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Investor Relations

Corporate Profile

Forestar Group Inc. is a residential lot development company with operations in 24 markets in 14 states and is a majority-owned subsidiary of D.R. Horton, Inc., the largest homebuilder by volume in the United States since 2002. The company primarily acquires entitled real estate and develops it into finished residential lots for sale to homebuilders with a strategic focus on asset turns and efficiency.

Forestar Growth Timeline

FOR owns and controls 20,100 lots as of 9/30/18, with 13,600 under contract or subject to right of first offer to DHI
Expect FOR to access the capital markets in FY19 for long-term growth capital
Oct. 5, 2017
DHI acquisition of 75% of o/s shares of FOR
Feb. 8, 2018
FOR strategic asset sale
June 30, 2018
DHI & FOR quarter-end
Aug. 17, 2018
Obtained $380M 3-year unsecured revolving credit facility
Sept. 30, 2018
DHI & FOR fiscal year-end
Sept. 30, 2019
DHI & FOR fiscal year-end
Sept. 30, 2020
DHI & FOR fiscal year-end
FOR delivered 1,279 lots and generated $109M of revenues in the TTM ended 9/30/18
Expect FOR to deliver 4,000 lots and generate $300M to $350M of revenues in FY19
Expect FOR to deliver 10,000 lots and generate $700M to $800M of revenues in FY20
Lot counts and dollar amounts are approximate

Oct. 5, 2017 - Sept. 30, 2018
FOR delivered 1,279 lots and generated $109M of revenues in the TTM ended 9/30/18

Sept. 30, 2018 - Sept. 30, 2019
Expect FOR to deliver 4,000 lots and generate $300M to $350M of revenues in FY19

Sept. 30, 2019 - Sept. 30, 2020
Expect FOR to deliver 10,000 lots and generate $700M to $800M of revenues in FY20

Lot counts and dollar amounts are approximate

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