Kennedy Wilson Raises Approx. $110 Million of Equity through Merger with Prospect Acquisition Corp.

Beverly Hills, Calif. (November 16, 2009). Kennedy-Wilson, Inc. announced on Friday that it has completed a reverse merger with blank check company, Prospect Acquisition Corp., which will allow the combined company, Kennedy-Wilson Holdings, Inc. ("Kennedy Wilson" or the "Company") to have significant capital to take advantage of distressed opportunities in the real estate market and grow its auction services and property management businesses.

"This transaction is a pivotal moment in the history of our company" said William McMorrow, Chairman and Chief Executive Officer of Kennedy Wilson. "This additional capital raised along with our experienced management team positions us to emerge as one of the pre-eminent real estate investment and services companies." The newly merged public company has approximately 41 million shares outstanding of which Kennedy-Wilson, Inc.’s former shareholders and management own approximately 70%. The Company expects to continue trading its common stock and warrants on NYSE Amex under the symbols "KWIC" and "KWIC.WS", respectively.

Founded in 1977, Kennedy Wilson is a vertically-integrated real estate investment and services company headquartered in Beverly Hills, CA with 21 offices in the U.S. and Japan. The company offers a comprehensive array of real estate services including property and asset management, brokerage and auction services, and construction and trust management. Through its fund management and separate account businesses, Kennedy Wilson is a strategic investor and manager of real estate investments in the United States and Japan.

Kennedy Wilson's management team has acquired, developed and managed more than $15 billion of real estate. On average, the senior management team has worked together on for over a decade and has over 25 years of real estate experience. For further information on Kennedy Wilson, please visit www.kennedywilson.com.

Certain statements in this press release relating to future results, strategy and plans of Kennedy Wilson (including certain projections and business trends, and statements which may be identified by the use of the words "may", "intend", "expect" and like words) constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to Kennedy Wilson's revenues and operating performance, general economic conditions, industry trends, legislation or regulatory requirements affecting the business in which Kennedy Wilson is engaged, management of growth, Kennedy Wilson's business strategy and plans, fluctuations in customer demand, the result of future financing efforts and Kennedy Wilson's dependence on key personnel. Kennedy Wilson cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. These forward-looking statements are made only as of the date hereof, and Kennedy Wilson undertakes no obligations to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.