“The combination of a world-class sports facility with the premier Hollywood-branded casino will set a new standard in gaming entertainment excellence”
The new casino was developed and is operated by Kansas Entertainment, LLC, a 50/50 joint venture of Penn Hollywood Kansas, Inc., a subsidiary of Penn National Gaming, Inc. (PENN: Nasdaq) and Kansas Speedway Development Corporation, a wholly owned subsidiary of International Speedway Corporation (ISCA: NASDAQ Global Select Market; ISCB: OTC Bulletin Board) (“ISC”). All of the casino games at the facility are owned by the state of Kansas.

Penn National Gaming Chairman and Chief Executive Officer, Peter M. Carlino, and International Speedway Corporation CEO, Lesa France Kennedy, opened the casino at a ribbon cutting ceremony today alongside Mayor/CEO of the Unified Government of Wyandotte County and Kansas City, Kan., Joe Reardon, a representative from Kansas Governor Sam Brownback’s office, NASCAR drivers Clint Bowyer and Kasey Kahne as well as other local elected officials and executives from Penn National Gaming and ISC.

“As the first new casino in the Kansas City market in 15 years, Hollywood Casino at Kansas Speedway offers guests a state-of-the-art destination with premier gaming, dining and entertainment options,” commented Peter Carlino. “Just seconds from I-70, the facility’s luxurious design, modern grandeur and extensive amenities provides guests with a range of memorable experiences in an unparalleled, high energy setting on Turn Two of Kansas Speedway, a world class motorsports facility and host to two NASCAR Sprint Cup Series events annually.

“The facility’s 2,000 slot machines and 52 table games are complemented by the extraordinary red carpet service that is the hallmark of the Hollywood Casino brand. The property is another drawing card for Wyandotte County, which is already the top tourist destination in the state with more than 11 million visitors annually. Guests from near and far, including Kansas, Missouri, Nebraska and Iowa can play in style on a single gaming floor and dine at five different restaurants, several with views of the track.

“We are grateful to the Kansas Lottery Commission and Kansas Racing and Gaming Commission for their efforts in ensuring that Hollywood Casino at Kansas Speedway is opening on schedule. In addition, we welcome the partnerships we have established with the Unified Government of Wyandotte County and Kansas City, Kansas and the many other local and state government officials and entities who have worked closely with our team throughout the planning and construction process. The facility opening will result in more than 1,000 new jobs as well as significant tax revenue and other sustainable economic benefits for the community, county and state.”

The casino sits at Turn Two of the Kansas Speedway, overlooking the racetrack and is the first trackside casino in the ISC family of facilities.

“The combination of a world-class sports facility with the premier Hollywood-branded casino will set a new standard in gaming entertainment excellence,” stated Lesa France Kennedy. “We appreciate the collective confidence and support of state and local leaders that recognized the tremendous benefit that Hollywood Casino at Kansas Speedway will provide for the citizens of Wyandotte County and the state of Kansas.

“ISC and Kansas Speedway have been a collaborative partner with the community to increase area tourism and create jobs for more than a decade. We continue to make significant investments in the facility, most recently with the start of the speedway’s permanent road course construction. This partnership started with a mutual vision to create a true destination for visitors and residents, anchored by a premier motorsports racing facility. Hollywood Casino at Kansas Speedway will build upon our successful track record.”

Economic Impact

Approximately four million guests are expected to visit Hollywood Casino at Kansas Speedway annually, bringing increased tourism and tax revenues to Wyandotte County and the state of Kansas. The total estimated economic benefit of the casino is $220 million annually.

Hollywood Casino at Kansas Speedway employs more than 1,000 workers from the greater Kansas City region and is seen as a significant driver of employment in the area at businesses that support the facility.

Slot Machines Throughout the Gaming Floor

The casino offers nearly 100,000 square feet of gaming.

“It’s an inviting and spacious casino floor with easy access to all the games; no turnstiles or space limitations here,” says Hollywood Casino at Kansas Speedway Vice President and General Manager Bob Sheldon.

Hollywood Casino features many player-popular games including high-profile TV show and movie themes such as Wheel of Fortune, Mission Impossible, The Hangover and Tarzan, as well as the area’s first Wizard of Oz Ruby Slippers machines in honor of the casino’s Kansas roots.

Machines span from penny slots up to $25 and $100 denominations with a top award of a $100,000 jackpot. The higher limit machines are located near the Executive Producer’s Lounge, offering VIP players’ club members exclusive amenities and easy access to the slots they desire.

In addition, Hollywood Casino has a wide variety of video poker machines with competitive pay tables, including several located directly at the Sunset Bar.

Table Games and Poker

Blackjack, craps, roulette and carnival-style games are among the 52 live table games featured at Hollywood Casino with a wide range of minimum bets. Specific tables feature Craps-Free Craps, Mini Baccarat, Mississippi Stud, Ultimate Texas Hold’em, Fortune Pai Gow, Let it Ride Bonus and Three-Card poker.

The casino’s tables up the ante by offering a Royal Match side bet on blackjack and a progressive jackpot on select table games — both unique features in the Kansas City market.

The high limit table game area is adjacent to the Executive Producer’s Lounge on the casino floor, making it easy for players to take a break from the action.

Designed for maximum guest comfort, the modern Hollywood Casino Poker Room is trimmed in rich woods, provides drink holders for players at every table and includes seven LCD screens showing sports programming during play. Hollywood Casino’s Poker Room features 12 live tables with games including Texas Hold’em — with a bad beat jackpot — Pot Limit Omaha, traditional 7-card stud and high limit options.

Marquee Rewards

Hollywood Casino’s multi-tiered Marquee Rewards card allows guests to win whenever they play. Players earn points to redeem for downloadable promotional play, rewards, casino promotions and exclusive access to casino events, parking and lounges. Guests who play at Hollywood Casino as well as Argosy Casino Hotel & Spa in Riverside, also owned by Penn National Gaming, earn tier points at both casinos and can combine them to achieve a higher tier status faster. Soon after opening, players will have the ability to combine their earned rewards and use them at restaurants and outlets at both casinos.

Design

The casino floor oozes Hollywood glamour. Elegant chandeliers and art deco columns combine with the latest video technology to transport guests to the Golden Age of Hollywood. A giant serpentine video wall projects movie trailers, vintage commercials and animation.

Numerous plasma screens and video trees interspersed between slot machines and table games allow guests to enjoy entertainment programming and live sports as they play.

“The Hollywood name says it all,” according to Bob Sheldon. “From the moment they walk in the building, our guests are immersed in the comfort and sophistication of the classic style of 1930s Hollywood.”

Dining

Hollywood Casino’s five restaurants provide great options for a range of tastes. The 103-seat Final Cut Steakhouse takes casino dining to a new level by combining the staples of a Kansas City chop house with a balanced menu of specialty dishes, homemade pastas, seafood and shellfish. The upscale restaurant is under the helm of Chef Marshall Roth, a graduate of the Culinary Institute of America in Hyde Park, New York who’s worked at several James Beard award-winning restaurants around the world. The fine dining establishment, located right off the casino floor, offers sweeping views of the speedway. Guests dine among elegant glass display cases filled with gowns, tuxedos and accessories worn by Hollywood stars. Final Cut features an intimate cocktail lounge and 20-seat private dining room.

Casual diners will enjoy the variety and made-to-order attributes of the 282-seat Epic Buffet. Guests can enjoy a carving station, homemade pizza station, Asian station, salads, soups and sweets right on the casino floor.

Speedway lovers can have a drink or a meal while looking over the racetrack at Turn Two Lounge, a sports bar easily accessible from escalators on the casino floor. The roomy, 176-seat cocktail lounge is designed to offer every bar patron multiple views of sporting events on numerous flat screen televisions. An outdoor patio offers more than 40 seats on warmer nights. Access to Turn Two Lounge will be limited on race weekends.

Additional dining options include the Marquee Café, a casual and contemporary restaurant with 164 seats; the 24-hour Hollywood & Grind Coffee Bar, which also sells a range of speedway and Hollywood Casino at Kansas Speedway merchandise; the Sunset Bar, where guests can choose from 12 video poker machines located on the casino floor; and the VIP Lounge, an upscale player’s lounge offering food, cocktails and Hollywood’s signature red carpet service.

About Hollywood Casino at Kansas City Speedway

Hollywood Casino sits on Turn Two of the Kansas Speedway and is adjacent to The Legends Outlets Kansas City at Village West. It is the most accessible casino in the Kansas City market, just seconds from I-70 (110th Street exit) with a dedicated entrance that is separate from the speedway and does not require driving through Village West. The casino can also be reached by I-435 (State Avenue exit). With 2,300 gaming positions, Hollywood Casino is the Kansas City market’s only land-based, Vegas-style casino with gaming on one floor. Nearly 3,000 parking spaces and valet service are available. For more information, go to http://www.hollywoodcasinokansas.com/.

About Penn National Gaming

Penn National Gaming owns, operates or has ownership interests in gaming and racing facilities with a focus on slot machine entertainment. The company presently operates twenty-six facilities in nineteen jurisdictions, including Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Maryland, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario. In aggregate, Penn National’s operated facilities feature approximately 29,700 gaming machines, approximately 640 table games, 2,400 hotel rooms and 1.2 million square feet of gaming floor space.

Penn National is also developing casinos in Toledo and Columbus, Ohio, with openings targeted for 2012.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may vary materially from expectations. Penn describes certain of these risks and uncertainties in its filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2010. Meaningful factors that could cause actual results to differ from expectations include, but are not limited to, risks related to the following: our ability to receive, or delays in obtaining, the regulatory approvals required to own, develop and/or operate our facilities, or other delays or impediments to completing our planned acquisitions or projects, including favorable resolution of any related litigation and/or enforcement of contingent settlement agreements; our ability to secure state and local permits and approvals necessary for construction; construction factors, including delays, unexpected remediation costs, local opposition and increased cost of labor and materials; the passage of state, federal or local legislation (including referenda) that would expand, restrict, further tax, prevent or negatively impact operations in or adjacent to the jurisdictions in which we do business (such as a smoking ban at any of our facilities) or in jurisdictions where we seek to do business; the effects of local and national economic, credit, capital market, housing, and energy conditions on the economy in general and on the gaming and lodging industries in particular; the activities of our competitors and the emergence of new competitors; our expectations for the continued availability and cost of capital; the maintenance of agreements with our horsemen, pari-mutuel clerks and other organized labor groups; the outcome of pending legal proceedings; changes in accounting standards; our dependence on key personnel; the impact of terrorism and other international hostilities; the impact of weather; and other factors as discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the SEC. The Company does not intend to update publicly any forward-looking statements except as required by law.

About International Speedway Corporation

International Speedway Corporation is a leading promoter of motorsports activities, currently promoting more than 100 racing events annually as well as numerous other motorsports-related activities. The Company owns and/or operates 13 of the nation’s major motorsports entertainment facilities, including Daytona International Speedway® in Florida (home of the DAYTONA 500®); Talladega Superspeedway® in Alabama; Michigan International Speedway® located outside Detroit; Richmond International Raceway® in Virginia; Auto Club Speedway of Southern CaliforniaSM near Los Angeles; Kansas Speedway® in Kansas City, Kansas; Phoenix International Raceway® in Arizona; Chicagoland Speedway® and Route 66 RacewaySM near Chicago, Illinois; Homestead-Miami SpeedwaySM in Florida; Martinsville Speedway® in Virginia; Darlington Raceway® in South Carolina; and Watkins Glen International® in New York.

The Company also owns and operates MRN® Radio, the nation’s largest independent sports radio network and Americrown Service CorporationSM, a subsidiary that provides catering services, food and beverage concessions, and produces and markets motorsports-related merchandise. For more information, visit the Company’s Web site at www.internationalspeedwaycorporation.com.

Contacts

Penn National Gaming, Inc.
Eric Schippers, 610-378-8321
or
TBC Public Relations
Brent Burkhardt/Pamela Gorsuch, 410-986-1303/1219
bburkhardt@tbc.us/pgorsuch@tbc.us

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“We look forward to partnering with American Campus Communities to create a more vibrant gateway to University City.”
“This innovative partnership combining dynamic urban retail with high-quality student housing will serve as a catalyst in continuing the revitalization of our campus and surrounding community,” said Fry. “We look forward to partnering with American Campus Communities to create a more vibrant gateway to University City.”

The development was structured via American Campus’s American Campus Equity (ACE®) program under which the company will develop, own and manage the project through a 70-year ground lease structure and make annual ground rent payments to Drexel.

“We are thrilled to be partnering with such a prestigious institution of higher learning such as Drexel and assisting President Fry in achieving his vision for the University,” said Bill Bayless, American Campus CEO. “This transaction stands as an example of a premier university benefiting from private sector investment to deliver world-class housing to its students while preserving its own debt capacity for core capital projects.”

Designed by internationally acclaimed Robert A.M. Stern Architects, the development will include two eight-story buildings that front Chestnut Street while maintaining an open entry corridor to the adjacent Creese Student Center. The broad use of glass at the street level combined with limestone will continue Drexel’s progress toward creating a pedestrian-friendly, mixed-use campus district enlivened by retail amenities.

The building design will also include a 19-story residential tower at the corner of Chestnut and 32nd streets. The two-story street-level space will include retail outlets, neighborhood restaurants, and a new corner entry into the Barnes and Noble – activating student life in an urban setting. Upper floors feature student apartments with both shared and private accommodation options.

“At a time of tremendous growth in our residential student population, this development will allow us to continue to offer Drexel students the very best in quality housing, dining, and services, while transforming Drexel’s Chestnut Street corridor into a community destination,” said James R. Tucker, senior vice president for Student Life and Administrative Services.

About 860 beds of high-quality housing will be available for students. Student residents may select from a variety of unit types, including shared accommodations in a two-bedroom/two-bathroom design or private accommodations in two unit options – a four-bedroom/two-bathroom apartment and an innovative four-bedroom/two-and-a-half-bathroom townhome configuration with in-unit washers and dryers.

The development includes a 14,800-square-foot community center with space for residence life operations and student amenities that include a social lounge with gaming area, a fitness center furnished with modern workout equipment, meeting space, a theater and laundry facilities.

About American Campus Communities

American Campus Communities, Inc. is the largest owner and manager of high-quality student housing communities in the United States. The company is a fully integrated, self-managed and self-administered equity real estate investment trust (REIT) with expertise in the design, finance, development, construction management, and operational management of student housing properties. American Campus Communities owns 119 student housing properties containing approximately 74,100 beds. Including its owned and third-party managed properties, ACC’s total managed portfolio consists of 149 properties with approximately 98,000 beds. Visit www.americancampus.com or www.studenthousing.com.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50157024&lang=en

Contacts

American Campus Communities, Inc.
Gina Cowart, 512-732-1000

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“We are pleased that President Obama understands that a recovery in the housing market is essential to a recovery in the nation’s economy”
“We are pleased that President Obama understands that a recovery in the housing market is essential to a recovery in the nation’s economy,” said C.A.R. President LeFrancis Arnold. “Allowing homeowners whose homes are not backed by Fannie Mae and Freddie Mac to refinance could benefit additional homeowners who are struggling to keep up with their mortgage payments and help thousands of California families who are paying far above the current rate.”

President Obama’s proposal would help eligible, underwater homeowners who are current on their mortgage payments to refinance or modify their loan into safer, more affordable mortgages and take advantage of historically low interest rates. Under the plan, California households could save more than $3,000 a year, which could potentially have a positive impact on consumer spending.

The president’s plan also included a Federal Housing Finance Administration pilot program to transition Real Estate Owned (REO) properties into rental housing. While C.A.R. recognizes that this plan may be beneficial in markets where REO inventory is high, the Association opposes its implementation in California, given low inventory and high demand, even in the state’s hardest hit areas.

Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 160,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

Contacts

CALIFORNIA ASSOCIATION OF REALTORS®
Lotus Lou, 213-739-8304
lotusl@car.org

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“Homeowners who bought policies in the fourth quarter of 2011 have already seen how Home Value Protection is safeguarding their biggest financial asset in the face of continuing declines in the Ohio housing market”
Home Value Insurance Company, which underwrites Home Value Protection, the first insurance policy in the country to protect homeowners from local housing market declines, has a booth at this year’s show (#956). The company, which is the official insurance sponsor of the Expo, will provide information and a free, no-obligation quote to homeowners eager to learn how to protect the market value of their home.

Since Home Value Protection launched in Ohio last fall, homeowners and prospective homebuyers eager to preserve the value of their homes from market declines have kept the company’s phones ringing. For just a dollar or two a day, Home Value Protection lets homeowners lock in the value of their home. If owners need to sell when the real estate market is down, they can get an insurance payment to offset the market loss.

“Homeowners who bought policies in the fourth quarter of 2011 have already seen how Home Value Protection is safeguarding their biggest financial asset in the face of continuing declines in the Ohio housing market,” said Scott Ryles, CEO.

“While homeowners have long been able to buy insurance to protect against events like fires and floods, they have never been able to insure the value of their home against the more likely threat of future real estate market declines, until now,” he added.

This new coverage mitigates the risk associated with home ownership and helps solve what has emerged as a major problem for homeowners and anyone making home improvements today – the ongoing risk of falling home prices.

Policies are available from more than 230 independent insurance agents across Ohio, or directly from the company at HomeValueProtection.com and by calling 1-866-576-0611.

About Home Value Insurance Company and Home Value Protection insurance:

Home Value Protection is a property and casualty insurance policy that protects homeowners from loss in home value. The insurance is underwritten and offered by Home Value Insurance Company, a licensed, admitted carrier in Ohio, regulated by the Ohio Department of Insurance, and a wholly owned subsidiary of Home Value Protection, Inc.

Contacts

Harden Communications Partners
Kim Kellogg or Hunter Marshall
T: 510-635-4150
C: 510-325-3195
kkellogg@hardenpartners.com
hmarshall@hardenpartners.com

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“Just like when you go out to dinner, your check doesn’t just give you a total price. Rather, each item is listed giving you a breakdown of what you pay for. Purchasing a home should have the same transparency.”
“In order to see more movement in the housing market, there should be solutions presented for the problems of responsible homeowners who are current on their mortgages but underwater with their mortgage because of the drop in their home value,” said Michelle Korsmo, ALTA’s chief executive officer. “Improving access to simple, low-cost refinancing is vital to rebuilding a stronger housing market, and ALTA will work with Congress and the administration to put this plan in motion and keep hardworking families in their homes.”

As part of his plan, Obama discussed the creation of simpler mortgage disclosure forms that will help borrowers better understand the loans they are getting. The Consumer Financial Protection Bureau (CFPB) is in the process of developing new disclosure forms to replace current forms that are confusing for borrowers.

“To feel confident in the largest purchase they will make, homebuyers should be able to easily understand where their money is going,” Korsmo said. “Just like when you go out to dinner, your check doesn’t just give you a total price. Rather, each item is listed giving you a breakdown of what you pay for. Purchasing a home should have the same transparency.

“ALTA members are the real estate professionals responsible for providing these important disclosures to consumers at the closing table. We will continue to work with the CFPB and others to make these forms as useful and transparent as possible,” Korsmo continued.

About ALTA

The American Land Title Association, founded in 1907, is a national trade association representing more than 4,000 title insurance companies, title agents, independent abstracters, title searchers, and attorneys. ALTA members conduct title searches, examinations, closings, and issue title insurance that protects real property owners and mortgage lenders against losses from defects in titles.

Contacts

ALTA
Jeremy Yohe, 202-261-2938
Cell: 202-590-8361
jyohe@alta.com

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KB Home intends to apply all or a portion of the net proceeds from the senior notes offering toward the payment of the purchase price of notes validly tendered and accepted for purchase in its previously announced cash tender offers for up to $250 million in aggregate principal amount of its outstanding 5¾% Senior Notes due 2014 and of its 5?% Senior Notes due 2015 and 6¼% Senior Notes due 2015 (the “2014/2015 Notes”). After such payment for the 2014/2015 Notes, KB Home intends to use any remaining net proceeds from the sale of the senior notes for general corporate purposes.

Citigroup, Credit Suisse, BofA Merrill Lynch and Deutsche Bank Securities are acting as joint book-running managers for the senior notes offering. A shelf registration statement covering the issuance of the senior notes has been filed with the Securities and Exchange Commission and is effective. Copies of the prospectus supplement and accompanying prospectus describing the offering may be obtained by visiting EDGAR on the SEC’s web site at www.sec.gov or by contacting Citigroup at the following address: Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220 or by telephone at 1-877-858-5407 or by e-mail at batprospectusdept@citi.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any senior notes nor shall there be any sale of senior notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The senior notes offering is being made only by means of the prospectus supplement and accompanying prospectus.

Corporate Profile

KB Home (NYSE: KBH), one of the nation’s premier homebuilders, has delivered over half a million quality homes for families since its founding in 1957. The Los Angeles-based company is distinguished by its Built to Order™ homebuilding approach that puts a custom home experience within reach of its customers at an affordable price. KB Home has been named the #1 Green Homebuilder in a study by Calvert Investments and the #1 Homebuilder on FORTUNE magazine’s 2011 World’s Most Admired Companies list. The Company trades under the ticker symbol “KBH” and was the first homebuilder listed on the New York Stock Exchange. For more information about any of KB Home’s new home communities, call 888-KB-HOMES or visit www.kbhome.com.

Forward-Looking and Cautionary Statements

Certain matters discussed in this press release, including any statements that are predictive in nature or concern future market and economic conditions, business and prospects, our future financial and operational performance, or our future actions and their expected results are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations and projections about future events and are not guarantees of future performance. We do not have a specific policy or intent of updating or revising forward-looking statements. Actual events and results may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors. The most important risk factors that could cause our actual performance and future events and actions to differ materially from such forward-looking statements include, but are not limited to: general economic, employment and business conditions; adverse market conditions that could result in additional impairments or land option contract abandonment charges and operating losses, including an oversupply of unsold homes, declining home prices and increased foreclosure and short sale activity, among other things; conditions in the capital and credit markets (including residential consumer mortgage lending standards, the availability of residential consumer mortgage financing and mortgage foreclosure rates); material prices and availability; labor costs and availability; changes in interest rates; inflation; our debt level, including our ratio of debt to total capital, and our ability to adjust our debt level and structure and to access the credit, capital or other financial markets or other external financing sources; weak or declining consumer confidence, either generally or specifically with respect to purchasing homes; competition for home sales from other sellers of new and existing homes, including sellers of homes obtained through foreclosures or short sales; weather conditions, significant natural disasters and other environmental factors; government actions, policies, programs and regulations directed at or affecting the housing market (including, but not limited to, the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, tax credits, tax incentives and/or subsidies for home purchases, tax deductions for residential consumer mortgage interest payments and property taxes, tax exemptions for profits on home sales, and programs intended to modify existing mortgage loans and to prevent mortgage foreclosures), the homebuilding industry, or construction activities; the availability and cost of land in desirable areas; our warranty claims experience with respect to homes previously delivered and actual warranty costs incurred; legal or regulatory proceedings or claims; our ability to access capital; our ability to use/realize the net deferred tax assets we have generated; our ability to successfully implement our current and planned product, geographic and market positioning (including, but not limited to, our efforts to expand our inventory base/pipeline with desirable land positions or interests at reasonable cost and to expand our community count and open new communities, and our increasing operational and investment concentration in markets in California and Texas), revenue growth and overhead and other cost reduction strategies; consumer traffic to our new home communities and consumer interest in our product designs; the impact of our former unconsolidated mortgage banking joint venture ceasing to offer mortgage banking services after June 30, 2011; the manner in which our homebuyers are offered and obtain residential consumer mortgage loans and mortgage banking services; our ability to establish a joint venture or marketing relationship with a financial institution or other mortgage banking services provider; information technology failures and data security breaches; the possibility that the proposed offer and sale of senior notes to fund the purchase of the 2014/2015 Notes in the applicable tender offers will not close timely or at all; the possibility that any or all of the tender offers will be undersubscribed; and other events outside of our control. Please see our periodic reports and other filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended November 30, 2011, for a further discussion of these and other risks and uncertainties applicable to our business.

Contacts

KB Home
Katoiya Marshall, Investor Relations
310-893-7446
kmarshall@kbhome.com

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568.3 additional local jobs will have a significant financial impact on the Jobs market of Nyc, New York 10008. Our economic study, research and financial – statistical analysis 523.326 indicates for Nyc, New York 10008 that the local economy would show a major growth spurt leading to a stable economy by adding 627 new businesses that would put the local unemployed to work and lay the foundation for future hiring of school graduates, college graduates and stay at home Moms in Nyc 10008.

The key to guaranteeing a minimum of 2,683.2 job creation for Nyc 10008 is to create an atmosphere where the local industry of Local Home Based Businesses is able to thrive. The state of technology that exists today for Nyc 10008 and with a small budget one is able to statistically show that 51.1 jobs are created for every $121.41 spent per household, which will in turn generate as many as 16.7 jobs for Nyc 10008.

Creative, out of the box thinking will be the engine creating 27,274 of jobs and helping grow the U.S. Gross National Product for the United States economy and our study indicates that Nyc 10008 will make its own significant financial gains and job creation. We envision that there is a need in Nyc 10008 for job creation involving new handymen 51.5 accountants 32.2 automotive repair 8.24 educational tutors 72.6 computer science 84.8 computer repair 76.3 interior decorators 54.2 home cleaning and personal assistants 16.3 young children related businesses 71.4 floral and fruit gift alternatives 42.2 new chefs 73.3 and movie related businesses 78.4

There continues to be growth potential for 74,634.5 local business Internet sales and marketing for Nyc 10008. With the growth of I-Phones, Android smart phones, Skype telecommunications, Google Plus, Facebook, Yelp, Yahoo and Bing all having communications programs to help the home based businesses of Nyc 10008 grow their base of communications with potential new clients totaling 363 local home based telecommunications businesses will make great impact in helping grow the U.S. economy.

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“We look forward to the new business relationship with GM Financial and are pleased to have the opportunity to provide them with our expertise as they launch their dealer commercial business”
GM Financial plans to launch its Commercial Lending Services business this April, offering floorplan financing; capital, real estate and construction loans; floorplan insurance and cash management programs to GM dealers in the United States and Canada. The Company has also selected DataScan Field Services LLC to conduct its floorplan inspections. Both the lending systems and inspection services will provide GM Financial with a complete dealer floorplan solution utilizing DataScan’s Wholesale Management System, Dealer Access System, Risk Management System and DataScan Field Service’s extensive nationwide coverage.

“As we looked to build a best-in-class commercial lending platform, aligning ourselves with industry leaders was a must,” said Brian Fallon, senior vice president of Commercial Lending Services. He continued, “When it came to selecting a provider for dealer loan systems and inspection services, DataScan had the history and experience necessary to help us develop a comprehensive program that meets the needs of our GM dealer partners.”

“We look forward to the new business relationship with GM Financial and are pleased to have the opportunity to provide them with our expertise as they launch their dealer commercial business,” said Brent Sergot, vice president and general manager of DataScan. “DataScan’s support systems and services will streamline GM Financial’s lending and risk mitigation through an easy-to-use online interface, as well as accommodate our clients’ future growth plans.”

GM Financial will begin marketing the Commercial Lending Services suite of products at the National Auto Dealers Association’s (NADA) annual event Feb. 4-6 in Las Vegas. To learn more about GM Financial’s Commercial Lending Services business, visit GM Financial in the General Motors’ booth (2666) at NADA.

About DataScan Technologies LLC

DataScan Technologies, headquartered in Alpharetta, Ga., is a global leader in wholesale finance accounting and risk management systems and services. The first to market dealership Internet solutions for wholesale financial institutions, DataScan enables closer electronic communications between the lender and the dealer. Its sister company, DataScan Field Services, is one of the industry’s largest automotive floorplan inventory verification and off-lease vehicle inspection companies in North America. DataScan is a division of World Omni Financial Corp., a diversified financial services company headquartered in Deerfield Beach, Fla. World Omni operates as a subsidiary of JM Family Enterprises, Inc., a diversified automotive corporation.

About GM Financial

General Motors Financial Company, Inc. provides auto finance solutions through auto dealers across the United States and Canada. GM Financial has approximately 3,400 employees, 700,000 customers and $10 billion in auto receivables and leases. The Company is a wholly-owned subsidiary of General Motors Company and is headquartered in Fort Worth, Texas. For more information, visit www.americredit.com.

Contacts

General Motors Financial Company, Inc.
Caitlin DeYoung, 817-302-7394

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“We are committed to making even more Veterans and Servicemembers aware of this important benefit and delivering the assistance they deserve when financial difficulties arise”
“The continued strong performance and high volume of VA loans are a testament to the importance of VA’s home loan program and a tribute to the skilled VA professionals who help homeowners in financial trouble keep their homes,” said Secretary of Veterans Affairs, Eric K. Shinseki.

Last year, VA helped 72,391 Veterans and Servicemembers who were in default on their mortgage loan retain their homes or avoid foreclosure, an increase from 66,030 from the prior year. At the same time, foreclosures on VA guaranteed loans dropped by 28 percent.

According to the Mortgage Bankers Association National Delinquency Survey, VA’s foreclosure rate for the last 14 quarters and serious delinquency rate for the last 11 quarters have been the lowest of all measured loan types, even prime loans.

In fiscal year 2011, VA guaranteed 357,594 loans, an increase of nearly 14 percent over last year. There are currently over 1.5 million active VA home loans. The program makes home ownership more affordable for Veterans, active duty Servicemembers, and eligible surviving spouses by permitting no-downpayment loans and by protecting lenders from loss if the borrower fails to repay the loan.

Much of the program’s strength stems from the efforts of VA employees and loan servicers nationwide, whose mission is to ensure all Veterans receive every possible opportunity to remain in their homes, avoid foreclosure, and protect their credit from the consequences of a foreclosure.

“We are committed to making even more Veterans and Servicemembers aware of this important benefit and delivering the assistance they deserve when financial difficulties arise,” said VA’s Under Secretary for Benefits Allison A. Hickey.

For Veterans and Servicemembers who have trouble meeting their mortgage obligations or anticipate problems in the near future, VA first recommends contacting their loan servicer.

Depending on the situation, VA’s loan specialists can intervene on a Veteran’s behalf to help pursue home-retention options such as repayment plans, forbearances, and loan modifications. Veterans and Servicemembers can also call VA toll-free at (877) 827-3702 to speak with a VA specialist concerning foreclosure avoidance.

Veterans may obtain a certificate of eligibility and sign up for eBenefits through the web portal at www.ebenefits.va.gov. The Department of Defense and VA jointly developed the eBenefits portal as a single secure point of access for online benefit information and tools to perform multiple self-service functions such as checking the status of their claim.

Servicemembers may enroll in eBenefits using their Common Access Card at any time during their military service, or before they leave during their Transition Assistance Program briefings.

Veterans may also enroll in eBenefits and obtain a premium account by verifying their identity in-person at the nearest regional office or online depending on their status, or calling VA’s toll free number at 1-800-827-1000.

Since 1944, when home loan guaranties were first offered under the original GI Bill, VA has guaranteed more than 19.4 million home loans worth over $1.1 trillion. To obtain more information about the VA Home Loan Guaranty Program, please visit the program’s home page at www.benefits.va.gov/homeloans.

Contacts

U.S. Department of Veterans Affairs
Office of Public Affairs
Media Relations
202-461-7600

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“His business experience, professionalism and perspective have played an important role in our progress and the strategic steps we have implemented to build a foundation for long-term growth.”
“It has been a privilege for me to serve on this Board of Directors,” said Mr. Moonves. “I have the highest regard for KB Home’s terrific Board and capable management team, and believe that through their efforts, the company is well-positioned to achieve future success.”

“I want to extend my sincere appreciation to Les for his exceptional service and the invaluable contributions he has made to KB Home during his tenure,” said Jeffrey Mezger, president and chief executive officer of KB Home. “His business experience, professionalism and perspective have played an important role in our progress and the strategic steps we have implemented to build a foundation for long-term growth.”

About KB Home

KB Home is one of the largest and most recognized homebuilding companies in the United States. Since its founding in 1957, the company has built more than half a million quality homes. KB Home’s signature Built to Order™ approach lets each buyer customize their new home from lot location to floor plan and design features. In addition to meeting strict ENERGY STAR® guidelines, all KB homes are highly energy efficient to help lower monthly utility costs for homeowners, which the company demonstrates with its proprietary KB Home Energy Performance Guide® (EPG®). A leader in utilizing state-of-the-art sustainable building practices, KB Home was named the #1 Green Homebuilder in a 2010 study by Calvert Investments and the #1 Homebuilder on FORTUNE magazine’s 2011 World’s Most Admired Companies list. Los Angeles-based KB Home was the first homebuilder listed on the New York Stock Exchange, and trades under the ticker symbol “KBH.” For more information about KB Home’s new home communities, call 888-KB-HOMES or visit www.kbhome.com.

Certain matters discussed in this press release, including any statements that are predictive in nature or concern future market and economic conditions, business and prospects, our future financial and operational performance, or our future actions and their expected results are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations and projections about future events and are not guarantees of future performance. We do not have a specific policy or intent of updating or revising forward-looking statements. Actual events and results may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors. The most important risk factors that could cause our actual performance and future events and actions to differ materially from such forward-looking statements include, but are not limited to: general economic, employment and business conditions; adverse market conditions that could result in additional impairments or land option contract abandonment charges and operating losses, including an oversupply of unsold homes, declining home prices and increased foreclosure and short sale activity, among other things; conditions in the capital and credit markets (including residential consumer mortgage lending standards, the availability of residential consumer mortgage financing and mortgage foreclosure rates); material prices and availability; labor costs and availability; changes in interest rates; inflation; our debt level, including our ratio of debt to total capital, and our ability to adjust our debt level and structure and to access the credit, capital or other financial markets or other external financing sources; weak or declining consumer confidence, either generally or specifically with respect to purchasing homes; competition for home sales from other sellers of new and existing homes, including sellers of homes obtained through foreclosures or short sales; weather conditions, significant natural disasters and other environmental factors; government actions, policies, programs and regulations directed at or affecting the housing market (including, but not limited to, the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, tax credits, tax incentives and/or subsidies for home purchases, tax deductions for residential consumer mortgage interest payments and property taxes, tax exemptions for profits on home sales, and programs intended to modify existing mortgage loans and to prevent mortgage foreclosures), the homebuilding industry, or construction activities; the availability and cost of land in desirable areas; our warranty claims experience with respect to homes previously delivered and actual warranty costs incurred; legal or regulatory proceedings or claims; our ability to access capital; our ability to use/realize the net deferred tax assets we have generated; our ability to successfully implement our current and planned product, geographic and market positioning (including, but not limited to, our efforts to expand our inventory base/pipeline with desirable land positions or interests at reasonable cost and to expand our community count and open new communities, and our increasing operational and investment concentration in markets in California and Texas), revenue growth and overhead and other cost reduction strategies; consumer traffic to our new home communities and consumer interest in our product designs; the impact of our former unconsolidated mortgage banking joint venture ceasing to offer mortgage banking services after June 30, 2011; the manner in which our homebuyers are offered and obtain residential consumer mortgage loans and mortgage banking services; our ability to establish a joint venture or marketing relationship with a financial institution or other mortgage banking services provider; information technology failures and data security breaches; the possibility that the proposed offer and sale of unsecured senior debt securities to fund the purchase of the 53?4% senior notes due 2014. 57?8% senior notes due 2015 and 61?4% senior notes due 2015 in the applicable tender offers will not timely close; the possibility that any or all of the tender offers will be undersubscribed; and other events outside of our control. Please see our periodic reports and other filings with the Securities and Exchange Commission for a further discussion of these and other risks and uncertainties applicable to our business.

Contacts

KB Home
Katoiya Marshall, Investor Relations
310-893-7446
kmarshall@kbhome.com

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