Yanlord Land : Issue Of US$400,000,000 6.80 Per Cent. Senior Notes Due 2024

<$1/25' /$1' *5283 /,0,7('

,QFRUSRUDWHG ZLWK OLPLWHG OLDELOLW LQ WKH 5HSXEOLF RI 6LQJDSRUH

5HJLVWUDWLRQ 1XPEHU .

,668( 2) 86 3(5 &(17 6(1,25 127(6 '8( %<

<$1/25' /$1' +. &2 /,0,7('

WKH ³&RPSDQ´ UHIHUV WR WKH DQQRXQFHPHQW GDWHG $XJXVW WKH ³3UHYLRXV $QQRXQFHPHQW´ PDGH E WKH &RPSDQ LQ ZKLFK LWV ZKROORZQHG VXEVLGLDU +. &R /LPLWHG WKH ³,VVXHU´ PDQGDWHG '%6 %DQN /WG 7KH +RQJNRQJ DQG 6KDQJKDL %DQNLQJ &RUSRUDWLRQ /LPLWHG DQG 6WDQGDUG &KDUWHUHG %DQN 6LQJDSRUH /LPLWHG DV MRLQW JOREDO FRRUGLQDWRUV MRLQW ERRNUXQQHUV DQG MRLQW OHDG PDQDJHUV WR DUUDQJH D FDOO ZLWK IL[HG LQFRPH LQYHVWRUV RQ $XJXVW

8QOHVV RWKHUZLVH GHILQHG DOO FDSLWDOLVHG WHUPV DQG UHIHUHQFHV XVHG LQ WKLV DQQRXQFHPHQW VKDOO KDYH WKH PHDQLQJV DVFULEHG WR WKHP LQ WKH 3UHYLRXV $QQRXQFHPHQW

7KH &RPSDQ ZLVKHV WR DQQRXQFH WKH ODXQFK DQG RIIHU RI 8QLWHG 6WDWHV GROODUGHQRPLQDWHG VHQLRU QRWHV WKH ³1RWHV´ E WKH ,VVXHU ZKLFK KDYH SULFHG RQ $XJXVW 1HZ 7KH SULQFLSDO WHUPV RI WKH 1RWHV DUH DV IROORZV

,VVXHU		+. &R /LPLWHG
*XDUDQWRUV		7KH 1RWHV ZLOO EH XQFRQGLWLRQDOO DQG LUUHYRFDEO JXDUDQWHHG E
		L WKH &RPSDQ WKURXJK D SDUHQW JXDUDQWHH DQG LL FHUWDLQ
		H[LVWLQJ VXEVLGLDULHV RI WKH &RPSDQ WKURXJK VXEVLGLDU
		JXDUDQWHHV
1RWHV 2IIHUHG		86 DJJUHJDWH SULQFLSDO DPRXQW RI 1RWHV
,VVXH 3ULFH		SHU FHQW RI WKH SULQFLSDO DPRXQW RI WKH 1RWHV
,QWHUHVW		7KH 1RWHV ZLOO EHDU LQWHUHVW DW WKH UDWH RI SHU FHQW SHU DQQXP
		SDDEOH VHPLDQQXDOO LQ DUUHDUV
0DWXULW 'DWH		)HEUXDU
5DQNLQJ RI WKH 1RWHV		7KH 1RWHV ZLOO
		L	EH JHQHUDO REOLJDWLRQV RI WKH ,VVXHU
		LL	UDQN VHQLRU LQ ULJKW RI SDPHQW WR DQ H[LVWLQJ DQG IXWXUH
			REOLJDWLRQV RI WKH ,VVXHU H[SUHVVO VXERUGLQDWHG LQ ULJKW RI
			SDPHQW WR WKH 1RWHV
		LLL	UDQN DW OHDVW SDUL SDVVX LQ ULJKW RI SDPHQW DJDLQVW WKH
			,VVXHU ZLWK UHVSHFW WR DOO XQVHFXUHG XQVXERUGLQDWHG
			LQGHEWHGQHVV RI WKH ,VVXHU VXEMHFW WR DQ SULRULW ULJKWV RI
			VXFK XQVXERUGLQDWHG LQGHEWHGQHVV SXUVXDQW WR DSSOLFDEOH
			ODZ
		LY	EH JXDUDQWHHG E WKH &RPSDQ WKH VXEVLGLDU
			JXDUDQWRUV DQG WKH -9 VXEVLGLDU JXDUDQWRUV LI DQ RQ D

VHQLRU EDVLV VXEMHFW WR FHUWDLQ OLPLWDWLRQV VHW RXW LQ WKH RIIHULQJ PHPRUDQGXP

Y EH HIIHFWLYHO VXERUGLQDWHG WR WKH RWKHU VHFXUHG REOLJDWLRQV RI WKH ,VVXHU WKH &RPSDQ WKH VXEVLGLDU JXDUDQWRUV DQG WKH -9 VXEVLGLDU JXDUDQWRUV LI DQ WR WKH H[WHQW RI WKH YDOXH RI WKH DVVHWV VHUYLQJ DV VHFXULW WKHUHIRU DQG

YL EH HIIHFWLYHO VXERUGLQDWHG WR DOO H[LVWLQJ DQG IXWXUH REOLJDWLRQV RI WKH &RPSDQ¶V QRQJXDUDQWRU VXEVLGLDULHV

7KH 1RWHV ZLOO DOVR

L EH HQWLWOHG WR D ILUVW SULRULW OLHQ RQ WKH FROODWHUDO VXEMHFW WR DQ SHUPLWWHG OLHQV DQG WKH LQWHUFUHGLWRU GHHG VKDUHG RQ D SDUL SDVVX EDVLV ZLWK

D WKH KROGHUV RI WKH 86 PLOOLRQ SHU FHQW

VHQLRU QRWHV GXH LVVXHG E WKH ,VVXHU SXUVXDQW WR DQ LQGHQWXUH GDWHG -DQXDU DQG WKH KROGHUV RI WKH 86 PLOOLRQ SHU FHQW VHQLRU QRWHV GXH LVVXHG E WKH ,VVXHU SXUVXDQW WR DQ LQGHQWXUH GDWHG $SULO

E WKH OHQGHUV XQGHU

$ WKH +. PLOOLRQ HTXLYDOHQW UHYROYLQJ DQG WHUP ORDQ IDFLOLW SXUVXDQW WR D FUHGLW DJUHHPHQW GDWHG $SULO DQG WKH VXSSOHPHQWDO DJUHHPHQW GDWHG )HEUXDU ZLWK :LQJ /XQJ %DQN

/LPLWHG DV OHQGHU DV DPHQGHG UHVWDWHG PRGLILHG UHQHZHG UHIXQGHG UHSODFHG RU UHILQDQFHG LQ ZKROH RU LQ SDUW IURP WLPH WR WLPH

% WKH 86 ELOOLRQ VQGLFDWHG ORDQ IDFLOLW FRPSULVLQJ RI D 86 PLOOLRQ HTXLYDOHQW GXDOWUDQFKH WHUP ORDQ IDFLOLW DQG D 86 PLOOLRQ HTXLYDOHQW GXDO

WUDQFKH UHYROYLQJ FUHGLW IDFLOLW SXUVXDQW WR D IDFLOLW DJUHHPHQW GDWHG $SULO ZLWK +DQJ 6HQJ %DQN /LPLWHG 7KH

+RQJNRQJ DQG 6KDQJKDL %DQNLQJ &RUSRUDWLRQ /LPLWHG 6WDQGDUG &KDUWHUHG %DQN +RQJ .RQJ /LPLWHG '%6 %DQN /WG DQG :LQJ /XQJ %DQN /LPLWHG DV

PDQGDWHG OHDG DUUDQJHUV DQG ERRNUXQQHUV &KLQD &RQVWUXFWLRQ %DQN &RUSRUDWLRQ +RQJ .RQJ %UDQFK ,QGXVWULDO DQG &RPPHUFLDO %DQN RI &KLQD $VLD /LPLWHG 7KH %DQN RI (DVW $VLD /LPLWHG 6KDQJKDL 3XGRQJ 'HYHORSPHQW %DQN &R /WG 6KDQJKDL 3XGRQJ 'HYHORSPHQW %DQN &R /WG +RQJ .RQJ %UDQFK 6KDQJKDL 3XGRQJ 'HYHORSPHQW %DQN &R /WG 6LQJDSRUH %UDQFK &KLQD 0HUFKDQWV %DQN &R /WG +RQJ .RQJ %UDQFK &KLQD 0HUFKDQWV %DQN &R /WG 2II6KRUH

%DQNLQJ &HQWHU ,QGXVWULDO DQG &RPPHUFLDO %DQN RI &KLQD 0DFDX

/LPLWHG 3LQJ $Q %DQN &R /WG 7LDQMLQ 3LORW )UHH 7UDGH =RQH %UDQFK 1DQDQJ &RPPHUFLDO %DQN /LPLWHG 1DQDQJ &RPPHUFLDO %DQN &KLQD /LPLWHG :X[L

%UDQFK 6KDQJKDL 5XUDO &RPPHUFLDO %DQN &KDQJQLQJ %UDQFK 8QLWHG 2YHUVHDV %DQN /LPLWHG +RQJ .RQJ %UDQFK 8QLWHG 2YHUVHDV %DQN /LPLWHG 6LQJDSRUH %UDQFK DV PDQGDWHG OHDG DUUDQJHUV &KRQJ +LQJ %DQN /LPLWHG 7DL )XQJ %DQN /LPLWHG %DQN RI 6KDQJKDL +RQJ .RQJ /LPLWHG &KLQD (YHUEULJKW %DQN &R /WG +RQJ .RQJ %UDQFK &KLQD *XDQJID %DQN &R /WG 0DFDX %UDQFK DQG 7DLZDQ &RRSHUDWLYH %DQN /LPLWHG +RQJ .RQJ

%UDQFK DV OHDG DUUDQJHUV DQG +DQJ 6HQJ %DQN /LPLWHG DV IDFLOLW DJHQW DV DPHQGHG UHVWDWHG PRGLILHG UHQHZHG UHIXQGHG UHSODFHG RU UHILQDQFHG LQ ZKROH RU LQ SDUW IURP WLPH WR WLPH DQG

& WKH 86 PLOOLRQ HTXLYDOHQW GXDO

WUDQFKH WHUP ORDQ IDFLOLW SXUVXDQW WR D IDFLOLW DJUHHPHQW GDWHG $SULO ZLWK %DQN RI 6KDQJKDL +RQJ .RQJ /LPLWHG &KLQD &RQVWUXFWLRQ %DQN $VLD

&RUSRUDWLRQ /LPLWHG &KLQD 0HUFKDQWV %DQN &R /WG +RQJ .RQJ %UDQFK &KLQD 0HUFKDQWV %DQN &R /WG 6LQJDSRUH %UDQFK +DQJ 6HQJ %DQN /LPLWHG 6KDQJKDL 3XGRQJ 'HYHORSPHQW %DQN &R /WG +RQJ .RQJ %UDQFK DQG 7KH

+RQJNRQJ DQG 6KDQJKDL %DQNLQJ &RUSRUDWLRQ /LPLWHG DV PDQGDWHG OHDG DUUDQJHUV +DQJ 6HQJ %DQN /LPLWHG DV IDFLOLW DJHQW DQG WKH ILQDQFLDO LQVWLWXWLRQV OLVWHG WKHUHLQ DV RULJLQDO OHQGHUV DV DPHQGHG UHVWDWHG PRGLILHG UHQHZHG UHIXQGHG UHSODFHG RU UHILQDQFHG LQ ZKROH RU LQ SDUW IURP WLPH WR WLPH DQG

F DQ RWKHU FUHGLWRUV ZLWK UHVSHFW WR SHUPLWWHG SDUL SDVVX VHFXUHG LQGHEWHGQHVV

LL UDQN HIIHFWLYHO VHQLRU LQ ULJKW RI SDPHQW WR XQVHFXUHG REOLJDWLRQV RI WKH &RPSDQ ZLWK UHVSHFW WR WKH YDOXH RI WKH FROODWHUDO SOHGJHG E WKH &RPSDQ VHFXULQJ WKH 1RWHV VXEMHFW WR DQ SULRULW ULJKWV RI VXFK XQVHFXUHG REOLJDWLRQV SXUVXDQW WR DSSOLFDEOH ODZ DQG

LLL UDQN HIIHFWLYHO VHQLRU LQ ULJKW RI SDPHQW WR XQVHFXUHG REOLJDWLRQV RI WKH VXEVLGLDU JXDUDQWRU SOHGJRUV WR WKH H[WHQW RI WKH FROODWHUDO FKDUJHG E HDFK VXEVLGLDU JXDUDQWRU SOHGJRU VHFXULQJ WKH 1RWHV VXEMHFW WR DQ SULRULW ULJKWV RI VXFK XQVHFXUHG REOLJDWLRQV SXUVXDQW WR DSSOLFDEOH ODZ

	2SWLRQDO 5HGHPSWLRQ		2Q RU DIWHU )HEUXDU WKH ,VVXHU PD UHGHHP DOO RU DQ RI
			WKH 1RWHV DW WKH UHGHPSWLRQ SULFHV VSHFLILHG LQ WKH RIIHULQJ
			PHPRUDQGXP SOXV DFFUXHG DQG XQSDLG LQWHUHVW LI DQ RQ WKH
			1RWHV UHGHHPHG WR EXW QRW LQFOXGLQJ WKH DSSOLFDEOH GDWH RI
			UHGHPSWLRQ
			$W DQ WLPH SULRU WR )HEUXDU WKH ,VVXHU PD DW LWV RSWLRQ
			UHGHHP WKH 1RWHV LQ ZKROH EXW QRW LQ SDUW DW D UHGHPSWLRQ SULFH
			HTXDO WR SHU FHQW RI WKH SULQFLSDO DPRXQW RI WKH 1RWHV SOXV
			WKH DSSOLFDEOH SUHPLXP DV RI DQG DFFUXHG DQG XQSDLG LQWHUHVW LI
			DQ WR WKH UHGHPSWLRQ GDWH
			$W DQ WLPH SULRU WR )HEUXDU WKH ,VVXHU PD UHGHHP XS
			WR SHU FHQW RI WKH DJJUHJDWH SULQFLSDO DPRXQW RI WKH 1RWHV ZLWK
			WKH QHW FDVK SURFHHGV RI RQH RU PRUH VDOHV RI FRPPRQ VWRFN RI
			WKH &RPSDQ LQ DQ HTXLW RIIHULQJ DW D UHGHPSWLRQ SULFH HTXDO WR
			SHU FHQW RI WKH SULQFLSDO DPRXQW RI WKH DSSOLFDEOH 1RWHV
			SOXV DFFUXHG DQG XQSDLG LQWHUHVW LI DQ ZLWK WKH SURFHHGV IURP
			VDOHV RI FHUWDLQ NLQGV RI LWV FDSLWDO VWRFN VXEMHFW WR FHUWDLQ
			FRQGLWLRQV
5HSXUFKDVH RI 1RWHV 8SRQ D		8SRQ WKH RFFXUUHQFH RI D FKDQJH RI FRQWURO WULJJHULQJ HYHQW WKH
&KDQJH RI &RQWURO 7ULJJHULQJ		,VVXHU RU WKH &RPSDQ ZLOO PDNH DQ RIIHU WR UHSXUFKDVH DOO
(YHQW		RXWVWDQGLQJ 1RWHV DW D SXUFKDVH SULFH HTXDO WR SHU FHQW RI
			WKHLU SULQFLSDO DPRXQW SOXV DFFUXHG DQG XQSDLG LQWHUHVW LI DQ WR
			WKH UHSXUFKDVH GDWH
5HGHPSWLRQ IRU 7D[DWLRQ		6XEMHFW WR FHUWDLQ H[FHSWLRQV WKH ,VVXHU PD UHGHHP WKH 1RWHV
5HDVRQ		DV D ZKROH EXW QRW LQ SDUW DW D UHGHPSWLRQ SULFH HTXDO WR SHU
			FHQW RI WKH SULQFLSDO DPRXQW WKHUHRI WRJHWKHU ZLWK DFFUXHG DQG
			XQSDLG LQWHUHVW LI DQ WR WKH GDWH IL[HG E WKH ,VVXHU IRU
			UHGHPSWLRQ LI WKH ,VVXHU WKH &RPSDQ RU D VXEVLGLDU JXDUDQWRU
			ZRXOG EHFRPH REOLJDWHG WR SD FHUWDLQ DGGLWLRQDO DPRXQWV DV D
			UHVXOW RI FHUWDLQ FKDQJHV LQ VSHFLILHG WD[ ODZV
5DWLQJV		7KH 1RWHV DUH H[SHFWHG WR EH UDWHG ³%%´ E 6WDQGDUG 3RRU¶V
			5DWLQJV 6HUYLFHV DQG ³%D´ E 0RRG¶V ,QYHVWRUV 6HUYLFH ,QF
*RYHUQLQJ /DZ		/DZV RI WKH 6WDWH RI 1HZ <>

7KH LVVXH GDWH RI WKH 1RWHV LV FXUUHQWO H[SHFWHG WR EH RQ RU DERXW $XJXVW

7KH HVWLPDWHG QHW SURFHHGV IURP WKH RIIHULQJ RI WKH 1RWHV DUH DSSUR[LPDWHO 86 PLOOLRQ DIWHU GHGXFWLQJ XQGHUZULWLQJ GLVFRXQWV DQG FRPPLVVLRQV DQG HVWLPDWHG RIIHULQJ H[SHQVHV SDDEOH E WKH &RPSDQ DQG LWV VXEVLGLDULHV 7KH &RPSDQ DQG LWV VXEVLGLDULHV LQWHQG WR XVH WKH QHW SURFHHGV IURP WKH RIIHULQJ IRU SURMHFW GHYHORSPHQW DQG DFTXLVLWLRQ DQG JHQHUDO FRUSRUDWH SXUSRVHV

7KH 1RWHV DUH RIIHUHG E WKH ,VVXHU SXUVXDQW WR H[HPSWLRQV LQYRNHG XQGHU 6HFWLRQV DQGRU RI WKH 6HFXULWLHV DQG )XWXUHV $FW &KDSWHU RI 6LQJDSRUH WKH ³6)$´ DQG ZLOO RQO EH RIIHUHG DQG VROG RXWVLGH WKH 8QLWHG 6WDWHV LQ RIIVKRUH WUDQVDFWLRQV LQ UHOLDQFH RQ 5HJXODWLRQ 6 XQGHU WKH 86 6HFXULWLHV $FW RI DV DPHQGHG

$SSURYDO LQSULQFLSOH KDV EHHQ UHFHLYHG IURP WKH 6LQJDSRUH ([FKDQJH 6HFXULWLHV 7UDGLQJ /LPLWHG WKH 6*;67 IRU WKH OLVWLQJ DQG TXRWDWLRQ RI WKH 1RWHV RQ WKH 6*;67 7KH 6*;67 DVVXPHV QR UHVSRQVLELOLW IRU WKH FRUUHFWQHVV RI DQ RI WKH VWDWHPHQWV PDGH RSLQLRQV H[SUHVVHG RU UHSRUWV FRQWDLQHG KHUHLQ $SSURYDO LQSULQFLSOH IURP DGPLVVLRQ WR WKH 2IILFLDO /LVW RI DQG WKH OLVWLQJ DQG TXRWDWLRQ RI WKH 1RWHV RQ WKH 6*;67 DUH QRW WR EH WDNHQ DV DQ LQGLFDWLRQ RI WKH PHULWV RI WKH ,VVXHU WKH &RPSDQ WKH VXEVLGLDU JXDUDQWRUV WKH &RPSDQ¶V DVVRFLDWHG FRPSDQLHV RU WKH 1RWHV

-LDQ

&KDLUPDQ DQG &KLHI ([HFXWLYH 2IILFHU

• $XJXVW

7KLV DQQRXQFHPHQW LV IRU LQIRUPDWLRQ RQO DQG QRWKLQJ LQ WKLV DQQRXQFHPHQW FRQVWLWXWHV DQ RIIHU RI VHFXULWLHV IRU VDOH RU D VROLFLWDWLRQ RI DQ RIIHU WR SXUFKDVH VHFXULWLHV LQ WKH 8QLWHG 6WDWHV RU DQ RWKHU MXULVGLFWLRQ ZKHUH VXFK RIIHU VROLFLWDWLRQ RU VDOH ZRXOG EH XQODZIXO SULRU WR UHJLVWUDWLRQ RU TXDOLILFDWLRQ XQGHU WKH VHFXULWLHV ODZV RI DQ VXFK MXULVGLFWLRQ 7KH 1RWHV DQG WKH JXDUDQWHHV KDYH QRW EHHQ DQG ZLOO QRW EH UHJLVWHUHG XQGHU WKH 86 6HFXULWLHV $FW RI DV DPHQGHG WKH ³6HFXULWLHV $FW´ DQG PD

QRW EH RIIHUHG VROG RU GHOLYHUHG ZLWKLQ WKH 8QLWHG 6WDWHV H[FHSW SXUVXDQW WR DQ H[HPSWLRQ IURP RU LQ D WUDQVDFWLRQ QRW VXEMHFW WR WKH UHJLVWUDWLRQ UHTXLUHPHQWV RI WKH 6HFXULWLHV $FW $FFRUGLQJO WKH 1RWHV DQG WKH JXDUDQWHHV ZLOO RQO EH RIIHUHG DQG VROG RXWVLGH WKH 8QLWHG 6WDWHV LQ RIIVKRUH WUDQVDFWLRQV LQ UHOLDQFH RQ 5HJXODWLRQ 6 XQGHU WKH 6HFXULWLHV $FW

1R 35,,3V .,' 1R 35,,3V NH LQIRUPDWLRQ GRFXPHQW .,' KDV EHHQ SUHSDUHG DV QRW DYDLODEOH WR UHWDLO LQ (($

1RWLILFDWLRQ XQGHU 6HFWLRQ % RI WKH 6)$ 7KH 1RWHV DUH SUHVFULEHG FDSLWDO PDUNHWV SURGXFWV DV GHILQHG LQ WKH 6HFXULWLHV DQG )XWXUHV &DSLWDO 0DUNHWV 3URGXFWV 5HJXODWLRQV RI 6LQJDSRUH DQG ([FOXGHG ,QYHVWPHQW 3URGXFWV DV GHILQHG LQ 0$6 1RWLFH 6)$ 1 1RWLFH RQ WKH 6DOH RI ,QYHVWPHQW 3URGXFWV DQG 0$6 1RWLFH )$$1 1RWLFH RQ 5HFRPPHQGDWLRQV RQ ,QYHVWPHQW 3URGXFWV

• UDWLQJ LV QRW D UHFRPPHQGDWLRQ WR EX VHOO RU KROG WKH VHFXULWLHV DQG PD EH VXEMHFW WR UHYLVLRQ VXVSHQVLRQ RU ZLWKGUDZDO DW DQ WLPH E WKH UHOHYDQW UDWLQJ DJHQFLHV