of homes, millions, 3-month moving average 40% 33 New Backlog 50% Ne of Orders 34 aR, 29 10% aT 15 o% 25 -10% 2001 2003 2005 2007 2000 2011 Lennar KBHome Toll Hovnanian OR Horton NVR Pultegroup Source: Corporate Reports. Empinaal Research Partners. Source: BuildFax, Empirical Research Partners Has th

fiscal quarter Number of homes, millions, 3-month moving average 40% 33 New Backlog 65; Orders of Orders 6.4 4 | 20% 29 10% 27 2.5 0% 2.3 -10% °” Lennar KBHome Toll Hovnanian DR Horton NVR Pultegroup 2001 2008 2008 200% e008 ann .. Source: BuildFax. Empirical Research Partners. Source: Corporate Reports. Em