Statement of Forward-looking Information

2/27/2008

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Table of Contents

Statement of Forward-looking Information

Average Home Price*($000)

TOLL HOME SALE PRICESFYE 2007

1986-2007(In Millions – FYE October 31)

FY RESULTS(October 31,)

LOTS OWNED AND CONTROLLED

INVENTORY/AVAILABLE CAPITAL MATCH* AT OCTOBER 31, 2007

NET DEBT TO CAPITAL1990-2007

CONSERVATIVE LONG-TERM DEBT STRUCTURE* Outstanding Debt Average Maturity – 5.0 Years

CASH FLOW Before Interest, Taxes & Land Additions

SUPERIOR CAPITAL MARKET ACCESS

Brand Name Reputation in Luxury Market

SUBURBAN HIGH DENSITY

Eastern States Engineering - ESE

LONG TERM FUNDAMENTALS STILL INTACT

UNEMPLOYMENT RATES

RECORD HOUSING DEMAND PROJECTED FOR NEXT TEN YEARS

Author: Kathy McDade