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Press release from Business Wire

KB Home Acquires Lots in Raleigh-Durham Market

<p> <b>National homebuilder to open new-home community in Fuquay-Varina</b> </p>

Wednesday, December 19, 2012

KB Home Acquires Lots in Raleigh-Durham Market08:00 EST Wednesday, December 19, 2012 RALEIGH, N.C. (Business Wire) -- KB Home (NYSE: KBH), one of the nation's largest and most recognized homebuilders, today announced it has acquired 65 lots in Fuquay-Varina, N.C., just southwest of Raleigh. The builder, known for its signature Built to Order™ experience which offers homebuyers a unique combination of value and choice, plans to open a new community there called Lakestone Village in early 2013. “We are pleased to have the opportunity to bring our homes to more homeowners here in North Carolina,” said Rick Carruthers, president of KB Home's Raleigh-Durham division. “Fuquay-Varina is a thriving suburb just outside of Raleigh, distinguished by its beautiful scenery and abundance of southern charm. With a desirable location and picturesque views, Lakestone Village will be a welcome addition to our existing KB Home communities in the Raleigh-Durham area.” Located within a master-planned community, residents at Lakestone Village will enjoy access to a community center, playground and junior-sized Olympic pool. KB Home plans to build one- and two-story single-family homes at Lakestone Village between 1,900 to 3,300 square feet, with up to six bedrooms and four baths. Pricing is expected to begin in the $180,000s. With KB Home's Built to Order approach, homebuyers have their choice of homesite and floor plan, as well as aesthetic choices like faucets and fixtures. Select floor plans can also be customized to suit homebuyers' differing needs. For instance, in some plans, a loft space can be utilized as a home office or entertainment nook, or can be converted into an additional bedroom and bath. All new KB homes in North Carolina, including those that will be built at Lakestone Village, are ENERGY STAR® qualified, and come with the builder's signature Energy Performance Guide® (EPG®). Similar to the miles per gallon rating or MPG sticker on cars, KB Home's EPG provides buyers with an estimate of monthly energy costs for the home as designed, as well as an estimate of monthly energy cost savings when compared to a typical resale home. KB Home currently offers its new Built to Order homes at 6 communities in and around the Triangle market. When homebuyers are ready to select their homes' finishing details, they visit the KB Home Design Studio located in Durham. Model home construction at Lakestone Village is planned to start before the end of the year. For more information and to join an interest list, visit kbhome.com or call 888-KB-HOMES. 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 the most recent 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. KB HomeCara Kane, 321-299-6844ckane@kbhome.com