P>
<P STYLE="font-size:4pt;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="36%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD></TR>


<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><B>Title of Securities To Be Registered</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><B>Amount<BR>To Be<BR>Registered</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Proposed<BR>Maximum<BR>Offering Price<BR></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Per Unit</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Proposed<BR>Maximum<BR>Aggregate</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Offering&nbsp;Price</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><B>Amount of<BR>Registration<BR>Fee(1)(2)</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.25% Senior Notes due 2027</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$300,000,000</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">100.00%</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$300,000,000</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$34,770.00</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Calculated in accordance with Rule 457(r) of the Securities Act of 1933, as amended. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Paid herewith. </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2"><B>Filed Pursuant to Rule 424(b)(5)<BR>Registration File No. 333-211523 </B></FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Prospectus supplement </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2"><B>(To prospectus dated May&nbsp;23, 2016) </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><I>$300,000,000 </I></B></FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g408389g47k24.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="6"><B>TRI Pointe Group, Inc. </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><I>5.25% Senior Notes due 2027 </I></B></FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">We are offering
$300&nbsp;million aggregate principal amount of our&nbsp;5.25% Senior Notes due 2027 (the &#147;notes&#148;). The notes will bear interest at a fixed rate of&nbsp;5.25% per annum. We will pay interest semi-annually on the notes on&nbsp;June
1&nbsp;and December&nbsp;1 of each year until maturity, beginning on&nbsp;December 1, 2017. The notes will mature on&nbsp;June 1, 2027 unless earlier redeemed. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">We may redeem some or all of the notes at any time prior to the scheduled maturity of such notes at a price equal to 100% of the aggregate principal amount of the notes to be redeemed, plus accrued and unpaid
interest, if any, to the redemption date, plus a &#147;make whole&#148; premium. If the notes are redeemed on or after the date that is six months prior to the maturity date of the notes, the redemption price will equal 100% of the principal amount
being redeemed plus accrued and unpaid interest, if any, to the redemption date. See &#147;Description of the Notes&#151;Optional Redemption&#148;. If we experience certain change of control triggering events, we will be required to offer to
purchase the notes at a repurchase price equal to 101% of the principal amount of the notes, plus accrued and unpaid interest to, but not including, the repurchase date. See &#147;Description of the Notes&#151;Change of Control.&#148; </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Our obligations under the notes will be, jointly and severally, guaranteed by all of our wholly owned domestic subsidiaries to the extent they currently guarantee
our unsecured revolving credit facility. The notes and the guarantees, respectively, will be our and the guarantors&#146; unsubordinated unsecured obligations and will rank <I>pari passu</I> in right of payment to all of our and the guarantors&#146;
existing and future indebtedness and other liabilities that are not by their terms subordinated in right of payment to the notes (including our unsecured revolving credit facility and our existing 4.375% Senior Notes due 2019, 4.875% Senior Notes
due 2021 and 5.875% Senior Notes due 2024), and will rank senior in right of payment to any future indebtedness of us or any guarantor that provides by its terms that it is subordinated in right of payment to the notes and the guarantees. The notes
and the guarantees will be effectively subordinated to all of our and the guarantors&#146; existing and future secured indebtedness to the extent of the assets securing such indebtedness. There is no sinking fund for the notes. The notes will be
issued in registered form and in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Investing in the notes involves
a high degree of risk. See &#147;<A HREF="#supptoc408389_6">Risk Factors</A>&#148; beginning on <FONT STYLE="white-space:nowrap">page&nbsp;S-12</FONT> of this prospectus supplement, in the accompanying base prospectus and in the documents filed with
the U.S. Securities and Exchange Commission (the &#147;SEC&#148;) and incorporated by reference herein. </B></FONT></P> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-TOP:2px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>Per&nbsp;note</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-TOP:2px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>Total</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Public offering price(1)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">100.00%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">300,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Underwriting discounts and commissions(2)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">1.00%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2"> 3,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Proceeds to us before expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">99.00%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">297,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="8" VALIGN="top"> <P STYLE="border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="1">(1)</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:arial" SIZE="1">Plus accrued interest, if any, from June&nbsp;8, 2017. </FONT></TD></TR></TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="1">(2)</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:arial" SIZE="1">See &#147;Underwriting (Conflicts of Interest)&#148; for a description of the compensation payable to the underwriters. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Neither the SEC nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus
supplement or the accompanying base prospectus. Any representation to the contrary is a criminal offense. </B></FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The notes will not be listed on any
securities exchange. Currently, there is no public market for the notes. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">We expect that delivery of the notes will be made to investors in book-entry
form through the facilities of The Depository Trust Company and its participants, including Clearstream Banking, <I>soci&eacute;t&eacute; anonyme</I> and Euroclear Bank S.A./N.V, on or about June&nbsp;8, 2017. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><I>Joint book-running managers </I></FONT></P> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="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="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="4"><B>J.P. Morgan</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="4"><B>Citigroup</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="4"><B>Credit Suisse</B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="4"><B>Wells Fargo Securities</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="4"><B>US Bancorp</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><I><FONT STYLE="white-space:nowrap">Co-managers</FONT> </I></FONT></P>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:arial" SIZE="3"><B>Fifth Third Securities&nbsp;&nbsp;&nbsp;</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="3"><B>Zelman Partners, LLC</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">June&nbsp;5, 2017 </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="toc"></A>Table of contents </B></FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" COLSPAN="4"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2"><B>Prospectus supplement</B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:1px" align="left"><FONT
SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>&nbsp;</B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:1px"><FONT SIZE="1"></FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1"><B>Page</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc408389_1">About this prospectus supplement </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2"><FONT STYLE="white-space:nowrap">S-1</FONT></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc408389_2">Where you can find more information </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2"><FONT STYLE="white-space:nowrap">S-1</FONT></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc408389_3">Incorporation of certain documents by reference </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2"><FONT STYLE="white-space:nowrap">S-2</FONT></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc408389_4">Prospectus supplement summary </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2"><FONT STYLE="white-space:nowrap">S-4</FONT></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc408389_5">Forward-looking statements</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2"><FONT STYLE="white-space:nowrap">S-10</FONT></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc408389_6">Risk factors </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2"><FONT STYLE="white-space:nowrap">S-12</FONT></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc408389_7">Ratio of earnings to fixed charges </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2"><FONT STYLE="white-space:nowrap">S-18</FONT></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc408389_8">Use of proceeds </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2"><FONT STYLE="white-space:nowrap">S-19</FONT></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc408389_9">Capitalization </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2"><FONT STYLE="white-space:nowrap">S-20</FONT></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc408389_10">Description of other indebtedness </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2"><FONT STYLE="white-space:nowrap">S-21</FONT></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc408389_11">Description of the notes </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2"><FONT STYLE="white-space:nowrap">S-22</FONT></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc408389_12">Certain U.S. federal income tax considerations </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2"><FONT STYLE="white-space:nowrap">S-45</FONT></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc408389_13">Underwriting (Conflicts of interest) </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2"><FONT STYLE="white-space:nowrap">S-50</FONT></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc408389_14">Validity of the notes </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2"><FONT STYLE="white-space:nowrap">S-55</FONT></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#supptoc408389_15">Experts </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2"><FONT STYLE="white-space:nowrap">S-56</FONT></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
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<TD VALIGN="top" COLSPAN="4"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2"><B>Prospectus</B></FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:1px" align="left"><FONT SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>&nbsp;</B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:1px"><FONT SIZE="1"></FONT></P></TD></TR>

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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#toc408389_1">About this prospectus </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#toc408389_2">Summary </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#toc408389_3">Risk factors </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#toc408389_4">Forward-looking statements</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#toc408389_5">Use of proceeds </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#toc408389_6">Ratio of earnings to fixed charges </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#toc408389_7">Description of debt securities </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#toc408389_8">Description of capital stock </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">10</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#toc408389_9">Description of other securities </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">15</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#toc408389_10">Plan of distribution </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">15</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#toc408389_11">Where you can find more information </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">16</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#toc408389_12">Incorporation of certain documents by reference </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">16</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
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<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#toc408389_13">Legal matters </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">18</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
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<TD HEIGHT="5"></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><A HREF="#toc408389_14">Experts </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">18</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>We have not authorized anyone else to provide you with information other than the information contained or
incorporated by reference in this prospectus supplement, the accompanying prospectus or any free writing prospectus filed by us with the U.S. Securities and Exchange Commission (the &#147;SEC&#148;) or to make additional representations. Neither we
nor the underwriters take any responsibility for, and can provide no assurances as to the reliability of, any other information that others may give you or representations that others may make. If you are in a jurisdiction in which offers to sell,
or solicitations of offers to purchase, the notes offered by this prospectus supplement are unlawful, or if you are a person to whom it is unlawful to direct these types of activities, then the offer presented in this prospectus supplement does not
extend to you. Neither the delivery of this prospectus supplement, the accompanying prospectus or any free writing prospectus filed by us with the SEC, nor any sale made hereunder, shall under any circumstances create any implication that there has
been no change in our affairs since the date on their respective filing or that the information contained or incorporated by reference herein is correct as of any time subsequent to the date of such information. </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><I>Unless otherwise noted, or the context otherwise requires, &#147;TRI Pointe&#148; and the terms the &#147;Company,&#148; &#147;we,&#148; &#147;us&#148; and
&#147;our&#148; refer collectively to TRI Pointe Group, Inc. and its subsidiaries. Prior to any purchase of our notes hereunder, you should read this prospectus supplement and the accompanying prospectus, together with the additional information
incorporated by reference herein and therein, as described in the section entitled &#147;Incorporation of certain documents by reference.&#148; </I></FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc408389_1">
</A>About this prospectus supplement </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">This document is in two parts. The first part is this prospectus supplement, which describes the specific terms
of this offering of notes and also adds to and updates information contained in the accompanying prospectus and the documents incorporated by reference herein and therein. The second part, the accompanying prospectus, gives more general information
about us and the securities we may offer from time to time under our shelf registration statement, some of which do not apply to this offering of the notes. If the description of the debt securities we may offer in the accompanying prospectus is
different from the description of this offering of the notes in this prospectus supplement, you should rely on the information contained in this prospectus supplement. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">You should read this prospectus supplement, the accompanying prospectus and any free writing prospectus to which we have referred you and the documents incorporated by reference herein described under &#147;Where
you can find more information&#148; and &#147;Information incorporated by reference&#148; in this prospectus supplement before deciding whether to invest in the notes offered by this prospectus supplement. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">You should not consider any information in this prospectus supplement, the accompanying prospectus or any free writing prospectus to which we have referred you to
be investment, legal or tax advice. You should consult your own counsel, accountants and other advisors for legal, tax, business, financial and related advice regarding the purchase of any of the notes offered hereby. </FONT></P>
<P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc408389_2"></A>Where you can find more information </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">We file annual, quarterly and current reports, proxy statements and other information with the SEC. You may read and copy materials that we have filed with the SEC at the following SEC public reference
room:&nbsp;100&nbsp;F&nbsp;Street, N.E., Washington, D.C. 20549. Please call the SEC at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-SEC-0330</FONT></FONT></FONT> for further
information&nbsp;regarding its public reference room. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Our SEC filings, including the complete registration statement of which this prospectus supplement
and the accompanying prospectus are a part, are available to the public on the SEC&#146;s internet website at <I>www.sec.gov</I>, which contains reports, proxy and information statements and other information regarding companies that file
electronically with the SEC. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-1 </FONT></P>


<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">In addition, our common stock is listed on the NYSE and similar information concerning us can be inspected and copied
at the offices of the NYSE, Inc., 20 Broad Street, New York, New York 10005. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">This prospectus supplement is part of a registration statement that we
filed with the SEC, using a &#147;shelf&#148; registration process under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), relating to the securities to be offered. This prospectus supplement does not contain all of the
information set forth in the registration statement, certain parts of which are omitted in accordance with the rules and regulations of the SEC. For further information with respect to us and the notes offered hereby, reference is hereby made to the
registration statement. The registration statement, including the exhibits thereto, may be inspected at the Public Reference Room maintained by the SEC at the address set forth above or may be obtained at the SEC&#146;s website set forth above.
Statements contained herein concerning any document filed as an exhibit are not necessarily complete, and, in each instance, reference is made to the copy of such document filed as an exhibit to the registration statement. Each such statement is
qualified in its entirety by such reference. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc408389_3"></A>Incorporation of certain documents by reference </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The rules of the SEC allow us to &#147;incorporate by reference&#148; information into this prospectus supplement. This means that we can disclose important
information about us and our financial condition to you by referring you to another document filed separately with the SEC. The information incorporated by reference is considered to be a part of this prospectus supplement, and information that we
file later with the SEC will automatically update and supersede this information. This prospectus supplement incorporates by reference the documents listed below that we have previously filed with the SEC (other than portions of these documents that
are either (i)&nbsp;described in paragraphs (d)(1), (d)(2), (d)(3) or (e)(5) of Item&nbsp;407 of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> promulgated by the SEC or (ii)&nbsp;furnished under applicable SEC rules, rather than filed, and
exhibits furnished in connection with such items): </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">TRI Pointe&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2016 (including the portions of our
Definitive Proxy Statement on Schedule 14A, filed on April&nbsp;14, 2017, incorporated by reference therein); </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">TRI Pointe&#146;s Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended March&nbsp;31, 2017; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">TRI Pointe&#146;s Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed February&nbsp;28, 2017; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">TRI Pointe&#146;s Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed March&nbsp;22, 2017; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">TRI Pointe&#146;s Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed March&nbsp;30, 2017, as amended on March&nbsp;31, 2017;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">TRI Pointe&#146;s Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed on May&nbsp;30, 2017; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">the description of TRI Pointe common stock contained in TRI Pointe&#146;s registration statement on <FONT STYLE="white-space:nowrap">Form&nbsp;8-A,</FONT> filed
January&nbsp;28, 2013; </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">All reports and other documents subsequently filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;) on or after the date of this prospectus supplement and prior to the termination of this offering will be deemed to be incorporated by reference in this prospectus supplement
and to be part hereof from the date of filing of such reports and other documents. However, we are not incorporating by reference (i)&nbsp;any information provided in these documents that is described in paragraph (d)(1), (d)(2), (d)(3) or (e)(5) of
Item&nbsp;407 of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> promulgated by the SEC or furnished under applicable SEC rules, rather than filed, and exhibits furnished in connection with such items, including information furnished under
Items 2.02 or 7.01 of Form <FONT STYLE="white-space:nowrap">8-K</FONT> or (ii)&nbsp;any Form SD, unless, in either case, otherwise specified in such current report, or in such form or in a particular prospectus supplement. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-2 </FONT></P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Any statement contained in this prospectus supplement, the accompanying prospectus or in a document incorporated or
deemed to be incorporated by reference herein or therein will be deemed to be modified or superseded for purposes of this prospectus supplement to the extent that a statement contained in this prospectus supplement or in any other subsequently filed
document that also is or is deemed to be incorporated by reference in this prospectus supplement modifies or supersedes that statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a
part of this prospectus supplement. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">You may request a copy of the filings incorporated herein by reference, including exhibits to such documents that
are specifically incorporated by reference, at no cost, by requesting them in writing or by telephone from the Company at the following address and telephone number: 19540 Jamboree Road, Suite 300, Irvine, California 92612, Attention: Investor
Relations, Telephone: <FONT STYLE="white-space:nowrap">(949)&nbsp;478-8696.</FONT> You may also obtain these documents from the SEC or through the SEC&#146;s website, as described above. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">Statements contained in this prospectus supplement or the accompanying prospectus as to the contents of any contract or other documents are not necessarily complete, and in each instance investors are referred to
the copy of the contract or other document filed as an exhibit to the registration statement, each such statement being qualified in all respects by such reference and the exhibits and schedules thereto. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc408389_4"></A>Prospectus supplement summary </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><I>This summary highlights certain information contained elsewhere in or incorporated by reference into this prospectus supplement or the accompanying prospectus.
This summary is not complete and does not contain all of the information that you should consider before deciding whether or not to invest in the notes. You should read this summary together with the more detailed information included elsewhere in,
or incorporated by reference into, this prospectus supplement and the accompanying prospectus, including our consolidated condensed financial statements and the related notes. You should carefully consider, among other things, the matters discussed
in &#147;Risk Factors&#148; in our Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2016, as revised or supplemented by our Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT>
filed with the SEC since the filing of our most recent Annual Report on Form <FONT STYLE="white-space:nowrap">10-K,</FONT> and in the documents that we subsequently file with the SEC as well as the other information included or incorporated by
reference in this prospectus supplement and the accompanying prospectus. </I></FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>The Company </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">TRI Pointe was founded in April 2009, toward the end of an unprecedented downturn in the national homebuilding industry. Since then, we have grown from a Southern
California fee homebuilder into a regionally focused national homebuilder with a portfolio of the following six quality homebuilding brands operating in fourteen markets across eight states: </FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">Maracay Homes in Arizona; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">Pardee Homes in California and Nevada; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">Quadrant Homes in Washington; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">Trendmaker Homes in Texas; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">TRI Pointe Homes in California and Colorado; and </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">Winchester Homes in Maryland and Virginia. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Our
growth strategy is to capitalize on high demand in selected &#147;core&#148; markets with favorable population and employment growth as a result of proximity to job centers or primary transportation corridors. As of March&nbsp;31, 2017, our
operations consisted of 123 active selling communities and 28,760 lots owned or controlled. Our construction expertise across an extensive product offering allows us flexibility to pursue a wide array of land acquisition opportunities and appeal to
a broad range of potential homebuyers, including buyers of entry-level, <FONT STYLE="white-space:nowrap">move-up</FONT> and luxury homes. As a result, we build across a variety of base sales price points, ranging from approximately $212,000 to
$2.2&nbsp;million, and home sizes, ranging from approximately 1,200 to 6,200 square feet. For the years ended December&nbsp;31, 2016 and 2015, we delivered 4,211 and 4,057 homes and the average sales price of our new homes delivered was
approximately $553,000 and $565,000, respectively. </FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P></div></div>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-4 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B>The offering </B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR VALIGN="TOP">
<TD WIDTH="27%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:arial" SIZE="2"><B>Issuer </B></FONT></P></TD>
<TD><FONT STYLE="font-family:arial" SIZE="2">TRI Pointe Group, Inc., a Delaware corporation. </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="27%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:arial" SIZE="2"><B>Securities </B></FONT></P></TD>
<TD><FONT STYLE="font-family:arial" SIZE="2">$300&nbsp;million aggregate principal amount of&nbsp;5.25% Senior Notes due 2027. </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="27%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:arial" SIZE="2"><B>Maturity </B></FONT></P></TD>
<TD><FONT STYLE="font-family:arial" SIZE="2">June 1, 2027. </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="27%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:arial" SIZE="2"><B>Interest Rate </B></FONT></P></TD>
<TD><FONT STYLE="font-family:arial" SIZE="2">The notes will bear interest from June&nbsp;8, 2017 at the rate of&nbsp;5.25% per annum, payable semi-annually in arrears. </FONT></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="27%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:arial" SIZE="2"><B>Interest Payment Dates </B></FONT></P></TD>
<TD><FONT STYLE="font-family:arial" SIZE="2">June 1&nbsp;and December 1&nbsp;of each year, beginning on&nbsp;December 1, 2017. </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="27%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:arial" SIZE="2"><B>Record Dates </B></FONT></P></TD>
<TD><FONT STYLE="font-family:arial" SIZE="2">Interest on the notes will be paid to holders of record at the close of business on each&nbsp;May 15&nbsp;and November 15&nbsp;immediately preceding each interest payment date. </FONT></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="27%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:arial" SIZE="2"><B>Ranking </B></FONT></P></TD>
<TD><FONT STYLE="font-family:arial" SIZE="2">The notes will be our general unsecured, unsubordinated obligations. Accordingly, they will rank: </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="27%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">senior in right of payment to any of our future subordinated indebtedness to the extent that such indebtedness provides by its terms that it is subordinated in
right of payment to the notes; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="27%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2"><I>pari passu</I> in right of payment with any of our existing and future indebtedness and other liabilities that are not by their terms subordinated in right of
payment to the notes, including our previously issued $450&nbsp;million aggregate principal amount of 4.375% Senior Notes due 2019 (the &#147;2019 Notes&#148;), our previously issued $300&nbsp;million aggregate principal amount of 4.875% Senior
Notes due 2021 (the &#147;2021 Notes&#148;), our previously issued $450&nbsp;million aggregate principal amount of 5.875% Senior Notes due 2024 (the &#147;2024 Notes,&#148; and together with the 2019 Notes and the 2021 Notes, the &#147;Existing
Senior Notes&#148;) and our unsecured revolving credit facility; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="27%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">effectively subordinated to our existing and future secured indebtedness, to the extent of the value of our assets securing such indebtedness; and
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="27%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">structurally subordinated to any existing and future indebtedness and other liabilities and preferred stock of our subsidiaries that do not guarantee the notes.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="27%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">As of May&nbsp;31, 2017, we had total indebtedness of approximately $1.5&nbsp;billion, with approximately $321.1&nbsp;million of unused availability under our unsecured revolving
credit facility. </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="27%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:arial" SIZE="2"><B>Note Guarantees </B></FONT></P></TD>
<TD><FONT STYLE="font-family:arial" SIZE="2">Our obligations under the notes will be guaranteed, jointly and severally, by all of our wholly owned domestic subsidiaries to the extent they currently guarantee our unsecured revolving credit facility.
Each guarantee of the notes will be an unsecured, unsubordinated obligation of that guarantor and will rank: </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="27%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">senior in right of payment to any future subordinated indebtedness of that guarantor to the extent that such indebtedness provides by its terms that it is
subordinated in right of payment to such guarantor&#146;s guarantee of the notes; </FONT></P></TD></TR></TABLE>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P></div></div>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-5 </FONT></P>


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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2"><I>pari passu</I> in right of payment with any existing and future indebtedness and other liabilities of that guarantor that are not by their terms subordinated
in right of payment to the notes, our Existing Senior Notes and our unsecured revolving credit facility; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="27%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">effectively subordinated to that guarantor&#146;s existing and future secured indebtedness, to the extent of the value of the assets of such guarantor securing
such indebtedness; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="27%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">structurally subordinated to all of the liabilities and preferred stock of any subsidiaries of such guarantor that do not guarantee the notes.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="27%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:arial" SIZE="2"><B>Optional Redemption </B></FONT></P></TD>
<TD><FONT STYLE="font-family:arial" SIZE="2">We may redeem some or all of the notes at any time prior to the scheduled maturity of the notes at a price equal to 100% of the aggregate principal amount of the notes to be redeemed, plus accrued and
unpaid interest, if any, to the redemption date, plus a &#147;make-whole&#148; premium described under &#147;Description of the Notes.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="27%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:arial" SIZE="2">If the notes are redeemed on or after the date that is six months prior to the maturity date of the notes, the redemption price will equal 100% of the principal amount being
redeemed, plus accrued and unpaid interest, if any, to the redemption date. See &#147;Description of the Notes&#151;Optional Redemption&#148;. </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="27%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:arial" SIZE="2"><B>Certain Covenants </B></FONT></P></TD>
<TD><FONT STYLE="font-family:arial" SIZE="2">The indenture and supplements indenture governing the notes will contain covenants that, among other things, limit the ability of us and our subsidiaries to create liens securing indebtedness, enter into
sale and leaseback transactions or consolidate, merge or sell all or substantially all of their assets. These covenants are subject to important exceptions and qualifications. See &#147;Description of the Notes&#151;Certain Covenants.&#148;
</FONT></TD></TR></TABLE> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Change&nbsp;of&nbsp;Control </B></FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="27%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:arial" SIZE="2"><B>Triggering Event </B></FONT></P></TD>
<TD><FONT STYLE="font-family:arial" SIZE="2">If we experience certain change of control triggering events, we must make an offer to each holder to repurchase the notes at a price in cash equal to 101% of the principal amount of the notes, plus
accrued and unpaid interest, if any, to, but not including, the purchase date. See &#147;Description of the Notes&#151;Change of Control.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="27%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:arial" SIZE="2"><B>Use of Proceeds </B></FONT></P></TD>
<TD><FONT STYLE="font-family:arial" SIZE="2">We expect to receive net proceeds of approximately $296.3&nbsp;million from the sale of the notes offered hereby after deducting transaction fees and expenses. We intend to use a portion of the net
proceeds from the sale of the notes to repay approximately $200&nbsp;million of borrowings under our $625&nbsp;million unsecured revolving credit facility, which matures on May&nbsp;18, 2019, and the remainder of the net proceeds for general
corporate purposes, which may include but are not limited to, the repayment of outstanding indebtedness, the acquisition of additional properties, the repurchase of shares of our common stock pursuant to our previously announced stock repurchase
program, working capital and capital expenditures. See &#147;Use of Proceeds&#148; and &#147;Underwriting (Conflicts of Interest).&#148; </FONT></TD></TR></TABLE>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P></div></div>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-6 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1pt solid #000000;BORDER-LEFT:1pt solid #000000;BORDER-RIGHT:1pt solid #000000;BORDER-TOP:1pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="27%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:arial" SIZE="2"><B>Form of Notes </B></FONT></P></TD>
<TD><FONT STYLE="font-family:arial" SIZE="2">The notes will be issued in registered, book-entry form through the facilities of The Depository Trust Company and its participants, including Clearstream Banking, <I>soci&eacute;t&eacute; anonyme</I> and
Euroclear Bank S.A./N.V and registered in the name of the common depositary or its nominee. Except in the limited circumstances described under &#147;Description of the Notes&#151;Book-Entry; Delivery and Form; Global Notes,&#148; owners of
beneficial interests in the notes will not be entitled to have notes registered in their names, will not receive or be entitled to receive notes in definitive form and will not be considered to be holders of notes under the indenture. The notes will
be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Absence&nbsp;of&nbsp;Public&nbsp;Market </B></FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="27%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:arial" SIZE="2"><B>for the&nbsp;Notes </B></FONT></P></TD>
<TD><FONT STYLE="font-family:arial" SIZE="2">The notes are new securities and there is currently no established trading market for the notes. We do not intend to apply for listing of the notes on any securities exchange. Although the underwriters
have informed us that they intend to make a market in the notes, they are not obligated to do so and they may discontinue market making activities at any time without notice. Accordingly, we cannot assure you that a liquid market for the notes will
develop or be maintained. See &#147;Underwriting (Conflicts of Interest).&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="27%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:arial" SIZE="2"><B>Conflicts of Interest </B></FONT></P></TD>
<TD><FONT STYLE="font-family:arial" SIZE="2">Affiliates of certain of the underwriters who are lenders under our unsecured revolving credit facility will receive at least five percent of the net proceeds of this offering to repay indebtedness owed
by us to them. See &#147;Use of Proceeds.&#148; Because affiliates of certain of the underwriters will receive at least five percent of the net proceeds of this offering, not including underwriting compensation, a &#147;conflict of interest&#148;
under FINRA Rule 5121 is deemed to exist. Accordingly, this offer is being made in compliance with FINRA Rule 5121. FINRA Rule 5121 requires that a &#147;qualified independent underwriter&#148; participate in the preparation of this prospectus
supplement, the accompanying prospectus and the registration statement of which this prospectus supplement is a part and exercise the usual standards of due diligence with respect thereto. Credit Suisse Securities (USA) LLC has assumed the
responsibilities of acting as the qualified independent underwriter in this offering. We have agreed to indemnify Credit Suisse Securities (USA) LLC against liabilities incurred in connection with acting as a qualified independent underwriter,
including liabilities under the Securities Act. See &#147;Use of Proceeds&#148; and &#147;Underwriting (Conflicts of Interest).&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="27%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:arial" SIZE="2"><B>Risk Factors </B></FONT></P></TD>
<TD><FONT STYLE="font-family:arial" SIZE="2">You should consider carefully all the information set forth and incorporated by reference in this prospectus supplement and the accompanying prospectus and, in particular, you should evaluate the specific
factors set forth under the heading &#147;Risk Factors&#148; beginning on <FONT STYLE="white-space:nowrap">page&nbsp;S-12</FONT> of this prospectus supplement, as well as the other information contained or incorporated herein by reference, before
investing in the notes offered hereby. </FONT></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="27%"> <P STYLE="margin-bottom:1px"><FONT STYLE="font-family:arial" SIZE="2"><B>Governing Law </B></FONT></P></TD>
<TD><FONT STYLE="font-family:arial" SIZE="2">The indenture governing the notes is, and the notes will be, governed by, and construed in accordance with, the laws of the State of New York. </FONT></TD></TR></TABLE>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P></div></div>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-7 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1pt solid #000000;BORDER-LEFT:1pt solid #000000;BORDER-RIGHT:1pt solid #000000;BORDER-TOP:1pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B>Summary financial information </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="3"><B>Summary of selected historical financial and operating data of TRI Pointe </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The following summary of selected
historical financial data of TRI Pointe as of and for the three months ended March&nbsp;31, 2017 and for the three months ended March&nbsp;31, 2016 has been derived from the unaudited consolidated financial statements of TRI Pointe which are
incorporated by reference into this prospectus supplement and is not necessarily indicative of the results or the financial condition to be expected for the remainder of the year or any future date or period. The summary of selected historical
financial data for the twelve months ended March&nbsp;31, 2017 has been calculated by adding TRI Pointe&#146;s historical financial data for the year ended December&nbsp;31, 2016 and the three months ended March&nbsp;31, 2017 and subtracting TRI
Pointe&#146;s historical financial data for the three months ended March&nbsp;31, 2016 and is not necessarily indicative of the results or the financial condition to be expected for the remainder of the year or any future date or period. TRI
Pointe&#146;s management believes that the unaudited financial statements reflect all normal and recurring adjustments necessary for a fair presentation of the results as of and for the interim periods presented. The selected financial data as of
and for the years ended December&nbsp;31, 2016, 2015 and 2014 have been derived from the audited consolidated financial statements of TRI Pointe which are incorporated by reference into this prospectus supplement. The selected financial data for the
year ended December&nbsp;31, 2014 have been derived from the audited consolidated financial statements which are incorporated by reference into this prospectus. The selected financial data as of December&nbsp;31, 2014 have been derived from the
audited financial statements of TRI Pointe which are not incorporated by reference into this prospectus supplement. This information is only a summary and should be read in conjunction with the audited and unaudited consolidated financial statements
of TRI Pointe and the notes thereto and &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations for TRI Pointe&#148; which are incorporated by reference in this prospectus supplement and the accompanying
prospectus. </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="40%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="BORDER-TOP:2px solid #000000;border-bottom:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>As of and for the<BR>three months ended<BR>March&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="BORDER-TOP:2px solid #000000;border-bottom:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>As of and for the year ended<BR>December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:2px solid #000000;border-bottom:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>For&nbsp;the<BR>twelve&nbsp;months<BR>ended<BR>March&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>2017</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>2014</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>2017</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="22" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2"><B>(dollar amounts in thousands)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><B>Statement&nbsp;of&nbsp;Operations&nbsp;Data:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Home sales revenue</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">392,004</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">423,055</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">2,329,336</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">2,291,264</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">1,646,274</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">2,298,285</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Homebuilding gross margin</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">73,600</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">98,556</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">493,009</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">482,488</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">327,657</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">468,053</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Homebuilding&nbsp;gross&nbsp;margin&nbsp;%</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">18.8%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">23.3%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">21.2%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">21.1%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">19.9%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">20.4%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Land and lot gross margin</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">(76</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">(424</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">54,905</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">66,196</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">9,754</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">55,253</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">SG&amp;A expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">61,349</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">54,852</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">251,373</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">233,713</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">185,958</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">257,870</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">SG&amp;A expense as a % of home sales revenue</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">15.7%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">13.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">10.8%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">10.2%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">11.3%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">11.2%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="21" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Net income available to common stockholders</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">8,193</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">28,550</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">195,171</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">205,461</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">84,197</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">174,814</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="21" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><B>Other Financial Data:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">EBITDA(1)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">27,157</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">57,267</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">368,252</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">382,862</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">202,544</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">338,142</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Adjusted EBITDA(1)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">27,681</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">57,584</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">370,371</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">388,121</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">233,562</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">340,468</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2"><B>Balance Sheet Data:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">128,519</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">144,019</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">208,657</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">214,485</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">170,629</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Real estate inventories</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">3,046,092</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">2,705,251</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">2,910,627</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">2,519,273</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">2,280,183</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">1,419,914</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">1,244,331</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">1,382,033</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">1,170,505</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">1,138,493</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Stockholders&#146; equity</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">1,839,174</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">1,694,757</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">1,829,447</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">1,664,683</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">1,454,180</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Book capitalization</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">3,259,088</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">2,939,088</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">3,211,480</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">2,835,188</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">2,592,673</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="24" VALIGN="top"> <P STYLE="border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P></div></div>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-8 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1pt solid #000000;BORDER-LEFT:1pt solid #000000;BORDER-RIGHT:1pt solid #000000;BORDER-TOP:1pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="1">(1)</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:arial" SIZE="1">EBITDA and Adjusted EBITDA are non-GAAP financial measures which the management of TRI Pointe believes are useful as measures of its ability to service debt and obtain financing.
The following table calculates the non-GAAP measures of EBITDA and Adjusted EBITDA and reconciles those amounts to net income, as reported and prepared in accordance with GAAP. EBITDA means net income before (a)&nbsp;interest expense,
(b)&nbsp;provision for income taxes, (c)&nbsp;depreciation and amortization, (d)&nbsp;amortization of interest in cost of home sales and (e)&nbsp;amortization of stock-based compensation. Adjusted EBITDA means EBITDA before (f)&nbsp;impairment and
lot option abandonments, (g)&nbsp;restructuring charges and (h)&nbsp;transaction expenses. Other companies may calculate EBITDA and Adjusted EBITDA (or similarly titled measures) differently. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:4px;margin-bottom:0px; margin-left:3%"><FONT STYLE="font-family:arial" SIZE="1">The following table reconciles net income, as reported and prepared in accordance with GAAP, to EBITDA and Adjusted EBITDA (unaudited): </FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="94%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="BORDER-TOP:2px solid #000000;border-bottom:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="1"><B>For&nbsp;the&nbsp;three<BR>months&nbsp;ended<BR>March&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="right" STYLE="BORDER-TOP:2px solid #000000;border-bottom:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="1"><B>For&nbsp;the&nbsp;year&nbsp;ended<BR>December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:2px solid #000000;border-bottom:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="1"><B>For the<BR>twelve<BR>months<BR>ended<BR>March&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="1"><B>2017</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="1"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="1"><B>2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="1"><B>2014</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="1"><B>2017</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="22" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1"><B>(in thousands)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="1">Net income available to common stockholders</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">8,193</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">28,550</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">195,171</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">205,461</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">84,197</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">174,814</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="1">Interest expense:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="1">Interest incurred</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">18,873</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">15,149</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">68,306</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">60,964</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">41,706</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">72,030</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="1">Interest capitalized</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">(18,873</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">(15,149</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">(68,306</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">(60,964</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">(38,975</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">(72,030</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="1">Amortization of interest in cost of sales</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">9,687</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">8,830</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">51,288</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">45,114</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">52,747</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">52,145</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="1">Provision for income taxes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">4,614</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">15,490</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">106,094</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">112,079</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">43,767</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">95,218</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="1">Depreciation and amortization</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">822</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">1,792</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">3,087</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">8,273</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">11,423</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">2,117</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="1">Amortization of stock-based compensation</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">3,841</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">2,605</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">12,612</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">11,935</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">7,679</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">13,848</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="21" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="1">EBITDA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">27,157</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">57,267</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">368,252</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">382,862</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">202,544</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">338,142</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="1">Impairments and lot abandonments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">321</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">182</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">1,470</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">1,930</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">2,515</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">1,609</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="1">Restructuring charges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">203</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">135</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">649</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">3,329</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">10,543</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">717</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="1">Transaction expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">17,960</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="21" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="1">Adjusted EBITDA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">27,681</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">57,584</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">370,371</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">388,121</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">233,562</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="1">340,468</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="24" VALIGN="top"> <P STYLE="border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P></div></div>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-9 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc408389_5"></A>Forward-looking statements </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">This prospectus supplement and the accompanying prospectus, including the documents incorporated by reference herein or therein, contain and incorporate by
reference certain statements that are &#147;forward-looking statements&#148; within the meaning of the Private Securities Litigation Reform Act of 1995, Section&nbsp;27A of the Securities Act and Section&nbsp;21E of the Exchange Act. In addition,
other statements we may make from time to time, such as press releases, oral statements made by Company officials and other reports we file with the SEC, may also contain such forward-looking statements. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">These statements: </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">use forward-looking terminology; </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">are based on various assumptions made by us; and </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">may not be accurate because of risks and uncertainties surrounding the assumptions that are made. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Factors listed in this section&#151;as well as other factors not included&#151;may cause actual results to differ significantly from the forward-looking statements
included or incorporated by reference in this prospectus supplement and the accompanying prospectus. There is no guarantee that any of the events anticipated by the forward-looking statements included or incorporated by reference in this prospectus
supplement and the accompanying prospectus will occur, or if any of the events occurs, there is no guarantee of what effect it will have on our operations, financial condition or share price. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">We undertake no, and hereby disclaim any, obligation to update or revise any forward-looking statements contained in this prospectus supplement, the accompanying prospectus, or the documents incorporated by
reference herein and therein, unless required by law. However, we reserve the right to make such updates or revisions from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to
this prospectus supplement and the accompanying prospectus. No such update or revision shall be deemed to indicate that other statements not addressed by such update or revision remain correct or create an obligation to provide any other updates or
revisions. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Statements </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">These forward-looking
statements are generally accompanied by words such as &#147;anticipate,&#148; &#147;believe,&#148; &#147;could,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;goal,&#148; &#147;intend,&#148; &#147;may,&#148; &#147;might,&#148;
&#147;plan,&#148; &#147;potential,&#148; &#147;predict,&#148; &#147;project,&#148; &#147;target,&#148; &#147;will,&#148; &#147;would,&#148; or other words that convey the uncertainty of future events or outcomes. These forward-looking statements may
include, but are not limited to, statements regarding our strategy, projections and estimates concerning the timing and success of specific projects and our future production, land and lot sales, the outcome of legal proceedings, operational and
financial results, including our estimates for growth, financial condition, sales prices, prospects, capital spending and the anticipated use of the proceeds of the offering. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="3"><B>Risks, uncertainties and assumptions </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The major risks and uncertainties&#151;and assumptions that are
made&#151;that affect our business and may cause actual results to differ from these forward-looking statements include, but are not limited to: </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">the effect of general economic conditions, including employment rates, housing starts, interest rate levels, availability of financing for home mortgages and
strength of the U.S. dollar; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">market demand for our products, which is related to the strength of the various U.S. business segments and U.S. and international economic conditions;
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-10 </FONT></P>


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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">levels of competition; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">the successful execution of our internal performance plans, including restructuring and cost reduction initiatives; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">global economic conditions; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">raw material prices; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">oil and other energy prices; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">the effect of weather, including the <FONT STYLE="white-space:nowrap">re-occurrence</FONT> of drought conditions in California; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">transportation costs; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">federal and state tax policies; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">the effect of land use, environment and other governmental laws and regulations; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">legal proceedings or disputes and the adequacy of reserves; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, synergies, indebtedness,
financial condition, losses and future prospects; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">change in accounting principles; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">risks related to unauthorized access to our computer systems, theft of our homebuyers&#146; confidential information or other forms of cyber-attack; and
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">other factors described in &#147;Risk factors.&#148; </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-11 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc408389_6"></A>Risk factors </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2"><I>An investment in our notes involves a high degree of risk. Please see the risk factors under the heading &#147;Risk Factors&#148; in our Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the
year ended December&nbsp;31, 2016 filed with the SEC, as revised or supplemented by our Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> filed with the SEC since the filing of our most recent Annual Report on Form <FONT
STYLE="white-space:nowrap">10-K,</FONT> all of which are incorporated by reference in this prospectus supplement and the accompanying prospectus. Before making an investment decision, you should carefully consider these risks, any risks set forth in
the accompanying prospectus, as well as other information we include or incorporate by reference in this prospectus supplement and the accompanying prospectus. Our business, liquidity, financial condition or results of operations (individually and
collectively referred to in these risk factors as &#147;Financial Performance&#148;) could be materially adversely affected by any of these risks. In addition, please read &#147;Forward-looking statements&#148; in this prospectus supplement and
accompanying prospectus where we describe additional uncertainties associated with our business and the forward-looking statements included or incorporated by reference in this prospectus supplement and the accompanying prospectus. Please note that
additional risks not presently foreseen by us or that we currently deem immaterial may also impair our Financial Performance. </I></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><I>In addition to the
risks relating to us described in our reports described above and any subsequent filings incorporated by reference herein or that otherwise modify or supplement this prospectus supplement or the accompanying prospectus, the following are additional
risks relating to an investment in our notes offered hereby. </I></FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Risks related to the notes </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>We have a significant amount of indebtedness, which could adversely affect our Financial Performance. </I></B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">As of May&nbsp;31, 2017, we had total indebtedness of approximately $1.5&nbsp;billion, with approximately $321.1&nbsp;million of unused availability under our
unsecured revolving credit facility. Our ability to make payments on indebtedness, to repay existing indebtedness when due and to fund operations and significant planned capital expenditures will depend on our ability to generate cash in the future.
Our ability to produce cash from operations will be subject to a number of risks, including: </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">demand for housing; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">availability of land parcels appropriate for development of single-family homes; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">our ability to compete effectively with large national and regional homebuilding companies, smaller local homebuilders and the resale, or &#147;previously
owned,&#148; home market; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">our ability to develop communities successfully and within expected timeframes; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">homebuyers&#146; ability to obtain suitable financing for their home purchases. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">Our substantial debt service obligations could have important material consequences to you, including the following: </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">limiting our ability to borrow money or sell stock to fund working capital, capital expenditures, debt service requirements, acquisitions, technological
initiatives and other general corporate purposes; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">making it more difficult for us to make payments on indebtedness and satisfy obligations under the notes; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">increasing our vulnerability to general economic downturns and industry conditions and limiting our ability to withstand competitive pressure;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">limiting our flexibility in planning for, or reacting to, changes in our business or the homebuilding industry; </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-12 </FONT></P>


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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">limiting our ability to increase our capital expenditures; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">reducing the amount of cash available for working capital needs, capital expenditures for existing and new markets and other corporate purposes by requiring us
to dedicate a substantial portion of cash flow from operations to the payment of principal of, and interest on, indebtedness; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">placing us at a competitive disadvantage to our competitors who are less leveraged. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">Any of these risks could impair our ability to fund operations or limit our ability to expand our business as planned, which could have a material adverse effect on our Financial Performance. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>We may incur additional indebtedness. This could further exacerbate the risks associated with our leverage. </I></B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">We may be able to incur significantly more debt if market conditions and contractual obligations permit, which could further reduce the cash available to invest in
operations, as a result of increased debt service obligations. The terms of the agreements and indentures governing our long-term indebtedness, including the indenture governing the notes offered hereby, allow for the incurrence of additional
indebtedness, subject to specified limitations. The more leveraged we become, the more we, and in turn the holders of our indebtedness, become exposed to the risks described above in the risk factor entitled &#147;We have a significant amount of
indebtedness, which could adversely affect our Financial Performance.&#148; </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Under distressed market or other conditions, there can be no assurance that
sufficient funds will be available to us under our unsecured revolving credit facility or otherwise. Further, should we need to raise additional capital, we may not be able to do so on terms and conditions acceptable to us, which could limit or
preclude our ability to pursue new opportunities, expand business or engage in acquisitions, thus limiting our ability to expand our business, which could have a material adverse effect on our Financial Performance. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>The notes are our obligations and our operations are conducted through, and our consolidated assets are primarily held by, our subsidiaries, and as such, our
ability to make payments on the notes will be dependent on cash flow generated by our subsidiaries. </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The notes are our obligations. Accordingly,
our ability to service our indebtedness, including the notes, depends on the results of operations of our subsidiaries and upon the ability of such subsidiaries to provide us with cash, whether in the form of dividends, loans or otherwise, to pay
amounts due on our obligations, including the notes. Our subsidiaries are separate and distinct legal entities that have no obligation, contingent or otherwise, to make any funds available for that purpose. In addition, dividends, loans or other
distributions to us from such subsidiaries may be subject to future contractual and other restrictions and are subject to other business considerations. The indenture governing the notes will not, and our unsecured revolving credit facility and the
indentures governing our Existing Senior Notes do not, limit the ability of our subsidiaries to incur consensual encumbrances or restrictions on their ability to pay dividends or make other intercompany payments to us. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>The notes and the related guarantees will be unsecured and effectively subordinated to our and the guarantors&#146; existing and future secured indebtedness
and structurally subordinated to any future indebtedness and other liabilities of our subsidiaries that do not guarantee the notes. </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The notes
and the related guarantees will be general unsecured, unsubordinated obligations ranking effectively junior in right of payment to all existing and future secured debt of us and of each guarantor to the extent of the value of the collateral securing
such debt, and will be structurally subordinated to any existing or future indebtedness, preferred stock and other liabilities of our subsidiaries that do not guarantee the notes. The indenture governing the notes will, and our unsecured revolving
credit facility as well as the indentures governing our Existing Senior Notes do, permit us to incur certain additional secured debt. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-13 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">If we or a subsidiary guarantor is declared bankrupt, becomes insolvent or is liquidated or reorganized, any secured
debt of us or that subsidiary guarantor will be entitled to be paid in full from our assets or the assets of the guarantor, as applicable, securing that debt before any payment may be made with respect to the notes or the guarantees. Holders of the
notes will participate ratably in any remaining assets with all holders of our unsecured indebtedness (including, our unsecured revolving credit facility) that is not by its terms subordinated in right of payment to the notes, including all of our
other general unsecured, <FONT STYLE="white-space:nowrap">non-subordinated</FONT> creditors, based upon the respective amounts owed to each holder or creditor. In any of the foregoing events, there may not be sufficient assets to pay the
indebtedness and other obligations owed to secured creditors and the amounts due on the notes. As a result, holders of the notes would likely receive less, ratably, than holders of secured indebtedness. It is possible that there will be no assets
from which claims of holders of the notes can be satisfied. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">As of May 31, 2017, we had total indebtedness of approximately $1.5&nbsp;billion, with
approximately $321.1&nbsp;million of unused availability under our unsecured revolving credit facility. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">In addition, creditors of our current and future
subsidiaries that do not guarantee the notes offered hereby will have claims with respect to the assets of those subsidiaries that rank structurally senior to the notes. Certain of our subsidiaries will not be guarantors of the notes. For the
quarter ended March&nbsp;31, 2017, our <FONT STYLE="white-space:nowrap">non-guarantor</FONT> subsidiaries represented .07% of our net sales, held approximately .62% of our consolidated assets and had no indebtedness or liabilities outstanding
(excluding intercompany indebtedness). In the event of any distribution or payment of assets of such subsidiaries in any dissolution, winding up, liquidation, reorganization or other bankruptcy proceeding, the claims of those creditors must be
satisfied prior to making any such distribution or payment to us in respect of direct or indirect equity interests in such subsidiaries. The indenture governing the notes will not limit our ability to incur senior debt nor will it limit our
subsidiaries&#146; ability to incur additional liabilities. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>To service our debt, we will require a significant amount of cash, which may not be
available to us. </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Our ability to meet existing or future debt obligations and to reduce indebtedness will depend on future performance and the
other cash requirements of our business. Our Financial Performance, to a certain extent, is subject to general economic conditions and financial, competitive, business, political and other factors that are beyond our control. In addition, our
ability to borrow funds in the future to make payments on debt will depend on the satisfaction of covenants in the indenture governing the notes offered hereby, the indentures with respect to our prior issuances of notes, the unsecured revolving
credit facility, other debt agreements and other agreements we may enter into in the future. There can be no assurance that we will continue to generate sufficient cash flow from operations or that future equity issuances or borrowings will be
available to us in an amount sufficient to enable us to service debt or repay all indebtedness in a timely manner or on favorable or commercially reasonable terms, or at all. If we are unable to satisfy financial covenants under our unsecured
revolving credit facility or generate sufficient cash to timely repay debt, our lenders could accelerate the maturity of some or all of our outstanding indebtedness. As a result, we may need to refinance all or a portion of our remaining existing
indebtedness prior to its maturity. Disruptions in the financial markets, the general amount of debt refinancings occurring at the same time and our financial position and performance could make it more difficult to obtain debt or equity financing
on reasonable terms or at all. Prevailing market conditions could be adversely affected by the ongoing economic developments in the United States or abroad. Instability in the global financial markets has from time to time resulted in periodic
volatility in the capital markets. This volatility could limit our access to the credit markets, leading to higher borrowing costs or, in some cases, the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-14 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">
inability to obtain financing on terms that are acceptable to us, or at all. Any such failure to obtain additional financing could jeopardize our ability to repay, refinance or reduce debt
obligations. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">At maturity, the entire outstanding principal amount of the notes, together with accrued and unpaid interest, will become due and payable.
We may not have the funds to fulfill these obligations or the ability to renegotiate these obligations. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>There are limited covenants in the
indenture. </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Neither we nor any of our subsidiaries are restricted from incurring additional unsecured debt or other liabilities, including
additional senior debt, under the indenture. If we incur additional debt or liabilities, our ability to pay our obligations on the notes could be adversely affected. It is expected that we will from time to time incur additional debt and other
liabilities. In addition, we are not restricted under the indenture from granting security interests over our assets, except to the extent described under &#147;Description of the Notes&#151;Certain Covenants&#151;Restrictions on Secured Debt&#148;
in this prospectus supplement, or from paying dividends, making investments or issuing or repurchasing our securities. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">In addition, there are no
financial covenants in the indenture. You are not protected under the indenture in the event of a highly leveraged transaction, reorganization, restructuring, merger or similar transaction that may adversely affect you, except to the extent
described under &#147;Description of the Notes&#151;Change of Control.&#148; </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>The change of control triggering event provision in the indenture
provides only limited protection against significant events that could negatively impact the value of your notes. </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">As described under
&#147;Description of the Notes&#151;Change of Control,&#148; upon the occurrence of a change of control triggering event with respect to the notes, we will be required to offer to repurchase the notes at a repurchase price equal to 101% of the
aggregate principal amount thereof, plus accrued and unpaid interest, if any. Further, the definition of the term &#147;change of control triggering event&#148; is limited and does not cover a variety of transactions (such as certain acquisitions or
recapitalizations) that could negatively impact the value of your notes. For a change of control triggering event to occur, there must be both a change of control and a ratings downgrade. As such, if we enter into a significant corporate transaction
that negatively impacts the value of your notes, but which does not constitute a change of control triggering event, you would not have any rights to require us to repurchase the notes prior to their maturity or to otherwise seek any remedies. See
&#147;Description of the Notes&#151;Change of Control.&#148; </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>We may not be able to repurchase the notes upon a change of control triggering event.
</I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Holders of the notes may require us to repurchase their notes in certain events upon a &#147;change of control&#148; as defined under
&#147;Description of the Notes&#151;Change of Control&#148; in this prospectus supplement. There can be no assurance that we will have sufficient financial resources, or will be able to arrange sufficient financing, to pay the purchase price of the
notes, particularly if a change of control triggers a similar repurchase requirement for, or results in the acceleration of, our other then existing debt. In addition, our ability to repurchase the notes for cash may be limited by law, or by the
terms of other agreements relating to our indebtedness outstanding at that time, including our unsecured revolving credit facility. Our failure to repurchase the notes as required under the indenture governing the notes would result in a default
under the indenture, which could have material adverse consequences for us and for holders of the notes. The terms of the unsecured revolving credit facility restrict us from purchasing any notes as a result of a change of control triggering event.
If a change of control triggering event occurs at a time when we are prohibited from purchasing the notes, we could seek the consent of our lenders and debt holders to permit the purchase of the notes or could attempt to refinance the borrowings
that contain such prohibition. If we do not obtain such consent or repay such borrowings, we will remain prohibited from purchasing the notes. In such case, our failure to purchase tendered notes would constitute a default under the indenture.
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-15 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Redemption may adversely affect your return on the notes. </I></B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">We have the right to redeem some or all of the notes prior to maturity, as described under &#147;Description of the Notes&#151;Optional Redemption&#148; in this
prospectus supplement. We may redeem the notes at times when prevailing interest rates may be relatively low. Accordingly, you may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as that
of the notes. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>The subsidiary guarantees can be released under certain circumstances. </I></B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Each of the subsidiary guarantees may be released upon the occurrence of certain customary circumstances described in &#147;Description of the Notes&#151;Note
Guarantees&#148; in this prospectus supplement, including release as a guarantor under our unsecured revolving credit facility. If the subsidiary guarantee of any subsidiary is released, then the notes will be effectively subordinated to any and all
existing and future obligations of such subsidiary. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Our credit ratings may not reflect all risks of an investment in the notes.
</I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The credit ratings assigned to the notes may not reflect the potential effect of all risks related to trading markets, if any, for, or trading
value of, your notes. In addition, real or anticipated changes in our credit ratings will generally affect any trading market, if any, for, or trading value of, your notes. Accordingly, you should consult your own financial and legal advisors as to
the risks entailed by an investment in the notes and the suitability of investing in the notes in light of your particular circumstances. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>The
guarantees may not be enforceable because of fraudulent conveyance laws. </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The guarantors&#146; guarantees of the notes may be subject to review
under federal bankruptcy law or relevant state fraudulent conveyance laws if we or any guarantor files a petition for bankruptcy or our creditors file an involuntary petition for bankruptcy against us or any guarantor. Under these laws, if a court
were to find that, at the time a guarantor incurred debt (including debt represented by the guarantee), such guarantor: </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">incurred this debt with the intent of hindering, delaying or defrauding current or future creditors; or </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">received less than reasonably equivalent value or fair consideration for incurring this debt, and the guarantor: </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">was insolvent or was rendered insolvent by reason of the related financing transactions; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">was engaged in, or about to engage in, a business or transaction for which its remaining assets constituted unreasonably small capital to carry on its business;
or </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">intended to incur, or believed that it would incur, debts beyond its ability to pay these debts as they mature, as all of the foregoing terms are defined in or
interpreted under the relevant fraudulent transfer or conveyance statutes; </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">then the court could void the guarantee or subordinate the
amounts owing under the guarantee to the guarantor&#146;s presently existing or future debt or take other actions detrimental to you. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The measure of
insolvency for purposes of the foregoing considerations will vary depending upon the law of the jurisdiction that is being applied in any such proceeding. Generally, an entity would be considered insolvent if, at the time it incurred the debt or
issued the guarantee: </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">it could not pay its debts or contingent liabilities as they become due; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">the sum of its debts, including contingent liabilities, is greater than its assets, at a fair valuation; or </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-16 </FONT></P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">the present fair saleable value of its assets is less than the amount required to pay the probable liability on its total existing debts and liabilities,
including contingent liabilities, as they become absolute and mature. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">If a guarantee is voided as a fraudulent conveyance or found to
be unenforceable for any other reason, you will not have a claim against that obligor and will only be our creditor or that of any guarantor whose obligation was not set aside or found to be unenforceable. In addition, the loss of a guarantee will
constitute an event of default under the indenture relating to the notes offered hereby, the indentures with respect to our prior issuances of notes and our unsecured revolving credit facility, as applicable, which events of default would allow the
relevant noteholders or lenders, as applicable, to accelerate the amounts due and payable thereunder, and we may not have the ability to pay any such amounts. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">The indenture governing the notes offered hereby will contain a provision intended to limit each guarantor&#146;s liability to the maximum amount that it could incur without causing the incurrence of obligations
under its guarantee to be a fraudulent transfer. This provision may not be effective to protect the guarantees from being voided under fraudulent transfer law, or may eliminate the guarantor&#146;s obligations or reduce the guarantor&#146;s
obligations to an amount that effectively makes the guarantee worthless. In a recent Florida bankruptcy case, this kind of provision was found to be ineffective to protect the guarantees. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2"><B><I>There is no established trading market for the notes and no guarantee that a market will develop or that you will be able to sell your notes. </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">The notes are a new issue of securities for which there is no established trading market. An active trading market may not develop for the notes and if no active trading market develops, you may be unable to resell
the notes at their fair market value or at all. In addition, subsequent to their initial issuance, the notes may trade at a discount from their initial offering price, depending upon prevailing interest rates, the market for similar notes, our
operating performance and financial condition and other factors. We do not intend to apply for listing or quotation of the notes on any securities exchange or stock market. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2"><B><I>The trading prices for the notes will be directly affected by many factors, including our credit rating. </I></B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Credit rating agencies continually revise their ratings for companies they follow, including us. These ratings are not recommendations to purchase, hold or sell the
notes, inasmuch as the ratings do not comment as to market price or suitability for a particular investor, are limited in scope, and do not address all material risks relating to an investment in the notes, but rather reflect only the view of each
rating agency at the time the rating is issued. The ratings are based on current information furnished to the ratings agencies by us and information obtained by the ratings agencies from other sources. An explanation of the significance of such
rating may be obtained from such rating agency. There can be no assurance that such credit ratings will remain in effect for any given period of time or that such ratings will not be lowered, suspended or withdrawn entirely by the rating agencies,
if, in each rating agency&#146;s judgment, circumstances so warrant. Actual or anticipated changes or downgrades in our credit ratings, including any announcement that our ratings are under further review for a downgrade, could affect the liquidity
of the notes, trading price of the notes, or the trading market for the notes, to the extent a trading market for the notes develops, and increase our corporate borrowing costs. The condition of the financial and credit markets and prevailing
interest rates have fluctuated in the past and are likely to fluctuate in the future and any fluctuation may impact the trading price of the notes. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-17 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc408389_7"></A>Ratio of earnings to fixed charges </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The following table sets forth our historical ratios of earnings to fixed charges for the periods shown. This information should be read in conjunction with the
information appearing elsewhere in, or incorporated by reference into, this prospectus accompanying notes incorporated by reference in this prospectus supplement. For purposes of determining the ratio of earnings to fixed charges, earnings consist
of income (loss) from continuing operations before income taxes, net of <FONT STYLE="white-space:nowrap">non-controlling</FONT> interests, adjusted for (income) loss of unconsolidated entities, plus returns on investments in unconsolidated entities,
net, plus fixed charges and amortization of capitalized interest, less interest capitalized. Fixed charges consist of interest expensed and capitalized, including discount and deferred loan costs, and a portion of rents representative of an interest
factor on operating leases. </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:2px solid #000000;border-bottom:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>Three&nbsp;months<BR>ended&nbsp;March&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="right" STYLE="BORDER-TOP:2px solid #000000;border-bottom:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>Years ended December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>2017</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>2014</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>2013</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Ratio of earnings to fixed charges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">1.2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">(a)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">5.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">(a)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">5.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">4.4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">(b)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">4.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="24" VALIGN="top"> <P STYLE="border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="1">(a)</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:arial" SIZE="1">As adjusted to give effect to the issuance of the notes in this offering and the application of the net proceeds from this offering as described in &#147;Use of Proceeds&#148; in
this prospectus supplement, and assuming the offering had been completed on (i)&nbsp;January&nbsp;1, 2017, the ratio of earnings to fixed charges would have been 1.1 for the three months ended March&nbsp;31, 2017 and (ii)&nbsp;January&nbsp;1, 2016,
the ratio of earnings to fixed charges would have been 4.4 for the year ended December&nbsp;31, 2016. The pro forma ratio of earnings to fixed charges does not necessarily represent what the actual ratio of earnings to fixed charges would have been
had those transactions occurred on the date assumed. </FONT></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="1">(b)</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:arial" SIZE="1">For the year ended December&nbsp;31, 2013, earnings were insufficient to cover fixed charges for such year by approximately $218.8&nbsp;million. This was primarily due to
$343.3&nbsp;million of impairment and related charges for Coyote Springs, a large master planned community north of Las Vegas, Nevada. Under the terms of the Transaction Agreement dated as of November&nbsp;3, 2013 by and among Weyerhaeuser Company
(&#147;Weyerhaeuser&#148;), TRI Pointe, Weyerhaeuser Real Estate Company (&#147;WRECO&#148;), and a wholly-owned subsidiary of TRI Pointe, certain assets and liabilities of WRECO and its subsidiaries, were excluded from the transaction and retained
by Weyerhaeuser, including assets and liabilities relating to Coyote Springs. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-18 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc408389_8"></A>Use of proceeds </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">We expect to receive net proceeds of approximately $296.3&nbsp;million from the sale of the notes offered hereby, after deducting transaction fees and expenses. We intend to use a portion of the net proceeds from
the sale of the notes to repay approximately $200&nbsp;million of borrowings bearing an interest rate of 2.76% per annum under our $625&nbsp;million unsecured revolving credit facility, which matures on May&nbsp;18, 2019, and the remainder of the
net proceeds for general corporate purposes, which may include but are not limited to, the repayment of outstanding indebtedness, the acquisition of additional properties, the repurchase of shares of our common stock pursuant to our previously
announced stock repurchase program, working capital and capital expenditures. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Affiliates of certain of the underwriters who are lenders under our
unsecured revolving credit facility will receive at least five percent of the net proceeds of this offering as a result of our temporary repayment of borrowing under the unsecured revolving credit facility. Therefore, this offering is being made in
compliance with FINRA Rule 5121, and Credit Suisse Securities (USA) LLC has agreed to act as the qualified independent underwriter for this offering. See &#147;Underwriting (Conflicts of Interest).&#148; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-19 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc408389_9"></A>Capitalization </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">The following table sets forth our cash, cash equivalents, long-term debt, stockholders equity and total capitalization as of March&nbsp;31, 2017: </FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">on an actual basis; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">on an as adjusted basis to reflect: </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">the issuance of $300&nbsp;million of notes offered hereby; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">the receipt of proceeds, net of estimated capitalized loan expenses and underwriting discounts, from the issuance of the notes offered hereby; and
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">the repayment of approximately $200&nbsp;million of borrowings under our $625&nbsp;million unsecured revolving credit facility, which matures on May&nbsp;18,
2019. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">You should read the following table along with our financial statements and the accompanying notes to those statements, together
with management&#146;s discussion and analysis of financial condition and results of operations, contained in the documents incorporated by reference in this prospectus supplement and the accompanying prospectus. </FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="BORDER-TOP:2px solid #000000;border-bottom:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>As of March&nbsp;31, 2017</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>Actual</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>As adjusted</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2"><B>(in thousands)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">128,519</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">224,815</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Unsecured revolving credit facility(1)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">250,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">50,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">4.375% Senior Notes due 2019</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">450,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">450,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">4.875% Senior Notes due 2021</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">300,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">300,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">5.875% Senior Notes due 2024</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">450,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">450,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">5.25% Senior Notes due 2027 offered hereby</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">300,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Discount and deferred loan costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">(30,086</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">(33,790</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Total long-term debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">1,419,914</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">1,516,210</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Total stockholders&#146; equity</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">1,839,174</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">1,839,174</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD COLSPAN="5" VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Total capitalization</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">3,259,088</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">3,355,384</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="8" VALIGN="top"> <P STYLE="border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="1">(1)</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:arial" SIZE="1">As of May&nbsp;31, 2017, we had approximately $321.1&nbsp;million of unused availability under our unsecured revolving credit facility. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-20 </FONT></P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc408389_10"></A>Description of other indebtedness </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Unsecured revolving credit facility </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">In April 2016, we
partially exercised the accordion feature under our unsecured revolving credit facility to increase the total commitments from $550&nbsp;million to $625&nbsp;million. Our unsecured revolving credit facility matures on May&nbsp;18, 2019, and contains
a sublimit of $75&nbsp;million for letters of credit. We may borrow under our unsecured revolving credit facility in the ordinary course of business to fund our operations, including our land acquisition, land development and homebuilding
activities. Borrowings under our unsecured revolving credit facility are governed by, among other things, a borrowing base. Interest rates on borrowings are based on either a daily Eurocurrency base rate or a Eurocurrency rate, in either case, plus
a spread ranging from 1.45% to 2.20%, depending on our leverage ratio. As of May&nbsp;31, 2017, the outstanding balance under our unsecured revolving credit facility was $300&nbsp;million with an interest rate of 2.76%&nbsp;per annum and
approximately $321.1&nbsp;million of availability after considering the borrowing base provisions and outstanding letters of credit. At May&nbsp;31, 2017 we had outstanding letters of credit of $3.9&nbsp;million.&nbsp;These letters of credit were
issued to secure various financial obligations.&nbsp;We believe it is not probable that any outstanding letters of credit will be drawn upon. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>2019
Notes, 2021 Notes and 2024 Notes </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">In May 2015, we exchanged our outstanding unregistered notes, and the related guarantees, that were issued in June
2014, in a private placement pursuant to Rule 144A and Regulation S under the Securities Act for (i)&nbsp;$450,000,000 aggregate principal amount of our 2019 Notes, and the related guarantees, that were registered under the Securities Act, and
(ii)&nbsp;$450,000,000 aggregate principal amount of our 2024 Notes, and the related guarantees, that were registered under the Securities Act. The 2019 Notes and the 2024 Notes mature on June&nbsp;15, 2019 and June&nbsp;15, 2024, respectively.
Interest is payable semiannually in arrears on June&nbsp;15 and December&nbsp;15. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">In May 2016, we issued $300&nbsp;million aggregate principal amount of
our 2021 Notes, and the related guarantees, that were registered under the Securities Act. The 2021 Notes mature on July&nbsp;1, 2021 and interest is paid semiannually in arrears on January&nbsp;1 and July 1. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">As of March&nbsp;31, 2017, no principal has been paid on the Existing Senior Notes, and there was $19.8&nbsp;million of capitalized debt financing costs, included
in senior notes, net on our consolidated balance sheet, related to the Existing Senior Notes that will amortize over the lives of the Existing Senior Notes. Accrued interest related to the Existing Senior Notes was $17.2&nbsp;million and
$10.7&nbsp;million as of March&nbsp;31, 2017 and December&nbsp;31, 2016, respectively. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-21 </FONT></P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc408389_11"></A>Description of the notes </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The following description of the particular terms of the notes offered hereby supplements and, to the extent inconsistent therewith, replaces the description of the
general terms of the Debt Securities set forth under the heading &#147;Description of Debt Securities&#148; in the accompanying prospectus, to which description reference is hereby made. You can find the definitions of certain terms used in this
Description of the Notes under &#147;&#151;Certain Definitions.&#148; In this description, references to (1)&nbsp;&#147;Issuer&#148; refer only to TRI Pointe Group, Inc. and not to any of its Subsidiaries. The term &#147;notes&#148; refers to the
Issuer&#146;s&nbsp;5.25% senior notes due 2027, including any additional notes issued under an indenture from time to time after this offering (the &#147;Additional Notes&#148;). </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">The Issuer will issue the notes under an indenture dated as of May&nbsp;23, 2016 (the &#147;base indenture&#148;) among the Issuer and U.S. Bank National Association, as trustee (the &#147;Trustee&#148;), as
supplemented by the supplemental indenture among the Issuer, the Guarantors and the Trustee, to be dated as of&nbsp;June 8, 2017 (the &#147;second supplemental indenture&#148;). The terms of the notes will include those stated in the base indenture
as supplemented by the second supplemental indenture as well as those stated in any future supplemental indentures related to the notes (the base indenture, as supplemented by the second supplemental indenture and any future supplemental indentures
related to the notes, is referred to herein as the &#147;indenture&#148;). The terms of the notes will include those stated in the indenture and those made part of the indenture by reference to the Trust Indenture Act of 1939, as amended (the
&#147;Trust Indenture Act&#148;). </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The following description is a summary of the material provisions of the notes and the indenture. It does not purport
to be a complete description of such documents and is subject to the detailed provisions of, and qualified in its entirety by reference to these documents. You are urged to read the indenture because it, and not this description, defines your rights
as holders of the notes. You may request a copy of the indenture by following the procedures outlined under the caption &#147;Where You Can Find Additional Information.&#148; </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="3"><B>Principal, maturity and interest </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The Issuer will issue a total of $300&nbsp;million in aggregate principal
amount of notes. The notes will mature on&nbsp;June 1, 2027. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The notes bear interest at the rate of&nbsp;5.25% per annum, payable on&nbsp;June
1&nbsp;and December 1&nbsp;of each year, commencing on&nbsp;December 1, 2017 to holders of record at the close of business on&nbsp;May&nbsp;15 or&nbsp;November&nbsp;15 as the case may be, immediately preceding the relevant interest payment date.
</FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Interest on the notes will be computed on the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year of twelve
<FONT STYLE="white-space:nowrap">30-day</FONT> months. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The notes will be issued in registered form, without coupons, and in minimum denominations of
$2,000 and integral multiples of $1,000 in excess thereof. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The Issuer may issue an unlimited amount of Additional Notes having identical terms and
conditions to the notes being issued in this offering (other than differences in the issue date, the issue price, interest accrued prior to the issue date of such Additional Notes and, if applicable, restrictions on transfer of such Additional
Notes). The Additional Notes will be part of the same issue as the notes being issued in this offering and will vote on all matters as one class with such notes being issued in this offering and the outstanding notes, including, without limitation,
waivers, amendments, redemptions and offers to purchase; provided that such Additional Notes will not be issued with the same CUSIP or ISIN, as applicable, as the notes unless such Additional Notes are fungible with the notes for U.S. federal income
tax purposes. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-22 </FONT></P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Methods of receiving payments on the notes </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">If a holder of the notes has given wire transfer instructions to the Issuer at least ten business days prior to the applicable payment date, the Issuer will make all payments on such holder&#146;s notes in
accordance with those instructions. Otherwise, payments on the notes will be made at the office or agency of the paying agent and registrar for the notes within the contiguous United States unless the Issuer elects to make interest payments by check
mailed to the holders of the notes at their addresses set forth in the register of holders. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Ranking </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The notes will be general unsecured obligations of the Issuer. The notes will rank senior in right of payment to all future obligations of the Issuer that are, by
their terms, expressly subordinated in right of payment to the notes and <I>pari passu</I> in right of payment with each other and all existing and future unsecured obligations of the Issuer (including obligations under the Credit Agreement, the
4.375% senior notes due 2019, the 4.875% senior notes due 2021 and the 5.875% senior notes due 2024) that are not so subordinated. Each note guarantee will be a general unsecured obligation of the Guarantor thereof and ranks senior in right of
payment to all future obligations of such Guarantor that are, by their terms, expressly subordinated in right of payment to such note guarantee and <I>pari passu</I> in right of each other and payment with all existing and future unsecured
obligations of such Guarantor that are not so subordinated <I>.</I> </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The notes and each note guarantee will be effectively subordinated to secured
Indebtedness of the Issuer and the applicable Guarantor to the extent of the value of the assets securing such Indebtedness. Although the indenture will contain limitations on the amount of additional Secured Debt that the Issuer and the
Subsidiaries may incur, under certain circumstances, the amount of this Indebtedness could be substantial. See &#147;&#151;Certain Covenants&#151;Restrictions on Secured Debt.&#148; </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="3"><B>Note guarantees </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">As of the Issue Date, the notes will have the benefit of guarantees by each of the
Issuer&#146;s Wholly Owned Domestic Subsidiaries that guarantee the Credit Agreement. The Issuer&#146;s Foreign Subsidiaries will not guarantee the notes. The notes will be jointly and severally guaranteed by future Domestic Subsidiaries required to
become Guarantors as described below under the caption &#147;&#151;Certain Covenants&#151;Additional Note Guarantees.&#148; </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">As of the Issue Date, a
substantial majority of the assets and operations of our business are held and conducted by the Guarantors. All of our other subsidiaries have nominal assets and operations and are considered minor, as defined in Rule
<FONT STYLE="white-space:nowrap">3-10(h)</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT> In addition, the Issuer has no independent assets or operations, as defined in Rule <FONT STYLE="white-space:nowrap">3-10(h)</FONT> of
Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT> There are no significant restrictions upon the ability of any of our wholly owned subsidiaries to pay dividends to their respective parent entity. None of the assets of our subsidiaries
represent restricted net assets pursuant to Rule <FONT STYLE="white-space:nowrap">4-08(e)(3)</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT> The supplemental guarantor information footnotes in our Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2016 and our Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended March&nbsp;31, 2017 reflect the guarantor structure of our 4.375%
senior notes due 2019 and our 5.875% senior notes due 2024, in which TRI Pointe Homes, Inc. is a <FONT STYLE="white-space:nowrap">co-issuer</FONT> of such notes as opposed to a subsidiary guarantor. The supplemental guarantor information footnotes
in our Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2016 and our Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended March&nbsp;31, 2017 also reflect the guarantor
structure of our 4.875% senior notes due 2021. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">As of the Issue Date, all of Issuer&#146;s Subsidiaries will be &#147;Restricted Subsidiaries.&#148;
Under the circumstances described below in the definition of &#147;Unrestricted Subsidiaries,&#148; the Issuer will be permitted to designate </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-23 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">
certain of its Subsidiaries as &#147;Unrestricted Subsidiaries.&#148; The Issuer&#146;s Unrestricted Subsidiaries will not be subject to any of the restrictive covenants in the indenture and will
not guarantee the notes. See &#147;Risk Factors&#151;Risks Related to the Notes&#151;The notes and the guarantees will be unsecured and effectively subordinated to the Issuer&#146;s and the guarantors&#146; existing and future secured indebtedness
and structurally subordinated to any future indebtedness and other liabilities of the Issuer&#146;s subsidiaries that do not guarantee the notes.&#148; </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The obligations of each Guarantor under its note guarantee will be limited to the maximum amount as will, after giving effect to all other contingent and fixed
liabilities of such Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its note guarantee or pursuant to its contribution
obligations under the indenture, result in the obligations of such Guarantor under its note guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state law. However, this provision may not be effective to protect
the subsidiary guarantees from being voided under fraudulent conveyance law. Each Guarantor that makes a payment for distribution under its note guarantee is entitled to a contribution from each other Guarantor in a <I>pro rata</I> amount based on
adjusted net assets of each Guarantor. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">In the event (i)&nbsp;of a sale or other disposition of all of the assets of any Guarantor, by way of merger,
consolidation or, otherwise, or a sale or other disposition of all of the Equity Interests of any Guarantor then held by the Issuer and the Restricted Subsidiaries to any Person other than the Issuer or a Restricted Subsidiary, (ii)&nbsp;any
Guarantor merges with and into the Issuer or another Guarantor, with the Issuer or such other Guarantor surviving such merger, (iii)&nbsp;any Guarantor is designated as an Unrestricted Subsidiary, in accordance with the Indenture or otherwise ceases
to be a Restricted Subsidiary (including by way of liquidation or dissolution) in a transaction permitted by the Indenture, (iv)&nbsp;any Guarantor ceases to guarantee any Indebtedness of the Issuer or any other Guarantor which gave rise to such
Guarantor guaranteeing the Notes, except as a result of a discharge or release by or as a result of payment under such guarantee of such Indebtedness, (v)&nbsp;the Issuer exercises its Legal Defeasance option or Covenant Defeasance option as
described under &#147;Legal Defeasance and Covenant Defeasance&#148; or (vi)&nbsp;all obligations under the Indenture are discharged in accordance with the terms of the Indenture as described under &#147;Satisfaction and Discharge,&#148; then, in
each such case, such Guarantor will be released and relieved of any obligations under its guarantee. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Optional redemption </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Notes </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The Issuer may, at its option, redeem the notes
in whole at any time or in part from time to time, on at least 30 but not more than 60 days&#146; prior written notice, at a redemption price equal to the greater of: </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">100% of the principal amount of the notes being redeemed, or </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">the sum of the present values of the Remaining Scheduled Payments on the notes being redeemed, discounted to the date of redemption, on a semiannual basis, at
the Treasury Rate plus 50 basis points (0.50%). </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">At any time on or after&nbsp;December 1, 2026 (six months prior to the maturity date
of the notes), the Issuer may redeem the notes, in whole at any time or in part from time to time, at 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to the date of redemption. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The Issuer will also pay accrued interest on the notes being redeemed to the date of redemption. In determining the redemption price and accrued interest, interest
will be calculated on the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year consisting of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-24 </FONT></P>


<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Comparable Treasury Issue</B>&#148; means the United States Treasury security selected by at least two
Reference Treasury Dealers 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. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Comparable Treasury Price</B>&#148; means, with respect to any
redemption date, (a)&nbsp;the average of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) on the third Business Day preceding such redemption date, as set forth in the daily
statistical release (or any successor release) published by the Federal Reserve Bank of New York and designated &#147;Composite 3:30 p.m. Quotations for U.S. Government Securities&#148; or (b)&nbsp;if such release (or any successor release) is not
published or does not contain such price on such Business Day, (1)&nbsp;the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2)&nbsp;if
fewer than four such Reference Treasury Dealer Quotations are provided to the Issuer, the average of all such quotations. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Reference Treasury
Dealer</B>&#148; means (a)&nbsp;J.P. Morgan Securities LLC and its successors and (b)&nbsp;any other Primary Treasury Dealer(s) selected by the Issuer; <I>provided</I> , <I>however</I> , that, if J.P. Morgan Securities LLC ceases to be a primary
U.S. Government securities dealer in the United States (a &#147;<B>Primary Treasury Dealer</B>&#148;), the Issuer will substitute another Primary Treasury Dealer. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">&#147;<B>Reference Treasury Dealer Quotation</B>&#148; means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Issuer, 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 Issuer by the Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such redemption date.
</FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Remaining Scheduled Payments</B>&#148; means, with respect to the notes, the remaining scheduled payments of the principal (or of the portion)
thereof to be redeemed and interest thereon that would be due after the related redemption date of the notes but for such redemption; <I>provided</I> , <I>however</I> , that, if such redemption date is not an interest payment date with respect to
the notes, the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to such redemption date. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">&#147;<B>Treasury Rate</B>&#148; means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming 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. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The
Issuer may acquire notes by means other than a redemption, whether pursuant to an issuer tender offer, open market purchase or otherwise, so long as the acquisition does not otherwise violate the terms of the indenture. </FONT></P>
<P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Selection and notice of redemption </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">In the event that less
than all of the notes are to be redeemed at any time pursuant to an optional redemption, selection of the notes for redemption will be made by the Trustee in compliance with the requirements of the depositary or principal national securities
exchange, if any, on which the notes are listed or, if the notes are not then listed on a national security exchange, on a <I>pro rata</I> basis, by lot or by such method as the Trustee shall deem fair and appropriate; <I>provided</I> ,
<I>however</I> , that no notes of a principal amount of $2,000 or less shall be redeemed in part. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Notice of redemption may state that the redemption is
conditioned upon the occurrence of other events, and will be mailed by first-class mail (or delivered electronically in accordance with the procedures of The </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-25 </FONT></P>


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Depository Trust Company) at least 30 but not more than 60 days before the date of redemption to each holder of the notes to be redeemed at its registered address (with a copy to the Trustee). If
any note is to be redeemed in part only, the notice of redemption that relates to that note will state the portion of the principal amount of the note to be redeemed. A new note in a principal amount equal to the unredeemed portion of such note will
be issued in the name of the holder of such note upon cancellation of the original note. On and after the date of redemption, interest will cease to accrue on notes or portions thereof called for redemption so long as the Issuer has deposited with
the paying agent for such notes funds in satisfaction of the redemption price (including accrued and unpaid interest on such notes to be redeemed) pursuant to the indenture. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="3"><B>Change of control </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Upon the occurrence of a Change of Control Triggering Event, each holder of notes will have
the right to require that the Issuer purchase that holder&#146;s notes for a cash price (the &#147;<B>Change of Control Purchase Price</B>&#148;) equal to 101% of the principal amount of the notes to be purchased, plus accrued and unpaid interest
thereon, if any, to the date of purchase. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Within 30 days following a Change of Control Triggering Event, the Issuer will send, or cause to be sent, to
the holders of notes (with a copy to the Trustee) a notice: </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(1) describing the transaction or transactions that constitute the Change of
Control; </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(2) offering to purchase, pursuant to the procedures required by the indenture and described in the notice, on a date specified
in the notice (which shall be a business day not earlier than 30 days nor later than 60 days from the date the notice is mailed) and for the Change of Control Purchase Price, all notes under the indenture properly tendered by such holder pursuant to
such change of control offer; and </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(3) describing the procedures that holders must follow to accept the change of control offer.
</FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The change of control offer is required to remain open for at least 20 business days or for such longer period as is required by law. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The Issuer will publicly announce the results of the change of control offer on or as soon as practicable after the date of purchase. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">If a change of control offer is made, there can be no assurance that the Issuer will have available funds sufficient to pay for all or any of the notes that might
be delivered by holders seeking to accept the change of control offer. In addition, there can be no assurance that in the event of a Change of Control Triggering Event the Issuer will be able to obtain the consents necessary to consummate a change
of control offer from the lenders under agreements governing outstanding Indebtedness which may prohibit the offer. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The provisions described above that
require the Issuer to make a change of control offer following a Change of Control Triggering Event will be applicable regardless of whether any other provisions of the indenture are applicable. Except as described above with respect to a Change of
Control Triggering Event, the indenture does not contain provisions that permit the holders of notes to require that the Issuer purchase or redeem any notes in the event of a takeover, recapitalization or similar transaction. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The Issuer&#146;s obligation to make a change of control offer will be satisfied if a third party makes the change of control offer in the manner and at the times
and otherwise in compliance with the requirements applicable to a change of control offer made by the Issuer and purchases all notes properly tendered and not withdrawn under the change of control offer. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">A &#147;Change of Control&#148; includes certain sales of all or substantially all of the assets of the Issuer and the Subsidiaries. The phrase &#147;all or
substantially all&#148; as used in the indenture (including as set forth under </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-26 </FONT></P>


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&#147;&#151;Certain Covenants&#151;Limitations on Mergers, Consolidations, Etc.&#148; below) varies according to the facts and circumstances of the subject transaction, has no clearly established
meaning under New York law (which governs the indenture) and is subject to judicial interpretation. Accordingly, in certain circumstances there may be a degree of uncertainty in ascertaining whether a particular transaction would involve a
disposition of &#147;all or substantially all&#148; of the assets of the Issuer, and therefore it may be unclear as to whether a Change of Control has occurred and whether the holders have the right to require the Issuer to purchase notes.
</FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The Issuer will comply with applicable tender offer rules, including the requirements of Rule <FONT STYLE="white-space:nowrap">14e-l</FONT> under the
Exchange Act and any other applicable laws and regulations in connection with the purchase of notes pursuant to a change of control offer. To the extent that the provisions of any securities laws or regulations conflict with the &#147;Change of
Control&#148; provisions of the indenture, the Issuer shall comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the &#147;Change of Control&#148; provisions of the indenture by
virtue of this compliance. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Certain covenants </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">In
connection with the notes, the Issuer has not agreed to any financial covenants or any restrictions on the payment of dividends or the issuance or repurchase of the Issuer&#146;s securities. The Issuer has agreed to no covenants or other provisions
to protect holders of notes in the event of a highly leveraged transaction, other than with respect to certain change in control transactions. See &#147;&#151;Change of Control.&#148; </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2"><B><I>Restrictions on secured debt </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The indenture will provide that the Issuer will not, and will not cause or
permit a Restricted Subsidiary to, create, incur, assume or guarantee any Secured Debt unless the notes will be secured equally and ratably with (or prior to) such Secured Debt, with certain exceptions. This restriction does not prohibit (and there
shall be no obligation to equally and ratably secure the notes upon) the creation, incurrence, assumption or guarantee of Secured Debt which is secured by: </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT
STYLE="font-family:arial" SIZE="2">(1) Liens on model homes, homes held for sale, homes that are under contract for sale, homes under development, contracts for the sale of homes and/or land (improved or unimproved), land (improved or unimproved),
manufacturing plants, warehouses or office buildings and fixtures and equipment located thereat, or thereon; </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(2) Liens on property at
the time of its acquisition by the Issuer or a Restricted Subsidiary, including Capitalized Lease Obligations and purchase money obligations, which Liens secure obligations assumed by the Issuer or a Restricted Subsidiary, or Liens on assets of a
Person, in each case, existing at the time such property or Person is acquired or merged with or into or consolidated with the Issuer or any such Restricted Subsidiary (and, in each case, not created in anticipation or contemplation thereof);
</FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(3) Liens arising from conditional sales agreements or title retention agreements with respect to property acquired by the Issuer or a
Restricted Subsidiary; </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(4) Liens incurred in connection with pollution control, industrial revenue, water, sewage or public improvement
bonds or any similar bonds, or in connection with any agreements for the funding of infrastructure, including in respect of the issuance of community facility district bonds, metro district bonds, mello-roos bonds and subdivision improvement bonds,
and similar bonds, in each case, arising in the ordinary course of business; </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(5) any right of a lender or lenders to which the Issuer or
a Restricted Subsidiary may be indebted to offset against, or appropriate and apply to the payment of such, Indebtedness any and all balances, credits, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-27 </FONT></P>


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deposits, accounts or money of the Issuer or a Restricted Subsidiary with or held by such lender or lenders or its affiliates in the ordinary course of business; </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(6) Liens securing Indebtedness of a Restricted Subsidiary owed to the Issuer or to a Wholly Owned Restricted Subsidiary of the Issuer or Liens
securing the Issuer&#146;s Indebtedness owing to a Guarantor; or </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(7) Liens securing Indebtedness in an aggregate principal amount not to
exceed $100.0&nbsp;million at any one time outstanding. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Additionally, such permitted Secured Debt includes any amendment, restatement, supplement,
renewal, replacement, extension or refunding in whole or in part, of Secured Debt permitted at the time of the original incurrence thereof. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">In addition,
the Issuer and its Restricted Subsidiaries may create, incur, assume or guarantee Secured Debt, without equally or ratably securing the notes, if immediately thereafter the sum of (1)&nbsp;the aggregate principal amount of all Secured Debt
outstanding (excluding (i)&nbsp;Secured Debt permitted under clauses (1)&nbsp;through (7)&nbsp;above and (ii)&nbsp;any Secured Debt in relation to which the notes have been equally and ratably secured) and (2)&nbsp;all Attributable Debt in respect
of Sale and Leaseback Transactions (excluding Attributable Debt in respect of Sale and Leaseback Transactions satisfying the conditions set forth in clauses (1), (2)&nbsp;and (3)&nbsp;under &#147;&#151;Restrictions on Sale and Leaseback
Transactions&#148;) as of the date of determination would not exceed 20% of Consolidated Net Tangible Assets. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The provisions described above with
respect to limitations on Secured Debt are not applicable to <FONT STYLE="white-space:nowrap">Non-Recourse</FONT> Land Financing by virtue of the definition of Secured Debt, and will not restrict or limit the Issuer&#146;s or its Restricted
Subsidiaries&#146; ability to create, incur, assume or guarantee any unsecured Indebtedness, or of any subsidiary which is not a Restricted Subsidiary to create, incur, assume or guarantee any secured or unsecured Indebtedness. </FONT></P>
<P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Restrictions on sale and leaseback transactions </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The
indenture will provide that the Issuer will not, and will not permit any Restricted Subsidiary to, enter into any Sale and Leaseback Transaction, unless: </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT
STYLE="font-family:arial" SIZE="2">(1) notice is promptly given to the Trustee of the Sale and Leaseback Transaction; </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(2) fair value is
received by the Issuer or the relevant Restricted Subsidiary for the property sold (as determined in good faith pursuant to a resolution of the Board of Directors of the Issuer delivered to the Trustee); and </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(3) the Issuer or such Restricted Subsidiary, within 365 days after the completion of the Sale and Leaseback Transaction, applies an amount equal to
the net proceeds therefrom either: </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">to the redemption, repayment or retirement of debt securities of any series under the indenture, any 4.375% senior notes due 2019, any 4.875% senior notes due
2021 or any 5.875% senior notes due 2024 (including the cancellation by the applicable trustee of any debt securities of any series delivered by the Issuer to the applicable trustee) or Senior Indebtedness of the Issuer, or
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">to the purchase by the Issuer or any Restricted Subsidiary of the Issuer of property substantially similar to the property sold or transferred.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">In addition, the Issuer and its Restricted Subsidiaries may enter into a Sale and Leaseback Transaction if immediately thereafter the
sum of (1)&nbsp;the aggregate principal amount of all Secured Debt outstanding </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-28 </FONT></P>


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(excluding Secured Debt permitted under clauses (1)&nbsp;through (7)&nbsp;described in &#147;&#151;Restrictions on Secured Debt,&#148; above or Secured Debt in relation to which the notes have
been equally and ratably secured) and (2)&nbsp;all Attributable Debt in respect of Sale and Leaseback Transactions (excluding Attributable Debt in respect of Sale and Leaseback Transactions satisfying the conditions set forth in clauses (1),
(2)&nbsp;and (3)&nbsp;above) as of the date of determination would not exceed 20% of Consolidated Net Tangible Assets. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Limitations on mergers,
consolidations, etc. </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The Issuer will not, directly or indirectly, in a single transaction or a series of related transactions,
(a)&nbsp;consolidate or merge with or into (other than a merger that satisfies the requirements of clause (1)&nbsp;below with a Wholly Owned Restricted Subsidiary solely for the purpose of changing the Issuer&#146;s jurisdiction of incorporation to
another State of the United States), or sell, lease, transfer, convey or otherwise dispose of or assign all or substantially all of the assets of the Issuer or the Issuer and its Restricted Subsidiaries (taken as a whole) or (b)&nbsp;adopt a plan of
liquidation unless, in either case: </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(1) either: </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:arial" SIZE="2">(a) the Issuer will be the surviving or continuing Person; or </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(b) the Person formed by or surviving
such consolidation or merger or to which such sale, lease, conveyance or other disposition shall be made (or, in the case of a plan of liquidation, any Person to which assets are transferred) (collectively, the &#147;<B>Successor</B>&#148;) is a
corporation or limited liability company organized and existing under the laws of any State of the United States of America or the District of Columbia, and the Successor expressly assumes, by a supplemental indenture in form satisfactory to the
Trustee, all of the obligations of the Issuer under the notes and the indenture; <I>provided</I> that at any time the Successor is a limited liability company, there shall be a <FONT STYLE="white-space:nowrap">co-issuer</FONT> of the notes that is a
corporation; and </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(2) immediately after giving effect to such transaction and the assumption of the obligations as set forth in clause
(1)(b)&nbsp;above and the incurrence of any Indebtedness to be incurred in connection therewith, no Default shall have occurred and be continuing. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Except as provided in the fourth paragraph under the caption &#147;&#151;Note Guarantees,&#148; no Guarantor may transfer all or substantially all of its assets to,
consolidate with or merge with or into another Person, whether or not affiliated with such Guarantor, unless: </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(1) either: </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(a) such Guarantor will be the surviving or continuing Person; or </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:arial" SIZE="2">(b) the Person formed by or surviving any such consolidation or merger (the &#147;<B>Successor Guarantor</B>&#148;) assumes, by supplemental indenture in form satisfactory to the Trustee, all of the obligations of
such Guarantor under the note guarantee of such Guarantor and the indenture; and </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(2) immediately after giving effect to such
transaction, no Default shall have occurred and be continuing. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The Issuer shall deliver to the Trustee, on or prior to the consummation of a transaction
proposed pursuant to clause (1)(b) of the first or second paragraph in this covenant, one or more opinions of counsel that the proposed transaction and such supplemental indenture comply with the indenture and the supplemental indenture constitutes
the legal, valid and binding obligation of the Issuer, enforceable against it in accordance with its terms. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-29 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">For purposes of the foregoing, the transfer (by lease, assignment, sale or otherwise, in a single transaction or
series of transactions) of all or substantially all of the assets of one or more Restricted Subsidiaries, the Equity Interests of which constitute all or substantially all of the assets of the Issuer, will be deemed to be the transfer of all or
substantially all of the assets of the Issuer. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Upon any consolidation, combination or merger of the Issuer or a Guarantor, or any transfer of all or
substantially all of the assets of the Issuer in accordance with the foregoing, in which the Issuer or such Guarantor is not the continuing obligor under the notes or its related note guarantees, the surviving entity formed by such consolidation or
into which the Issuer or such Guarantor is merged or to which the conveyance, lease or transfer is made will succeed to, and be substituted for, and may exercise every right and power of, the Issuer or such Guarantor under the indenture, the notes
and all the note guarantees with the same effect as if such surviving entity had been named therein as the Issuer or such Guarantor and, except in the case of a conveyance, transfer or lease, the Issuer or such Guarantor, as the case may be, will be
released from the obligation to pay the principal of and interest on the notes or in respect of its note guarantees, as the case may be, and all of the Issuer&#146;s or such Guarantor&#146;s other obligations and covenants under the notes, the
indenture and each note guarantee, if applicable. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Notwithstanding the foregoing, (i)&nbsp;any Restricted Subsidiary may merge into the Issuer or another
Restricted Subsidiary and (ii)&nbsp;the requirements of the third preceding paragraph above will not apply to any transaction pursuant to which the surviving Person is not the Issuer or a Person that would be required to become a Guarantor under the
covenant &#147;Additional Note Guarantees&#148; below. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Additional note guarantees </I></B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The Issuer shall cause each Wholly Owned Domestic Subsidiary that incurs (1)&nbsp;any Indebtedness (and/or commitments in respect thereof) under the Credit
Agreement, (2)&nbsp;Indebtedness (and/or commitments in respect thereof) under any syndicated loan or capital markets debt securities issuance which is equal to or in excess of $125.0&nbsp;million in principal amount so long as the Issuer or a
Guarantor is the borrower, issuer or a guarantor of the Indebtedness (and/or commitments in respect thereof) or (3)&nbsp;a guarantee of any Indebtedness (and/or commitments in respect thereof) of the Issuer or a Guarantor described in the preceding
clause (1)&nbsp;or (2), to: </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(1) execute and deliver to the Trustee (a)&nbsp;a supplemental indenture in form satisfactory to the Trustee
pursuant to which such Restricted Subsidiary shall unconditionally guarantee all of the Issuer&#146;s obligations under the notes and the indenture and (b)&nbsp;a notation of guarantee in respect of its note guarantee; and </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(2) deliver to the Trustee one or more opinions of counsel that such supplemental indenture </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(a) has been duly authorized, executed and delivered by such Restricted Subsidiary and </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(b) constitutes a valid and legally binding obligation of such Restricted Subsidiary in accordance with its terms. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">If, after the Issue Date, the Issuer or any Guarantor acquires or creates another Wholly Owned Domestic Subsidiary that incurs (1)&nbsp;any Indebtedness (and/or
commitments in respect thereof) under the Credit Agreement, (2)&nbsp;Indebtedness (and/or commitments in respect thereof) under any syndicated loan or capital markets debt securities issuance which is equal to or in excess of $125.0&nbsp;million in
principal amount so long as the Issuer or a Guarantor is the borrower, issuer or a guarantor of the Indebtedness (and/or commitments in respect thereof) or (3)&nbsp;a guarantee of any Indebtedness (and/or commitments in respect thereof) of the
Issuer </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-30 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">
or a Guarantor described in the preceding clause (1)&nbsp;or (2), then the Issuer shall cause such Restricted Subsidiary to: </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(1) execute and deliver to the Trustee (a)&nbsp;a supplemental indenture in form satisfactory to the Trustee pursuant to which such Restricted
Subsidiary shall unconditionally guarantee all of the Issuer&#146;s obligations under the notes and the indenture and (b)&nbsp;a notation of guarantee in respect of its note guarantee; and </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(2) deliver to the Trustee one or more opinions of counsel that such supplemental indenture </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(a) has been duly authorized, executed and delivered by such Restricted Subsidiary and </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(b) constitutes a valid and legally binding obligation of such Restricted Subsidiary in accordance with its terms. </FONT></P>
<P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Reports </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Whether or not required by the SEC, so long
as any notes are outstanding, the Issuer will furnish to the holders of such outstanding notes, within the time periods specified in the SEC&#146;s rules and regulations (including any grace periods or extensions permitted by the SEC): </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(1) all quarterly and annual financial information that would be required to be contained in a filing with the SEC on Forms <FONT
STYLE="white-space:nowrap">10-Q</FONT> and <FONT STYLE="white-space:nowrap">10-K</FONT> if the Issuer were required to file these Forms, including a &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations&#148; and, with respect to the annual information only, a report on the annual financial statements by the Issuer&#146;s independent registered public accounting firm; and </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(2) all current reports that would be required to be filed with the SEC on Form <FONT STYLE="white-space:nowrap">8-K</FONT> if the Issuer were
required to file these reports. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">In addition, whether or not required by the SEC, the Issuer will file a copy of all of the information and reports
referred to in clauses (1)&nbsp;and (2)&nbsp;above with the SEC for public availability within the time periods specified in the SEC&#146;s rules and regulations (unless the SEC will not accept the filing) and make the information available to
securities analysts and prospective investors upon request. The Issuer and the Guarantors have agreed that, for so long as any notes remain outstanding, the Issuer will furnish to the holders of the notes outstanding and to securities analysts and
prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Events of
default </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Each of the following is an &#147;<B>Event of Default</B>&#148; with respect to the notes: </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(1) failure by the Issuer to pay interest on the notes when it becomes due and payable and the continuance of any such failure for 30 days;
</FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(2) failure by the Issuer to pay the principal on the notes when it becomes due and payable, whether at stated maturity, upon
redemption, upon purchase, upon acceleration or otherwise; </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(3) failure by the Issuer or any of its Restricted Subsidiaries to comply
with any of its agreements or covenants described above under &#147;&#151;Certain Covenants&#151;Limitations on Mergers, Consolidations, Etc.&#148; with respect to the notes; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-31 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(4) failure by the Issuer or any of its Restricted Subsidiaries to comply with any other agreement or
covenant in the indenture and continuance of this failure for 30 days after notice of the failure has been given to the Issuer by the Trustee under the indenture or by the holders of at least 25% of the aggregate principal amount of the notes then
outstanding; </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(5) default under any mortgage, indenture or other instrument or agreement under which there may be issued or by which
there may be secured or evidenced Indebtedness (other than <FONT STYLE="white-space:nowrap">Non-Recourse</FONT> Land Financing) of the Issuer or any Restricted Subsidiary, whether such Indebtedness now exists or is incurred after the Issue Date,
which default: </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(a) is caused by a failure to pay when due principal on such Indebtedness within the applicable express grace period,
</FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(b) results in the acceleration of such Indebtedness prior to its express final maturity, or </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(c) results in the commencement of judicial proceedings to foreclose upon, or to exercise remedies under applicable law or applicable security
documents to take ownership of, the assets securing such Indebtedness, and </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">in each case, the principal amount of such Indebtedness,
together with any other Indebtedness with respect to which an event described in clause (a), (b)&nbsp;or (c)&nbsp;has occurred and is continuing, aggregates $50.0&nbsp;million or more; </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(6) one or more judgments or orders that exceed $50.0&nbsp;million in the aggregate (net of amounts covered by insurance or bonded) for the payment
of money have been entered by a court or courts of competent jurisdiction against the Issuer or any Restricted Subsidiary and such judgment or judgments have not been satisfied, stayed, annulled or rescinded within 60 days of being entered;
</FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(7) the Issuer or any Significant Subsidiary pursuant to or within the meaning of any bankruptcy law: </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(a) commences a voluntary case, </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(b)
consents to the entry of an order for relief against it in an involuntary case, </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(c) consents to the appointment of a custodian of it or
for all or substantially all of its assets, or </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(d) makes a general assignment for the benefit of its creditors; </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(8) a court of competent jurisdiction enters an order or decree under any bankruptcy law that: </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(a) is for relief against the Issuer or any Significant Subsidiary as debtor in an involuntary case, </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(b) appoints a custodian of the Issuer or any Significant Subsidiary or a custodian for all or substantially all of the assets of the Issuer or any
Significant Subsidiary, or </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(c) orders the liquidation of the Issuer or any Significant Subsidiary, and the order or decree remains
unstayed and in effect for 60 days; or </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(9) any note guarantee of any Significant Subsidiary under the indenture ceases to be in full
force and effect (other than in accordance with the terms of such note guarantee and the indenture) or is declared null and void and unenforceable or found to be invalid or any Guarantor denies its liability under its note guarantee under the
indenture (other than by reason of release of a Guarantor from its note guarantee under the indenture in accordance with the terms of the indenture and such note guarantee). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-32 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">If an Event of Default (other than an Event of Default specified in clause (7)&nbsp;or (8)&nbsp;above with respect to
the Issuer), shall have occurred and be continuing under the indenture, the Trustee, by written notice to the Issuer, or the holders of at least 25% in aggregate principal amount of the notes then outstanding by written notice to the Issuer and the
Trustee, may declare all amounts owing under the notes to be due and payable immediately. Upon such declaration of acceleration, the aggregate principal of and accrued and unpaid interest on the outstanding notes shall immediately become due and
payable; <I>provided</I> , <I>however</I> , that after such acceleration, but before a judgment or decree based on acceleration, the holders of a majority in aggregate principal amount of the outstanding notes may, under certain circumstances,
rescind and annul such acceleration if all Events of Default with respect to the notes, other than the nonpayment of accelerated principal and interest, have been cured or waived as provided in the indenture. If an Event of Default specified in
clause (7)&nbsp;or (8)&nbsp;with respect to the Issuer occurs, all outstanding notes shall become due and payable without any further action or notice. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The Trustee shall, within 60&nbsp;days after a responsible officer of the Trustee has actual knowledge of the occurrence of any Default with respect to the notes,
give the holders notice of all uncured Defaults thereunder known to it; <I>provided</I> , <I>however</I> , that, except in the case of an Event of Default in payment with respect to the notes or a Default in complying with &#147;&#151;Certain
Covenants&#151;Limitations on Mergers, Consolidations, Etc.,&#148; the Trustee shall be protected in withholding such notice if and so long as the Trustee in good faith determines that the withholding of such notice is in the interest of the
holders. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">No holder of the notes will have any right to institute any proceeding with respect to the indenture or for any remedy thereunder, unless the
Trustee: </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(1) has failed to act for a period of 60 days after receiving written notice of a continuing Event of Default by such holder
and a request to act by holders of at least 25% in aggregate principal amount of notes outstanding; </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(2) has been offered indemnity
satisfactory to it in its reasonable judgment; and </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(3) has not received from the holders of a majority in aggregate principal amount of
the outstanding notes a direction inconsistent with such request. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">However, such limitations do not apply to a suit instituted by a holder of any note
for enforcement of payment of the principal of or interest on such note on or after the due date therefor (after giving effect to the grace period specified in clause (1)&nbsp;of the first paragraph of this &#147;&#151;Events of Default&#148;
section). </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The Issuer is required to deliver to either Trustee annually a statement regarding compliance with the indenture and, upon any officer of the
Issuer becoming aware of any Default, a statement specifying such Default and what action the Issuer is taking or proposes to take with respect thereto. </FONT></P>
<P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Legal defeasance and covenant defeasance </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The Issuer may, at
its option and at any time, elect to have its obligations and the obligations of the Guarantors discharged with respect to the outstanding notes. Legal defeasance means that the Issuer and the Guarantors shall be deemed to have paid and discharged
the entire indebtedness represented by the notes and the related note guarantees, and the indenture shall cease to be of further effect as to all such outstanding notes and note guarantees, except as to </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(1) rights of holders to receive payments in respect of the principal of and interest on such notes when such payments are due from the trust funds
referred to below, </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(2) the Issuer&#146;s obligations with respect to such notes concerning issuing temporary notes, registration of
notes, mutilated, destroyed, lost or stolen notes, and the maintenance of an office or agency for payment and money for security payments held in trust, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-33 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(3) the rights, powers, trust, duties, and immunities of the Trustee under the indenture, and the
Issuer&#146;s obligation in connection therewith, and </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(4) the legal defeasance provisions of the indenture. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">In addition, the Issuer may, at its option and at any time, elect to have its obligations and the obligations of the Guarantors released with respect to most of the
covenants under the indenture, except as described otherwise in the indenture, and thereafter any omission to comply with such obligations shall not constitute a Default. In the event covenant defeasance occurs, certain Events of Default with
respect to the notes (not including <FONT STYLE="white-space:nowrap">non-payment</FONT> and, solely for a period of 91 days following the deposit referred to in clause (1)&nbsp;of the next paragraph, bankruptcy, receivership, rehabilitation and
insolvency events) will no longer apply. Covenant defeasance will not be effective until such bankruptcy, receivership, rehabilitation and insolvency events no longer apply. The Issuer may exercise its legal defeasance option regardless of whether
it previously exercised covenant defeasance. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">In order to exercise either legal defeasance or covenant defeasance: </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(1) the Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of the holders, U.S. legal tender, U.S. Government obligations
or a combination thereof, in such amounts as will be sufficient (without reinvestment) in the opinion of a nationally recognized firm of independent public accountants selected by the Issuer, to pay the principal of and interest on the notes on the
stated date for payment or on the redemption date of the principal or installment of principal of or interest on the notes, and the Trustee must have a valid, perfected, exclusive security interest in such trust, </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(2) in the case of legal defeasance, the Issuer shall have delivered to the Trustee an opinion of counsel in the United States who is reasonably
acceptable to the Trustee confirming that: </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:6%"><FONT STYLE="font-family:arial" SIZE="2">(a) the Issuer has received from, or there has been published by the Internal Revenue
Service, a ruling, or </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:6%"><FONT STYLE="font-family:arial" SIZE="2">(b) since the date of the indenture, there has been a change in the applicable U.S. federal income tax law,
</FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">in either case to the effect that, and based thereon this opinion of counsel shall confirm that, the holders of the notes will not
recognize income, gain or loss for U.S. federal income tax purposes as a result of the legal defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such
legal defeasance had not occurred, </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(3) in the case of covenant defeasance, the Issuer shall have delivered to the Trustee an opinion of
counsel in the United States who is reasonably acceptable to the Trustee confirming that the holders of the notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such covenant defeasance and will be
subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if the covenant defeasance had not occurred, </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT
STYLE="font-family:arial" SIZE="2">(4) no Default with respect to the notes shall have occurred and be continuing on the date of such deposit (other than a Default resulting from the borrowing of funds to be applied to such deposit and the grant of
any Lien securing such borrowing), </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(5) the legal defeasance or covenant defeasance shall not result in a breach or violation of, or
constitute a default under the indenture or any other material agreement or instrument to which the Issuer or any of its Subsidiaries is a party or by which the Issuer or any of its Subsidiaries is bound, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-34 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(6) the Issuer shall have delivered to the Trustee an officers&#146; certificate stating that the
deposit was not made by it with the intent of preferring the holders of the notes over any other of its creditors or with the intent of defeating, hindering, delaying or defrauding any other of its creditors or others, and </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(7) the Issuer shall have delivered to the Trustee an officers&#146; certificate and an opinion of counsel, each stating that the conditions
provided for in, in the case of the officers&#146; certificate, clauses (1)&nbsp;through (6)&nbsp;and, in the case of the opinion of counsel, clauses (1)&nbsp;(with respect to the validity and perfection of the security interest), (2)&nbsp;and/or
(3)&nbsp;and (5)&nbsp;of this paragraph have been complied with. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">If the funds deposited with the Trustee to effect covenant defeasance are insufficient
to pay the principal of and interest on the notes when due, then the Issuer&#146;s obligations and the obligations of Guarantors under the indenture will be revived and no such defeasance will be deemed to have occurred. </FONT></P>
<P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Satisfaction and discharge </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The indenture will be discharged
and will cease to be of further effect (except as to rights of registration of transfer or exchange of the notes which shall survive until all of the notes have been canceled) as to all outstanding notes when either: </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(1) all the notes that have been authenticated and delivered (except lost, stolen or destroyed notes which have been replaced or paid and notes for
whose payment money has been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from this trust) have been delivered to the Trustee for cancellation, or </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(2)(a) all notes not delivered to the Trustee for cancellation otherwise have become due and payable or have been called for redemption pursuant to
the provisions described under &#147;&#151;Optional Redemption&#148; and the Issuer has irrevocably deposited or caused to be deposited with the Trustee trust funds in trust in an amount of money sufficient to pay and discharge the entire
Indebtedness (including all principal and accrued interest) on the notes not theretofore delivered to the Trustee for cancellation, </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(b)
the Issuer has paid all sums payable by it under the indenture, </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(c) the Issuer has delivered irrevocable instructions to the Trustee to
apply the deposited money toward the payment of such notes at maturity or on the date of redemption, as the case may be, and </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(d) the
Trustee, for the benefit of the holders of the notes, has a valid, perfected, exclusive security interest in this trust. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">In addition, the Issuer must
deliver an officers&#146; certificate and an opinion of counsel (as to legal matters) stating that all conditions precedent to satisfaction and discharge have been complied with. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="3"><B>Transfer and exchange </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">A holder will be able to register the transfer of or exchange the notes only in
accordance with the provisions of the indenture. The registrar may require a holder of the notes, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the
indenture governing the notes. Without the prior consent of the Issuer, the registrar is not required (1)&nbsp;to register the transfer of or exchange any note selected for redemption, (2)&nbsp;to register the transfer of or exchange any note for a
period of 15 days before a selection of notes to be redeemed or (3)&nbsp;to register the transfer or exchange of a note between a record date and the next succeeding interest payment date. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">The notes will be issued in registered form and the registered holder will be treated as the owner of such note for all purposes. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-35 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Amendment, supplement and waiver </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">Subject to certain exceptions, the indenture or the notes may be amended with the consent (which may include consents obtained in connection with a tender offer or exchange offer for notes) of the holders of at
least a majority in principal amount of the notes then outstanding, and any existing Default with respect to the notes under, or compliance with any provision of, the indenture may be waived (other than any continuing Default with respect to the
notes in the payment of the principal or interest on the notes) with the consent (which may include consents obtained in connection with a tender offer or exchange offer for the notes) of the holders of a majority in principal amount of the notes
then outstanding; <I>provided</I> that: </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(a) no such amendment may, without the consent of the holders of a majority in aggregate
principal amount of notes then outstanding, amend the obligation of the Issuer under the heading &#147;&#151;Change of Control&#148; or the related definitions that could adversely affect the rights of any holder of the notes; and </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(b) without the consent of each holder of the notes affected, the Issuer and the Trustee may not: </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(1) change the maturity of the notes; </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(2) reduce the amount, extend the due date or otherwise affect the terms of any scheduled payment of interest on or principal of the notes;
</FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(3) reduce any premium payable upon optional redemption of the notes, change the date on which any notes are subject to redemption or
otherwise alter the provisions with respect to the redemption of the notes; </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(4) make any note payable in money or currency other than
that stated in the notes; </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(5) modify or change any provision of the indenture the related definitions to affect the ranking of the notes
or any note guarantee related to such notes in a manner that adversely affects the holders of the notes; </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(6) reduce the percentage of
holders of such notes necessary to consent to an amendment or waiver to the indenture or the notes; </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(7) impair the rights of holders of
the notes to receive payments of principal of or interest on the notes; </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(8) release any Guarantor from any of its obligations under its
note guarantee or the indenture, except as permitted by the indenture; or </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(9) make any change in these amendment and waiver provisions.
</FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Notwithstanding the foregoing, the Issuer and the Trustee may amend the indenture, the note guarantees or the notes without the consent of any holder of
the notes, to cure any ambiguity, omission, mistake, defect or inconsistency, to provide for uncertificated notes in addition to or in place of certificated notes, to provide for the assumption of the Issuer&#146;s obligations to the holders of such
notes in the case of a merger or acquisition, to add Guarantors with respect to the notes or release any Guarantor from any of its obligations under such note guarantee or the indenture (to the extent permitted by the indenture), to conform the text
of the indenture, the note guarantees or the notes to any provision of this &#147;Description of the Notes&#148; section, to provide for the issuance of Additional Notes in compliance and in accordance with the limitations set forth in the
indenture, to make any change that does not materially adversely affect the rights of any holder or to maintain the qualification of the indenture under the Trust Indenture Act or to comply with the rules of any applicable securities depository.
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-36 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>No personal liability of directors, officers, employees and stockholders </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">No director, officer, employee, incorporator or stockholder of the Issuer will have any liability for any obligations of the Issuer under the notes or the indenture
or of any Guarantor under its note guarantee or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each holder by accepting a note waives and releases all such liability. The waiver and release are part of
the consideration for issuance of the notes and the note guarantees. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Concerning the trustee </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">U.S. Bank National Association will be the Trustee under the indenture and will be appointed by the Issuer as registrar and paying agent with regard to the notes.
The indenture will contain certain limitations on the rights of the Trustee, should it become a creditor of the Issuer, to obtain payment of claims in certain cases, or to realize on certain assets received in respect of any such claim as security
or otherwise. The Trustee will be permitted to engage in other transactions; however, if it acquires any conflicting interest (as defined in the indenture), it must eliminate such conflict or resign. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The holders of a majority in principal amount of the then outstanding notes will have the right to direct the time, method and place of conducting any proceeding
for exercising any remedy available to the Trustee, subject to certain exceptions. The indenture will provide that, in case an Event of Default occurs and is not cured, the Trustee will be required, in the exercise of its power, to use the degree of
care of a prudent person in similar circumstances in the conduct of his or her own affairs. Subject to such provisions, the Trustee will be under no obligation to exercise any of its rights or powers under the indenture at the request of any holder
of notes, unless such holder shall have offered to the Trustee security and indemnity satisfactory to the Trustee. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Governing law </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The indenture, the notes and the note guarantees will be governed by, and construed in accordance with, the laws of the State of New York. </FONT></P>
<P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Book entry, delivery and form </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The notes offered hereby will
be issued in the form of a fully registered Global Note (the &#147;<B>Global Note</B>&#148;). The Global Note will be delivered on or about the Issue Date with the Trustee, on behalf of The Depository Trust Company (the
&#147;<B>Depositary</B>&#148;) and registered in the name of Cede&nbsp;&amp; Co., as nominee of the Depositary (such nominee being referred to herein as the &#147;<B>Global Note Holder</B>&#148;). </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The Depositary is a limited-purpose trust company which was created to hold securities for its participating organizations (collectively, the
&#147;<B>Participants</B>&#148; or the &#147;<B>Depositary&#146;s Participants</B>&#148;) and to facilitate the clearance and settlement of transactions in such securities between Participants through electronic book-entry changes in accounts of its
Participants. The Depositary&#146;s Participants include securities brokers and dealers (including the underwriters), banks and trust companies, clearing corporations and certain other organizations. Access to the Depositary&#146;s system is also
available to other entities such as banks, brokers, dealers and trust companies (collectively, the &#147;<B>Indirect Participants</B>&#148; or the &#147;<B>Depositary&#146;s Indirect Participants</B>&#148;) that clear through or maintain a custodial
relationship with a participant, either directly or indirectly. Persons who are not Participants may beneficially own securities held by or on behalf of the Depositary only through the Depositary&#146;s Participants or the Depositary&#146;s Indirect
Participants. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The Issuer expects that pursuant to procedures established by the Depositary (i)&nbsp;upon deposit of the Global Note, the Depositary will
credit the accounts of Participants designated by the underwriters with portions of the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-37 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">
principal amount of the Global Note and (ii)&nbsp;ownership of the notes will be shown on, and the transfer of ownership thereof will be effected only through, records maintained by the
Depositary (with respect to the interests of the Depositary&#146;s Participants), the Depositary&#146;s Participants and the Depositary&#146;s Indirect Participants. Prospective purchasers are advised that the laws of some states require that
certain Persons take physical delivery in definitive form of securities that they own. Consequently, the ability to transfer notes will be limited to such extent. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">So long as the Global Note Holder is the registered owner of any notes, the Global Note Holder will be considered the sole owner or holder of such notes outstanding under the indenture. Except as provided below,
beneficial owners of notes will not be entitled to have notes registered in their names, will not receive or be entitled to receive physical delivery of notes in definitive form, and will not be considered the holders thereof under the indenture for
any purpose, including with respect to the giving of any directions, instructions or approvals to the Trustee thereunder. As a result, the ability of a Person having a beneficial interest in notes represented by the Global Note to pledge such
interest to Persons or entities that do not participate in the Depositary&#146;s system or to otherwise take actions in respect of such interest may be affected by the lack of a physical certificate evidencing such interest. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">None of the Issuer, the Trustee, the paying agent and the registrar will have any responsibility or liability for any aspect of the records relating to or payments
made on account of notes by the Depositary, or for maintaining, supervising or reviewing any records of the Depositary relating to such notes. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Payments
in respect of the principal, premium, if any, and interest on any notes registered in the name of a Global Note Holder on the applicable record date will be payable by the paying agent to such Global Note Holder in its capacity as the registered
holder under the indenture. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Under the terms of the indenture, the Issuer and the Trustee may treat the Persons in whose names the notes, including the
Global Notes, are registered as the owners thereof for the purpose of receiving such payments and for any and all other purposes whatsoever. Consequently, neither the Issuer nor the Trustee has or will have any responsibility or liability for the
payment of such amounts to beneficial owners of notes (including principal, premium, if any, and interest). </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The Issuer believes, however, that it is
currently the policy of the Depositary to immediately credit the accounts of the relevant Participants with such payment, in amounts proportionate to their respective holdings in principal amount of beneficial interests in the relevant security as
shown on the records of the Depositary. Payments by the Depositary&#146;s Participants and the Depositary&#146;s Indirect Participants to the beneficial owner of notes will be governed by standing instructions and customary practice and will be the
responsibility of the Depositary&#146;s Participants or the Depositary&#146;s Indirect Participants. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">As long as the notes are represented by a Global
Note, the Depositary&#146;s nominee will be the holder of the notes and therefore will be the only entity that can exercise a right to repayment or repurchase of the notes. Notice by Participants or Indirect Participants or by owners of beneficial
interests in a Global Note held through such Participants or Indirect Participants of the exercise of the option to elect repayment of beneficial interests in notes represented by a Global Note must be transmitted to the Depositary in accordance
with its procedures on a form required by the Depositary and provided to Participants. In order to ensure that the Depositary&#146;s nominee will timely exercise a right to repayment with respect to a particular note, the beneficial owner of such
note must instruct the broker or the Participant or Indirect Participant through which it holds an interest in such note to notify the Depositary of its desire to exercise a right to repayment. Different firms have
<FONT STYLE="white-space:nowrap">cut-off</FONT> times for accepting instructions from their customers and, accordingly, each beneficial owner should consult the broker or other Participant or Indirect Participant through which it holds an interest
in a note in order to ascertain the cutoff time by which such an instruction must be given in order for timely notice to be delivered to </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-38 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">
the Depositary. The Issuer will not be liable for any delay in delivery of notices of the exercise of the option to elect repayment. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="3"><B>Certain definitions </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Set forth below is a summary of certain of the defined terms used in the indenture.
Reference is made to the indenture for the full definition of all such terms. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Attributable Debt</B> ,&#148; when used with respect to any Sale
and Leaseback Transaction, means, as at the time of determination, the present value (discounted at a rate equivalent to the Issuer&#146;s then-current weighted average cost of funds for borrowed money as at the time of determination, compounded on
a semi-annual basis) of the total obligations of the lessee for rental payments during the remaining term of any Capitalized Lease included in any such Sale and Leaseback Transaction. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">&#147;<B>Bankruptcy Event</B>&#148; means the commencement of any case under the Bankruptcy Code (Title 11 of the United States Code) or the commencement of any other bankruptcy, reorganization, receivership, or
similar proceeding under any federal, state or foreign law or by or against any Person for whom the Issuer or a Restricted Subsidiary has executed a Springing Guarantee for the benefit of such Person; <I>provided</I> , <I>however</I> , that the
filing of an involuntary case against such Person shall only be a Bankruptcy Event if: (i)&nbsp;such involuntary case is filed in whole or in part by the Issuer or a Restricted Subsidiary, any member in such Person which is an affiliate of the
Issuer or a Restricted Subsidiary, or any other affiliate of the Issuer or a Restricted Subsidiary, or (ii)&nbsp;the Issuer or a Restricted Subsidiary, any member in such Person which is an affiliate of the Issuer or a Restricted Subsidiary, or any
other affiliate of the Issuer or a Restricted Subsidiary shall in any way induce or participate in the filing, whether directly or indirectly, of an involuntary bankruptcy case against such Person or any other Person, and such involuntary case or
proceeding is not dismissed with prejudice within 120 days of the filing thereof. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Capitalized Lease</B>&#148; means a lease required to be
capitalized for financial reporting purposes in accordance with GAAP. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Capitalized Lease Obligations</B>&#148; of any Person means the
obligations of such Person to pay rent or other amounts under a Capitalized Lease, and the amount of such obligation shall be the capitalized amount thereof determined in accordance with GAAP. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">&#147;<B>Change of Control</B>&#148; means the occurrence of any of the following events: </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(1)
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any &#147;person&#148; or &#147;group&#148; (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), is or
becomes the beneficial owner (as defined in Rules <FONT STYLE="white-space:nowrap">13d-3</FONT> and <FONT STYLE="white-space:nowrap">13d-5</FONT> under the Exchange Act, except that for purposes of this clause that person or group shall be deemed to
have &#147;beneficial ownership&#148; of all securities that any such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of voting stock representing
more than 35% of the voting power of the total outstanding voting stock of the Issuer. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(2)(a) all or substantially all of the assets of
the Issuer and the Restricted Subsidiaries are sold or otherwise transferred to any person other than a Wholly Owned Restricted Subsidiary or (b)&nbsp;the Issuer consolidates or merges with or into another person or any person consolidates or merges
with or into the Issuer, in either case under this clause (3), in one transaction or a series of related transactions in which immediately after the consummation thereof persons owning voting stock representing in the aggregate 100% of the total
voting power of the voting stock of the Issuer immediately prior to such consummation do not own voting stock representing a majority of the total voting power of the voting stock of the Issuer or the surviving or transferee person; or </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-39 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(3) the Issuer shall adopt a plan of liquidation or dissolution or any such plan shall be approved by
the stockholders of the Issuer; provided that a liquidation or dissolution of the Issuer which is part of a transaction that does not constitute a Change of Control under the proviso contained in clause (2)&nbsp;above shall not constitute a Change
of Control. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (1)&nbsp;the Issuer becomes a wholly owned
subsidiary of a holding company and (2)&nbsp;the holders of the voting stock of such holding company immediately following that transaction are substantially the same as the holders of the Issuer&#146;s voting stock immediately prior to that
transaction. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Change of Control Triggering Event</B>&#148; means the occurrence of both a Change of Control and a Rating Decline. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Consolidated Net Tangible Assets</B>&#148; means, as of any date, the total amount of assets which would be included on a combined balance sheet of the
Restricted Subsidiaries (not including the Issuer) together with the total amount of assets that would be included on the Issuer&#146;s balance sheet, not including its subsidiaries, under GAAP (less applicable reserves and other properly deductible
items) after deducting therefrom: </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(1) all short-term liabilities, except for liabilities payable by their terms more than one year from
the date of determination (or renewable or extendible at the option of the obligor for a period ending more than one year after such date); </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT
STYLE="font-family:arial" SIZE="2">(2) investments in Subsidiaries that are not Restricted Subsidiaries; and </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(3) all goodwill, trade
names, trademarks, patents, unamortized debt discount, unamortized expense incurred in the issuance of debt and other intangible assets. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Credit
Agreement</B>&#148; means that certain Amended and Restated Credit Agreement dated July&nbsp;7, 2015 entered into by and among the Issuer, certain Subsidiaries of the Issuer, the financial institutions from time to time party thereto and U.S. Bank
National Association as administrative agent, including any related notes, guarantees, collateral documents, instruments and agreements executed in connection therewith, and as amended, restated, modified, renewed, refunded, replaced (whether upon
or after termination or otherwise) or refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from time to time. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">&#147;<B>Default</B>&#148; means (1)&nbsp;any Event of Default or (2)&nbsp;any event, act or condition that, after notice or the passage of time or both, would be an Event of Default. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Domestic Subsidiary</B>&#148; means any Restricted Subsidiary of the Issuer that was formed under the laws of the United States or any state of the United
States or the District of Columbia. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Equity Interests</B>&#148; of any Person means (1)&nbsp;any and all shares or other equity interests
(including common stock, preferred stock, limited liability company interests and partnership interests) in such Person and (2)&nbsp;all rights to purchase, warrants or options (whether or not currently exercisable), participations or other
equivalents of or interests in (however designated) such shares or other interests in such Person. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Foreign Subsidiary</B>&#148; means, with
respect to any Person, any Restricted Subsidiary of such Person that is not organized or existing under the laws of the United States, any state thereof or the District of Columbia. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">&#147;<B>GAAP</B>&#148; means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and
statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of the accounting profession of the United States, as in effect on the Measurement
Date. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Guarantors</B>&#148; means any Subsidiary of the Issuer that executes a Note Guarantee in accordance with the
provisions of the indenture. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Indebtedness</B>&#148; means </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT
STYLE="font-family:arial" SIZE="2">(1) any liability of any person: </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(A) for borrowed money, or </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(B) evidenced by a bond, note, debenture or similar instrument (including a purchase money obligation) given in connection with the acquisition of
any businesses, properties or assets of any kind (other than (1)&nbsp;a trade payable or a current liability arising in the ordinary course of business and (2)&nbsp;contingent purchase price obligations so long as they are contingent), or
</FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(C) for the payment of money relating to a Capitalized Lease Obligation, or </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:arial" SIZE="2">(D) for all Redeemable Capital Stock valued at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends;
</FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(2) any liability of others described in the preceding clause (1)&nbsp;that such person has guaranteed or that is otherwise its legal
liability; <I>provided</I> , <I>however</I> , that a Springing Guarantee shall not be deemed to be Indebtedness under this clause (2)&nbsp;until the earliest to occur of (a)&nbsp;the demand by a lender for payment under such Springing Guarantee,
(b)&nbsp;the occurrence or failure to occur of any event, act or circumstance that, with or without the giving of notice and/or passage of time, entitles a lender to make a demand for payment thereunder or (c)&nbsp;a Bankruptcy Event; </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(3) all Indebtedness referred to in (but not excluded from) clauses (1)&nbsp;and (2)&nbsp;above of other persons and all dividends of other persons,
the payment of which is secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon or in property (including, without limitation, accounts and contract rights) owned by
such person, even though such person has not assumed or become liable for the payment of such Indebtedness; and </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(4) any amendment,
supplement, modification, deferral, renewal, extension or refunding or any liability of the types referred to in clauses (1), (2)&nbsp;and (3)&nbsp;above. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Issue Date</B>&#148; means June&nbsp;8, 2017. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Lien</B>&#148; means, with respect to any asset, any mortgage, deed of trust, lien (statutory or other), pledge, easement, restriction, covenant, charge,
security interest or other encumbrance of any kind or nature in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, and any lease in
the nature thereof, any option or other agreement to sell, and any agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction (other than cautionary filings in respect of operating
leases). </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Moody&#146;s</B>&#148; means Moody&#146;s Investors Service, Inc., and its successors. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B><FONT STYLE="white-space:nowrap">Non-Recourse</FONT> Land Financing</B>&#148; means any Indebtedness of the Issuer or any Restricted Subsidiary for which
the holder of such Indebtedness has no recourse, directly or indirectly, to the Issuer or such Restricted Subsidiary for the principal of, premium, if any, and interest on such Indebtedness, and for which the Issuer or such Restricted Subsidiary is
not, directly or indirectly, obligated or otherwise liable for the principal of, premium, if any, and interest on such Indebtedness, except pursuant to mortgages, deeds of trust or other Liens or other recourse obligations or liabilities in respect
of specific land or other real property interests of the Issuer or such Restricted Subsidiary; <I>provided</I> that recourse obligations or liabilities of the Issuer or such </FONT></P>
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Restricted Subsidiary solely for customary &#147;bad boy&#148; guarantees, indemnities (including, without limitation, environmental indemnities), covenants (including, without limitation,
performance, completion or similar covenants and guarantees), or breach of any warranty, representation or covenant in respect of any Indebtedness, including liability by reason of any agreement by the Issuer or any Restricted Subsidiary to provide
additional capital or maintain the financial condition of or otherwise support the credit of the Person incurring the Indebtedness, will not prevent Indebtedness from being classified as <FONT STYLE="white-space:nowrap">Non-Recourse</FONT> Land
Financing. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Person</B>&#148; means any individual, corporation, partnership, joint venture, association, joint stock company, trust,
unincorporated organization, limited liability company, government or any agency or political subdivision hereof or any other entity. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Rating
Agency</B>&#148; means each of (a)&nbsp;S&amp;P and (b)&nbsp;Moody&#146;s. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Rating Category</B>&#148; means: </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(1) with respect to S&amp;P, any of the following categories: BB, B, CCC, CC, C and D (or equivalent successor categories); and </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:arial" SIZE="2">(2) with respect to Moody&#146;s, any of the following categories: Ba, B, Caa, Ca, C and D (or equivalent successor categories). </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">In determining whether the rating of the notes has decreased by one or more gradations, gradations within Rating Categories (&#043; and&#151;for S&amp;P; or 1, 2
and 3 for Moody&#146;s) will be taken into account ( <I>e.g</I>., with respect to S&amp;P a decline in rating from BB&#043; to BB, as well as from BB&#151;to B&#043;, will constitute a decrease of one gradation). </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Rating Date</B>&#148; means the date which is 90 days prior to the earlier of (1)&nbsp;a Change of Control and (2)&nbsp;public notice of the occurrence of
a Change of Control or of the intention by the Issuer to effect a Change of Control. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Rating Decline</B>&#148; means the decrease (as compared
with the Rating Date) by one or more gradations within Rating Categories as well as between Rating Categories of the rating of the notes by a Rating Agency on, or within 120 days after, the earlier of the date of public notice of the occurrence of a
Change of Control or of the intention by the Issuer to effect a Change of Control (which period will be extended for so long as the rating of the notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies).
</FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Redeemable Capital Stock</B>&#148; means any capital stock of the Issuer or any Subsidiary that, either by its terms, by the terms of any
security into which it is convertible or exchangeable or otherwise, (1)&nbsp;is or upon the happening of an event or passage of time would be required to be redeemed on or prior to the final stated maturity of the notes or (2)&nbsp;is redeemable at
the option of the holder thereof at any time prior to such final stated maturity or (3)&nbsp;is convertible into or exchangeable for debt securities at any time prior to such final stated maturity. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Restricted Subsidiary</B>&#148; means any Subsidiary of the Issuer, which is not an Unrestricted Subsidiary. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>S&amp;P</B>&#148; means Standard&nbsp;&amp; Poor&#146;s Ratings Services, a division of the McGraw-Hill Companies, Inc., and its successors. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Sale and Leaseback Transaction</B>&#148; means a sale or transfer made by the Issuer or a Restricted Subsidiary (except a sale or transfer made to the
Issuer or another Restricted Subsidiary) of any property which is either (1)&nbsp;a manufacturing facility, office building or warehouse whose book value equals or exceeds 1% of Consolidated Net Tangible Assets as of the date of determination or
(2)&nbsp;another real property interest (not including a model home) which exceeds 5% of Consolidated Net Tangible Assets as of the date of determination, if such sale or transfer is made with the agreement, commitment or intention of leasing such
property to the Issuer or a Restricted Subsidiary. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Secured Debt</B>&#148; means any Indebtedness which is secured by (1)&nbsp;a Lien on any property of the
Issuer or the property of any Restricted Subsidiary or (2)&nbsp;a Lien on shares of stock owned directly or indirectly by the Issuer or a Restricted Subsidiary in a corporation or on Equity Interests owned by the Issuer or a Restricted Subsidiary in
a partnership or other entity not organized as a corporation or in the Issuer&#146;s rights or the rights of a Restricted Subsidiary in respect of Indebtedness of a corporation, partnership or other entity in which the Issuer or a Restricted
Subsidiary has an Equity Interest; <I>provided</I> that &#147;Secured Debt&#148; shall not include <FONT STYLE="white-space:nowrap">Non-Recourse</FONT> Land Financing that consists exclusively of land and improvements thereon. The securing in the
foregoing manner of any such Indebtedness which immediately prior thereto was not Secured Debt shall be deemed to be the creation of Secured Debt at the time security is given. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">&#147;<B>Senior Indebtedness</B>&#148; means the principal of (and premium, if any, on) and interest on (including interest accruing after the occurrence of an Event of Default or after the filing of a petition
initiating any proceeding pursuant to any bankruptcy law whether or not such interest is an allowable claim in any such proceeding) and other amounts due on or in connection with any Indebtedness of the Issuer, whether outstanding on the date hereof
or hereafter created, incurred or assumed, unless, in the case of any particular Indebtedness, the instrument creating or evidencing the same or pursuant to which the same is outstanding expressly provides that such Indebtedness shall not be senior
in right of payment to the debt securities. Notwithstanding the foregoing, &#147;Senior Indebtedness&#148; shall not include (1)&nbsp;Indebtedness of the Issuer that is expressly subordinated in right of payment to any Senior Indebtedness of the
Issuer, (2)&nbsp;Indebtedness of the Issuer that by operation of law is subordinate to any general unsecured obligations of the Issuer, (3)&nbsp;Indebtedness of the Issuer to any Subsidiary, (4)&nbsp;Indebtedness of the Issuer incurred in violation
of the restrictions described under &#147;Restrictions on Secured Debt&#148; and &#147;Restrictions on Sale and Leaseback Transactions,&#148; (5)&nbsp;to the extent it might constitute Indebtedness, any liability for federal, state or local taxes or
other taxes, owed or owing by the Issuer, and (6)&nbsp;to the extent it might constitute Indebtedness, trade account payables owed or owing by the Issuer or any of its Subsidiaries. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">&#147;<B>Significant Subsidiary</B>&#148; means (1)&nbsp;any Restricted Subsidiary that would be a &#147;significant subsidiary&#148; as defined in Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> promulgated
pursuant to the Securities Act of 1933 as such regulation is in effect on the Issue Date and (2)&nbsp;any Restricted Subsidiary that, when aggregated with all other Restricted Subsidiaries that are not otherwise Significant Subsidiaries and as to
which any event described in clause (7)&nbsp;or (8)&nbsp;under &#147;Events of Default&#148; has occurred and is continuing, would constitute a Significant Subsidiary under clause (1)&nbsp;of this definition. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Springing Guarantee</B>&#148; means a guarantee by a Person which by its express terms does not become effective until the occurrence of a Bankruptcy
Event. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Subsidiary</B>&#148; means, with respect to any Person, any corporation, limited liability company, association or other business entity
of which more than 50% of the total voting power of the Equity Interests entitled (without regard to the occurrence of any contingency) to vote in the election of the board of directors or comparable governing body thereof are at the time owned or
controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person (or a combination thereof). </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Unless otherwise
specified, &#147;Subsidiary&#148; refers to a Subsidiary of the Issuer. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Unrestricted Subsidiary</B>&#148; means any Subsidiary that is
designated by the Issuer (evidenced by resolutions of the Board of Directors of the Issuer, delivered to the Trustee certifying compliance with this definition) as a Subsidiary resulting from any investment (including any guarantee of Indebtedness)
made by the Issuer or any Restricted Subsidiary of the Issuer in joint ventures engaged in homebuilding, land acquisition or land development businesses and businesses that are reasonably related thereto or reasonable extensions thereof with
unaffiliated third parties <I>provided</I> that the aggregate amount of investments in all Unrestricted </FONT></P>
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Subsidiaries shall not exceed $25&nbsp;million (with the amount of each investment being calculated based upon the amount of investments made on or after the date such joint venture becomes a
Subsidiary); <I>provided</I> , <I>further</I> that if the Issuer subsequently designates a Subsidiary, which previously had been designated an Unrestricted Subsidiary, to be a Restricted Subsidiary (evidenced by resolutions of the Board of Directors
of the Issuer, delivered to the Trustee certifying compliance with this definition) and causes such Subsidiary to comply with provisions set forth under the covenant &#147;Additional Note Guarantees,&#148; then the amount of any investments in such
Unrestricted Subsidiary made on or after the date such joint venture became a Subsidiary shall be credited against the $25&nbsp;million basket set forth in this definition (up to a maximum amount of $25.0 million). </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Wholly Owned Domestic Subsidiary</B>&#148; means a Wholly Owned Restricted Subsidiary that is a Domestic Subsidiary. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">&#147;<B>Wholly Owned Restricted Subsidiary</B>&#148; means a Restricted Subsidiary of which 100% of the Equity Interests (except for directors&#146; qualifying
shares or certain minority interests owned by other Persons solely due to local law requirements that there be more than one stockholder, but which interest is not in excess of what is required for such purpose) are owned directly by the Issuer or
through one or more Wholly Owned Restricted Subsidiaries. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc408389_12"></A>Certain U.S. federal income tax considerations </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The following is a summary of the certain U.S. federal income tax consequences of the acquisition, ownership and disposition of the notes. This summary is based
upon the Code, the U.S. Treasury regulations promulgated thereunder, administrative pronouncements and judicial decisions, all as of the date hereof and all of which are subject to change, possibly with retroactive effect. Unless otherwise
indicated, this summary only addresses the U.S. federal income tax consequences to investors that purchase notes for cash in this offering at their &#147;issue price&#148; (generally the first price at which a substantial amount of the notes are
sold for money to investors, not including purchases by bond houses, brokers or similar persons or organizations acting in the capacity of underwriters, placement agents or wholesalers) and applies only to beneficial owners that hold the notes as
&#147;capital assets&#148; within the meaning of Section&nbsp;1221 of the Code. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">This summary does not address all of the U.S. federal income tax
considerations that may be relevant to a particular holder in light of the holder&#146;s individual circumstances or to holders subject to special rules under the U.S. federal income tax law, such as banks and other financial institutions, insurance
companies, real estate investment trusts, regulated investment companies, <FONT STYLE="white-space:nowrap">tax-exempt</FONT> entities, entities and arrangements classified as partnerships for U.S. federal income tax purposes and other pass-through
entities, dealers in securities or currencies, traders in securities that elect to use a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> method of accounting, persons liable for U.S. federal alternative
minimum tax, U.S. Holders (as defined below) whose functional currency is not the U.S. dollar, U.S. expatriates, U.S. Holders (as defined below) that hold their notes through <FONT STYLE="white-space:nowrap">non-U.S.</FONT> brokers or other <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> intermediaries, and persons holding notes as part of a &#147;straddle,&#148; &#147;hedge,&#148; &#147;conversion transaction,&#148; or other integrated investment. The summary does not address any <FONT
STYLE="white-space:nowrap">non-U.S.,</FONT> state, local or <FONT STYLE="white-space:nowrap">non-income</FONT> tax consequences (such as estates or gift tax consequences) of the acquisition, ownership or disposition of the notes. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">As used in this prospectus supplement, the term &#147;U.S. Holder&#148; means a beneficial owner of a note that is for U.S. federal income tax purposes: </FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">an individual who is a citizen or resident of the United States; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">a corporation created or organized under the laws of the United States, any state thereof or the District of Columbia; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">an estate, the income of which is subject to U.S. federal income tax regardless of its source; or </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">a trust, if (i)&nbsp;a U.S. court is able to exercise primary supervision over the trust&#146;s administration and one or more &#147;United States persons&#148;
(as defined in the Code) have the authority to control all substantial decisions of the trust, or (ii)&nbsp;the trust has in effect a valid election to be treated as a &#147;United States person&#148; (as defined in the Code).
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The term <FONT STYLE="white-space:nowrap">&#147;Non-U.S.</FONT> Holder&#148; means any beneficial owner of a note that is, for U.S.
federal income tax purposes, an individual, corporation, estate or trust that is not a U.S. Holder. For the purposes of this summary, U.S. Holders and <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holders are referred to collectively as
&#147;holders.&#148; </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">If an entity or arrangement classified as a partnership for U.S. federal income tax purposes is a beneficial owner of a note, the
U.S. federal income tax treatment of a partner in that partnership will generally depend upon the status of the partner and the activities of the partnership. A partnership or partners in a partnership considering investing in the notes should
consult with their own tax advisors regarding the U.S. federal income and other tax consequences of the acquisition, ownership and disposition of the notes. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">We may be required, in certain circumstances, to pay additional amounts in redemption of the notes in addition to the stated principal amount of and interest on the notes (e.g., a change in control as described
above under </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">
the heading &#147;Description of the notes&#151;Change of Control.&#148;) We intend to take the position (and this summary assumes) that the possibility of payment of such additional amounts in
redemption of the notes does not result in the notes being treated as contingent payment debt instruments under the applicable Treasury Regulations. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Our
determination that the notes are not contingent payment debt instruments is binding on a holder subject to U.S. federal income taxation, unless such holder explicitly discloses to the IRS on its tax return for the year during which it acquires the
notes that it is taking a different position. However, our position is not binding on the IRS. If the IRS takes a contrary position to that described above, a holder subject to U.S. federal income taxation may be required to accrue interest income
on the notes in excess of the stated interest, based upon a comparable yield, regardless of the holder&#146;s method of accounting. The &#147;comparable yield&#148; is the yield at which we would issue a fixed rate debt instrument with no contingent
payments, but with terms and conditions similar to those of the notes. In addition, any gain on the sale, exchange, redemption, retirement or other taxable disposition of the notes would be recharacterized as ordinary income. Holders of notes should
consult their tax advisors regarding the tax consequences of the notes being treated as contingent payment debt instruments. The remainder of this summary assumes that the notes will not be treated as contingent payment debt instruments for U.S.
federal income tax purposes. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>This summary is for general purposes only. Holders should consult their own tax advisors regarding the application of
the U.S. federal income tax laws to their particular situations and the consequences under federal estate or gift tax laws, as well as <FONT STYLE="white-space:nowrap">non-U.S.,</FONT> state, and local laws and tax treaties, and the possible effects
of changes in tax laws. </B></FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>U.S. Holders </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Interest </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Interest on a note will generally be treated
as ordinary income at the time it is paid or accrued in accordance with your usual method of accounting for U.S. federal income tax purposes. </FONT></P>
<P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Sale, exchange, retirement, redemption or other taxable disposition of the notes </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">Upon a sale, exchange, retirement, redemption or other taxable disposition of the notes, a U.S. Holder will generally recognize capital gain or loss equal to the difference, if any, between (i)&nbsp;the amount
realized upon the sale, exchange, retirement, redemption or other taxable disposition of the notes, other than amounts attributable to accrued and unpaid interest (which will be treated as ordinary interest income to the extent such interest has not
been previously included in income) and (ii)&nbsp;the U.S. Holder&#146;s adjusted tax basis in the notes. The amount realized by a U.S. Holder is the sum of cash plus the fair market value of all other property received on such sale, exchange,
retirement, redemption or other taxable disposition. A U.S. Holder&#146;s adjusted tax basis in a note will generally equal the cost of the note. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Any
gain or loss a U.S. Holder recognizes on the sale, exchange, retirement, redemption or other taxable disposition of the notes will generally be long-term capital gain or loss if, at the time of the sale, exchange, retirement, redemption, or other
taxable disposition, the U.S. Holder&#146;s holding period in the notes exceeds one year. For <FONT STYLE="white-space:nowrap">non-corporate</FONT> U.S. Holders, long-term capital gains are currently taxed at a lower rate than ordinary income. The
deductibility of capital losses is subject to limitations. U.S. Holders should consult their own tax advisors regarding the deductibility of capital losses in light of their particular circumstances. </FONT></P>
<P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Medicare tax </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">U.S. Holders who are individuals,
estates or certain trusts are subject to an additional 3.8% Medicare tax on the lesser of (a)&nbsp;the U.S. person&#146;s &#147;net investment income&#148; (or &#147;undistributed net investment income&#148; in the case of
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-46 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">
an estate or trust) for the relevant taxable year and (b)&nbsp;the excess of the U.S. person&#146;s modified adjusted gross income (or adjusted gross income in the case of an estate or trust) for
the taxable year over a certain threshold (which in the case of individuals will be between $125,000 and $250,000 depending on the individual&#146;s circumstances). Net investment income will generally include interest income and net gains from a
disposition of the notes, unless such interest income or net gains are derived in the ordinary course of the conduct of a trade or business (other than a trade or business that consists of certain passive or trading activities). A U.S. Holder that
is an individual, estate or trust should consult its own tax advisor regarding the applicability of the Medicare tax to its interest income and any gains in respect of its investment in the notes. </FONT></P>
<P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Backup withholding and information reporting </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">In
general, a U.S. Holder that is not an &#147;exempt recipient&#148; will be subject to U.S. federal backup withholding tax at the applicable rate (currently 28%) with respect of interest to payments on the notes and the proceeds of a sale, exchange,
retirement, redemption or other taxable disposition of the notes, unless the U.S. Holder provides its taxpayer identification number to the applicable withholding agent and certifies that it is not subject to backup withholding on an IRS <FONT
STYLE="white-space:nowrap">Form&nbsp;W-9</FONT> (Request for Taxpayer Identification Number and Certification) or an applicable successor form and otherwise complies with the applicable requirements of the backup withholding rules. Backup
withholding is not an additional tax. The amount of any backup withholding from a payment to a U.S. Holder may be allowed as a credit against such U.S. Holder&#146;s U.S. federal income tax liability and may entitle such U.S. Holder to a refund,
provided the required information is furnished to the IRS in a timely manner. In addition, payments of interest on the notes made to, and the proceeds of a sale, exchange, retirement, redemption or other taxable disposition by, a U.S. Holder will
generally be subject to information reporting requirements, unless such U.S. Holder is an exempt recipient and appropriately establishes that exemption. </FONT></P>
<P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B><FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holders </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Payments of interest </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Subject to the discussions below
under &#147;&#151;Backup Withholding and Information Reporting&#148; and &#147;&#151;Foreign Account Tax Compliance Act,&#148; a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder generally will not be subject to U.S. federal income or
withholding tax on interest paid on the notes as long as that interest is not &#147;effectively connected&#148; with the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder&#146;s conduct of a trade or business within the United States and:
</FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder does not actually or constructively own 10% or more of the total combined voting power of all classes
of our stock entitled to vote; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder is not a &#147;controlled foreign corporation&#148; for U.S. federal income tax purposes that is
related to us through stock ownership; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder is not a bank receiving the interest pursuant to a loan agreement entered into in the ordinary course
of the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder&#146;s trade or business; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">either (i)&nbsp;the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder certifies on IRS <FONT STYLE="white-space:nowrap">Form&nbsp;W-8BEN</FONT> or <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E,</FONT></FONT> as applicable, or another applicable form that it is not a &#147;U.S. person&#148; (as defined in the Code), and provides its name, address and certain other
required information or (ii)&nbsp;a securities clearing organization, bank or other financial institution that holds customers&#146; securities in the ordinary course of its trade or business and holds the notes on behalf of the <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Holder certifies that the certification referred to in clause&nbsp;(i) has been received from the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder or an intermediate financial institution and
furnishes to the applicable withholding agent a copy thereof. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-47 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">A <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder that does not qualify for exemption from withholding as
described above will generally be subject to withholding of U.S. federal income tax at a rate of 30% on payments of interest on the notes (except as described below with respect to effectively connected income). A
<FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder may be entitled to the benefits of an income tax treaty under which interest on the notes is subject to a reduced rate of withholding tax or is exempt from U.S. federal withholding tax,
provided the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder furnishes us with a properly executed IRS Form <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E,</FONT></FONT> as applicable, or another applicable form claiming the reduction or exemption and the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder complies with any
other applicable procedures. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Sale, exchange, retirement, redemption or other taxable disposition of the notes </I></B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Generally, subject to the discussions below under &#147;-Backup Withholding and Information Reporting&#148; and &#147;-Foreign Account Tax Compliance Act,&#148; any
gain recognized by a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder on a sale, exchange, retirement, redemption or other taxable disposition of a note (other than amounts attributable to accrued and unpaid interest, which will generally be
treated as described under &#147;Payments of lnterest&#148; above) will be exempt from U.S. federal income and withholding tax, unless </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">the gain is effectively connected with the <FONT STYLE="white-space:nowrap">Non-U</FONT> .S. Holder&#146;s conduct of a trade or business within the United
States, in which case the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder generally will be subject to U.S. federal income tax in the manner described below under &#147;&#151;Effectively Connected Income&#148;; or
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder is an individual who is present in the United States for 183 days or more during the taxable year of
the sale, exchange, retirement, redemption or other disposition, and certain other conditions are met, in which case the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder generally will be subject to U.S. federal income tax at a rate of 30%
(unless a lower treaty rate applies) on the amount by which its U.S. source capital gains exceed certain U.S. source capital losses. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Effectively connected income </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">If interest or gain
recognized by a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder with respect to a note is &#147;effectively connected&#148; with the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder&#146;s conduct of a trade or business within the
United States, then the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder will generally be subject to U.S. federal income tax on such interest or gain on a net income basis as if it were a &#147;United States person&#148; (as defined in the
Code). In addition to such U.S. federal income tax, if the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder is treated as a corporation for U.S. federal income tax purposes, it may be subject to a branch profits tax currently at a rate of
30%, or such lower rate provided by an applicable income tax treaty, on its effectively connected earnings and profits, subject to adjustments. </FONT></P>
<P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Information reporting and backup withholding </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">When
required, the applicable withholding agent will report to the IRS and to each <FONT STYLE="white-space:nowrap">non-U.S.</FONT> Holder the amount of any interest paid on the notes in each calendar year, and the amount of U.S. federal income tax
withheld, if any, with respect to these payments. Copies of the information returns reporting such interest and withholding may also be made available to the tax authorities in the country in which a <FONT STYLE="white-space:nowrap">non-U.S.</FONT>
holder resides under the provisions of an applicable income tax treaty or agreement. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holders who have
provided certification to us or our paying agent as to their <FONT STYLE="white-space:nowrap">non-U.S.</FONT> status or who have otherwise established an exemption will generally not be subject to backup withholding with respect to payments of
interest on the notes. Payments of the proceeds from the sale or other disposition (including a </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-48 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">
retirement or redemption) of a note to or through a foreign office of a broker generally will not be subject to information reporting or backup withholding. However, information reporting, but
generally not backup withholding, may apply to those payments if the broker is one of the following: (a)&nbsp;a United States person, (b)&nbsp;a controlled foreign corporation for U.S. federal income tax purposes, (c)&nbsp;a foreign person 50% or
more of whose gross income from all sources for the three-year period ending with the close of its taxable year preceding the payment was effectively connected with a U.S. trade or business, or (d)&nbsp;a foreign partnership with specified
connections to the United States. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Payment of the proceeds from a sale or other disposition (including a retirement or redemption) of a note to or
through the United States office of a broker will be subject to information reporting and backup withholding unless the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> Holder certifies to the applicable withholding agent as to its <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> status or otherwise establishes an exemption from information reporting and backup withholding, provided that neither we nor our paying agent have actual knowledge or reason to know that such certification
is unreliable or that the conditions of the exemption are in fact not satisfied. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Backup withholding is not an additional tax. The amount of any backup
withholding from a payment to a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> Holder will be allowed as a credit against such holder&#146;s U.S. federal income tax liability, if any, and may entitle the holder to a refund, provided the required
information is timely furnished to the IRS. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Foreign account tax compliance act </I></B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">Sections&nbsp;1471 through 1474 of the Code and the U.S. Treasury regulations thereunder (&#147;FATCA&#148;) imposes a 30% withholding tax on payments of interest on the notes and, with respect to a sale or other
disposition of a note (including a retirement or redemption) occurring after December&nbsp;31, 2018, the gross proceeds from the disposition of notes paid to a foreign financial institution or to certain
<FONT STYLE="white-space:nowrap">non-financial</FONT> foreign entities (whether such foreign financial institution or <FONT STYLE="white-space:nowrap">non-financial</FONT> foreign entity is the beneficial owner or an intermediary), unless
(1)&nbsp;the foreign financial institution undertakes certain diligence and reporting obligations, (2)&nbsp;the <FONT STYLE="white-space:nowrap">non-financial</FONT> foreign entity either certifies it does not have any substantial U.S. owners or
furnishes identifying information regarding each substantial U.S. owner and such entity meets certain other specified requirements or (3)&nbsp;the foreign financial institution or <FONT STYLE="white-space:nowrap">non-financial</FONT> foreign entity
otherwise qualifies for an exemption from these rules. If the payee is a foreign financial institution, it generally must enter into an agreement with the U.S. Treasury requiring, among other things, that it undertake to identify accounts held by
certain U.S. persons or U.S.-owned foreign entities, annually report certain information about such accounts, and withhold 30% on payments to account holders whose actions prevent it from complying with these reporting and other requirements. If the
country in which a payee is resident has entered into an &#147;intergovernmental agreement&#148; with the United States regarding FATCA, that agreement may permit the payee to report to that country rather than to the U.S. Treasury. You should
consult your own tax advisors regarding FATCA. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>The U.S. federal income tax summary set forth above is included for general information only and may
not be applicable depending upon a holder&#146;s particular situation. Holders should consult their own tax advisors with respect to the tax consequences to them of the acquisition, ownership and disposition of the notes, including the tax
consequences under U.S. federal, state, local, <FONT STYLE="white-space:nowrap">non-U.S.</FONT> and other tax laws and tax treaties and the possible effects of changes in U.S. or other tax laws. </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-49 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc408389_13"></A>Underwriting (conflicts of interest) </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Subject to the terms and conditions stated in the underwriting agreement dated the date of this prospectus supplement, each underwriter named below has severally
and not jointly agreed to purchase, and the Company has agreed to sell to such underwriter, the principal amount of the notes set forth opposite such underwriter&#146;s name. </FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>Underwriter</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:2px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2"><B>Principal</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2"><B>amount</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2"><B>of
notes</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">J.P. Morgan Securities LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">82,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Citigroup Global Markets Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">64,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Credit Suisse Securities (USA) LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">45,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Wells Fargo Securities, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">52,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">U.S. Bancorp Investments, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">34,500,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Fifth Third Securities, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">12,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Zelman Partners, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">9,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">300,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="4" VALIGN="top"> <P STYLE="border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The underwriting agreement provides that the obligations of the underwriters, severally and not jointly, to purchase the notes are
subject to a number of customary closing conditions. The underwriters must purchase all the notes if they purchase any of the notes. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Notes sold by the
underwriters to the public will initially be offered at the initial public offering price set forth on the cover of this prospectus supplement. Any notes sold by the underwriters to securities dealers may be sold at a discount from the initial
public offering price not to exceed .375% per note. Any such securities dealers may resell any notes purchased from the underwriters to certain other brokers or dealers at a discount from the initial public offering price not to exceed .25% per
note. If all the notes are not sold at the initial offering price, the underwriters may change the offering price and the other selling terms. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The
Company has agreed that, for a period of 30 days from the date of this prospectus supplement, it will not, without the prior written consent of J.P. Morgan Securities LLC, offer, sell or contract to sell, pledge or otherwise dispose of, directly or
indirectly, or announce the offering of, any debt securities issued or guaranteed by the Company. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The following table shows the underwriting discounts
and commissions that we are to pay to the underwriters in connection with this offering (expressed as a percentage of the principal amount of the notes). </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:2px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>Per&nbsp;new&nbsp;note</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-TOP:2px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:arial" SIZE="2"><B>Total</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Price to public</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">100.00%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">300,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Underwriting discount</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">1.00%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">3,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:arial" SIZE="2">Proceeds, before expenses, to the Company</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">99.00%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:arial" SIZE="2">297,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="8" VALIGN="top"> <P STYLE="border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The expenses of the offering, not including the underwriting discount, are estimated at approximately $704&nbsp;thousand and are
payable by us. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">In connection with the offering, the underwriters may purchase and sell notes in the open market. Purchases and sales in the open market
may include short sales, purchases to cover short positions and stabilizing purchases. </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">Short sales involve secondary market sales by the underwriters of a greater number of notes than they are required to purchase in the offering.
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-50 </FONT></P>


<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">Covering transactions involve purchases of notes in the open market after the distribution has been completed in order to cover short positions.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">Stabilizing transactions involve bids to purchase notes so long as the stabilizing bids do not exceed a specified maximum. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Purchases to cover short positions and stabilizing purchases, as well as other purchases by the underwriters for their own accounts, may have the effect of
preventing or retarding a decline in the market price of the notes. They may also cause the price of the notes to be higher than the price that would otherwise exist in the open market in the absence of these transactions. The underwriters may
conduct these transactions in the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market or otherwise. If the underwriters commence any of these transactions, they may discontinue them at any time.
</FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The underwriters are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment
banking, financial advisory, investment management, principal investment, hedging, financing and brokerage activities. The underwriters and their respective affiliates have in the past performed commercial banking, investment banking and advisory
services for the Company from time to time for which they have received customary fees and reimbursement of expenses and may, from time to time in the future, engage in transactions with and perform services for the Company in the ordinary course of
their business for which they may receive customary fees and reimbursement of expenses. In the ordinary course of their various business activities, the underwriters and their respective affiliates may make or hold a broad array of investments and
actively trade debt and equity securities (or related derivative securities) and financial instruments (which may include bank loans and/or credit default swaps) for their own account and for the accounts of their customers and may at any time hold
long and short positions in such securities and instruments. Such investment and securities activities may involve the Company&#146;s securities and instruments. Affiliates of certain of the underwriters are lenders under the unsecured revolving
credit facility and will therefore receive a portion of the net proceeds of this offering, and an affiliate of U.S. Bancorp Investments, Inc. acts as administrative agent under such facility. In addition, an affiliate of U.S. Bancorp Investments,
Inc. is the trustee under the indenture governing the notes. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The Company has agreed to indemnify the underwriters against certain liabilities, including
liabilities under the Securities Act, or to contribute to payments that the underwriters may be required to make because of any of those liabilities. </FONT></P>
<P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Conflicts of interest </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Affiliates of certain of the
underwriters who are lenders under our unsecured revolving credit facility will receive at least five percent of the net proceeds of this offering to repay indebtedness owed by us to them. See &#147;Use of Proceeds.&#148; Therefore, such
underwriters are deemed to have a conflict of interest within the meaning of FINRA Rule 5121. Accordingly, this offer is being made in compliance with FINRA Rule 5121. FINRA Rule&nbsp;5121 requires that a &#147;qualified independent
underwriter&#148; participate in the preparation of this prospectus supplement, the accompanying prospectus and the registration statement of which this prospectus supplement is a part and exercise the usual standards of due diligence with respect
thereto. Credit Suisse Securities (USA) LLC has assumed the responsibilities of acting as the qualified independent underwriter in this offering. No underwriter having a conflict of interest under FINRA Rule 5121 will confirm sales to any account
over which the underwriter exercises discretionary authority without the specific written approval of the accountholder. We have agreed to indemnify Credit Suisse Securities (USA) LLC against liabilities incurred in connection with acting as a
qualified independent underwriter, including liabilities under the Securities Act. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">In addition, the underwriters may receive reimbursement of fees and
disbursements of counsel up to $15,000 in connection with the review and qualification of the offering by FINRA. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-51 </FONT></P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Notice to prospective investors in the European Economic Area </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">In relation to each member state of the European Economic Area that has implemented the Prospectus Directive (each, a relevant member state), with effect from and
including the date on which the Prospectus Directive is implemented in that relevant member state (the relevant implementation date), an offer of notes described in this prospectus supplement may not be made to the public in that relevant member
state other than: </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">to any legal entity which is a qualified investor as defined in the Prospectus Directive; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">to fewer than 150 natural or legal persons (other than &#147;qualified investors&#148; as defined in the Prospectus Directive), subject to obtaining the prior
consent of the relevant dealer or dealers nominated by the Issuer for any such offer; or </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">in any other circumstances falling within Article 3(2) of the Prospectus Directive, </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2"><I>provided,</I> that no such offer of securities shall require the Company or any underwriters to publish a prospectus pursuant to Article 3 of the Prospectus Directive. </FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">For purposes of this provision, the expression an &#147;offer of securities to the public&#148; in any relevant member state means the communication in any form and
by any means of sufficient information on the terms of the offer and the securities to be offered so as to enable an investor to decide to purchase or subscribe for the securities, as the expression may be varied in that member state by any measure
implementing the Prospectus Directive in that member state, and the expression &#147;Prospectus Directive&#148; means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the relevant
member state) and includes any relevant implementing measure in the relevant member state. The expression 2010 PD Amending Directive means Directive 2010/73/EU. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">The sellers of the notes have not authorized and do not authorize the making of any offer of notes through any financial intermediary on their behalf, other than offers made by the underwriters with a view to the
final placement of the notes as contemplated in this prospectus supplement. Accordingly, no purchaser of the notes, other than the underwriters, is authorized to make any further offer of the notes on behalf of the sellers or the underwriters.
</FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Notice to prospective investors in the United Kingdom </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">This prospectus supplement is only being distributed to, and is only directed at, persons in the United Kingdom that are qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive that
are also (i)&nbsp;investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the &#147;Order&#148;) or (ii)&nbsp;high net worth entities, and other persons to whom it may
lawfully be communicated, falling within Article 49(2)(a) to (d)&nbsp;of the Order (each such person being referred to as a &#147;relevant person&#148;). This prospectus supplement and its contents are confidential and should not be distributed,
published or reproduced (in whole or in part) or disclosed by recipients to any other persons in the United Kingdom. Any person in the United Kingdom that is not a relevant person should not act or rely on this document or any of its contents.
</FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Notice to prospective investors in France </B></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Neither this prospectus supplement nor any other offering material relating to the notes described in this prospectus supplement has been submitted to the clearance
procedures of the <I>Autorit&eacute; des March&eacute;s Financiers</I> or of the competent authority of another member state of the European Economic Area and notified to the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-52 </FONT></P>


<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">
<I>Autorit&eacute; des March&eacute;s Financiers.</I> The notes have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in France. Neither this
prospectus supplement nor any other offering material relating to the notes has been or will be: </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">released, issued, distributed or caused to be released, issued or distributed to the public in France; or </FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">used in connection with any offer for subscription or sale of the notes to the public in France. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Such offers, sales and distributions will be made in France only: </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">to qualified investors (investisseurs qualifi&eacute;s) and/or to a restricted circle of investors ( <I>cercle restreint d&#146;investisseurs</I> ), in each case
investing for their own account, all as defined in, and in accordance with, articles <FONT STYLE="white-space:nowrap">L.411-2,</FONT> <FONT STYLE="white-space:nowrap">D.411-1,</FONT> <FONT STYLE="white-space:nowrap">D.411-2,</FONT> <FONT
STYLE="white-space:nowrap">D.734-1,</FONT> <FONT STYLE="white-space:nowrap">D.744-1,</FONT> <FONT STYLE="white-space:nowrap">D.754-1</FONT> and <FONT STYLE="white-space:nowrap">D.764-1</FONT> of the French <I>Code mon&eacute;taire et financier</I> ;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">to investment services providers authorized to engage in portfolio management on behalf of third parties; or </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">in a transaction that, in accordance with article
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">L.411-2-II-1&deg;</FONT></FONT></FONT> <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">-or-2&deg;</FONT></FONT> <FONT
STYLE="white-space:nowrap">-or</FONT> 3&deg; of the French Code <I>mon&eacute;taire et financier</I> and article <FONT STYLE="white-space:nowrap">211-2</FONT> of the General Regulations ( <I>R&egrave;glement G&eacute;n&eacute;ral</I> ) of the
<I>Autorit&eacute; des March&eacute;s Financiers</I> , does not constitute a public offer ( <I>appel public &agrave; l&#146;&eacute;pargne</I> ). </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">The notes may be resold directly or indirectly, only in compliance with articles <FONT STYLE="white-space:nowrap">L.411-1,</FONT> <FONT STYLE="white-space:nowrap">L.411-2,</FONT>
<FONT STYLE="white-space:nowrap">L.412-1</FONT> and <FONT STYLE="white-space:nowrap">L.621-8</FONT> through <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">L.621-8-3</FONT></FONT> of the French <I>Code mon&eacute;taire et
financier</I> . </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Notice to prospective investors in Hong Kong </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">The notes may not be offered or sold in Hong Kong by means of any document other than (i)&nbsp;in circumstances which do not constitute an offer to the public within the meaning of the Companies Ordinance (Cap. 32,
Laws of Hong Kong), or (ii)&nbsp;to &#147;professional investors&#148; within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder, or (iii)&nbsp;in other circumstances which do not result
in the document being a &#147;prospectus&#148; within the meaning of the Companies Ordinance (Cap.&nbsp;32, Laws of Hong Kong) and no advertisement, invitation or document relating to the notes may be issued or may be in the possession of any person
for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other
than with respect to notes which are or are intended to be disposed of only to persons outside Hong Kong or only to &#147;professional investors&#148; within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any
rules made thereunder. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Notice to prospective investors in Japan </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">The notes offered in this prospectus supplement have not been registered under the Securities and Exchange Law of Japan. The notes have not been offered or sold and will not be offered or sold, directly or
indirectly, in Japan or to or for the account of any resident of Japan, except (i)&nbsp;pursuant to an exemption from the registration requirements of the Securities and Exchange Law and (ii)&nbsp;in compliance with any other applicable requirements
of Japanese law. </FONT></P> <P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Notice to prospective investors in Singapore </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">This prospectus supplement has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus supplement and any other document or material in connection with the offer
or sale, or invitation for subscription or purchase, of the notes may not be circulated or distributed, nor may the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-53 </FONT></P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">
notes be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i)&nbsp;to an institutional
investor under Section&nbsp;274 of the Securities and Futures Act, Chapter 289 of Singapore (the &#147;SFA&#148;), (ii)&nbsp;to a relevant person pursuant to Section&nbsp;275(1), or any person pursuant to Section&nbsp;275(1A), and in accordance with
the conditions specified in Section&nbsp;275 of the SFA or (iii)&nbsp;otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to compliance with conditions set forth in the
SFA. </FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">Where the notes are subscribed or purchased under Section&nbsp;275 of the SFA by a relevant person which is: </FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">a corporation (which is not an accredited investor (as defined in Section&nbsp;4A of the SFA)) the sole business of which is to hold investments and the entire
share capital of which is owned by one or more individuals, each of whom is an accredited investor; or </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an
accredited investor, shares, debentures and units of shares and debentures of that corporation or the beneficiaries&#146; rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or
that trust has acquired the notes pursuant to an offer made under Section&nbsp;275 of the SFA except: </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">to an institutional investor (for corporations, under Section&nbsp;274 of the SFA) or to a relevant person defined in Section&nbsp;275(2) of the SFA, or to any
person pursuant to an offer that is made on terms that such shares, debentures and units of shares and debentures of that corporation or such rights and interest in that trust are acquired at a consideration of not less than $200,000 (or its
equivalent in a foreign currency) for each transaction, whether such amount is to be paid for in cash or by exchange of securities or other assets, and further for corporations, in accordance with the conditions specified in Section&nbsp;275 of the
SFA; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">where no consideration is or will be given for the transfer; or </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:arial" SIZE="2">where the transfer is by operation of law. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:16px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="3"><B>Notice to prospective investors in Canada </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">The notes may be
sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument <FONT STYLE="white-space:nowrap">45-106</FONT> Prospectus Exemptions or subsection 73.3(1) of the
Securities Act (Ontario), and are permitted clients, as defined in National Instrument <FONT STYLE="white-space:nowrap">31-103</FONT> Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the notes must be made in
accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws. Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for
rescission or damages if this prospectus supplement (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the
securities legislation of the purchaser&#146;s province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser&#146;s province or territory for particulars of these rights or consult with
a legal advisor. Pursuant to section 3A.3 (or, in the case of securities issued or guaranteed by the government of a <FONT STYLE="white-space:nowrap">non-Canadian</FONT> jurisdiction, section 3A.4) of National Instrument <FONT
STYLE="white-space:nowrap">33-105</FONT> Underwriting Conflicts (NI <FONT STYLE="white-space:nowrap">33-105),</FONT> the underwriters are not required to comply with the disclosure requirements of NI <FONT STYLE="white-space:nowrap">33-105</FONT>
regarding underwriter conflicts of interest in connection with this offering. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-54 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc408389_14"></A>Validity of the notes </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">The validity of the notes and the related guarantees will be passed upon for us by Gibson, Dunn&nbsp;&amp; Crutcher LLP, Irvine, California, as to New York and California law, Fikso Kretschmer Smith Dixon Ormseth
PS, as to Washington law, Titus Brueckner&nbsp;&amp; Levine PLC, as to Arizona law, McDonald Carano Wilson LLP, as to Nevada law, Chapoton Sanders Scarborough, LLP, as to Texas law, and Young Conaway Stargatt&nbsp;&amp; Taylor, LLP, as to Delaware
law in certain respects, and for the underwriters, by Cahill Gordon&nbsp;&amp; Reindel <SMALL>LLP</SMALL>, New York, New York. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-55 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B><A NAME="supptoc408389_15"></A>Experts </B></FONT></P> <P STYLE="margin-top:8px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2">Ernst&nbsp;&amp; Young LLP, independent registered public accounting firm, has audited our consolidated financial statements included in our Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for
the year ended December&nbsp;31, 2016, and the effectiveness of our internal control over financial reporting as of December&nbsp;31, 2016, as set forth in their reports, which are incorporated by reference in this prospectus supplement and
elsewhere in the registration statement. Our financial statements are incorporated by reference in reliance on Ernst&nbsp;&amp; Young LLP&#146;s reports, given on their authority as experts in accounting and auditing. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">S-56 </FONT></P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PROSPECTUS </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g408389g72p68.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>TRI POINTE GROUP, INC. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>DEBT SECURITIES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>COMMON
STOCK </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>PREFERRED STOCK </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>WARRANTS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>DEPOSITARY
SHARES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>PURCHASE CONTRACTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>GUARANTEES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>UNITS
</B></P> <P STYLE="font-size:18pt;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:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus relates to the potential offer and sale of our debt securities, common stock, preferred stock, warrants, depositary shares,
purchase contracts, guarantees or units from time-to-time. Before selling any securities hereunder, we will file with the Securities and Exchange Commission (the &#147;SEC&#148;) a prospectus supplement to this prospectus, which will contain
specific information about the proposed offering and the specific terms of the securities offered. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus may not be used to
sell our securities unless it is accompanied by an applicable prospectus supplement. You should read this prospectus and the applicable prospectus supplement carefully before you invest. If indicated in the relevant prospectus supplement, any debt
securities may be fully and unconditionally guaranteed by certain of our wholly owned subsidiaries named in this prospectus. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will sell
these securities directly to investors, or through agents, dealers, or underwriters as designated from time to time, or through a combination of these methods, on a continuous or delayed basis. See &#147;Plan of Distribution.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our common stock is listed on the New York Stock Exchange (the &#147;NYSE&#148;) under the symbol &#147;TPH.&#148; </P>
<P STYLE="font-size:18pt;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:18pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman"><B>Investing in our securities involves a high degree of risk. See &#147;<A HREF="#toc408389_3">Risk factors</A>&#148; beginning on
page&nbsp;3 of this prospectus, in the applicable prospectus supplement and in the documents filed with the SEC and incorporated by reference herein and therein. </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Neither the SEC nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy
of this prospectus. Any representation to the contrary is a criminal offense. </B></P> <P STYLE="font-size:18pt;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:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>May&nbsp;23,
2016 </B></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </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="96%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc408389_1">About this prospectus</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc408389_2">Summary</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc408389_3">Risk factors</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc408389_4">Forward-looking statements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc408389_5">Use of proceeds</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc408389_6">Ratio of earnings to fixed charges</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc408389_7">Description of debt securities</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc408389_8">Description of capital stock</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc408389_9">Description of other securities</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc408389_10">Plan of distribution</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc408389_11">Where you can find more information</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc408389_12">Incorporation of certain documents by reference</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc408389_13">Legal matters</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc408389_14">Experts</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have not authorized anyone else to provide you with information other than the information contained in
this prospectus, in any accompanying prospectus supplement or the information incorporated by reference herein or therein or to make additional representations. We take no responsibility for, and can provide no assurances as to the reliability of,
any other information that others may give you or representations that others may make. If you are in a jurisdiction in which offers to sell, or solicitations of offers to purchase, the securities offered by this prospectus are unlawful, or if you
are a person to whom it is unlawful to direct these types of activities, then the offer presented in this prospectus does not extend to you. Neither the delivery of this prospectus, nor any sale made hereunder, shall under any circumstances create
any implication that there has been no change in our affairs since the date on the front cover of this prospectus or that the information contained or incorporated by reference herein is correct as of any time subsequent to the date of such
information. </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">i </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc408389_1"></A>About this prospectus </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus is part of a registration statement we filed with the SEC, using a &#147;shelf&#148; registration process. Under this shelf
process, this prospectus may be used from time-to-time to offer or sell our debt securities, common stock, preferred stock, warrants, depositary shares, purchase contracts, guarantees and units consisting of any of the securities listed above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As permitted by the rules of the SEC, this prospectus omits the plan of distribution for any offering of our securities. Before selling any
security hereunder, we will file a prospectus supplement with the SEC, which we will deliver with this prospectus, and which will describe specific information about the proposed sale. In each prospectus supplement, we will include the following
information: </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the amount and type of security we propose to sell; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the initial public offering price 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the plan of distribution, including the names of any underwriters, agents or dealers through or to which the securities will be sold; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">any compensation to those underwriters, agents or dealers; 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">any other material information about such offering and sale of our securities, including information about any securities exchanges or automated quotations systems on which the securities will be listed or traded.
</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the prospectus supplement may add, update or change the information contained in this prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Wherever references are made in this prospectus to information that will be included in a prospectus supplement, to the extent permitted by
applicable law, rules or regulations, we may instead include such information or add, update or change the information contained in this prospectus by means of a post-effective amendment to the registration statement of which this prospectus is a
part, through filings we make with the SEC that are incorporated by reference into this prospectus or by any other method as may then be permitted under applicable law, rules or regulations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Unless otherwise noted, or the context otherwise requires, &#147;TRI Pointe&#148; and the terms the &#147;Company,&#148; &#147;we,&#148;
&#147;us&#148; and &#147;our&#148; refer collectively to TRI Pointe Group, Inc. and its subsidiaries. Prior to any purchase of our securities hereunder, you should read this prospectus and the accompanying prospectus supplement, together with the
additional information incorporated by reference, as described in the section entitled &#147;Incorporation of certain documents by reference.&#148; </I></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>


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<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc408389_2"></A>Summary </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>The following summary highlights selected information about us and does not contain all the information that is important to you. We
encourage you to read this prospectus and the accompanying prospectus supplement in their entirety, including the information set forth under &#147;Risk factors&#148; and the documents incorporated by reference in this prospectus and the
accompanying prospectus supplement. In addition, certain statements in this prospectus, the accompanying prospectus supplement and the documents incorporated by reference in this prospectus and the accompanying prospectus supplement are
forward-looking statements, which involve risks and uncertainties. See &#147;Forward-looking statements.&#148; </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Company </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">TRI Pointe was founded in April 2009, toward the end of an unprecedented downturn in the national homebuilding industry. Since then, we have
grown from a Southern California fee homebuilder into a regionally focused national homebuilder with a portfolio of the following six quality homebuilding brands operating in fourteen markets across eight states: Maracay Homes in Arizona; Pardee
Homes in California and Nevada; Quadrant Homes in Washington; Trendmaker Homes in Texas; TRI Pointe Homes in California and Colorado; and Winchester Homes in Maryland and Virginia. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Corporate information </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our principal
executive offices are located at 19540 Jamboree Road, Suite 300, Irvine, California 92612, and our telephone number is (949)&nbsp;438-1400. </P>
 <P STYLE="margin-top:0pt;margin-bottom:0pt; font-size:8pt">&nbsp;</P></div><br clear="All"></div><br clear="All">

 <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>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc408389_3"></A>Risk factors </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>An investment in our securities involves certain risks. Please see the risk factors under the heading &#147;Risk Factors&#148; in our Annual
Report on Form 10-K for the year ended December&nbsp;31, 2015 filed with the SEC, as revised or supplemented by our Quarterly Reports on Form 10-Q filed with the SEC since the filing of our most recent Annual Report on Form 10-K, all of which are
incorporated by reference in this prospectus. Before making an investment decision, you should carefully consider these risks, risks set forth in the accompanying prospectus supplement, as well as other information we include or incorporate by
reference in this prospectus and the accompanying prospectus supplement. Our business, liquidity, financial condition or results of operations could be materially adversely affected by any of these risks. The market for or trading price of our
common stock could decline due to any of these risks, and you may lose all or part of your investment. In addition, please read &#147;Forward-looking statements&#148; in this prospectus where we describe additional uncertainties associated with our
business and the forward-looking statements included or incorporated by reference in this prospectus. Please note that additional risks not presently foreseen by us or that we currently deem immaterial may also impair our business and operations.
</I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc408389_4"></A>Forward-looking statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus and the accompanying prospectus supplement contain and incorporate by reference certain statements that are
&#147;forward-looking statements&#148; within the meaning of the Private Securities Litigation Reform Act of 1995, Section&nbsp;27A of the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), and Section&nbsp;21E of the Securities
Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;). In addition, other statements we may make from time to time, such as press releases, oral statements made by Company officials and other reports we file with the SEC, may also contain
such forward-looking statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These statements: </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">use forward-looking terminology; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">are based on various assumptions made by TRI Pointe; 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">may not be accurate because of risks and uncertainties surrounding the assumptions that are made. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Factors listed in this section&#151;as well as other factors not included&#151;may cause actual results to differ significantly from the
forward-looking statements included or incorporated by reference in this prospectus and the accompanying prospectus supplement. There is no guarantee that any of the events anticipated by the forward-looking statements included or incorporated by
reference in this prospectus and the accompanying prospectus supplement will occur, or if any of the events occurs, there is no guarantee of what effect it will have on our operations, financial condition or share price. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will not update the forward-looking statements contained in this prospectus, any applicable prospectus supplement, or the documents
incorporated by reference herein and therein, unless otherwise required by law. We nonetheless reserve the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for
specific reference to this prospectus and the accompanying prospectus supplement. No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Statements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These forward-looking
statements are generally accompanied by words such as &#147;anticipate,&#148; &#147;believe,&#148; &#147;could,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;goal,&#148; &#147;intend,&#148; &#147;may,&#148; &#147;might,&#148;
&#147;plan,&#148; &#147;potential,&#148; &#147;predict,&#148; &#147;project,&#148; &#147;will,&#148; &#147;would,&#148; or other words that convey the uncertainty of future events or outcomes. These forward-looking statements include, but are not
limited to, statements regarding our anticipated future financial and operating performance and results, including our estimates for growth. </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>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Forward-looking statements are based on a number of factors, including the expected effect of:
</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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the economy; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">laws and 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the adverse outcomes of litigation and other disputes and the adequacy of reserves; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">changes in accounting principles; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">projected benefit payments; 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">projected tax rates and credits. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risks, uncertainties and assumptions </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The major risks and uncertainties&#151;and assumptions that are made&#151;that affect our business and may cause actual results to differ from
these forward-looking statements include, but are not limited to: </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the effect of general economic conditions, including employment rates, housing starts, interest rate levels, availability of financing for home mortgages and the strength of the U.S. dollar; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">market demand for our products, which is related to the strength of the various U.S. business segments and U.S. and international economic conditions; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">levels of competition; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the successful execution of our internal performance plans, including restructuring and cost reduction initiatives; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">global economic conditions; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">raw material prices; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">oil and other energy prices; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the effect of weather, including the continuing drought in California; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">transportation costs; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">federal and state tax policies; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the effect of land use, environment and other governmental 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">legal proceedings and disputes; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, synergies, indebtedness, financial condition, losses and future prospects;
</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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">change in accounting principles; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">risks related to unauthorized access to our computer systems, theft of our customers&#146; confidential information or other forms of cyber-attack; 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">other factors described in &#147;Risk factors.&#148; </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">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc408389_5"></A>Use of proceeds </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We intend to use the net proceeds we receive from the sale of securities by us as set forth in the applicable prospectus supplement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc408389_6"></A>Ratio of earnings to fixed charges </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth our historical ratios of earnings to fixed charges for the periods shown. This information should be read in
conjunction with the information appearing elsewhere in, or incorporated by reference into, this prospectus accompanying notes incorporated by reference in this prospectus and any prospectus supplement. For purposes of determining the ratio of
earnings to fixed charges, earnings consist of income (loss) from continuing operations before income taxes, net of non-controlling interests, adjusted for (income) loss of unconsolidated entities, plus returns on investments in unconsolidated
entities, net, plus fixed charges and amortization of capitalized interest, less interest capitalized. Fixed charges consist of interest expensed and capitalized, including discount and deferred loan costs, and a portion of rents representative of
an interest factor on operating leases. </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">


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<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
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<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Three&nbsp;Months<BR>Ended&nbsp;March&nbsp;31,</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Fiscal Year Ended December&nbsp;31,</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">2016</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">2015</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">2014</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">2013</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">2012</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">2011</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ratio of earnings to fixed charges</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(a)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">For the year ended December&nbsp;31, 2013, earnings were insufficient to cover fixed charges for such year by approximately $218.8 million. This was primarily due to $343.3 million of impairment and related charges for
Coyote Springs, a large master planned community north of Las Vegas, Nevada. Under the terms of the Transaction Agreement dated as of November&nbsp;3, 2013 by and among Weyerhaeuser Company, TRI Pointe, Weyerhaeuser Real Estate Company
(&#147;WRECO&#148;), and a wholly-owned subsidiary of TRI Pointe, certain assets and liabilities of WRECO and its subsidiaries, were excluded from the transaction and retained by Weyerhaeuser, including assets and liabilities relating to Coyote
Springs. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Currently, we have no preferred stock outstanding and we have not paid any dividends on preferred stock in the
periods presented. Therefore, the ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc408389_7"></A>Description of debt securities </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may issue debt securities under an indenture to be entered into between us and a trustee chosen by us, qualified to act as such under the
Trust Indenture Act of 1939, as amended (the &#147;Trust Indenture Act&#148;) and appointed under an indenture. The indenture will be governed by the Trust Indenture Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a summary of the indenture. It does not restate the indenture entirely. We urge you to read the indenture. We have filed the
form of indenture as an exhibit to the registration statement of which this prospectus is a part, and we will file the indenture we enter into and the supplemental indentures or authorizing resolutions with respect to a particular series of debt
securities as exhibits to current or other reports we file with the SEC. See the section entitled &#147;Where you can find more information&#148; for information on how to obtain copies of the indentures and the supplemental indentures or
authorizing resolutions. We will make available copies of the documents for the particular series to you upon request. References below to an &#147;indenture&#148; are references to the applicable indenture, as supplemented, under which a particular
series of debt securities is issued. </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">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Terms of the debt securities </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our debt securities will be general obligations of TRI Pointe Group, Inc. We may issue them in one or more series. Authorizing resolutions or a
supplemental indenture will set forth the specific terms of each series of debt securities. We will provide a prospectus supplement for each series of debt securities that will describe: </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the title of the debt securities and whether the debt securities are senior, senior subordinated, or subordinated debt 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the aggregate principal amount of the debt securities and any limit upon the aggregate principal amount of the series of debt securities, and, if the series is to be issued at a discount from its face amount, the method
of computing the accretion of such discount; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the percentage of the principal amount at which debt securities will be issued and, if other than the full principal amount thereof, the percentage of the principal amount of the debt securities that is payable if
maturity of the debt securities is accelerated because of a default; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the date or dates on which principal of the debt securities will be payable and the amount of principal that will be payable; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the rate or rates (which may be fixed or variable) at which the debt securities will bear interest, if any, or the method of calculation of such rate or rates, as well as the dates from which interest will accrue, the
dates on which interest will be payable and the record date for the interest payable on any payment date; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">any collateral securing the performance of our obligations under the debt 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the currency or currencies (including any composite currency) in which principal, premium, if any, and interest, if any, will be payable, and if such payments may be made in a currency other than that in which the debt
securities are denominated, the manner for determining such payments, including the time and manner of determining the exchange rate between the currency in which such securities are denominated and the currency in which such securities or any of
them may be paid, and any additions to, modifications of or deletions from the terms of the debt securities to provide for or to facilitate the issuance of debt securities denominated or payable in a currency other than U.S. dollars;
</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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the place or places where principal, premium, if any, and interest, if any, on the debt securities will be payable and where debt securities that are in registered form can be presented for registration of transfer or
exchange; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the denominations in which the debt securities will be issuable, if different from minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">any provisions regarding our right to redeem or purchase debt securities or the right of holders to require us to redeem or purchase debt 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the right, if any, of holders of the debt securities to convert or exchange them into our common stock or other securities of any kind of us or another obligor, including any provisions intended to prevent dilution of
the conversion rights and, if so, the terms and conditions upon which such securities will be so convertible or exchangeable, including the initial conversion or exchange price or rate or the method of calculation, how and when the conversion price
or exchange ratio may be adjusted, whether conversion or exchange is mandatory, at the option of the holder or at our option, the conversion or exchange period, and any other provision in relation thereto; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">any provisions requiring or permitting us to make payments to a sinking fund to be used to redeem debt securities or a purchase fund to be used to purchase debt 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the terms, if any, upon which debt securities may be senior or subordinated to our other indebtedness; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">any additions to, modifications of or deletions from the terms of the debt securities with respect to events of default or covenants or other provisions set forth in the indenture for the series to which the
supplemental indenture or authorizing resolution relates; </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">6 </P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">whether and upon what terms the debt securities of such series may be defeased or discharged, if different from the provisions set forth in the indenture for the series to which the supplemental indenture or authorizing
resolution relates; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">whether the debt securities will be issued in registered or bearer form and the terms of these forms; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">whether the debt securities will be issued in whole or in part in the form of a global security and, if applicable, the identity of the depositary for such global security; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">any provision for electronic issuance of the debt securities or issuance of the debt securities in uncertificated form; 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">any other material terms of the debt securities, which may be different from the terms set forth in this prospectus. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The applicable prospectus supplement will also describe any material covenants to which a series of debt securities will be subject and the
applicability of those covenants to any of our subsidiaries to be restricted thereby, which are referred to herein as &#147;restricted subsidiaries.&#148; The applicable prospectus supplement will also describe provisions for restricted subsidiaries
to cease to be restricted by those covenants. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Events of default and remedies </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless otherwise described in the applicable prospectus supplement, an event of default with respect to any series of debt securities will be
defined in the indenture or applicable supplemental indenture or authorizing resolution as being: </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our failure to pay interest on any debt security of such series when the same becomes due and payable and the continuance of any such failure for a period of 30 days; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our failure to pay the principal or premium of any debt security of such series when the same becomes due and payable at maturity, upon acceleration, redemption or otherwise; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our failure or the failure of any restricted subsidiary to comply with any of its agreements or covenants in, or provisions of, the debt securities of such series or the indenture (as they relate thereto) and such
failure continues for a period of 60 days after our receipt of notice of the default from the trustee or from the holders of at least 25 percent in aggregate principal amount of the then outstanding debt securities of that series (except in the case
of a default with respect to the provisions of the indenture regarding the consolidation, merger, sale, lease, conveyance or other disposition of all or substantially all of the assets of us (or any other provision specified in the applicable
supplemental indenture or authorizing resolution), which will constitute an event of default with notice but without passage of time); </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness (other than non-recourse indebtedness, as defined in the indenture) for
money borrowed by us or any of our restricted subsidiaries (or the payment of which is guaranteed by us or any of our restricted subsidiaries), whether such indebtedness or guarantee now exists or is created after the date we issue debt securities,
if that default: </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 style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">is caused by a failure to pay at final stated maturity the principal amount of such indebtedness prior to the expiration of the grace period provided in such indebtedness on the date of such default (a &#147;Payment
Default&#148;); 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 style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">results in the acceleration of such indebtedness prior to its express maturity without such indebtedness having been discharged or such acceleration having been cured, waived, rescinded or annulled for the period and
after the notice had been provided, and, in each case, the principal amount of any such indebtedness, together with the principal amount of any other such indebtedness under which there has been a Payment Default or the maturity of which has been so
accelerated, aggregates $50 million or more; 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">certain events of bankruptcy, insolvency or reorganization occur with respect to us or any restricted subsidiary that is a significant subsidiary (as defined in the indenture). </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">7 </P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The indenture will provide that the trustee may withhold notice to the holders of any series of
debt securities of any default, except a default in payment of principal or interest, if any, with respect to such series of debt securities, if the trustee considers it in the interest of the holders of such series of debt securities to do so. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The indenture will provide that if any event of default has occurred and is continuing with respect to any series of debt securities, the
trustee or the holders of not less than 25% in principal amount of such series of debt securities then outstanding (with a copy to the trustee if given by the holders) may declare the principal of all the debt securities of such series to be due and
payable immediately. However, the holders of a majority in principal amount of the debt securities of such series then outstanding by notice to the trustee may waive any existing default and its consequences with respect to such series of debt
securities, other than any event of default in payment of principal or interest. Holders of a majority in principal amount of the then outstanding debt securities of any series may rescind an acceleration with respect to such series and its
consequences, except an acceleration due to nonpayment of principal or interest on such series, if the rescission would not conflict with any judgment or decree and if all existing events of default with respect to such series have been cured or
waived. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The holders of a majority of the outstanding principal amount of the debt securities of any series will have the right to direct
the time, method and place of conducting any proceedings for any remedy available to the trustee with respect to such series, subject to limitations specified in the indenture. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Defeasance </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The indenture will permit us
to terminate all our respective obligations under the indenture as they relate to any particular series of debt securities, other than the obligation to pay interest, if any, on and the principal of the debt securities of such series and certain
other obligations, at any time by: </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">depositing in trust with the trustee, under an irrevocable trust agreement, money or government obligations in an amount sufficient to pay principal of and interest, if any, on the debt securities of such series to
their maturity or redemption; 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">complying with other conditions, including delivery to the trustee of an opinion of counsel to the effect that holders will not recognize income, gain or loss for federal income tax purposes as a result of our exercise
of such right and will be subject to federal income tax on the same amount and in the same manner and at the same times as would have been the case otherwise. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The indenture will also permit us to terminate all of our respective obligations under the indenture as they relate to any particular series
of debt securities, including the obligations to pay interest, if any, on and the principal of the debt securities of such series and certain other obligations, at any time by: </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">depositing in trust with the trustee, under an irrevocable trust agreement, money or government obligations in an amount sufficient to pay principal and interest, if any, on the debt securities of such series to their
maturity or redemption; 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">complying with other conditions, including delivery to the trustee of an opinion of counsel to the effect that (A)&nbsp;we have received from, or there has been published by, the Internal Revenue Service a ruling, or
(B)&nbsp;since the date such series of debt securities were originally issued, there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such opinion of counsel shall state that, holders
will not recognize income, gain or loss for federal income tax purposes as a result of our exercise of such right and will be subject to federal income tax on the same amount and in the same manner and at the same times as would have been the case
otherwise. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the indenture will permit us to terminate substantially all our respective obligations under the
indenture as they relate to a particular series of debt securities by depositing with the trustee money or government obligations sufficient to pay all principal and interest on such series at its maturity or redemption date if the debt securities
of such series will become due and payable at maturity within one year or are to be called for redemption within one year of the deposit. </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>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Transfer and exchange </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A holder will be able to transfer or exchange debt securities only in accordance with the indenture. The registrar may require a holder, among
other things, to furnish appropriate endorsements and transfer documents, and to pay any taxes and fees required by law or permitted by the indenture. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Amendment, supplement and waiver </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Without
notice to or the consent of any holder, we and the trustee may amend or supplement the indenture or the debt securities of a series to: </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">cure any ambiguity, omission, defect or inconsistency; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">comply with the provisions of the indenture regarding the consolidation, merger, sale, lease, conveyance or other disposition of all or substantially all of our assets; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">provide that specific provisions of the indenture shall not apply to a series of debt securities not previously issued or to make a change to specific provisions of the indenture that only applies to any series of debt
securities not previously issued or to additional debt securities of a series not previously issued; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">create a series and establish its terms; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">provide for uncertificated debt securities in addition to or in place of certificated debt 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">add a guarantor subsidiary in respect of any series of debt 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">secure any series of debt 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">comply with requirements of the SEC in order to effect or maintain the qualification of the indenture under the Trust Indenture Act; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">make any change that does not adversely affect the rights of any holder; 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">conform the provisions of the indenture to the final offering document in respect of any series of debt securities. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With the exceptions discussed below, we and the trustee may amend or supplement the indenture or the debt securities of a particular series
with the written consent of the holders of at least a majority in principal amount of the debt securities of such series then outstanding. In addition, the holders of a majority in principal amount of the debt securities of such series then
outstanding may waive any existing default under, or compliance with, any provision of the debt securities of a particular series or of the indenture relating to a particular series of debt securities, other than any event of default in payment of
interest or principal. These consents and waivers may be obtained in connection with a purchase of, or tender offer or exchange offer for, debt securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Without the consent of each holder affected, we and the trustee may not: </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">reduce the amount of debt securities of such series whose holders must consent to an amendment, supplement or waiver; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">reduce the rate of or extend the time for payment of interest, including defaulted interest; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">reduce the principal of or extend the fixed maturity of any debt security or alter the provisions with respect to redemptions or mandatory offers to repurchase debt 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">make any change that adversely affects any right of a holder to convert or exchange any debt security into or for shares of our common stock or other securities, cash or other property in accordance with the terms of
such security; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">modify the ranking or priority of the debt securities; </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">9 </P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">make any change to any provision of the indenture relating to the waiver of existing defaults, the rights of holders to receive payment of principal and interest on the debt securities, or to the provisions regarding
amending or supplementing the indenture or the debt securities of a particular series with the written consent of the holders of such series; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">waive a continuing default or event of default in the payment of principal of or interest on the debt securities; 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">make any debt security payable at a place or in money other than that stated in the debt security, or impair the right of any holder of a debt security to bring suit as permitted by the indenture. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The right of any holder to participate in any consent required or sought pursuant to any provision of the indenture, and our obligation to
obtain any such consent otherwise required from such holder, may be subject to the requirement that such holder shall have been the holder of record of debt securities with respect to which such consent is required or sought as of a record date
fixed by us in accordance with the indenture. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Concerning the trustee </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The indenture will contain limitations on the rights of the trustee, should it become our creditor, to obtain payment of claims in specified
cases or to realize on property received in respect of any such claim as security or otherwise. The indenture will permit the trustee to engage in other transactions; however, if it acquires any conflicting interest, it must eliminate such conflict
or resign. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The indenture will provide that in case an event of default occurs and is not cured, the trustee will be required, in the
exercise of its power, to use the degree of care of a prudent person in similar circumstances in the conduct of such person&#146;s own affairs. The trustee shall be under no obligation to exercise any of the rights or powers vested in it by the
Indenture at the request or direction of any of the holders pursuant to the Indenture, unless such holders shall have offered to the trustee security or indemnity satisfactory to the trustee against the costs, expenses and liabilities which might be
incurred by it in compliance with such request or direction. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>No recourse against others </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The indenture will provide that a director, officer, employee or stockholder, as such, of the Company shall not have any liability for any
obligations of the Company under the debt securities or the indenture or for any claim based on, in respect of or by reason of, such obligations or their creation. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Governing law </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The laws of the State of
New York will govern the indenture and the debt securities. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc408389_8"></A>Description of capital stock </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The rights of our stockholders are governed by Delaware law and our charter and bylaws. For information on how to obtain a copy of our charter
and bylaws, see &#147;Where you can find more information&#148; and &#147;Incorporation of certain documents by reference.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
following description of our capital stock does not purport to be complete and is subject to, and qualified in its entirety by reference to, the complete text of our charter and bylaws. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Common stock </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our charter authorizes the
issuance of up to 500&nbsp;million shares of common stock, par value $0.01 per share. As of March&nbsp;31, 2016, there were 162,007,850 shares of common stock issued and outstanding. </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">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Shares of our common stock have the following rights, preferences and privileges: </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Voting Rights</I>. Each outstanding share of common stock entitles its holder to one vote on all matters submitted to a vote of stockholders, including the election of directors. There are no cumulative voting
rights. Generally, all matters to be voted on by stockholders must be approved by the vote of the holders of stock having a majority of the votes that could be cast by the holders of all stock entitled to vote on such matters that are present in
person or by proxy at the meeting, except that directors are elected by a plurality of the votes cast in the election of directors. We do not have a classified board of directors. </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Dividends</I>. Subject to the rights of the holders of any preferred stock which may be outstanding from time to time, the holders of common stock are entitled to receive dividends as, when and if dividends are
declared by our board of directors out of assets legally available for the payment of dividends. We currently intend to retain our future earnings, if any, to finance the development and expansion of our business and, therefore, do not intend to pay
cash dividends on our common stock for the foreseeable future. Any future determination to pay dividends will be at the discretion of our board of directors and will depend on our financial condition, results of operations, capital requirements,
restrictions contained in any financing instruments and such other factors as our board of directors deems relevant. </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Liquidation</I>. In the event of a liquidation, dissolution or winding up of our affairs, whether voluntary or involuntary, after payment of liabilities and obligations to creditors and any holders of preferred
stock, our remaining assets will be distributed ratably among our stockholders on a per share basis. </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Rights and Preferences</I>. Our common stock has no preemptive, redemption, conversion or subscription rights. The rights, powers, preferences and privileges of our stockholders are subject to, and may be materially
and adversely affected by, the rights of the holders of shares of any series of preferred stock that we may designate and issue in the future. </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Merger</I>. In the event that we merge or consolidate with or into another entity, holders of each share of our common stock will be entitled to receive the same per share consideration. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company adopted and maintains the 2013 Long-Term Incentive Plan, which provides for the grant of equity-based awards, including options to
purchase shares of common stock, stock appreciation rights, common stock, restricted stock, restricted stock units and performance awards to eligible participants, which includes our officers, directors, employees and consultants, and persons
expected to become officers, directors, employees or consultants of the Company. As of March&nbsp;31, 2016, the Company had outstanding awards to acquire approximately 3,808,661 shares of its common stock under this plan, and had reserved
approximately 7,637,283 additional shares of its common stock for future issuances under this plan. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Preferred stock </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our charter provides that our board of directors has the authority, without action by the Company&#146;s stockholders, to designate and issue
up to 50,000,000 shares of preferred stock in one or more classes or series and to fix for each class or series the powers, rights, preferences and privileges of each series of preferred stock, including dividend rights, conversion rights, voting
rights, terms of redemption, liquidation preferences and the number of shares constituting any class or series, which may be greater than the rights of the holders of the Company&#146;s common stock. There are currently no shares of preferred stock
outstanding. Any issuance of shares of preferred stock could adversely affect the voting power of holders of our common stock, and the likelihood that the holders will receive dividend payments and payments upon liquidation could have the effect of
delaying, deferring or preventing a change in control. We have no present plans to issue any shares of preferred stock. </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">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Certain anti-takeover effects of provisions of our charter and bylaws </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our charter and bylaws and Delaware law contain provisions that may delay or prevent a transaction or a change in control of the Company that
might involve a premium paid for shares of our common stock or otherwise be in the best interests of our stockholders, which could materially and adversely affect the market price of our common stock. Certain of these provisions are described below.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Selected provisions of our charter and bylaws </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our charter and bylaws contain anti-takeover provisions 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">authorize our board of directors, without further action by the Company&#146;s stockholders, to issue up to 50,000,000 shares of preferred stock in one or more series, and with respect to each series, to fix the number
of shares constituting that series and establish the rights and other terms of that series; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">require that actions to be taken by the Company&#146;s stockholders may be taken only at an annual or special meeting of the Company&#146;s stockholders and not by written consent; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">specify that special meetings of the Company&#146;s stockholders can be called only by our board of directors, the chairman of the board or the chief executive officer; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">establish advance notice procedures for stockholders to submit nominations of candidates for election to our board of directors and other proposals to be brought before a stockholders meeting; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">provide that our bylaws may be amended by our board of directors without stockholder approval; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">allow the directors to establish the size of our board of directors by action of the board, subject to a minimum of three members; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">provide that vacancies on our board of directors or newly created directorships resulting from an increase in the number of directors may be filled only by a majority of directors then in office, even though less than a
quorum; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">do not give the Company&#146;s stockholders cumulative voting rights with respect to the election of directors; 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">prohibit the Company from engaging in certain business combinations with any &#147;interested stockholder&#148; unless specified conditions are satisfied as described in &#147;&#151;Selected provisions of Delaware
law.&#148; </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Selected provisions of Delaware law </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has opted out of Section&nbsp;203 of the Delaware General Corporation law (the &#147;DGCL&#148;), which regulates corporate
takeovers. However, our charter contains provisions that are similar to Section&nbsp;203 of the DGCL. Specifically, our charter provides that the Company may not engage in certain &#147;business combinations&#148; with any &#147;interested
stockholder&#148; for a three-year period following the time that the person became an interested stockholder, unless: </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">prior to the time that person became an interested stockholder, our board of directors approved either the business combination or the transaction which resulted in the person becoming an interested stockholder;
</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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">upon the consummation of the transaction which resulted in the person becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the Company outstanding at the time the
transaction commenced, excluding certain shares; 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">at or subsequent to the time the person became an interested stockholder, the business combination is approved by our board of directors and by the affirmative vote of at least 66 2/3% of the outstanding voting stock
which is not owned by the interested stockholder. </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">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Generally, a business combination includes a merger, consolidation, asset or stock sale or other
transaction resulting in a financial benefit to the interested stockholder. Subject to certain exceptions, an interested stockholder is a person who, together with that person&#146;s affiliates and associates, owns, or within the previous three
years owned, 15% or more of the voting stock of the Company. However, in the case of the Company, VIII/TPC Holdings, L.L.C. (the &#147;Starwood Fund&#148;), a private equity fund managed by an affiliate of Starwood Capital Group, L.P., and any of
its affiliates and subsidiaries and any of their permitted transferees receiving 15% or more of the voting stock of the Company will not be deemed to be interested stockholders regardless of the percentage of the voting stock of the Company owned by
them. This provision could prohibit or delay mergers or other takeover or change in control attempts with respect to the Company and, accordingly, may discourage attempts to acquire the Company. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Corporate opportunity </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our charter provides that the Company renounces any interest or expectancy in, or in being offered an opportunity to participate in, any
business opportunity that may be from time to time presented to the Starwood Fund or any of its affiliates and subsidiaries (other than the Company and its subsidiaries), officers, directors, agents, stockholders, members, partners or employees and
that may be a business opportunity for the Starwood Fund or any of its affiliates and subsidiaries, even if the opportunity is one that the Company might reasonably have pursued or had the ability or desire to pursue if granted the opportunity to do
so. No such person will be liable to the Company for breach of any fiduciary or other duty, as a director or officer or otherwise, by reason of the fact that such person, acting in good faith, pursues or acquires any such business opportunity,
directs any such business opportunity to another person or fails to present any such business opportunity, or information regarding any such business opportunity, to the Company unless, in the case of any such person who is a director or officer of
the Company, any such business opportunity is expressly offered to such director or officer solely in his or her capacity as a director or officer of the Company. Neither the Starwood Fund nor any of its affiliates or subsidiaries has any duty to
refrain from engaging directly or indirectly in the same or similar business activities or lines of business as the Company or any of its subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These provisions will continue to apply until no person who is a director or officer of the Company is also a director, officer, member,
partner or employee of the Starwood Fund or any of its affiliates or subsidiaries (other than the Company and its subsidiaries). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Limitations on
liability, indemnification of officers and directors and insurance </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The DGCL authorizes corporations to limit or eliminate the personal
liability of directors to corporations and their stockholders for monetary damages for breaches of directors&#146; fiduciary duties as directors. Our charter and bylaws include provisions that indemnify, to the fullest extent allowable under the
DGCL, the personal liability of directors or officers for monetary damages for actions taken as a director or officer, or for serving at our request as a director or officer or another position at another corporation or enterprise, 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">Our charter and bylaws also provide that the Company must indemnify and advance reasonable expenses to its directors and officers,
subject to the Company&#146;s receipt of an undertaking from the indemnified party as may be required under the DGCL. The Company is also expressly authorized to carry directors&#146; and officers&#146; insurance to protect the Company, its
directors, officers and certain employees for some liabilities. The limitation of liability and indemnification provisions in our charter may discourage stockholders from bringing a lawsuit against the Company&#146;s directors for breach of their
fiduciary duty. These provisions may also have the effect of reducing the likelihood of derivative litigation against the Company&#146;s directors and officers, even though such an action, if successful, might otherwise benefit the Company and its
stockholders. However, these provisions do not limit or eliminate the Company&#146;s rights, or those of any stockholder, to seek nonmonetary relief such as injunction or rescission in the event of a breach of a director&#146;s duty of care. The
provisions will not alter the liability of directors under the federal securities laws. </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">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company maintains standard policies of insurance that provide coverage (i)&nbsp;to directors
and officers against loss arising from claims made by reason of breach of duty or other wrongful act and (ii)&nbsp;to the Company with respect to indemnification payments that the Company may make to such directors and officers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has entered into an indemnification agreement with certain of its officers and each of its directors. These agreements require the
Company to indemnify these individuals to the fullest extent permitted under Delaware law against liabilities that may arise by reason of their service to the Company, and to advance expenses incurred as a result of any proceeding against them as to
which they could be indemnified. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There is currently no pending material litigation or proceeding against any of the Company&#146;s
directors, officers or employees for which indemnification is sought. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Authorized but unissued shares </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company&#146;s authorized but unissued shares of common stock will be available for future issuance without the approval by our
stockholders. We may use additional shares for a variety of purposes, including future offerings to raise additional capital, to fund acquisitions and as employee compensation. The existence of authorized but unissued shares of common stock could
render more difficult or discourage an attempt to obtain control of the Company by means of a proxy contest, tender offer, merger or otherwise. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Registration rights agreement </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Company is party to a registration rights agreement with the former members of TRI Pointe Homes, LLC (&#147;TPH LLC&#148;), the entity that was reorganized from a Delaware limited liability company into a Delaware corporation and renamed TRI Pointe
Homes, Inc. in connection with its initial public offering, including the Starwood Fund, certain members of the Company&#146;s management team and a third-party investor, with respect to the shares of the Company&#146;s common stock that they
received as part of the TRI Pointe Homes, Inc. formation transactions. The shares are referred to collectively as the &#147;registrable shares.&#148; On November 13, 2014, we filed with the SEC a shelf registration statement covering the registrable
shares. The Company is required, subject to certain exceptions, to maintain the effectiveness of such registration statement so as to allow sales thereunder from time to time. Pursuant to the registration rights agreement, the former members of TPH
LLC and their direct and indirect transferees also have demand registration rights to have the registrable shares registered for resale, and, in certain circumstances, the right to make &#147;piggy-back&#148; sales of the registrable shares under
registration statements the Company might file in connection with future public offerings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, the
registration rights are subject to cutback provisions, and the Company is permitted to suspend the use, from time to time, of the prospectus that is part of the shelf registration statement (and therefore suspend sales under the shelf registration
statement) for certain periods, referred to as &#147;blackout periods.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investor rights agreement </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to an investor rights agreement, the Starwood Fund has the right to designate one member of the Company&#146;s board of directors for
as long as the Starwood Fund owns at least 5% of the outstanding common stock of the Company (excluding shares of common stock that are subject to issuance upon the exercise or exchange of rights of conversion or any options, warrants or other
rights to acquire shares). The investor rights agreement will automatically terminate upon the date on which the Starwood Fund owns less than 1% of the outstanding common stock of the Company. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Listing </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our common stock trades on the
NYSE under the trading symbol &#147;TPH.&#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">14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Transfer agent </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The transfer agent and registrar for our common stock is American Stock Transfer&nbsp;&amp; Trust Company, LLC. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc408389_9"></A>Description of other securities </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will set forth in the applicable prospectus supplement a description of any warrants, depositary shares, purchase contracts, guarantees or
units that may be offered pursuant to this prospectus. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc408389_10"></A>Plan of distribution </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The securities being offered by this prospectus may be sold by us: </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">through agents; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">to or through underwriters; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">through broker-dealers (acting as agent or principal); </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">directly by us to purchasers, through a specific bidding or auction process or otherwise; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">through a combination of any such methods of sale; 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">through any other methods described in a prospectus supplement. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The distribution of
securities may be effected, from time to time, in one or more transactions, including block transactions and transactions on the NYSE or any other organized market where the securities may be traded. The securities may be sold at a fixed price or
prices, which may be changed, or at market prices prevailing at the time of sale, at prices relating to the prevailing market prices or at negotiated prices. The consideration may be cash or another form negotiated by the parties. Agents,
underwriters or broker-dealers may be paid compensation for offering and selling the securities. That compensation may be in the form of discounts, concessions or commissions to be received from us or from the purchasers of the securities. Dealers
and agents participating in the distribution of the securities may be deemed to be underwriters, and compensation received by them on resale of the securities may be deemed to be underwriting discounts. If such dealers or agents were deemed to be
underwriters, they may be subject to statutory liabilities under the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Agents may, from time to time, solicit offers to
purchase the securities. If required, we will name in the applicable prospectus supplement any agent involved in the offer or sale of the securities and set forth any compensation payable to the agent. Unless otherwise indicated in the prospectus
supplement, any agent will be acting on a best efforts basis for the period of its appointment. Any agent selling the securities covered by this prospectus may be deemed to be an underwriter, as that term is defined in the Securities Act, of the
securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If underwriters are used in a sale, securities will be acquired by the underwriters for their own account and may be resold,
from time to time, in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined at the time of sale, or under delayed delivery contracts or other contractual commitments. Securities
may be offered to the public either through underwriting syndicates represented by one or more managing underwriters or directly by one or more firms acting as underwriters. If an underwriter or underwriters are used in the sale of securities, an
underwriting agreement will be executed with the underwriter or underwriters at the time an agreement for the sale is reached. The applicable prospectus supplement will set forth the managing underwriter or underwriters, as well as any other
underwriter or underwriters, with respect to a particular underwritten offering of securities, and will set forth the terms of the transactions, including compensation of the underwriters and dealers and the public offering price, if applicable. The
prospectus and the applicable prospectus supplement will be used by the underwriters to resell the securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a dealer is used in the
sale of the securities, we or an underwriter will sell the securities to the dealer, as principal. The dealer may then resell the securities to the public at varying prices to be determined by the dealer at the time of resale. To the extent
required, we will set forth in the prospectus supplement the name of the dealer and the terms of the transactions. </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">15 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may directly solicit offers to purchase the securities and we may make sales of securities
directly to institutional investors or others. These persons may be deemed to be underwriters within the meaning of the Securities Act with respect to any resale of the securities. To the extent required, the prospectus supplement will describe the
terms of any such sales, including the terms of any bidding or auction process, if used. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Agents, underwriters and dealers may be entitled
under agreements which may be entered into with us to indemnification by us against specified liabilities, including liabilities incurred under the Securities Act, or to contribution by us to payments they may be required to make in respect of such
liabilities. If required, the applicable prospectus supplement will describe the terms and conditions of such indemnification or contribution. Some of the agents, underwriters or dealers, or their affiliates may be customers of, engage in
transactions with or perform services for us or our subsidiaries in the ordinary course of business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the securities laws of some
states, the securities offered by this prospectus may be sold in those states only through registered or licensed brokers or dealers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any
person participating in the distribution of common stock registered under the registration statement that includes this prospectus will be subject to applicable provisions of the Exchange Act, and the applicable SEC rules and regulations, including,
among others, Regulation M, which may limit the timing of purchases and sales of our common stock by any such person. Furthermore, Regulation M may restrict the ability of any person engaged in the distribution of our common stock to engage in
market-making activities with respect to our common stock. These restrictions may affect the marketability of our common stock and the ability of any person or entity to engage in market-making activities with respect to our common stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain persons participating in an offering may engage in over-allotment, stabilizing transactions, short-covering transactions and penalty
bids, in accordance with Regulation M under the Exchange Act, that stabilize, maintain or otherwise affect the price of the offered securities. If any such activities will occur, they will be described in the applicable prospectus supplement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc408389_11"></A>Where you can find more information </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We file annual, quarterly and current reports, proxy statements and other information with the SEC. You may read and copy materials that we
have filed with the SEC at the following SEC public reference room: 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information regarding its public reference room. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our SEC filings, including the complete registration statement of which this prospectus is a part, are available to the public on the
SEC&#146;s internet website at www.sec.gov, which contains reports, proxy and information statements and other information regarding companies that file electronically with the SEC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, our common stock is listed on the NYSE and similar information concerning us can be inspected and copied at the offices of the
NYSE, Inc., 20 Broad Street, New York, New York 10005. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc408389_12"></A>Incorporation of certain documents by reference
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS PROSPECTUS INCORPORATES DOCUMENTS BY REFERENCE WHICH ARE NOT PRESENTED IN OR DELIVERED WITH THIS PROSPECTUS. WE HAVE NOT
AUTHORIZED ANYONE TO PROVIDE YOU WITH INFORMATION THAT IS DIFFERENT FROM OR IN ADDITION TO THE INFORMATION CONTAINED IN THIS PROSPECTUS, THE ACCOMPANYING PROSPECTUS SUPPLEMENT AND INCORPORATED BY REFERENCE HEREIN AND THEREIN. WE TAKE NO
RESPONSIBILITY AND CAN PROVIDE NO ASSURANCE AS TO THE RELIABILITY OF ANY OTHER INFORMATION THAT OTHERS MAY GIVE YOU. </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">16 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The rules of the SEC allow us to &#147;incorporate by reference&#148; information into this
prospectus. This means that we can disclose important information about us and our financial condition to you by referring you to another document filed separately with the SEC. The information incorporated by reference is considered to be a part of
this prospectus and information that we file later with the SEC will automatically update and supersede this information. This prospectus incorporates by reference the documents listed below that we have previously filed with the SEC (other than
portions of these documents that are either (i)&nbsp;described in paragraphs (d)(1), (d)(2), (d)(3) or (e)(5) of Item&nbsp;407 of Regulation S-K promulgated by the SEC or (ii)&nbsp;furnished under applicable SEC rules, rather than filed, and
exhibits furnished in connection with such items): </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">TRI Pointe&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2015 (including the portions of our Definitive Proxy Statement on Schedule 14A, filed on April&nbsp;22, 2016, incorporated by reference
therein); </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">TRI Pointe&#146;s Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2016; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">TRI Pointe&#146;s Current Report on Form 8-K filed April&nbsp;29, 2016; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">TRI Pointe&#146;s Current Report on Form 8-K filed March&nbsp;2, 2016; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">TRI Pointe&#146;s Current Report on Form 8-K filed January&nbsp;27, 2016; </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The description of TRI Pointe common stock contained in TRI Pointe&#146;s registration statement on Form&nbsp;8-A, filed January&nbsp;28, 2013; </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All reports and other documents subsequently filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act on or after the
date of this prospectus and prior to the sale of all securities registered hereunder or termination of the registration statement of which this prospectus is a part will be deemed to be incorporated by reference in this prospectus and to be part
hereof from the date of filing of such reports and other documents. However, we are not incorporating by reference (i)&nbsp;any information provided in these documents that is described in paragraph (d)(1), (d)(2), (d)(3) or (e)(5) of Item&nbsp;407
of Regulation S-K promulgated by the SEC or furnished under applicable SEC rules, rather than filed, and exhibits furnished in connection with such items, including information furnished under Items 2.02 or 7.01 of Form 8-K or (ii)&nbsp;any Form SD,
unless, in either case, otherwise specified in such current report, or in such form or in a particular prospectus supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any
statement contained in this prospectus or in a document incorporated or deemed to be incorporated by reference herein or therein will be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in
this prospectus or in any other subsequently filed document that also is or is deemed to be incorporated by reference in this prospectus modifies or supersedes that statement. Any statement so modified or superseded will not be deemed, except as so
modified or superseded, to constitute a part of this prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You may request a copy of the filings incorporated herein by reference,
including exhibits to such documents that are specifically incorporated by reference, at no cost, by requesting them in writing or by telephone from the Company at the following address and telephone number: 19540 Jamboree Road, Suite 300, Irvine,
California 92612, Attention: Investor Relations, Telephone: (949)&nbsp;478-8696. You may also obtain these documents from the SEC or through the SEC&#146;s website, as described above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Statements contained in this prospectus as to the contents of any contract or other documents are not necessarily complete, and in each
instance investors are referred to the copy of the contract or other document filed as an exhibit to the registration statement, each such statement being qualified in all respects by such reference and the exhibits and schedules thereto. </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">17 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc408389_13"></A>Legal matters </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with particular offerings of securities in the future, and if stated in the applicable prospectus supplements, certain legal
matters with respect to the validity of those securities and the related guarantees will be passed upon for us by Gibson, Dunn&nbsp;&amp; Crutcher LLP, certain legal matters with respect to the validity of those securities and the related guarantees
under Washington law will be passed upon by Fikso Kretschmer Smith Dixon Ormseth PS, certain legal matters with respect to the validity of those securities and the related guarantees under Arizona law will be passed upon by Titus
Brueckner&nbsp;&amp; Levine PLC, certain legal matters with respect to the validity of those securities and the related guarantees under Nevada law will be passed upon by McDonald Carano Wilson LLP, certain legal matters with respect to the validity
of those securities and the related guarantees under Texas law will be passed upon by Chapoton Sanders Scarborough, LLP and certain legal matters with respect to the validity of those securities and the related guarantees under Delaware law will be
passed upon by Young Conaway Stargatt&nbsp;&amp; Taylor, LLP. The validity of those securities and the related guarantees will be passed upon for any underwriters or agents by counsel named in the applicable prospectus supplement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc408389_14"></A>Experts </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Ernst&nbsp;&amp; Young LLP, independent registered public accounting firm, has audited our consolidated financial statements included in our
Annual Report on Form 10-K for the year ended December&nbsp;31, 2015, and the effectiveness of our internal control over financial reporting as of December&nbsp;31, 2015, as set forth in their reports, which are incorporated by reference in this
prospectus and elsewhere in the registration statement. Our financial statements are incorporated by reference in reliance on Ernst&nbsp;&amp; Young LLP&#146;s reports, given on their authority as experts in accounting and auditing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The consolidated financial statements of Weyerhaeuser Real Estate Company for the year ended December&nbsp;31, 2013, have been incorporated by
reference herein and in the registration statement in reliance upon the report of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.
</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">18 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:48px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="5"><B><I>$300,000,000 </I></B></FONT></P>
<P STYLE="font-size:48px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">


<IMG SRC="g408389g47k24.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:0px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:48px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="6"><B>TRI Pointe Group, Inc. </B></FONT></P>
<P STYLE="margin-top:48px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="5"><B><I>5.25% Senior Notes due 2027 </I></B></FONT></P> <P STYLE="margin-top:48px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:arial" SIZE="6"><B>Prospectus supplement </B></FONT></P> <P STYLE="margin-top:48px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="3"><I>Joint book-running managers </I></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="5"><B>J.P. Morgan </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="5"><B>Citigroup
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="5"><B>Credit Suisse </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="5"><B>Wells Fargo Securities </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="5"><B>US
Bancorp </B></FONT></P> <P STYLE="margin-top:48px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="3"><I><FONT STYLE="white-space:nowrap">Co-managers</FONT> </I></FONT></P>
<P STYLE="margin-top:8px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="4"><B>Fifth Third Securities </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="4"><B>Zelman Partners, LLC </B></FONT></P> <P STYLE="margin-top:48px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2">June&nbsp;5, 2017
</FONT></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
