2015 HOMEBUILDERS EXECUTIVE COMPENSATION STUDY

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1 TABLE OF CONTENTS PARTICIPANTS COMPENSATION REPORTS (EXCLUDES ZERO VALUES) Chief Executive Officer Chief Operating Officer Chief Financial Officer Financial Reporting Manager Controller Treasurer Assistant Treasurer Chief Legal Officer Attorney Investor Relations Head Marketing & Advertising Head Information Systems Head Director of Applications Contracts/Purchasing Head Internal Audit Head Human Resources Head Mortgage Head Head Title Officer Architectural Head Region Head Region Finance Manager Region Controller Region Sales Head Region Marketing/Advertising Head Region Construction Head Region Contracts/Purchasing Head Region Human Resources Head Division Head City Manager (3rd Level Head) Division Operations Head Division Finance Manger Division Controller Division Marketing/Advertising Manager Division Sales Head Division Land Acquisition/Development Head Division Land Acquisition Head Division Land Acquisition Manager Division Forward Planning/Entitlement Head Division Land Development Head Division Land Development Manager Division Land Planning Manager

2 TABLE OF CONTENTS Division Construction Head Division Customer Service Head Division Contracts/Purchasing Head Division Purchasing Manager Division Architectural Manager Division Human Resources Head COMPENSATION REPORTS (INCLUDES ZERO VALUES) Chief Executive Officer Chief Operating Officer Chief Financial Officer Financial Reporting Manager Controller Treasurer Assistant Treasurer Chief Legal Officer Attorney Investor Relations Head Marketing & Advertising Head Information Systems Head Director of Applications Contracts/Purchasing Head Internal Audit Head Human Resources Head Mortgage Head Head Title Officer Architectural Head Region Head Region Finance Manager Region Controller Region Sales Head Region Marketing/Advertising Head Region Construction Head Region Contracts/Purchasing Head Region Human Resources Head Division Head City Manager (3rd Level Head) Division Operations Head Division Finance Manger Division Controller Division Marketing/Advertising Manager Division Sales Head Division Land Acquisition/Development Head Division Land Acquisition Head Division Land Acquisition Manager

3 TABLE OF CONTENTS Division Forward Planning/Entitlement Head Division Land Development Head Division Land Development Manager Division Land Planning Manager Division Construction Head Division Customer Service Head Division Contracts/Purchasing Head Division Purchasing Manager Division Architectural Manager Division Human Resources Head REGRESSIONS-WITH PREDICTED VALUES Base Salary Total Cash Total Compensation BONUS/INCENTIVE PLANS Corporate Region Head Division Head Territory/Zone Head City Manager (Third Level Head) LONG-TERM PLANS Detail Report Summary Report Definitions PERQUISITES Prevalence Report Values Report Definitions PROXY ANALYSIS REPORT POSITION DESCRIPTIONS

4 2015 HOMEBUILDERS & HOMEBUILDERS EXECUTIVE SURVEYS SURVEY PARTICIPANTS Ashton Woods Homes Beazer Homes USA, Inc. D. R. Horton, Inc. K. Hovnanian Companies, LLC KB Home Mattamy Homes MDC Holdings Meritage Homes NVR, Inc. PulteGroup Shea Homes Standard Pacific Homes The New Home Company The Ryland Group Toll Brothers, Inc. TRI Pointe Group Woodside Homes

5 General For each position in the study, we provide a summary compensation report with tabular and graphic averages of base, bonus (short-term incentive), total cash compensation, long-term incentives, perquisites and total compensation. Throughout the report, we distinguish between Total Cash Compensation and Total Compensation. Total Cash Compensation is base salary plus bonus. Total Compensation is the sum of base salary, bonus (short-term incentives), long-term incentives and the value of perquisites. We provide two versions of the reports: one includes zero values in the calculations and the other excludes zero values from the calculations. The study then provides base salary, total cash compensation and total compensation regression analysis based on sales for any position that has a positive correlation. Next the responses to the Bonus/Incentive Plans section if reported by Corporate, Region Head, Territory Head, Division Head, and City Manager (3 rd Level Head). The long-term plans section provides a detail report of long-term plans by incumbent followed by a summary report. The next section reports the prevalence and value of perquisites reported for each incumbent. The proxy report summarizes the executive compensation table for each of the publically held homebuilders. Long Term Values We asked each participant to report the long-term values recognized for financial statement purposes for each of the following categories: Non-Equity Incentive Plans represents amounts earned in connection with a Long-Term Incentive plan that is not in any way linked to the underlying value of company stock. That is, the awards are not denominated in company stock, the vesting schedule is not based on stock price and the payment is not in company stock.

6 Stock Awards represent awards from equity plans such as Restricted Stock, or Performance Shares that do not have Option-like features. Example: an employee is granted 10,000 restricted shares and the restrictions lapse in three years. Stock Options represent awards from equity plans such as Non-qualified or Incentive Stock Option plans that do have Option-like features. Example: an employee is granted 10,000 shares that he or she can purchase at a fixed price after meeting vesting requirements. Other Compensation represents amounts not reportable in any other column and can include the dollar value of perquisites, tax gross-ups, dividends, stock purchase discounts from a plan not available to all employees, preferential insurance premiums for plans not available to all employees.

7 Regression Analysis Regression analysis is a statistical method for determining a predictive relationship between a response variable and predictive variables. We performed a simple regression of base salary, total cash compensation and total compensation individually using sales as the predictive variable. We transformed base salary, total cash compensation, total compensation and sales to logs to smooth the results. Therefore, when we calculate the predicted values we solve for the antilog. An example of predicting base salary for the CEO is: Assume Sales is $500 million Predicted = Antilog of (A +BX) A is the intercept and for the CEO this is B is the coefficient of X variable (logsales) and for the CEO this is X is the log of the company s sales. If sales are assumed to be $500 million, the log is Predicted = Antilog [ ( * ) ] Predicted = Antilog [ ] Predicted base = $1,544,063 Note: To find the antilog, raise the number to the tenth power. In an Excel spreadsheet program, antilog can be found by preceding the number by 10^. If the number is in cell A1 the formula would be: =10^(A1)

8 Your report includes a "Predicted Base" page, a "Predicted Total Cash Compensation" page and a Predicted Total Compensation page. Each level of Business Unit Head is displayed on the same page and arrayed according to sales. If you did not submit data for a job or did not include sales, then your report has a page with the regression statistics only, but not the predicted values. If the Multiple R is less than.5, there is not a sufficient correlation between sales and compensation. Your report only includes pages with sufficient correlations.

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