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<FILING-DATE>20180905
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<ASSIGNED-SIC>1531
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<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
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<FILM-NUMBER>181053334
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<BUSINESS-ADDRESS>
<STREET1>8601 N. SCOTTSDALE RD.
<STREET2>SUITE 225
<CITY>SCOTTSDALE
<STATE>AZ
<ZIP>85253
<PHONE>4802147400
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<CITY>SCOTTSDALE
<STATE>AZ
<ZIP>85253
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<FORMER-CONFORMED-NAME>AVATAR HOLDINGS INC
<DATE-CHANGED>19920703
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>GAC CORP /DE/
<DATE-CHANGED>19801023
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>GENERAL ACCEPTANCE CORP
<DATE-CHANGED>19710208
</FORMER-COMPANY>
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<COMPANY-DATA>
<CONFORMED-NAME>AV Homes, Inc.
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<STATE-OF-INCORPORATION>DE
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<STREET1>8601 N. SCOTTSDALE RD.
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<CITY>SCOTTSDALE
<STATE>AZ
<ZIP>85253
<PHONE>4802147400
</BUSINESS-ADDRESS>
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<STREET1>8601 N. SCOTTSDALE RD.
<STREET2>SUITE 225
<CITY>SCOTTSDALE
<STATE>AZ
<ZIP>85253
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>AVATAR HOLDINGS INC
<DATE-CHANGED>19920703
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>GAC CORP /DE/
<DATE-CHANGED>19801023
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>GENERAL ACCEPTANCE CORP
<DATE-CHANGED>19710208
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Filed by AV Homes, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Pursuant to Rule 425 under the Securities Act of 1933, as amended </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Subject Company: AV Homes, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Commission File No.: <FONT STYLE="white-space:nowrap">001-07395</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>To:</B> AV Homes employees<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>From:</B> Roger </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Subject line: Status Update on Joining Taylor Morrison </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Team, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taylor Morrison and AV Homes continue to make great
strides as we work toward closing our merger. Recently we secured a date for our shareholder meeting&#151;set for Sept. 26&#151;where our shareholders will have the opportunity to vote on and approve the proposed acquisition. We anticipate that we
will obtain shareholder approval and that, following satisfaction of all closing conditions, the deal will close and we will become part of the Taylor Morrison family in early October. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taylor Morrison has completed their talent assessment process, and all offers of employment have been extended to AV Homes employees (contingent upon closing
of the acquisition), with the exception of our outside brokers and third-party sales associates. Taylor Morrison is making progress on this front and we anticipate these offers will go out at the beginning of October, again, which will be contingent
upon closing of the acquisition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Another topic top of mind for everyone is office space. Taylor Morrison is looking at opportunities to make sure the
combined offices provide adequate space for everyone to comfortably work in. The decisions as to where you will report for work will be communicated to you locally in the coming weeks. Because Taylor Morrison does not currently operate in
Jacksonville, these employees will continue to work in their current space. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As we near close, Taylor Morrison is planning &#145;Day One&#146;
celebrations for our arrival&#151;something I believe is a true testament to the type of organization we will be joining. Taylor Morrison is known for their people-first focus, and I know they are delighted to be welcoming us into the special
culture they have created. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the meantime, thank you for staying the course and continuing to deliver for our customers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Regards, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Roger A. Cregg </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">President and CEO, AV Homes </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Some of the statements in this communication are forward-looking statements (or forward-looking information) within the meaning of applicable U.S. securities
laws. These include statements using the words &#147;believe,&#148; &#147;target,&#148; &#147;outlook,&#148; &#147;may,&#148; &#147;will,&#148; &#147;should,&#148; &#147;could,&#148; &#147;estimate,&#148; &#147;continue,&#148; &#147;expect,&#148;
&#147;intend,&#148; plan,&#148; &#147;predict,&#148; &#147;potential,&#148; &#147;project,&#148; &#147;intend,&#148; &#147;estimate,&#148; &#147;aim,&#148; &#147;on track,&#148; &#147;target,&#148; &#147;opportunity,&#148; &#147;tentative,&#148;
&#147;positioning,&#148; &#147;designed,&#148; &#147;create,&#148; &#147;seek,&#148; &#147;would,&#148; &#147;upside,&#148; &#147;increases,&#148; &#147;goal,&#148; &#147;guidance&#148; and &#147;anticipate,&#148; and similar statements (including
where the word &#147;could,&#148; &#147;may,&#148; or &#147;would&#148; is used rather than the word &#147;will&#148;) and the negative of such words and phrases, which do not describe the present or provide information about the past. There is no
guarantee that the expected events or expected results will actually occur. Such statements reflect the current views of management of AV Homes and are subject to a number of risks and uncertainties. These statements are based on many assumptions
and factors, including general economic and market conditions, industry conditions, operational and other factors. Any changes in these assumptions or other factors could cause actual results to differ materially from current expectations. All
forward-looking statements attributable to AV Homes, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements set forth in this paragraph. Undue reliance should not be placed on such statements. In
addition, material risks that could cause actual results to differ from forward-looking statements include: the inherent uncertainty associated with financial or other projections; the integration of Taylor Morrison and AV Homes and the ability to
recognize the anticipated benefits from the combination of Taylor Morrison and AV Homes; the risk associated with AV Homes&#146; ability to obtain the stockholder approval required to consummate the merger and the timing of the closing of the
merger, including the risk that the conditions to the transaction are not satisfied on a timely basis or at all and the failure of the transaction to close for any other reason; the outcome of any legal proceedings that may be instituted against the
parties and others related to the merger agreement; unanticipated difficulties or expenditures relating to the transaction, the response of business partners and retention as a result of the announcement and pendency of the transaction; risks
relating to the value of the Taylor Morrison common stock to be issued in connection with the transaction; the anticipated size of the markets and continued demand for Taylor Morrison&#146;s and AV Homes&#146; homes and the impact of competitive
responses to the announcement of the transaction; access to available financing on a timely basis and on reasonable terms, including the refinancing of Taylor Morrison and AV Homes debt to fund the cash portion of the consideration in connection
with the transaction. Additional risks are described under the heading &#147;Risk Factors&#148; in Taylor Morrison&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2017, filed with the
U.S. Securities and Exchange Commission (the &#147;SEC&#148;) on February&nbsp;21, 2018 and in AV Homes&#146; Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2017 filed with the SEC on
February&nbsp;23, 2018. Forward-looking statements speak only as of the date they are made. Except as required by law, neither Taylor Morrison nor AV Homes has any intention or obligation to update or to publicly announce the results of any
revisions to any of the forward-looking statements to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Important Additional Information and Where to Find It </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to
purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. In connection with the
proposed transaction between Taylor Morrison and AV Homes, Taylor Morrison has filed with the U.S. Securities and Exchange Commission a registration statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> that includes a Proxy Statement of AV
Homes that also constitutes a Prospectus of Taylor Morrison (the &#147;Proxy Statement/Prospectus&#148;). AV Homes has mailed to its shareholders the definitive Proxy Statement/Prospectus in connection with the transaction. INVESTORS AND SECURITY
HOLDERS OF AV HOMES ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT TAYLOR MORRISON, AV HOMES,
THE TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the Proxy Statement/Prospectus and other documents filed with the SEC by Taylor Morrison and AV Homes through the website maintained by the SEC at
www.sec.gov. In addition, investors and security holders may obtain free copies of the documents filed with the SEC by Taylor Morrison in the Investor Relations section of Taylor Morrison&#146;s website at http://investors.taylormorrison.com or by
contacting Taylor Morrison&#146;s Investor Relations at investor@taylormorrison.com or by calling (480) <FONT STYLE="white-space:nowrap">734-2060,</FONT> and may obtain free copies of the documents filed with the SEC by AV Homes in the Investor
Relations section of AV Homes&#146; website at http://investors.avhomesinc.com or by contacting AV Homes&#146; Investor Relations at m.burnett@avhomesinc.com or by calling (480) <FONT STYLE="white-space:nowrap">214-7408.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Participants in the Merger Solicitation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taylor Morrison,
AV Homes and certain of their respective directors, executive officers and employees may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the persons who may, under the
rules of the SEC, be deemed participants in the solicitation of the shareholders of AV Homes in connection with the transaction, including a description of their respective direct or indirect interests, by security holdings or otherwise, is included
in the Proxy Statement/Prospectus described above. Additional information regarding Taylor Morrison&#146;s directors and executive officers is also included in Taylor Morrison&#146;s proxy statement for its 2018 Annual Meeting of Shareholders, which
was filed with the SEC on April&nbsp;17, 2018, or its Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2017, which was filed with the SEC on February&nbsp;21, 2018, and information regarding AV
Homes&#146; directors and executive officers is also included in AV Homes&#146; proxy statement for its 2018 Annual Meeting of Stockholders, which was filed with the SEC on April&nbsp;18, 2018, or its Annual Report on Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2017, which was filed with the SEC on February&nbsp;23, 2018. These documents are available free of charge as described above. </P>
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