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Press release from Business Wire

KB Home Prepares to Open Two New Communities in Highly Desirable Chino Master Plan

<p> <b>Land acquisition from Lewis Operating Corp. positions KB Home for continued success in The Preserve at Chino</b> </p>

Tuesday, April 09, 2013

KB Home Prepares to Open Two New Communities in Highly Desirable Chino Master Plan

11:00 EDT Tuesday, April 09, 2013

CHINO, Calif. (Business Wire) -- KB Home (NYSE: KBH), one of the nation's largest and most recognized homebuilders, and Lewis Operating Corp., today announced the closing of a land purchase agreement for lots within the master-planned community of The Preserve at Chino, located in Chino, California. KB Home acquired 63 finished lots for two new communities, Arietta and Cantata at The Preserve. Model home construction is expected to start next month, and KB Home plans to open the new communities at The Preserve this summer.

“The Preserve at Chino is one of Southern California's premier master-planned communities, where KB Home has already enjoyed much success. Now, thanks to our strong partnership with Lewis, we can offer to even more area homebuyers the opportunity to own a new Built to Order KB home in this very appealing neighborhood,” said Chris Haines, president of KB Home's Inland Empire division. “We're looking forward to doing what we do best – building quality, energy-efficient new homes – at our two newest communities at The Preserve, Arietta and Cantata.”

KB Home plans to construct 42 single-family homes at its Arietta community, offering shoppers a choice of three two-story floor plans ranging from 2,121 to 2,480 square feet. The homes will include up to five bedrooms and three baths, and two-car garages.

KB Home's Cantata community will offer two-story floor plans ranging from 2,880 to 3,097 square feet with up to five bedrooms and three-and-a-half baths, and two-car garages.

KB homes at The Preserve at Chino will include highly-desirable design features like large walk-in closets, first floor bedroom options, and gourmet kitchens with islands. In addition to selecting an array of built-in features, KB Home's Built to Order™ process offers homebuyers a near-custom experience. Buyers are able to choose their home's community location, floor plan, and décor details, from flooring to appliances, countertops to cabinets, and nearly everything in between.

“We've worked with KB Home for over 20 years and are proud that our relationship has helped transform vacant land into flourishing communities,” said Randall Lewis of Lewis Operating Corp. “KB Home and the residences they build will be a welcome addition to the neighborhoods of The Preserve at Chino.”

Located within The Preserve at Chino master-plan, residents at Arietta and Cantata will have access to extensive exclusive perks. For example, The Parkhouse, a 15,000 square foot private recreation area in the heart of the Preserve that boasts a 2,600 square foot gym, movie theatre, ballroom, junior Olympic sized pool, two spas, and outdoor recreation like tennis courts, barbecue areas and a large lawn.

The Preserve at Chino is also home to the Cal Aero Preserve Academy, a kindergarten through eighth grade California Distinguished school that includes science and technology labs, music rooms and a 6,000 square foot library. High school students attend the highly rated Chino Hills High School as part of the Chino Valley Unified School District.

KB Home's Arietta and Cantata at The Preserve also offer convenient access to several major employment centers, including Los Angeles, Orange, Riverside and San Bernardino, and Highways 71, 15, 91, and 60.

Like all KB homes, those available at Arietta and Cantata at The Preserve are ENERGY STAR® certified and equipped with a variety of energy- and water-saving features to help homeowners save money on monthly utility costs.

To learn more about KB Home's Arietta and Cantata at The Preserve, and other KB Home communities in California, visit www.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.

About Lewis Operating Corp.

Lewis Operating Corp. is a member of the Lewis Group of Companies. Founded in 1955, the Upland, California based Lewis Group of Companies is one of the nation's largest privately held real estate organizations engaged in the acquisition, ownership, development and management of residential and commercial real estate throughout California and Nevada. The Lewis Group has developed more than fourteen million square feet of retail, office and industrial space, and more than 65,000 single family homes and apartments, many of which are part of Lewis-developed master planned communities. For more information about the Lewis Group of Companies visit www.lewisop.com.

KB Home
Craig LeMessurier, 925-983-4509
clemessurier@kbhome.com

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