Los Angeles County CA New Construction Houses for Sale

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  $1,198,940 New Construction

  • 5 Beds
  • 4.5 Baths
  • 3,230 Sq Ft

  Newarke, Valencia, CA 91381

  The notable Newarke plan boasts two stories of thoughtfully designed living space. In addition to an open-concept layout that includes a great room, a dining area and an expansive kitchen with center-meet doors overlooking a relaxing covered patio, the main floor offers a convenient powder room and a secluded bedroom with an attached bath. An elegant primary suite with a private deck, a large

  Richmond American Homes

  Newarke, Valencia, CA 91381
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  /58

  $5,995,000 New Construction

  • 5 Beds
  • 6.5 Baths
  • 7,470 Sq Ft

  5824 Manton Ave, Woodland Hills, CA 91367

  Unveiled as a triumph of architectural ingenuity, 5824 Manton Avenue is a beacon of organic modern design in Woodland Hills coveted Walnut Acres enclave—a masterpiece poised to grace Architectural Digest. Spanning 7,470 square feet on a single level, this gated estate features five bedrooms, six spa-inspired bathrooms, and a dedicated office, all on a 22,580-square-foot lot. Designed for

  George Ouzounian The Agency

  5824 Manton Ave, Woodland Hills, CA 91367
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  $29,995,000 New Construction

  • 9 Beds
  • 14 Baths
  • 13,261 Sq Ft

  9951 Liebe Dr, Beverly Hills, CA 90210

  Nestled in the heart of a vibrant urban landscape of 1.3 acres of lush & mature landscaping, with an approximately 30,110 sq. ft. flat pad, this contemporary nine bedroom, 14 bath estate effortlessly combines timeless design elements with Moroccan-inspired sleek & modern finishes. Drawing on the rich cultural heritage of Morocco, you find elegant stones, hand-carved wood accents & luxurious

  Ginger Glass Compass

  9951 Liebe Dr, Beverly Hills, CA 90210
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  /38

  $2,511,111 New Construction

  • 7 Beds
  • 7.5 Baths
  • 3,884 Sq Ft

  6819 Oak Ave, San Gabriel, CA 91775

  *CLOSE TO $500,000 SIGNIFICANT PRICE REDUCTION!* MOTIVATED SELLER!!! Welcome Home to San Gabriel's finest Brand New dream home(s) perfectly situated in a highly desirable North SG neighborhood + within the Temple City Unified School District! Don't miss this rare opportunity to purchase (2) Two Detached Homes (Both 2025 Year Built) featuring a Mediterranean/Modern design with elegant & luxurious

  Andy Phu COLDWELL BANKER DYNASTY/TC

  6819 Oak Ave, San Gabriel, CA 91775
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  /75

  $8,995,000 New Construction

  • 6 Beds
  • 8 Baths
  • 6,175 Sq Ft

  711 N Dianthus St, Manhattan Beach, CA 90266

  This stunning new construction ‘California Modern Farmhouse’ style home, in the highly desirable hill section of Manhattan Beach, offers 6 bedrooms, each with its own ensuite bathroom, and 7 baths, designed with an open floor plan perfect for entertaining. The grand entrance with soaring ceilings sets the stage for luxurious coastal living, leading to an open kitchen featuring Premium Thermador

  Joeseph Nuzzolo Thompson Team Real Estate, Inc.

  711 N Dianthus St, Manhattan Beach, CA 90266
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  /23

  $2,899,000 New Construction

  • 3 Beds
  • 3.5 Baths
  • 2,548 Sq Ft

  11763 Bellagio Rd, Los Angeles, CA 90049

  Be the first to experience this brand-new, modern masterpiece in the prestigious neighborhood of Bel-Air. This 3-bedroom, 3.5-bathroom home is newly constructed and offered for the first time on the market. Designed with contemporary elegance and functionality, the residence features an open floor plan with soaring ceilings and an abundance of natural light.The state-of-the-art kitchen is

  Sam Alishahi Keller Williams Beverly Hills

  11763 Bellagio Rd, Los Angeles, CA 90049
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  /12

  $2,899,000 New Construction

  • 4 Beds
  • 4.5 Baths
  • 4,140 Sq Ft

  11851 Red Hawk Ln, Los Angeles, CA 91326

  Exceptional one-story Oakdale home by Toll Brothers in Porter Ranch. The Ridge at Bella Vista offers sixty-five unique expansive equestrian homesites in a secluded, and gated, rustic enclave. This Summer move-in home is located on a massive, more than 39,000 sqft., western canyon homesite with superbly appointed upgraded features and offers breathtaking sunset vistas with an abundance of natural

  Joyce Lee Toll Brothers, Inc.

  11851 Red Hawk Ln, Los Angeles, CA 91326
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  /25

  $2,499,000 New Construction

  • 5 Beds
  • 5.5 Baths
  • 4,624 Sq Ft

  9555 Andora Ave, Chatsworth, CA 91311

  Brand new construction by Toll Brothers-Hidden Oaks, an exclusive community of only 33 luxury estate-sized homes on expansive home sites in an established Chatsworth, CA location, surrounded by nature, mountains and boulders, yet so close to everything you love about the city. This Sunstone floor plan, with a welcoming covered entry opens onto a soaring two-story foyer with modern glass stair

  Joyce Lee Toll Brothers, Inc.

  9555 Andora Ave, Chatsworth, CA 91311
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  $5,495,000 New Construction

  • 5 Beds
  • 7 Baths
  • 6,687 Sq Ft

  5244 Tampa Ave, Tarzana, CA 91356

  Stunning Private Estate South of the Boulevard located in one of the most desirable neighborhoods south of the boulevard, this exceptional private gated estate offers the perfect blend of modern design and luxurious living. Set on beautifully landscaped grounds, the home boasts 5 bedrooms, 7 bathrooms, a study, a media room, and an array of high-end amenities that make it an entertainer's dream.

  Adi Livyatan Christie's Int. R.E SoCal

  5244 Tampa Ave, Tarzana, CA 91356
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  $5,900,000 New Construction

  • 3 Beds
  • 3 Baths
  • 3,377 Sq Ft

  5416 Horizon Dr, Malibu, CA 90265

  Arguably the most spectacular views in Malibu are on Horizon Drive. Located in the coveted Malibu Park neighborhood with panoramic views of the ocean and coastline, this newly constructed home is positioned to take advantage of the unmatched views, sunrises, sunsets, and sunlight. Meticulously designed interiors exude classic sophistication - featuring onyx bathrooms, leather wall panels, leather

  Madison Hildebrand Compass

  5416 Horizon Dr, Malibu, CA 90265
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  $4,495,000 New Construction

  • 5 Beds
  • 5.5 Baths
  • 4,039 Sq Ft

  1630 S Crest Dr, Los Angeles, CA 90035

  Beverlywood adjacent Modern luxury at it's best. Expansive Fleetwood windows and doors flood this brand-new construction with natural light, offering a perfect blend of modern design and luxury living. Tucked away on a private driveway, this stunning home welcomes you with a beautifully landscaped front garden. Spanning over 4,000 square feet with 5 bedrooms and 5 bathrooms, the open-concept

  Micah Hiller Prime Rock Realty

  1630 S Crest Dr, Los Angeles, CA 90035
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  /8

  $2,499,000 New Construction

  • 5 Beds
  • 5.5 Baths
  • 5,116 Sq Ft

  9547 Andora Ave, Chatsworth, CA 91311

  Brand new construction by Toll Brothers- Hidden Oaks, an exclusive community of only 33 luxury estate-sized new homes on expansive home sites in an established Chatsworth, CA location, surrounded by nature, mountains and boulders, yet so close to everything you love about the city. The Zircon is the largest floor plan offered at Hidden Oaks and the epitome of luxury with an inviting covered entry

  Joyce Lee Toll Brothers, Inc.

  9547 Andora Ave, Chatsworth, CA 91311
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  /13

  $2,210,000 New Construction

  • 5 Beds
  • 5.5 Baths
  • 4,205 Sq Ft

  9514 Andora Ave, Chatsworth, CA 91311

  Brand new construction by Toll Brothers-Hidden Oaks, an exclusive community of only 33 luxury estate-sized new homes on expansive home sites in an established Chatsworth, CA location, surrounded by nature, mountains and boulders, yet so close to everything you love about the city. The Beryl offers an impressively designed floor plan with a grand two-story foyer that flows into the large great

  Joyce Lee Toll Brothers, Inc.

  9514 Andora Ave, Chatsworth, CA 91311
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  /25

  $2,420,000 New Construction

  • 5 Beds
  • 5.5 Baths
  • 4,624 Sq Ft

  9522 Andora Ave, Chatsworth, CA 91311

  Brand new construction by Toll Brothers-Hidden Oaks, an exclusive community of only 33 luxury estate-sized homes on expansive home sites in an established Chatsworth, CA location, surrounded by nature, mountains and boulders, yet so close to everything you love about the city. The Sunstone floor plan, with a welcoming covered entry opens onto a soaring two-story foyer that flows into the stunning

  Joyce Lee Toll Brothers, Inc.

  9522 Andora Ave, Chatsworth, CA 91311
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  /61

  $1,098,000 Open Wed 11AM - 4PM

  • 3 Beds
  • 2.5 Baths
  • 2,027 Sq Ft

  16231 Orizaba Ave, Paramount, CA 90723

  Experience the best of new construction living at Jazmin at Orizaba, where modern design meets comfort and efficiency.This thoughtfully crafted home offers contemporary style, smart technology, and energy-efficient features in an exclusive new community in the heart of Paramount, California. This Plan B home offers 3 bedrooms, 2.5 bathrooms, and 2,027 square feet of thoughtfully designed living

  Miriam Surtees Coldwell Banker Realty

  16231 Orizaba Ave, Paramount, CA 90723
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  /19

  $1,715,277 New Construction

  • 4 Beds
  • 3.5 Baths
  • 2,494 Sq Ft

  22147 Portofino Dr, Walnut, CA 91789

  THE TERRACES - LAS VISTAS: Discover your dream home in Walnut, CA! Situated within an exclusive 24-hour guard-gated community, this remarkable new construction combines luxury, security, and an unmatched lifestyle. Plan 2 spans an impressive 2,494 square feet of living space, thoughtfully designed for comfort and contemporary elegance. This exceptional residence features 4 bedrooms and 3.5

  Grace Zhang RE/MAX Galaxy

  22147 Portofino Dr, Walnut, CA 91789
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  $2,295,000 New Construction

  • 5 Beds
  • 4.5 Baths
  • 3,114 Sq Ft

  2124 Lake Shore Ave, Los Angeles, CA 90039

  Step into this stunning split-level home, a true gem in one of Los Angeles' most trendy and sought-after neighborhoods. Recently built, this expansive 5-bedroom, 4.5-bathroom residence is the only home of its size in the area, offering unparalleled space and style.From the moment you enter, you’ll be captivated by the high-end finishes and modern design that define this home. Gleaming

  Sal Kabir EINSTEIN REALTY

  2124 Lake Shore Ave, Los Angeles, CA 90039
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  /47

  $1,825,000 New Construction

  • 6 Beds
  • 5 Baths
  • 3,833 Sq Ft

  13416 W Crowley St, Los Angeles, CA 91402

  Step into an Exquisitely Designed Modern Luxury Custom-Built Home Nestled at the End of a Tranquil Cul de Sac. The Heart of the Home Offers a Stunning Open Floor Plan that Creates a Sense of Spaciousness and Flows Between Rooms, making it Particularly Appealing for Entertaining Guest and Hosting Family Gatherings as you Step into this Beautifully Designed 2,930 sq. ft. Main Residence, You’re

  Alfredo Lopez EIB Global Inc.

  13416 W Crowley St, Los Angeles, CA 91402
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  $8,995,000 New Construction

  • 5 Beds
  • 7 Baths
  • 5,788 Sq Ft

  3708 Brigantine Cir, Westlake Village, CA 91361

  Reduced $505,000!! Brand New Modern Custom with an incredible main channel location on Westlake! This custom estate showcases impeccable craftsmanship, blending modern style with everyday comfort, all set against some of the most incredible, unobstructed lake views.A glass pivot door opens to soaring two-story ceilings, a floating staircase and panoramic lake views. The stunning open floor plan

  Team Nicki and Karen Compass

  3708 Brigantine Cir, Westlake Village, CA 91361
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  /5

  $5,129,000 New Construction

  • 5 Beds
  • 5.5 Baths
  • 4,103 Sq Ft

  3711 May St, Los Angeles, CA 90066

  Discover a stunning modern residence taking shape in Mar Vista’s vibrant core, designed and built by the Arzuman Brothers. This architectural gem blends sleek lines with a fluid layout, effortlessly connecting indoor elegance to outdoor serenity—ideal for unwinding or hosting guests. The open-concept design flows naturally, featuring a refined dining area that opens into a chic kitchen equipped

  Andrius Vaitkevicius Arzuman Brothers

  3711 May St, Los Angeles, CA 90066
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  $1,214,990 New Construction

  • 5 Beds
  • 4.5 Baths
  • 3,346 Sq Ft

  Plan Three, Chino, CA 91708

  Plan Three: Expansive Two-Story Home with Premium Features Plan Three offers a generous 3,346 sq. ft. of living space, featuring 5 bedrooms and 4 baths. This versatile design includes a loft, a dedicated fitness room, and a first-floor flex room-ideal for a home office, guest suite, or creative studio. The open-concept layout seamlessly connects the kitchen, dining, and living areas, creating a

  Century Communities

  Plan Three, Chino, CA 91708
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  /25

  $1,119,990 New Construction

  • 5 Beds
  • 3 Baths
  • 2,726 Sq Ft

  Plan One, Chino, CA 91708

  Plan One: Spacious Two-Story Home with Modern Comforts Experience the best of spacious, two-story living in Plan One, offering 2,726 square feet, 5 bedrooms, and 3 baths. Designed for flexibility, this inviting open-concept layout features a well-appointed kitchen that flows seamlessly into the dining and living areas, perfect for both daily life and entertaining. A first-level bedroom and bath

  Century Communities

  Plan One, Chino, CA 91708
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  $1,154,990 New Construction

  • 5 Beds
  • 4 Baths
  • 2,952 Sq Ft

  Plan Two, Chino, CA 91708

  Plan Two: Expansive Two-Story Living with Versatile Spaces Plan Two offers 2,952 sq. ft. of thoughtfully designed living space, featuring 5 bedrooms, a flex room, a spacious loft, and 4 baths. This home’s open-concept layout is perfect for a dynamic lifestyle, with generous spaces that adapt to your needs. The flex room can serve as a home office, gym, or creative space, while the loft provides

  Century Communities

  Plan Two, Chino, CA 91708
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  $2,699,000 New Construction

  • 4 Beds
  • 3 Baths
  • 2,700 Sq Ft

  934 N Fairview St, Burbank, CA 91505

  Discover modern luxury in this Brand-New, meticulously crafted home. Designed with elegance and functionality in mind, this four-bedroom, three-bathroom home welcomes you in with distinct architectural features that will make a lasting first impression. A grand entrance to the formal Living Room with a floor to ceiling stone feature and oversized picture window brings in brightness and warmth.

  Robert Kurdyan Keller Williams Realty World Media Center

  934 N Fairview St, Burbank, CA 91505
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  $21,500,000 New Construction

  • 5 Beds
  • 8 Baths
  • 8,000 Sq Ft

  28837 Selfridge Dr, Malibu, CA 90265

  Discover a masterpiece of warm, modern architecture nestled in the heart of Point Dume, Malibu. This exceptional estate seamlessly blends indoor and outdoor living in a resort-style sanctuary/park sprawled across a pristine 1.7-acre parcel of land. With exclusive access to the Riviera 2 gate and a private beach key to Little Dume Beach, this is a rare opportunity to own ground-up new construction

  Mica Belzberg Coldwell Banker Realty

  28837 Selfridge Dr, Malibu, CA 90265
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  $4,150,000 New Construction

  • 5 Beds
  • 7 Baths
  • 5,900 Sq Ft

  11782 Hillsborough Ln, Los Angeles, CA 91326

  Unanimously considered one of THE BEST LOTS!! An ENORMOUS lot w/ nearly 11,000 SQFT of FLAT usable space! This brand-new modern masterpiece seamlessly blends cutting-edge design with luxurious comfort, offering an unparalleled living experience. THE SANTI ELITE, WITH NEARLY 6,000 SQFT of living space, is Nestled in the prestigious neighborhood of WESTCLIFFE AT PORTER RANCH. This property boasts

  Omar Helmand Christie's International Real Estate SoCal

  11782 Hillsborough Ln, Los Angeles, CA 91326
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  /10

  $667,990 New Construction

  • 4 Beds
  • 2 Baths
  • 2,278 Sq Ft

  Barcelona, Palmdale, CA 93551

  Spacious great room with vaulted ceilings.Open kitchen with large island and walk-in pantry.Tranquil primary suite with dual vanity sinks in owner's spa bath.Private home office makes working from home easy.Included oversized covered patio perfect for backyard barbecues.Versatile HovHall provides extra storage space.

  K Hovnanian Homes

  Barcelona, Palmdale, CA 93551
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  /20

  $657,990 New Construction

  • 3 Beds
  • 2 Baths
  • 2,127 Sq Ft

  Amadora, Palmdale, CA 93551

  Bright kitchen adjacent to open dining area.Expansive great room with vaulted ceiling.Secluded primary suite and large walk-in closet with space for linens.HovHall near garage entrance helps keep your home organized.Oversized home office with closet for additional storage space.Optional Bedroom 4 in lieu of home office.Available large covered patio for optimal outdoor

  K Hovnanian Homes

  Amadora, Palmdale, CA 93551
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  /19

  $687,990 New Construction

  • 4 Beds
  • 3 Baths
  • 2,406 Sq Ft

  Belfast, Palmdale, CA 93551

  Spacious kitchen with oversized island and roomy pantry.Sun-lit great room and dining area leading out to backyard.Luxurious primary suite with private entrance.Versatile HovHub that can be used as a home office.Included Extra Suite Plus with an optional kitchenette.Convenient HovHall for additional home organization.Available covered patio for outdoor entertaining.

  K Hovnanian Homes

  Belfast, Palmdale, CA 93551
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  /11

  $543,000 New Construction

  • 4 Beds
  • 2 Baths
  • 2,285 Sq Ft

  Barcelona, Lancaster, CA 93536

  Spacious great room with vaulted ceiling.Open kitchen with large island and walk-in pantry.Tranquil primary suite with dual-sink vanity in primary spa bath.Private home office, to work from home in comfort.Oversized covered patio, perfect for backyard barbecues.Convenient HovHall to help keep your home organized and tidy.

  K Hovnanian Homes

  Barcelona, Lancaster, CA 93536
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  $10,995,000 New Construction

  • 9 Beds
  • 11 Baths
  • 9,853 Sq Ft

  6006 Spring Valley Rd, Hidden Hills, CA 91302

  Nestled within the prestigious, guard-gated equestrian enclave of Hidden Hills, this stunning contemporary ranch estate, built in 2021, offers an unparalleled blend of modern sophistication and timeless elegance. Situated on a flat 2.1-acre lot, this residence offers luxury, privacy and a true retreat from the lights and buzz of Los Angeles. Beyond its striking black steel and glass entryway, the

  Aaron Kirman Christie's International Real Estate SoCal

  6006 Spring Valley Rd, Hidden Hills, CA 91302
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  /25

  $1,095,000 New Construction

  • 3 Beds
  • 2.5 Baths
  • 1,550 Sq Ft

  1447 1/2 N Martel Ave, Los Angeles, CA 90046

  Welcome to your new single-family townhomes in the highly desirable West Hollywood Adjacent area of Los Angeles. These recently built residences offer a luxurious living experience with easy access to the iconic Sunset Strip and the lively Hollywood scene. Each beautifully designed home features three bedrooms, two and a half bathrooms, and a well-thought-out open floor plan. The inviting eat-in

  Phil Boroda Coldwell Banker Realty

  1447 1/2 N Martel Ave, Los Angeles, CA 90046
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  $8,000,000 New Construction

  • 7 Beds
  • 8.5 Baths
  • 12,940 Sq Ft

  28980 Newton Canyon Rd, Malibu, CA 90265

  Discover an extraordinary contemporary retreat and private compound in the Malibu Mountains - Malibu Orchard Estate. This stunning 32-acre sanctuary seamlessly combines privacy, bunker-level safety, and sustainability, offering the perfect blend of seclusion and accessibility. Built to the highest fire and seismic safety standards, the Main Residence features a fortified concrete moment frame,

  Marshall Peck Christie's International Real Estate SoCal

  28980 Newton Canyon Rd, Malibu, CA 90265
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  /19

  $5,999,999 New Construction

  • 8 Beds
  • 15 Baths
  • 18,000 Sq Ft

  17121 Rancho St, Encino, CA 91316

  The Rancho Residence. Your masterpiece estate is shovel-ready. The most innovative and creative design from award-winning LUNO DESIGN has curated a classic modern Spanish in Encino's "Rancho Estates." The allure of Montecito's fabled estates is yours on this fully permitted, sprawling one-acre property. This is truly a legacy property. Pass the guard house through antique wood gates into the

  Craig Knizek The Agency

  17121 Rancho St, Encino, CA 91316
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  $2,095,000 New Construction

  • 5 Beds
  • 6 Baths
  • 3,396 Sq Ft

  2354 Riverside Dr, Los Angeles, CA 90039

  Discover the perfect blend of modern luxury and architectural beauty at this newly built contemporary home, nestled in the coveted Silver Lake neighborhood. Designed by the renowned JL Interiors, this 5 bed, 5 bath residence spans three levels, blending style with comfort in every thoughtfully crafted space. From the moment you step inside, you'll be immersed with natural light flowing

  Sophia Ferrer Christie's International Real Estate SoCal

  2354 Riverside Dr, Los Angeles, CA 90039
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  /40

  $1,750,000 New Construction

  • 6 Beds
  • 6 Baths
  • 3,095 Sq Ft

  7631 Columbia St, Rosemead, CA 91770

  Newly built luxury home, never-before-lived-in property features two custom-built homes offering luxury and functionality at its finest. The main house spans 2,395 sqft and boasts 4 bedrooms and 4 bathrooms, including 3 master suites, each with walk-in closets and a luxurious shower/steam bathroom. The open-concept living area flows seamlessly into a chef’s dream kitchen, complete with a

  TUSONG NGUYEN RE/MAX TOP PRODUCERS

  7631 Columbia St, Rosemead, CA 91770
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  $6,150,000 New Construction

  • 5 Beds
  • 5.5 Baths
  • 5,080 Sq Ft

  1612 Gates Ave, Manhattan Beach, CA 90266

  This 5 bedroom, 5 1/2 bath new construction home is located on a prime street in the Manhattan Beach Mira Costa area. This property has a large south facing backyard with plenty of room for kids, pets or a future pool. Open floor plan with large commercial kitchen perfect for a large family or entertaining. White oak hardwood throughout. Large laundry room. Large master suite with extraordinary

  Stephanie Wells Real Estate West, Inc.

  1612 Gates Ave, Manhattan Beach, CA 90266
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  /10

  $3,195,000 New Construction

  • 5 Beds
  • 4.5 Baths
  • 2,618 Sq Ft

  5013 Macafee Rd, Torrance, CA 90505

  Discover the epitome of luxury living in the highly sought-after Seaside neighborhood of South Torrance. This newly constructed, ultra-modern masterpiece redefines sophistication with its sleek design, state-of-the-art amenities, and meticulous attention to detail.Spanning over 2,600 sq. ft., this architectural gem boasts 5 spacious bedrooms and 4.5 spa-inspired bathrooms. The open-concept layout

  Aaron Mejia Christie's International Real Estate SoCal

  5013 Macafee Rd, Torrance, CA 90505
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  /39

  $9,995,000 New Construction

  • 4 Beds
  • 6 Baths
  • 6,002 Sq Ft

  5461 Paradise Valley Rd, Hidden Hills, CA 91302

  This beautiful brand new estate is nestled on a prime, quiet cul-de-sac in the heart of Hidden Hills and is sited on a very private 1.27-acre lot. Offering 6,002 square feet of quality living space, the seamless, open floor plan is flooded with natural light, with every detail carefully designed for comfortable living and modern convenience. Highlights include a gorgeous, center island chef's

  Marc Shevin Douglas Elliman of California, Inc.

  5461 Paradise Valley Rd, Hidden Hills, CA 91302
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  /21

  $4,998,000 New Construction

  • 5 Beds
  • 5.5 Baths
  • 4,051 Sq Ft

  552 Stassi Ln, Santa Monica, CA 90402

  Tucked away on a quiet cul-de-sac in the highly sought-after Santa Monica Canyons, this modern residence offers refined living in a prime coastal setting. This 4,051 sq. ft. home features five spacious bedrooms and five and a half bathrooms across two well-appointed levels. Thoughtful design and high-end finishes create a sophisticated yet comfortable atmosphere throughout. A private elevator

  Blair Chang The Agency

  552 Stassi Ln, Santa Monica, CA 90402

Showing Results 441 - 480, Page 12 of 14