<SEC-DOCUMENT>0000950123-11-087656.txt : 20110929
<SEC-HEADER>0000950123-11-087656.hdr.sgml : 20110929
<ACCEPTANCE-DATETIME>20110929172739
ACCESSION NUMBER:		0000950123-11-087656
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110928
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110929
DATE AS OF CHANGE:		20110929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HOVNANIAN ENTERPRISES INC
		CENTRAL INDEX KEY:			0000357294
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				221851059
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08551
		FILM NUMBER:		111115316

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		7327477800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET PO BOX 500
		STREET 2:		110 WEST FRONT STREET  PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>y92928e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>
<!-- xbrl,dc -->
<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported): September&nbsp;28, 2011</B></DIV>
<!-- /xbrl,dc -->

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>HOVNANIAN ENTERPRISES, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1-8551</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>22-1851059</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or Other
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Jurisdiction
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>110 West Front Street<BR>
P.O. Box 500<BR>
Red Bank, New Jersey 07701</B><BR>
(Address of Principal Executive Offices) (Zip Code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>(732)&nbsp;747-7800</B><BR>
(Registrant&#146;s telephone number, including area code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Not Applicable</B><BR>
(Former Name or Former Address, if Changed Since<BR>
Last Report)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!--TOC-->
<!--/TOC-->




<!-- link1 "Item&nbsp;8.01. Other Events" -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Item&nbsp;8.01. <U>Other Events.</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;28, 2011, Hovnanian Enterprises, Inc. (&#147;Hovnanian&#148;) issued a press release
announcing that K. Hovnanian Enterprises, Inc., a wholly owned subsidiary of Hovnanian (&#147;K.
Hovnanian&#148;), has commenced a private offer to exchange certain
series of its outstanding senior
notes in a private
placement for new 2.00% Senior Secured Notes due 2021 to be issued by K. Hovnanian, to be guaranteed
by Hovnanian and substantially all of its restricted subsidiaries and to be secured on a
first-priority lien basis by substantially all of the assets (other
than &#147;Excluded Property&#148; as defined in the indenture that
will govern the new secured notes) of K.
Hovnanian JV Holdings, L.L.C. and its subsidiaries that are not permitted joint ventures or joint
venture holding companies. In conjunction with the exchange offer, K. Hovnanian is soliciting, for
no consideration, from holders of its
11<SUP style="FONT-size: 85%; vertical-align: text-top">7</SUP>/<SUB style="FONT-size: 85%; vertical-align: text-bottom">8</SUB>% Senior Notes due 2015 (the &#147;2015
Notes&#148;) consents to certain proposed amendments to the indenture governing the 2015 Notes to
eliminate substantially all of the restrictive covenants and certain of the default provisions
contained in the indenture. A copy of the press release is attached hereto as Exhibit&nbsp;99.1 and is
incorporated herein by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
exchange offer and consent solicitation are being made within the United States only to &#147;qualified institutional
buyers&#148; pursuant to Rule&nbsp;144A under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;),
and outside the United States to non-U.S. investors pursuant to
Regulation&nbsp;S. The new secured notes to be offered have not
been and will not be registered under the Securities Act and may not be offered or sold in the
United States absent registration or an applicable exemption from registration requirements. The
information contained in this report does not constitute an offer to sell or the solicitation of an
offer to buy senior notes or new secured notes subject to the exchange offer in any jurisdiction in
which such an offer or sale would be unlawful.
</DIV>
<!-- link1 "Item&nbsp;9.01. Financial Statements and Exhibits" -->
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Item&nbsp;9.01. <U>Financial Statements and Exhibits</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d) <I>Exhibits.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Exhibit&nbsp;99.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Press Release dated September&nbsp;28, 2011.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>SIGNATURES</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">HOVNANIAN ENTERPRISES, INC.<BR>
(Registrant)<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/          J. Larry Sorsby
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">J. Larry Sorsby&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left" NOWRAP>Executive Vice President and Chief Financial
Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date:
September&nbsp;29, 2011
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "INDEX TO EXHIBITS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>INDEX TO EXHIBITS</U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Exhibit</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 10pt" valign="bottom">
  <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release dated September&nbsp;28, 2011.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>y92928exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">HOVNANIAN ENTERPRISES, INC.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>News Release</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Contact:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J. Larry Sorsby
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jeffrey T. O&#146;Keefe</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President &#038; CFO
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President, Investor Relations</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">732-747-7800
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Hovnanian Enterprises Announces Private Debt Exchange Offers for Certain of its Debt
Securities</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">RED BANK, NJ, September&nbsp;28, 2011 &#151; Hovnanian Enterprises, Inc. (NYSE: HOV) (the &#147;Company&#148;)
announced today the commencement of private offers to exchange the senior notes listed in the
table below (collectively, the &#147;Senior Notes&#148;) for up to $220&nbsp;million of new 2.00% Senior Secured
Notes due 2021 (the &#147;New Secured Notes&#148;) to be issued in a private placement by K. Hovnanian
Enterprises, Inc., a wholly-owned subsidiary of the Company (&#147;K. Hovnanian&#148;), and to be guaranteed
by the Company and substantially all of its restricted subsidiaries. The New Secured Notes will be
secured by a first-priority lien on the assets of certain subsidiaries that are &#147;unrestricted
subsidiaries&#148; under the Company&#146;s existing indentures. The assets of these subsidiaries, which are
not collateral for the Company&#146;s existing secured indebtedness, include funds that were permitted
to be contributed to these subsidiaries for investment in land and lots, and that are included in
the Company&#146;s consolidated cash, but are not collateral for the Company&#146;s existing secured
indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The private offer is being made as part of the Company&#146;s continuing efforts to reduce its borrowing
costs and improve its balance sheet in light of challenging homebuilding market conditions. These
efforts may also include the repurchase of additional bonds for which the Company has approximately
$175&nbsp;million of capacity remaining under applicable debt covenants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below lists the series of Senior Notes that are the subject of the exchange offers.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>For each $1,000 Principal Amount of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Senior Notes Exchanged, Consideration in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Principal Amount of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>2.00% Senior Secured Notes due 2021:*</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exchange</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Consideration if</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Consideration if</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tender Occurs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tender Occurs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Prior to or on the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>After the Early</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Acceptance</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>K. Hovnanian Enterprises, Inc. Senior</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Principal Amount (in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Early Tender and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tender and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Priority</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Notes to be Exchanged</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>CUSIP No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Consent Time</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Consent Time</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Level*</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Any and All Tender Notes</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">11<FONT style="FONT-size: 70%"><SUP>7</SUP></FONT>/<FONT style="FONT-size: 60%">8</FONT>% Senior Notes due
2015 ( the &#147;Any and All
Tender Notes&#148;)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">442488BK7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">137.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">95.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Partial Tender Notes</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT>% Senior Notes due 2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">442488AQ5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">53.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">95.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6<FONT style="FONT-size: 70%"><SUP>3</SUP></FONT>/<FONT style="FONT-size: 60%">8</FONT>% Senior Notes due 2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">442488AS1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">29.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">95.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">4</FONT>% Senior Notes due 2015</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">442488AU6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">52.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">95.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">4</FONT>% Senior Notes due 2016</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">442488AY8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">173.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">95.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT>% Senior Notes due 2016</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">442488AZ5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">172.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">95.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8<FONT style="FONT-size: 70%"><SUP>5</SUP></FONT>/<FONT style="FONT-size: 60%">8</FONT>% Senior Notes due 2017</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">442488BA9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">195.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">95.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>K. Hovnanian will not accept any tender of Senior Notes that would result in the issuance
of less than $2,000 principal amount of New Secured Notes.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">K. Hovnanian is offering to exchange (i)&nbsp;any and all of its outstanding 11<FONT style="FONT-size: 70%"><SUP>7</SUP></FONT>/<FONT style="FONT-size: 60%">8</FONT>% Senior Notes due 2015
(the &#147;Any and All Tender Notes&#148;), and (ii)&nbsp;in accordance with the applicable &#147;Acceptance Priority
Level,&#148; all or a portion of the other Senior Notes listed in the table above (collectively, the
&#147;Partial Tender Notes&#148;), in each case, validly tendered for exchange and accepted, to the extent of
the applicable maximum new issuance amount. The maximum new
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 6pt">2</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">issuance amount shall either be (i)
$195.0&nbsp;million, in the event that more than 50% of the outstanding aggregate principal amount of
the Any and All Tender Notes is tendered for exchange; or (ii) $220.0&nbsp;million, in the event that
50% or less of the outstanding aggregate principal amount of the Any and All Tender Notes is
tendered for exchange. K. Hovnanian will accept for exchange any and all of the Any and All Tender
Notes validly tendered (and not validly withdrawn) in the applicable Exchange Offer. The aggregate
principal amount of each issue of Partial Tender Notes that is exchanged for New Secured Notes in
the exchange offer will be determined in accordance with the &#147;Acceptance Priority Level&#148; set forth
above, with Level 1 being the highest priority. After K. Hovnanian has accepted all Senior Notes
properly tendered (and not validly withdrawn) having a higher Acceptance Priority Level than a
particular issue of Senior Notes, if the remaining portion of the Maximum New Issuance Amount is
adequate to accept for exchange some but not all of that particular issue of Senior Notes, then K.
Hovnanian will accept for exchange only a portion of the Partial Tender Notes of that Issue on a
pro rata basis among the tendering holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In conjunction with the exchange offer, K. Hovnanian is soliciting, for no consideration, from
holders of the Any and All Tender Notes consents to certain proposed amendments to the indenture
governing the Any and All Tender Notes to eliminate substantially all of the restrictive covenants
and certain of the default provisions contained in such indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The exchange offers and consent solicitation are subject to certain conditions; however, they are
not conditioned on a minimum principal amount of Senior Notes being tendered or the issuance of a
minimum principal amount of New Secured Notes. The consummation of the exchange offers is not
conditioned upon the consummation of the consent solicitation in respect of the Any and All Tender
Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The exchange offers will expire at 11:59&nbsp;p.m., New York City time, on October&nbsp;26, 2011, unless
extended or earlier terminated (the &#147;Expiration Time&#148;). Holders of Senior Notes that properly
tender and do not validly withdraw their Senior Notes prior to or on the Early Tender and Consent
Time, which is 5:00 p.m., New York City time, on October&nbsp;12, 2011, unless extended, and whose
Senior Notes are accepted for exchange will receive the Total Consideration set out in the table
above. Holders of Senior Notes who properly tender their Senior Notes after the Early Tender and
Consent Time and on or before the Expiration Time and whose Senior Notes are accepted for exchange
will receive the Exchange Consideration set out in the table above. In addition, accrued and
unpaid interest up to, but not including, the settlement date will be paid in cash on all properly
tendered and accepted Senior Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The exchange offers are being made within the United States only to &#147;qualified institutional
buyers&#148; pursuant to Rule&nbsp;144A under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;),
and outside the United States to non-U.S. investors pursuant to Regulation&nbsp;S under the Securities
Act. The New Secured Notes to be offered have not been and will not be registered under the
Securities Act and may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements. This press release does not constitute an
offer to sell or the solicitation of an offer to buy Senior Notes or New Secured Notes in any
jurisdiction in which such an offer or sale would be unlawful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">K. Hovnanian&#146;s obligation to accept any Senior Notes tendered and to pay the applicable
consideration for them is set forth solely in the Confidential Offering Memorandum and Consent
Solicitation Statement (the &#147;Offering Memorandum&#148;) relating to the exchange offers and consent
solicitation and the accompanying Consent and Letter of Transmittal. Documents relating to the
exchange offers will only be distributed to holders of Senior Notes who complete a letter of
eligibility confirming that they are within the category of eligible holders for the exchange
offer. Copies of the eligibility letter are available to holders of the Senior Notes through the
information agent, Global Bondholder Services Corporation, at (866)&nbsp;389-1500 (toll free) or (212)
430-3774 (collect). The exchange offers are made only by, and pursuant to, the terms set forth in
the Offering Memorandum, and the information in this press release is qualified by reference to the
Offering Memorandum and the accompanying Letter of Transmittal. Subject to applicable law, K.
Hovnanian may amend, extend or terminate the exchange offers and the consent solicitation. ***
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">About Hovnanian Enterprises
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#174;Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Red Bank,
New
</DIV>




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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 6pt">3
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Jersey. The Company is one of the nation&#146;s largest homebuilders with operations in Arizona,
California, Delaware, Florida, Georgia, Illinois, Maryland, Minnesota, New Jersey, New York, North
Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia.
The Company&#146;s homes are marketed and sold under the trade names K. Hovnanian<SUP style="FONT-size: 85%; vertical-align: text-top">&#174;</SUP> Homes<SUP style="FONT-size: 85%; vertical-align: text-top">&#174;</SUP>, Matzel &#038;
Mumford, Brighton Homes, Parkwood Builders, Town &#038; Country Homes and Oster Homes. As the developer
of K. Hovnanian&#146;s<SUP style="FONT-size: 85%; vertical-align: text-top">&#174;</SUP> Four Seasons communities, the Company is also one of the nation&#146;s largest
builders of active adult homes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Forward-Looking Statements
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All statements in this press release that are not historical facts should be considered as
&#147;forward-looking statements&#148;. Such statements involve known and unknown risks, uncertainties and
other factors that may cause actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements expressed or implied by
the forward-looking statements. Although we believe that the Company&#146;s plans, intentions and
expectations reflected in, or suggested by such forward-looking statements are reasonable, neither
we nor the Company can provide assurance that such plans, intentions or expectations will be
achieved. Such risks, uncertainties and other factors include, but are not limited to, (1)&nbsp;changes
in general and local economic and industry and business conditions and impacts of the sustained
homebuilding downturn, (2)&nbsp;adverse weather, natural disasters and environmental conditions, (3)
changes in market conditions and seasonality of the Company&#146;s business, (4)&nbsp;changes in home prices
and sales activity in the markets where the Company builds homes, (5)&nbsp;government laws and
regulations, including, among others, those concerning development of land, the home building,
sales and customer financing processes, tax laws, and the protection of the environment, (6)
fluctuations in interest rates and the availability of mortgage financing, (7)&nbsp;shortages in, and
price fluctuations of, raw materials and labor, (8)&nbsp;the availability and cost of suitable land and
improved lots, (9)&nbsp;levels of competition, (10)&nbsp;availability of financing to the Company, (11)
utility shortages and outages or rate fluctuations, (12)&nbsp;levels of indebtedness and restrictions on
the Company&#146;s operations and activities imposed by the agreements governing the Company&#146;s
outstanding indebtedness, (13)&nbsp;the Company&#146;s sources of liquidity, (14)&nbsp;changes in the Company&#146;s
credit ratings, (15)&nbsp;availability of net operating loss carryforwards, (16)&nbsp;operations through
joint ventures with third parties, (17)&nbsp;product liability litigation and warranty claims, (18)
successful identification and integration of acquisitions, (19)&nbsp;significant influence of the
Company&#146;s controlling stockholders, (20)&nbsp;geopolitical risks, terrorist acts and other acts of war,
and (21)&nbsp;other factors described in detail in the Company&#146;s Annual Report on Form 10-K/A for the
year ended October&nbsp;31, 2010 and the Company&#146;s quarterly reports on Form 10-Q or 10-Q/A for the
quarters ended January&nbsp;31, 2011, April&nbsp;30, 2011 and July&nbsp;31, 2011, respectively and in the Offering
Memorandum under &#147;Risk Factors.&#148; All forward-looking statements attributable to the Company, us or
persons acting on the Company&#146;s or our behalf are expressly qualified in their entirety by the
cautionary statements and risk factors contained throughout the Offering Memorandum. Except as
otherwise required by applicable securities laws, neither we nor the Company undertakes any
obligation to publicly update or revise any forward-looking statements, whether as a result of new
information, future events, changed circumstances or any other reason.
</DIV>


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