<SEC-DOCUMENT>0001193125-12-150999.txt : 20120405
<SEC-HEADER>0001193125-12-150999.hdr.sgml : 20120405
<ACCEPTANCE-DATETIME>20120405081325
ACCESSION NUMBER:		0001193125-12-150999
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20120405
DATE AS OF CHANGE:		20120405

SUBJECT COMPANY:	

	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:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-173365
		FILM NUMBER:		12743831

	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

FILED BY:		

	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:		FWP

	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>FWP
<SEQUENCE>1
<FILENAME>d330232dfwp.htm
<DESCRIPTION>FREE WRITING PROSPECTUS
<TEXT>
<HTML><HEAD>
<TITLE>Free Writing Prospectus</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Pricing Term Sheet</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Filed pursuant to Rule 433</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Dated April 4, 2012</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Issuer Free Writing Prospectus supplementing the</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Preliminary Prospectus Supplement</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>dated April 3, 2012 and the</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Prospectus dated April 18, 2011</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Registration No. 333-173365</B></FONT></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center">


<IMG SRC="g330232img1.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Hovnanian Enterprises, Inc. </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Offering of </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>25,000,000 Shares of Class&nbsp;A Common Stock of Hovnanian Enterprises, Inc. </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>The information in this
pricing term sheet relates only to the offering of our Class&nbsp;A Common Stock and should be read together with (i)&nbsp;the preliminary prospectus supplement, dated April&nbsp;3, 2012 (the &#147;</I><B></B><B><I>Preliminary Prospectus
Supplement</I></B><B></B><I>&#148;), as filed with the Securities and Exchange Commission (the &#147;</I><B></B><B><I>SEC</I></B><B></B><I>&#148;) pursuant to Rule 424(b) under the Securities Act of 1933, as amended, and (ii)&nbsp;the related base
prospectus dated April&nbsp;18, 2011, included in the Registration Statement (File No.&nbsp;333-173365), in each case, including the documents incorporated by reference therein. Terms used but not defined herein have the meanings assigned to such
terms in the Preliminary Prospectus Supplement. </I></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Issuer:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hovnanian Enterprises, Inc., a Delaware corporation (&#147;<B>Hovnanian</B>&#148;).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Ticker / Exchange:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">HOV / New York Stock Exchange (&#147;<B>NYSE</B>&#148;).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Pricing Date:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">April 4, 2012.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Settlement Date:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">April 11, 2012.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Title of Securities:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Class A common stock, par value $0.01 per share, of Hovnanian (&#147;<B>Class A Common Stock</B>&#148;).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Number of Shares of Class&nbsp;A Common Stock Offered:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">25,000,000 shares (or 28,750,000 shares if the underwriters exercise their over-allotment option in full).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Public Offering Price:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$2.00 per share.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Estimated Net Proceeds to Hovnanian:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">See &#147;Use of Proceeds&#148; below.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Joint Book-Running Managers:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC</FONT></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Changes from Preliminary Prospectus Supplement </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Use of Proceeds: </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
net proceeds from the sale of Class&nbsp;A Common Stock, after deducting the underwriting discounts and estimated offering expenses payable by Hovnanian, will be approximately $47.3 million (or approximately $54.4 million if the underwriters
exercise their over-allotment option in full). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hovnanian intends to use the net proceeds from the sale of Class&nbsp;A Common
Stock, along with cash on hand, to purchase approximately $15.3 million principal amount of its 6 1/4% Senior Notes due January&nbsp;15, 2016, approximately $22.8 million principal amount of its 7 1/2% Senior Notes due May&nbsp;15, 2016 and
approximately $37.4 million principal amount of its 8 5/8% Senior Notes due January&nbsp;15, 2017 in a private transaction. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Capitalization: </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
following table sets forth our homebuilding cash and cash equivalents and capitalization as of January&nbsp;31, 2012, on an as adjusted basis to give effect to the sale of 25,000,000 shares of Class&nbsp;A Common Stock and the use of the estimated
net proceeds therefrom (assuming no exercise of the underwriters&#146; option to purchase additional shares). See &#147;Use of Proceeds.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">This information should be read in conjunction with &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; incorporated by reference in the Preliminary
Prospectus Supplement and Hovnanian&#146;s financial statements and related notes incorporated by reference therein. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="89%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>As&nbsp;of&nbsp;January</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>31,
2012</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(unaudited)</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:176pt"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>(In thousands, except share numbers and footnotes)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>As Adjusted</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Homebuilding cash and cash equivalents, excluding restricted cash</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">159,813</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Restricted cash(1)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">49,483</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total homebuilding cash and cash equivalents(2)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">209,296</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Debt(3):</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Nonrecourse land mortgages</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">29,322</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Nonrecourse mortgages secured by operating property</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">19,510</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">10<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;5</SUP></FONT><FONT SIZE="2">/</FONT><FONT
SIZE="1">8</FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">% Senior Secured Notes due 2016 (net of discount)</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">786,978</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.0% Senior Secured Notes due 2021 (net of discount)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">53,100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.0% Senior Secured Notes due 2021 (net of discount)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">126,363</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;1</SUP></FONT><FONT SIZE="2">/</FONT><FONT
SIZE="1">2</FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">% Senior Notes due 2014</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">36,649</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;3</SUP></FONT><FONT SIZE="2">/</FONT><FONT
SIZE="1">8</FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">% Senior Notes due 2014</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,015</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;1</SUP></FONT><FONT SIZE="2">/</FONT><FONT
SIZE="1">4</FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">% Senior Notes due 2015</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">21,438</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">11<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;7</SUP></FONT><FONT SIZE="2">/</FONT><FONT
SIZE="1">8</FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">% Senior Notes due 2015 (net of discount)</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">61,465</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">6<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;1</SUP></FONT><FONT SIZE="2">/</FONT><FONT
SIZE="1">4</FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">% Senior Notes due 2016 (net of discount)</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">137,923</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">7<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;1</SUP></FONT><FONT SIZE="2">/</FONT><FONT
SIZE="1">2</FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">% Senior Notes due 2016</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">90,532</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">8<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;5</SUP></FONT><FONT SIZE="2">/</FONT><FONT
SIZE="1">8</FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">% Senior Notes due 2017(4)</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">139,359</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">TEU Senior Subordinated Amortizing Notes due 2014(4)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12,162</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total Debt(3)(4)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,517,816</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Equity:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Preferred stock, $.01 par value; 100,000 Shares authorized; 5,600 Shares of 7.625% Series A Preferred Stock issued at
January&nbsp;31, 2012 with a liquidation preference of $140,000</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">135,299</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Common Stock, Class&nbsp;A, $.01 par value; 200,000,000 Shares authorized; 93,742,999 Shares issued at January&nbsp;31, 2012,
actual (including 11,760,763 Shares at January&nbsp;31, 2012 held in treasury) and 118,742,999 Shares issued as adjusted (including 11,760,763 held in treasury)(4)(5)(6)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,187</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Common Stock, Class B, $.01 par value (Convertible to Class&nbsp;A at time of sale); 30,000,000 Shares authorized; 15,353,126
Shares issued at January&nbsp;31, 2012 (including 691,748 Shares at January&nbsp;31, 2012 held in treasury)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">154</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Paid in capital &#150; common stock(4)(5)(6)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">639,781</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Accumulated Deficit(4)(7)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1,104,492</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Treasury stock at &#151; cost</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(115,360</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total Hovnanian Enterprises, Inc. stockholders&#146; equity deficit</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(443,431</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Noncontrolling interest in consolidated joint ventures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">173</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total equity deficit</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(443,258</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total capitalization</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,074,558</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of January&nbsp;31, 2012, Restricted Cash includes $35.7 million of cash collateralizing our letter of credit agreements and facilities, $11.1 million of cash
collateralizing our surety bonds and $2.7 million for customers&#146; deposits, which are restricted from our use. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of January&nbsp;31, 2012, substantially all of our cash collateralized our secured indebtedness. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">References to our consolidated debt in this prospectus supplement exclude debt of $49.0 million under our secured master repurchase agreement, which is a short-term
borrowing facility used by our mortgage banking subsidiary. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As adjusted does not reflect the issuance by us of an aggregate of 3.1&nbsp;million shares of our Class&nbsp;A Common Stock in exchange for an aggregate of $9.1 million
of 8 5/8% Senior Notes due 2017 and $3.1 million of TEU Senior Subordinated Amortizing Notes due 2014 in transactions between February&nbsp;1, 2012 and March&nbsp;30, 2012. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As adjusted includes 25,000,000 shares of our Class&nbsp;A Common Stock offered hereby. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As adjusted does not reflect the issuance by us of an aggregate of 1.3&nbsp;million shares of our Class&nbsp;A Common Stock upon settlement of certain stock purchase
contracts issued as a portion of our Tangible Equity Units in transactions between February&nbsp;1, 2012 and March&nbsp;30, 2012. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As adjusted includes $23.3 million, which represents the gain on extinguishment of debt related to the 6 1/4% Senior Notes due 2016, 7 1/2% Senior Notes due 2016 and 8
5/8% Senior Notes due 2017 to be purchased with the net proceeds of this offering along with cash on hand. See &#147;Use of Proceeds.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Hovnanian has filed a
registration statement (including a prospectus and preliminary prospectus supplement) with the Securities and Exchange Commission (the &#147;SEC&#148;) for the offering. Before you invest, you should read the prospectus in that registration
statement, the prospectus supplement and other documents Hovnanian has filed with the SEC for more complete information about Hovnanian and the offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.
Alternatively, copies of the preliminary prospectus supplement and the accompanying prospectus may be obtained from: Citigroup Prospectus Delivery Department, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220 Phone:
800-831-9146; Credit Suisse Prospectus Department, One Madison Avenue, New York, NY 10010 Phone: 800-221-1037 or J.P. Morgan Securities LLC c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 Phone: 866-803-9204.
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>This communication shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of the
securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities law of any such state. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF
THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g330232img1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g330232img1.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`/0"7`P$1``(1`0,1`?_$`,,```$#!0$!````````
M``````@#!PD``0($!@4*`0``!@,!`````````````````@,%!@<!!`@)$```
M!@(!`P(#`P@'!0D````!`@,$!081!P`A$@@Q$T$4%5$B%F%Q@3(C%Q@)D:%"
M4B0GUW*"DB96TC-#M"4U1U>7$0`!`P($!`(%!P@(!04!```!`@,$$04`(1(&
M,4$3!U$B87$R(Q2!0G24%18(D:&QTD,DU-7!T5)R,U15%^%B@C2$HE-S@T56
M_]H`#`,!``(1`Q$`/P#[^/3@P,#/N+R!9T-S^$*K$_B[8BK,K\\21V#:'JT:
MX.=!I/7.3(108^.7<AVI-DBJ/W8AA%(?4*LWKW):L,U.W;&TJ;N0MZW4(H4Q
M&S[+DD_-2L^P@>\7\T<\2S;NTG;Q&7>+FH1;*A12A:CYGUIS4A@<U@9J4KW:
M,BI7+#)IZ]\EMGH!)6/:%BJX"8I"15?*WHM5%,P@/NM&:+.6NKM,I!R51RX0
M,H/JF3TY`SM7N5NU*)%ZNDJ.I0U=)D&'';_N4"GUD<0%'/GB3JONRK$LQK7!
M:E)2,GGC\0\H\@H)*&$BOM%(X<\>B3Q@VF0P";=EF.01_54N%RQC`="X.'V?
M;QP<[4[C:`6[N&>E%>/Q3U3\E/S8UO\`<&"NJ4VJ`%CPBI_3JQN?PO[%4^Z.
MX[/^BX7$HY#X9*X`0_IXHKM+N'+7N"X45P_>7L\$^_C/.VP*^F,C^O&8>+%_
M$O:IMVS&$!Z'&Y783=?4!#YXI1_)TZ<,CM#?`K4N_P!S^20Z,#[_`#8]FWV\
M?^.W_7C'^%?8!0`$]NV/TQ]ZX7;./AU!_D>&7VBO9`"+_<QZY+IP!OY!]J!!
M^KMXO_"SL$<@.WK(!<?V;A=L_P#G\<*.T-^KGN"Y4^D.X'W]:_T^#7Z.WBQO
M%G88Y[=P68`Z8$+C=2F^.0$?G3`(#S"NT6X*^7<%RT^F0[@??Q@YFW0*^F.W
MC`WBWLT``J6Y;*4.HCW7"Y&'(XQ@3.##@.8/:/<GS=PW(>J2]C(WY$/^):[:
MKUQF_P"O"1O%K:@E$"[IL8&P.!_%UP]?@/\`WW3'"_[1[GIEN*YU^DO8S]^[
M?_I-LI]&1^MBY?%O:8%`#;HL9C8#(_B^X=1QU_\`%^W@_P!H]T?_`-%<J_27
MOZL#[]6__2;9]61^MA,_BQM<1^[O"TD#IT"WVL0P`8Z=V1R/Y^8/:/<]:_>"
MX'_R'/U<*)W_``DBGV5;:?1D?K8P'Q9VX/\`\YVC'P_YMM0#^G`!PG^T.YP<
MK_.^L._JX.-_VT?_`)5OK]'1_2O%?PM;>_\`O.S_`)/^;+3_`-GF/]H-S_Z_
M.^L._JX`W];.=J@4^CH_7Q@KXL[<[!$=XV8PAU`!N%L3#_B3((A_0/"K[/[H
MT'3?IQ5R_>71^?3EZ\&1OZUZAJM4#3S_`'=!_2O&@[@?)G3A/J$5>I&[0K<H
M*.H[8";6T5XJ*9>\^+!`1\7<8+N,/:5==%ZD7U.`!D>$-J[I;(0)-MGR+G"2
M*.-3BAYL"N0;<:2AX9\5+U`#,C+!53]D;D66+I"3#</L.0U%I:2/G%I94VJ@
M^:"*\L\$3IS>E?VDB[C3L'55O$$BBM8Z7+*H*2#-!T!@:R\4[;"9G.UN1,01
M;/6YC$,'W3@0X"7EC[,WW;=S+<M'2,/<\8`R(BB"4UX+0L>5QM7%*TU%.-#E
MB)[BVM.V^$3E+$JPOZOAI*<PO3[2%CBTZD>TVO/PJ,/P"H"`FP.`*)A]/@`#
MR?!042$YD<?0?#$8UIZ8<^;IKAE-Y;06U=17\VQ(BZL<F\0KM.CG`&]EW9I4
M5$H\[HI3`?Z9'`4SIV;T*W1-]H<@N^=U+VG:#,:TKGR7$QXB#2BI#E0E2\Q[
MM)J5\*!/',8D>U[.B_701WBI%O;27'E#BAM'M#F-2^"/21EAO=`Z<1A8PMPM
MJAYNVV%^I9'D@^(/NO9EXD4BUG=(*A^RD'I`[&B0_<8,"I))E*;W!%D[?[&:
MM4=R[7A/5W!(<ZCCI()6XH`%9/%5.#>JNA-`FF-O=&X')LE%O@DHM3*2AM`/
MLMC@C+D>*^2U5)KB_EO*VFIZN<W*I;"G:&\KBZ)C)PL;&R/XA,^53:HL'AG\
M=)K-TD<F4[DDQ-T^\(!UYK]Z+C=[#LAV]V>X/0)4=0"2C00H'D0M*\_`_FQO
M]M[?:[GNEJV7"$U*8>%%!16G2/$%"D_*,-WJ.8O,1IE_M#:6Z;5*C;*XLI`L
M1AH)1S"+JJK)Q[RN1S2$8R<O..0[1*U415ZCCM$.1?95SW!;-D+W1O2]RGOC
M&0604,K<2I=`CI(2@%3A/!-"/1EARW7&LTC=@V_MRT1VFHKPZB@MX(*1QZJE
M.'2D<U`C'LZ+IN]N^*N.U]V6@S07?SK"E.T*J#64A%VQ_ERV!4E>BI!A(Y4*
M8Z"1NY(Q<&'U#CEV^L6_D+-XWC?9*BXZ5)AJ4QI2R:Z"X0VA04?[*3495QI;
MRN>STJ%NV];T-O(0.H\>K0+K0]+SK2I/I(SK@R$9)DJ8J2+ULLJ'ZJ:;A)4X
ME],]I#";^K'3EVB1'&E`<03P]I))/@`#7/%>!Q)XUIXT/]6,E)%ND8"*.6J1
MQZ@59=-(PAU#)0,<.['Y.!Q]+:B'"A%!4@J%?R>'KPIH<T@I\U>=#3^G"[=T
MDN(@19%00`.B1P/CU]1*(@'3BC;B'1J;(*?1@B5$FBA0CU_U#&WQ3!\5P8&*
MX,#%<&!BN#`Q7!@8K@P,6$,@(#\>8("A0\,#"*B"9RB42^O3[>@B&<@("`@(
M>O3A4MH1F!P]>,`4((-%#G@+=\ZGDJ^]CMKZP42@;-4G:SYF<J:AV;=9^)2O
MVJS)$`*M6K.!A;R+<?V:)U"NT@*H0PFI7N'LJ:PI&ZMJ:6;S")<13+62:K0N
MA!4AP5!03I!(4`#B=[6W`T6WK#>`I=KE4"QXZ35)0372M)SU)H5`%*B1AZ:]
MMYK8]-R&V8J*<N3L:;/SSJL%#$DA.UN/=JRM85`1P5^C),3MP^!LE,'00'DR
MMV\HMPV.[OB$RM2D07'UL?M`ZRVI2V".2]22FAXU&&*3878FYT[?DJ"6%OH;
M0NF1;6I(ZG]TA0(]`.&=V4P5V#Y*T:GBLH,'2*^>P2K4")JMSR$^Y4!07)3#
MDO=#,/9*(A^JX-CUSR';AB#<O=");'**C6^/U"DBJ:N&IRX`D#U\\2*ROIL^
MSIDSA(G.=,'@2$#(^D))S]0K@S2I$3+DI2A@H`4"E`.TI0Z%#'H`!RZ\@F@]
MD<L5\$\Q[1YXCN_F&R0N]>5&C%!PN-JLY%EV394A7#I.+3[T2E(>.E#*`9RN
M```)`(FP`#D<<YB_$U+2K:D7;J$.+,Q]*\E>8!)S\NAPG+T>K%O=F6M%\D7I
MTI3\,PI`S^<JH!KK13TFN0PKXNP]=V^A$V^TD!9YJ<S.K5#7JIFRU?I9H]ND
M#6TMF*L>U>%LK\"F`SG()DP)2%`0'&QV=;@;XA1[U=DIZUJ/18BY*99*,@_H
MTIH\:&I(YY`82[@2G]N3'8=K*^C.25//DG6[J.;1\R@6QR%?6<5_,CHU1FO&
MNXW.:6E6-@U^@$I4I"*F'L>9&6D'39D=LZ1;KD1?-GA#8,10!$!#)1`>:7XL
M[':+AVDG;BN;C\>ZVYNL=;3JFQU%*`"5!!&H*X$&OY,//X<[E<X'<J-9+6AA
MV'/<H^AY"7$A%"5+2%`D%(!*:<\<#_+>\<:Y7-4TO>,^6P2&R[:RE7C=[*S,
ML=K$P+UPLU9LV<2JY^4_Q+%,JAU52'.)C_=$`#D<_"9VPAV?8%OWW=OC7MV3
M6W%$NOK4E"%&B0A"CI&I(K4<SQQ(OQ';^?N^\)NT;3\*WMB$I+:2VRVA3BP!
MJ4LI2"5!65#PPW7\VBLUV,HE)V`Q=3C/9+^T,*9#*1<Y(,F[R%%!^^>M'$>@
MN5JH=-7M,14"@IW&`!$0Z<AGXY;7;HFV[=N&"_*C;MDS$L-AIU24N#2HJ2H)
M4!499\*\</OX3I<M[<<NRSFXSVUVHBGGE.-(6X@A0TZ24E0)Y@<L&WX>^/\`
M"Z,UE#B1[-RMQMD%`RMUEIJ:D),SF558@Y!LU:NUCMXUNP!R*92)%*)L9,(C
MSI#L;VU@]N]F14-+ENW69$9=DK?>6Z>H4ZBE(43I"=7`>C%,=T=]2-[;IE/!
MN,Q:H\EQMAMEM#:0D&FI02,U*`!-<\%QD,9R&/7.>F/S\NBHI6N6*WJ*5Y8O
MD/MYG&*C%NXH=!$`'I\0^/0/Z1#@&?#&>''%9`/40#X\`SX8!R%3PQ0"`^@@
M/YA`>#`YTYX34/VB4`,4N<]PB/4.G3`9X*I!`4:$\/3ZL8)`!/@,_1Z\,UKV
M[[#L=PV?"6[7Z]0KM2L#".I%B5?@Y+>H==B==S-(I`.&R3=P0""7[38'J'(%
MMG<6Y;I>+Q`O5K5`@07DIBNJ6%"2V>*^-!3#]>8%EAVVVR+1-^,G2VRJ2@)*
M1'7D0@>->7C0X>CO)T^\7K@0^\'4!]!#KU`>3PD)]HTKAA!!-!QQB<P`'0V!
MR'IZ\&I((!(SX9^''`*TIJ>-,-+5;PAL&3O]9>U]TP:UJ2-!JJO!*9.:0<-_
MVCA%/&2)#WF+@W7IG[.1&#=1?)DZV+:6A+-$@E)XU-%"HX\\L.DV"JWQ(LT.
M!74JK(YC3G3(X'O2T4%=OV]M*J/%P83K1>SQGN";*2L@BK6YPS;N`"X6*5JY
M-@N/<5$>N>5_LJ*+5NW<&S`0([Z?B$94&IT:'5`<RHD%5.8SXXF&X7C-M5MW
M$/,&J-*',!'G2"?54#G3'MZ[3,\\HM[NUE/<59)UIFU+U_9H%KD:`D.81'IW
M+"(8],\W=N,D]T[Z^Y7R!@CPH60D>GC7U8U;RXK[H6IJ@T>_/_K/Y:X,01PF
M/^S^?J(=.G+@41I-<JX@PRX<L1A;YD8Z_>8NFM:K-C.OPZFQDWBA%5L(+'4<
M32B:B105;FP@R3$Q5`*;!@^&!YR3W&E-WSOE9-LN:EM1F0NJ4US!*J5%<\J4
M&=<7;LYAVU=K;I?$J2DO.EOC0YC36@H<JU\/1A"^+(^)OD7"WF+8O$]7[;65
M:65LT=+!&PLD9R4'2Y(XJK*+;E:G6!PF804,FD*H#CIQ3<2F>S'=-F]V\:-I
MW9M+;[0TA*'U+`+E,CJ'$@5-,Z9'"5G#_<?8ST&6L*O=M!+:BH$J;`_M9U-!
M2A_+7')_S7;8#G26NZ%"NQ<N=I[`B$D/DUP`CZ+:HF614+V]P+MEW3I$2B&0
M$1`>1;\;-[+^P[3M2V+H]>+JTD`>RL&E**]DU)%<\L3S\*%L`WO/W+(1[FTV
MAUPK(]DIKXYUX^G$EVMZXE3-?TFIII^VA7:G`0X!TSW,HQLBIW`7J!O=*.?R
M\ZTVE:!8-J6RQM<8T)EGU*2A.K]''ACFW<-S7=K],N;AJJ1+==)]"UDI_+^;
M$1W\Q^686_R&\8]3G<'%G$/W%WLZ1`'";#ZD@IU*(8,N,;`N.W[.\/@/.'_Q
M=OMW[N5LW9$D@PVW'YKXU`$,H4%K%3D"IIM0&.L_PWH?L?;W=^]HZ??N)1#9
M/`AURC6KU)4XD@\R,.KJFBV[RCUW9O(RW;$V%47U@4LJNF(*F6AY7*]KNLUY
M1="N.UXMH((3S^0<,2K.3.0.0Y#"3&!R$_V5MR[]W]G2^ZUYNDV%,D%YRS-1
MW5M-P(\9*T1R\D42^I2FPIPJ!!&7&N(#NBYP.U>X6-@VNW0)K3'0^T7)#27'
M93[JJN):4:EL)2Y2J:5('A@=_&#8;>V;RK%^V+;+JC&*:.LFQYYN>XSJ=2"Y
M4.85A;//EC!?`W/'O&B'OE;=4"JF$2EP`!RJ^T.[V[[W'C;DW!<)S4)[;CLE
MYKXAP-+G0E*$A]2-6@(*05)"1IJ1SQ/.Y6UT678+^V[/`B+N4>_ML-O)927P
MQ,;#C3)6$@DH4=.H^R!Z\>)L>D[,JWCH^WPQW%MVI6C<VS48O7E*4M\D^9)T
M"]3@A7H59!TL=XVDEXU,7QE4A!4J8E2Z%$<M^[=O;PM7:M[N+;]P7N%?K]>$
MM0F'7E+K$FK]TVYJ4HM:DU6%`A204I(X4=]IW7:DON4ULF?9;1)M%GL[BYCZ
M6`:RHS7G4%`C711"?!1J</S,Z[F_'GR.\5&4!M2[6&U7&%N)-MR-XM[I_`2E
M=KM8!091S%.%R,HEA&NB#[7:!2E*F7N,)Q$1GL[9\WM1W3V7'M=YGR+O+BR!
M<?BY+BXX;:8.EQ:,DI;:6HI"E9T`)-<0*W7QG?/;?='VG;(+%OBR&51.BP`^
MEQQTIZ3:DU*E.IIY>/$TIE@;[9<J_7JT6QQ_D#9MM^6%BW%7&L':J7+W']V\
M&F]LJ+4*O''.5"JO88(H_MKH=IC',<`(&""(UG?[]9+19D3_`+U2KUW<FWM"
M67H;DA,1AKJZ?AT`@,J;TT"AFHUJ#EBP;1:+I<[NY;%[=AVGMK#LBW'V):6U
M2'7$M&LA9"NNE[J9I'E2!2O'!:[^JFR]I^8^G]41>Y+U6:NO0I"]W.OT]X6$
M2KS*-,6,56:/FO:NX>69T*B95%^\4"@/M@`\N7N-8=U;N[[;?V9$OEPA6S[(
M7,EM15%"6"BB1TU$U5UU&BPM)*0*CCBKM@W3;FW^SMXW/-M,27>57`1H[LBC
MBE`U--/`!`IPI7GC3TFQEJ3L#S<UK4=G75AKC7L#"O(&Q3\P>V2=-N*T*YD;
M"O'O9P5R.#I%2ZD4R7N]>H<)VV8N6W=R]QMNV6[SV]LVR*V677UF2Y$E%I3C
MA;4YD1DHE.=,J\L+[Z5%W!8=D7VYVV*K<TV06WD-I#+,ACJ)0R%H;H:A/$GB
M,\#I47GU'3WC^[WKY)2\+3[A*WW86PJ>WL%A<[6V;\]+I,Z<U8LX(KJ8-`G:
ML#&43)[:1"J9(`],5M83(G[`VT>XNZY3%IG.2ILR&EQ9G7%MURC"&.G589-"
M5)'!)J*<K&NZ6HN\]PM;"VPQ)NEN9C1(LC0@0HBFD'XAUT.:4J>S\JE$^89U
MP^.DKN\D=,>:DWK._6ZJ:MI5@DG&I)^4%Q*3]:;Q=9(_FF#-.U&5?M&KI\"9
M4R+C[C?W!$,&Y.=C[FER>W_<&3M&ZW*)MBU3%&WR7JN/M!MC4ZTA#PU!`51*
M%$ZB#EF#B";RVU&@;NV1%O4*')OTV&A4ML$(;6IU_2C6IGRJJDYD>'AAAY75
MMCI?AYKOR"LVV]M/]WVBR4R;HA5;?*A%L)&YV!JLE"&AA4%)V=VP545755SD
M38``(':-<7+9MVL78^S]T+U?;Q([AS+C$=BGK.!IGXQQ/N>B"4K0I%2LJJ03
MX#%BP=Q6F^=X+EV^A66U1=D1(4E$OILHU*^&;5J4'2-8(<T@:3GRXXGHA4CA
M'QRKU,A9-=BQ4D#$3(F8[WY5+YCW1(`=QRJ]WKZ>G/22W:A"86]G*6P@+5S4
MH)&HGY:XX=D!'Q"VVR2PEQ10.24DD#`RRJ2<=Y=4]RW`B:DUKRV,G_8("*Y2
MA!.D/<#U(*9HP!`0#KW#RK)41QCO'%E-A)0Y;'4G.A`U-DY#C6G/PRQ-F7`Y
MV^?0<GDSFCPR(TN#CZ,>?#%3JWEG=VJRIREOM:@9ED0>_M.JWCSQ2H=0$@`"
MT9ZA\?RCQ*%(^SN\$^*][$N&RM)/,I332/73!IB53=C1)#(!,9YQ"ASHHU"J
MU]/#G@NWK0CYFY9'571(Z;+-CK-53(.4B+I&1,HW7)]]%8A3Y(<.I3``AZ<N
M%YH/M*:42$J20:9$`BAH>1\#RQ!D*T*"LB00<^&7CZ,""EX-:=2L*%K&=VRO
M8F[I%Z27=;-L2[\RZ!P.3W79U?F%$Q*'88HF$!3'M].4NUV#V2U>D;A3(NYN
MS9!2LS7"10UIZ1X@Y8LISNMN55G78DLVQ-O6D@@1&@344K6F1'(C/'7[4\4=
M7[BEDYR\.+HZ=-V:+)LUC;A,1<2V31*8@+-XQNK\JBZ4*<?<4`.Y3IW9QQXW
MCV<V?OF8F;?53RI#6D);D*;0"`?>``9.?\_'#1MWN'N':493=I3#"B>*F0HD
M'B"2:D>C$5N_-=5YMYM^*?CW6)*POZW4%X^T21;3.OK(Y14?2AY=8@OI-4YR
M-T8R#2*1(,$(!NGKSBSNIMF$/Q`[*[661Z2[9[<$REH>>4\I*M9<U*4LCYJ,
M\^'R#'47;JZ2V>RF\.X$YM#=QEJ$9LM(#:"%#24A*>.:JTRX8G1.^:"7(/6A
M1[@$!%=#[P9'[O4X8^SGHXF9&0XM`4BE002M-,Z5IGRQQ$MIU32E$*UE-!Y5
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MK6V'%LR7F5%7Q27&=&N,&`*JU*2`E=2*&M,L<Y+^$=B97GQ5H<,]='UM5=8S
ME:W7:V*[9LWF6ZD\SL,I77!^_P!\2VN0'V@`I<BW(;(^H<:Y?X>;FUNO9UJM
MZQ]W8=F4Q=I""C2][U*W&@0K+KYA1SJA-.>'")WKM!VQNNZRTDWV?>$2+<TO
M45,*2A24.GRY]))I3(5IPP\?E:QN=IVYXWU>OZ@NMHUAJ_8,7>+9-0,>S5A1
M(U:D90$;%IF?(_,I0YA[W&2![1`P7/)UWM:O5[WCM?;UHL\J1LVU7)F5+>:Z
M?00AK)MNFJI**#+@$\*G$+[5O6JV;7W)=KE<XS.Y;A!6RPAPK#I4XHJ<41IS
M"QY:UXBN&,\V=8;JV]N^RDI^O[2^A6.DS52FV=@9FA`2$I(S3.PV>-=29WB0
MLB2$:Q.S(8`R=90"#T-GE=?B'VAO??7<F1(L=OF/6Q&V%,Q)#"T!K6XX'7D.
MDJ!"EH'32*4\W/$\[+;IVEMC8*&[S.BHEO[F9>?CN)4IP-M-E#;C::>9*%G6
MK,9#Y<:MP_?1/#XR)QOB/9J?J74-SAI67ID2YK*]MEY.+AR-6[A*';.D$4(-
MD^+W$=.#^XL?(FP(<0W&[O*ZQ-I,L[*E0-A6.6R[+CL*9,EUY"`$:6DE-&@H
MZU.:E:B2<J8/8CM.UKW0[(W6W,W/=V'FV77$K$<(6XHG4Z4%6L@TZ8]GA7+!
M"Z,>W^R>8.W]JW?3U^I$%.Z^KU4H4M9FL>1JTC:^JH\E&KH6S]<&KJ9=K=Z1
M2]P"`8$<\M'MO(W1/[\[AW?N>SS(%LD0&&HKCA0I*&V0-0JE1-7":T`%".=,
M0'>:;%![/V3;5HN,21=F9LAV2A&H56]0)^;F&P!4DU->6!A;,]\PVB?*VIM]
M`;1D=G[RV;;G;:4)$,4(M.KS*R;=F]!^+[W%`:1Z*@%2P(B*H#Z<J(CN+;^W
MN];'%L-W=WGN2ZRGFW$H;Z26'E!"2'.H"?<"@20#57+%AJE;$E;]VO-<O$).
MU+/;X@<!*JEYI`4X*:<M2Z>8C(@\<;FC:IN;3]ZN%@C/%:QVV<NU(HL)K:PV
M.0K\:UURRK=?&(?0=A7>K+F@T"R*8.3`V`5%P`H!^OD%>WVWM][#O4R=&V>]
M,GW2!':MCCCK(;MJ(\<H=0[U%KZ!<<.L)175P)-<:^\[KM'=]HA0WMQ18D.%
M,DNRFVFWU.3S(>UH<0:#K]-L!-5E-*F@RSY=O%;ZBO#V^Z/8^/.TOWF[`ODZ
MML"?;L(M6&E&DY/C(3SZ-<$DO=,FI&ID;-^XG:;.0'`#QG4QW)M_8FX[%9VS
M<4[TGW$_%.I#716A3NI;B5A?F!1Y?3AT<E;"G]WHFZ9%ZAIVI"A`1D.ZPL%#
M=&T$4XAS,#U9#!0^05=MTQ!^%T/!:IO,Q1Z7;ZO:[[`1T>U<3=;9UF":1T7'
M2[+YH$OF$G;@YE2@)@`$\@/+F[GVR\W*S[!MT"U2WK'"F1G9K2`A2FDL,A*$
MJ!4`2%XK+8-WM4&5O&;-N49N]S8SS<155'JJ=<JO2:5S2*YD>!Q)FV.)TDE<
M"052>Y@P8.0%"@/:</@8N<"'P'G6B5:W$$>74->E62A5/LTS&7//%"(\B:K/
ML>4GQH>.!-9/`M'E^)6Z(&;4;7<^#QR(&`Q'DB\@HMH4>[`"0QD7@%,'0>T>
M5*Q(-S[PJZ2JLP[<X%4X!16@:3EQS/&N+!6V(FP*NBBGYJ"C/BD)6HG]&-3R
M>B'U<F:!NV)17.>D2@P=E]A4R::-<F'B*S*4>')V^VQB9Q,@.#"/:1NY.(]`
MYH=S8QMERA]P&$E2;<Z`_0DE4=2M*5@4I[IW)8_L>:N!LQ]N8Q,VT^O2B4W5
MH$#_`!`,Q7C4IKI\2!@J*G:&%N@8Z=CCF!%\@!CI*`4%F;I(?;=LG!2F,!5V
MRY1(;K@<9#H(<N"UW./>(")T10*%)!/,`D`^KGB$RH;T"0J*_P#XB33UCD?E
MQU''/&MC$X9*(?:&/TCZ?U\%:9X*L521B"S5=(J_E;_,-\AY>[L0LU-U\T?1
M,>B#Y^P]E>->-*]%"W=1KAJN4Q017/V@H&1$1P//-O8MCM7>?\5VZ[E?&_B;
M!;8ZF6QJ4W30M+2`"@I54*#E37CQKCMC=%]N/;'\.^VK79G3'N]QD+D.$A*B
M=2230*!`%*#AQ\#PD4GO$'QD@H:5F7M"%%G$1;^5=K*VRW`FDWCVBKI8ZAS3
MV``J:0CGX"&>=;W#LIVIMEJ?F2+>?AF&%K43(D$Z4I*CF72:Y8YTC=T>X,J0
MU#:GGJ.+2@#I,YE1`_\`;S]&(Q?Y;/C_`*YW:\WML&[5=22@4[:T@ZCV3,XR
M]A)4[Z2>I$=,I!NY>)@S<,\BJ<_7KZ]><=?A([<;8[@7#=.Z;U%<=MIN/28]
MZZD:?,H).E8*J"E=1/+'3WXEM\7S:S&WMLVE\-2TVM+CZM#945F@J*I.D5K[
M(`/JQ*J3PP\=2)BD6D/`2'.4OQA<Q3'NZ#D@S^.=JGL7VS(($%Q(5X29(R\!
M[W('F!QQRNONEO=:^JJ8.I0"O19KE_\`7Q\3SYXR_@Q\=``I0HSH`*`%``MU
MQZ`'H'_OW#CL?VU2DH;@+2@FM!(D#\GO<J\\87W1WNXK6N8"KQ+3/Y_=XH/#
M'QV*`@6DO2@.<@6X7,`'(8'I]?\`B'#([(]MFTA#<!24<P'Y%#_>][YOEQ@]
MS]ZJ(*I:21P]RS^3_#X>C&(^%_CH8O8:CNS%Q@2C;[D)1#TZE^O8'IQ%78KM
MDX3U("U))J09$BAIP!'5S2.0X8'^Z&]A4B6D*H0#T6:BO'2>GE\F$C^&7C@)
M\C170*=@D[PMUQ`X$R'3N^O9[1SS"NR';%+G_8*2YI)J)$@'2,J?XO#E3PPH
MGNGO="0W\6DMG/2662*CG3I\?3XX8N/U+XPNU9A[(ZDMM<I+!2;087V0MEI3
M@Y52NO@C9`$TFUD7?LTG#SN(S,JF7YT2#V!Z9@\?8?:Y:G7G;1)@6\%00^N2
M^EMQ*#YE'2X5(!XMZO\`$Y8>7-X;]1TT,W"/)FN)2>DAIDJ3JS`.IO25#YU.
M&-EUKKP19KQC9[+QS1U+-&KV-;.-C71)9PV=JF1;*@0TUE,3+%,7!^TQ1*.0
M#`\,K:/8%*DQ%O#S@*"3+EBM>9'4X^(RP5.Z.[;B%2&FW"EM12?<1J5'_10T
MQLEU1X/JMWKA%TFHWC)!&*D5D;]>3@@_=**H))*"29-W@9=LH45"Y(42&R(8
M'AU;"[!.QUNI"EM-+#1(DS/*I9H$CWM!4FF>7B:8.WO3NVE]MH`!2T%PU9B\
M!Q(]W^BE?#"W[F/#`7CV-:$!RYBG9FLT"&Q[>D>'!$%_?7<J+6%,%$D%&QR&
M]KO$#AC',#MYV1:?<AL!Q72(*DIER*-4R4:%W2*<PFI]&$3O3N8L!UY84E1J
MBL=DU)(.7N_2/1CWZEJ#P_&RU<]9>$<V%XHG,UIH&PK>[7>&9+J>VN#%>:4(
MH!5FQP]M8H=WMF#M'`\=[)VY[.1;RTJSEQ5R11:!\5(4*^.E3A!/H(IZ,:5S
MWKW#E0GHUQT?`D%+A$=E-!_>2V"/D-<%I<K.RIU<D)UZ;[K5/L;(YZN7J^4V
MC<"Y+DIU1R<?0I`,8>@#RX+S=(]BM;MSF*(:81J`KFK3P3\O/Y<0"#`=N,I$
M)@#4X3F>`!]I1]0_HP(FCU)%O0MU[\G)%)$EGB)Z3KLPH7M(E2ZE%2KA&<,!
MO1"2EA=/"#G!D.P0Z8Y46PE2F-OWWN#<0$"2A]YDD?L&D*6'!F?*LBM*#AB>
M;H5$<N5LVS"JIEE+:70*Y.N*2"WXZD)I7TJ('#!IS<'&6&)DX*;8(R41,LG4
M;)L'*8*MWC%ZDHW<MUB#T%-1(X@/+LG0(MQB/0):`N*Z@I4D@4(/$4X9\QSQ
M7S+[\:2B5&5H>;((/`@C,$'``14S9_%:W(4ZR'?2>MYIW\O2;&[5*E&R;<3`
M5E69R56,5O#;`B$2`W;N'1TV<PS(F4QR."9'GB%<9_:>\?8=U"U[;>-8CX%6
MEFM>F^HY,O-#RMJ-&WDT!H1G9<NVQ-]6]5WMQ2W<F4?O+-:+13]HPGB\RZ<U
MI35;2JFFDX.6L7NLVE$XQ4JW.Z3*7YF,='!I+,5#%R"+V/7$KA(P!Z"`"4P=
M2B("`\OJUWVVW5D.1G$!\\4%0"APY>'I&6*XE0IL)TIDI/2Y*`JD^H_)Z\<I
MN6EWG8-*>UJ@;&?ZLFGJJ!3VR-C&\N^18??!ZS:HNSIIH*NDS8!8H]Z>,AUY
M'M^67<NY=NN0-J795GN*LB^&PX4CF4CQ\".'+#IM>Z6JT7Q%PO=O3<;>E-0V
M7"V"H'+53EXC@<`UX]_R^[EX][$)>J]Y$V-PC)/$#W2&-5F/MW)DFX5=J,Y)
MTL[=*)F6<J"<5@`5"B(X'KSG'MA^&.^]J]U*W/:=U/.&8JLQ"F0?B<RKS$FJ
M3J)-<\7EW$[^6SN+MQJPS-M18YB(TQG$/JJUP&0X4H.'/!3>1VCKMO:MHU&!
MW%8=703I*0:6AM`Q3)XI9V#XA"`Q=N7!B+-VJ9`,42IB'N`80'EW=TMA7CN)
M939+7>Y%DC.ITO%BBE.I\"210'F!QQ5';O=EJV3<_M.Z6MF\24*JV'R4MMGE
MD/:(Y'EAJ_$_POD_%B0EDHG<UDM50F4U%G=+>0T?'Q7UDQ4$D9LBB!E%TW2+
M9'V^TH@4X8[OU0Y".Q_8.1V6=>9@WV5<+.^=2H[B$(0ESFX`DDE5!0U.=<3'
MNQW@9[I.,2G[/$@W-@4ZK2EJ*FP"`V=65`<Q3,8/$HCUSGX8S_7SH]*TFIX9
MXI7B*\\9"8`]1`/T\,"#P(Q@D#CB@$!Z@("'Y!X*@<2,9!KF,7SP:D^(P,)&
M*41'TSZ^GPQ^?A%A#B2E1%"*>FF,$^8'PP++GQ]GW!G\>&RID*LRE7U@H]>&
M-:"E`SCV:)8"'F%@.'XEB(R0*;Y1LJ4H))J&#(B`"%8/;"FK=<95<E_9NLNQ
MV]-0AVM4APYZVT<$I5D`33$J^]$<)2ZBWH,]:0TZO50*:II*D#YCA&94,ZC'
MF+^+,=(QCAM+69XYE'Z\@]E91&)9("YE)=*3"1<MD/O_`"K3YB4.=%`!$J8%
M`,B(B/&X=I(;T91G2M4YQ6MQ80`2HFITGYHKP`RIC9&]Y+"D_#QP([22A*2H
MG*J:%7B2!QQP[3Q(L[^IMX*P7]N@NR!Q&L$HN#_P!*^>6DI(C:4*+ALI+2(*
M/2G(L;M*F<N.TP".6=7:JYS;<84ZX*1156M"0!I#BU>]"::UT(`)PX#>EOBS
M%2XT('70T4JM#I`.FH\J:\N..TFO%""F(I".=6E^4K=C-MSG!DW("Z\S/+6`
MZZPD.F?M1=*@3M`P"9,,9R/'*X]G[?<(;4=4I;:T,D52D`%1SJK,5->-34^.
M-2%OF5!D*D!A"M:DFA.0"0!0>`I^3'&H:DJFJ[-3[6ZO47]0K;B0?O(*MU]/
MZ[9'SDT@X<,T?8D'+LL0H9]WJ%=>Y[9DN\%4P$^=%K9]CV=+C7J1.251%54E
MMM!6JN0&2U*`J<R00!4G(867N*X7Z-(@_#KI(R25.*"$D4S-4A/*E`17AQQR
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MOP?]/<?7_P`4`S^A_3NTWN_4/G1^6]O^[_:[L=O7'(_=_L;[#>^\I9-CTJZG
M7"0G10ZN9RIX9_+C=@?:WQ[7V/UOC]0T=/CJKE_Q_/EB*^9;:\<NO\F9K>,/
M20[?E?FZQ3[)K=0GO'Q^%?WF6ZJ7=%C[WZGR/>UQCV_N\X]Z6VG'J]NW]R,[
M5K[L!AEZ!6O[$S9#$OC7)L%NO/%_!R[I9'WL:LB[SSTNN(E#+]H8[+C!5_\`
M*`K'MMHV]?+D]NZW@2?V<:P@``1^/;_FZ(@82_9D/LY(VXN[=`Z<ZY:/^:#&
M_F&(TI_:VOSQ6_K3_P#1$IQQL?3=@>X7%TOGM=@Y#]V-;'[WPZCMP#`&/L#B
MGPN[:_\`?7#3]!B_S"N"%_9O^5;^M/\`\'C7&,V!VGS=K_V=_P!_&KJK^M\,
M_P";^<8XG\+N[.DZXT^@Q/YCA0/[1J/W5OAE^]/?P>$U8RZ]G[6[;"[>T/75
MU5`.W`_W=OB.,<UY,7=.E/5G7.E<J08O'Y+A^G"K;^U\^E%;KS_>GOX3]&$"
MQEEP.+KL3./AK"J>O^_MWA$1;[0]6==*\JP8?YM5PPHAZQ5\L9NGIDO_`,)B
MAC+'GK==C9Z_JZPIH],=<^[MX#>GV=,<3?BW[4/AYUV">>F#!.?RW$85Z]J^
M;&:I])?^3A$_XXUU8RP_=S=MD@'7TU=1Q#/Z=P!UQPJ(NZ*>6?>?J%O_`)CC
M98?M5#JBLD^F5*'Z(9PD$9/?&[[*_1JVB_ZP<4^%W3SGWGZC;_YCA?KVKE$8
M^MROX/%_ID[_`-;;,_\`RZB?ZP<'PNZ/\]>?J-O_`)CC/Q%K_P`HQ];E?P6*
M^F3W_6VR_P`G^5U%_P!8.#X7='^>O/U&W_S'&/B+7_E&*?2Y7\%C,T99,#W7
M?9W;\.[5M'QZ],YW!C@^%W3_`)^\_4+?_,<8#]GKY8D>OTN5_!XQ&,L73NN^
MS/7KG5M&QGKZ9W!Z^O,&+NBF<^\TY_N%O_F.`'[3RB,?6Y7\%A)>,F?94]Z[
M;(]KM'O]W5U"]OM^/?W[@[.W\_-%^+=N@KXR=>?A:>;]Q@\/DN-?R85:D6GJ
M)UQ&"FO.7*`_+\$?T87AF^H4%61=W2V])6GB).Y5_7ZC`:J*/S/[+\3H:ELU
MEF3-,]/_`%50$,=3]>G#VQK:33B/]PW]Q/P?+TM;$5B($U\O4^`D2%E/#_N"
M/3A*>N]+9/W0;M#4BITZ')#LBM#7IF4TTWJIQZ8KX8E4IWX4^@P_X,^C?A?Y
M-#Z!]`^4^C_3_;+\O]/^1$6WL=O]WX^O7/.PK3]E?`,?8G2^S-`T=+3HI3+5
CIYT\<Z\<\4!+^*^/>^."Q.U>\UE15J_Z@/S5&.PX[82Q_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
