UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 10, 2015

TRI Pointe Group, Inc.
(Exact name of registrant as specified in its charter)

Delaware	 	1-35796	 	61-1763235	
(State or Other Jurisdiction
of Incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification No.)	
 
19540 Jamboree Road, Suite 300, Irvine, California	 	92612	
(Address of principal executive offices)	 	(Zip Code)	
Registrant’s telephone number, including area code (949) 438-1400
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 	o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 	o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 	o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 	o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

Item 7.01.	Regulation FD Disclosure	
Senior management of TRI Pointe Group, Inc. (the “Company”) will reference the materials included in Exhibit 99.1 to this report (the “Investor Presentation”) in investor/analyst meeting on November 10, 2015. Portions of the Investor Presentation that may include material, non-public information are furnished as Exhibit 99.1 to this report.
The information under this Item 7.01 and the Investor Presentation attached to this report as Exhibit 99.1 shall be deemed to be “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth in such filing. The furnishing of the information in this report is not intended to, and does not, constitute a determination or admission by the Company that the information in this report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company. In addition, the Investor Presentation furnished as an exhibit to this report includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.

 
Item 9.01	Financial Statements and Exhibits	
 
 	(d)	Exhibits	
 
Exhibit No.	 	Description	
99.1	 	Portions of Investor Presentation	

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 	 	 	 	TRI Pointe Group, Inc.	
 	 	 	 	
Date: November 10, 2015	 	 	 	By:	 	/s/ Bradley W. Blank	
 	 	 	 	 	 	Bradley W. Blank	
 	 	 	 	 	 	Vice President, General Counsel and Secretary	

EXHIBIT INDEX
 
Exhibit No.	 	Description	
99.1	 	Portions of Investor Presentation	

Exhibit 99.1

2015 Investor Day – November 10, 2015 Maracay Homes – Pardee Homes – Quadrant Homes – Trendmaker Homes – TRI Pointe Homes – Winchester Homes

Forward Looking Statement   Various statements contained in this presentation, including those that express a belief, expectation or intention, as well as   those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may include   projections and estimates concerning the timing and success of specific projects, our ability to achieve the anticipated benefits   of the Weyerhaeuser Real Estate Company (WRECO) transaction and our future production, operational and financial results,   financial condition, prospects, and capital spending. Our forward-looking statements are generally accompanied by words   such as “estimate,” “project,” “predict,” “believe,” “expect,” “intend,” “anticipate,” “potential,” “plan,” “goal,” “will,” or other  words that convey future events or outcomes. The forward-looking statements in this presentation speak only as of the date of  this presentation, and we disclaim any obligation to update these statements unless required by law, and we caution you not to  rely on them unduly. These forward-looking statements are inherently subject to significant business, economic, competitive,   regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond   our control. The following factors, among others, may cause our actual results, performance or achievements to differ   materially from any future results, performance or achievements expressed or implied by these forward-looking statements: the   effect of general economic conditions, including employment rates, housing starts, interest rate levels, availability of financing   for home mortgages and strength of the U.S. dollar; market demand for our products, which is related to the strength of the   various U.S. business segments and U.S. and international economic conditions; levels of competition; the successful   execution of our internal performance plans, including restructuring and cost reduction initiatives; global economic conditions;   raw material prices; energy prices; the effect of weather; the risk of loss from earthquakes, volcanoes, fires, floods, droughts,   windstorms, hurricanes, pest infestations and other natural disasters; transportation costs; federal and state tax policies; the   effect of land use, environment and other governmental regulations; legal proceedings; risks relating to any unforeseen   changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, synergies, indebtedness,   financial condition, losses and future prospects; the risk that disruptions from the WRECO transaction will harm our business;   our ability to achieve the benefits of the WRECO transaction in the estimated amount and the anticipated timeframe, if at all;   our ability to integrate WRECO successfully and to achieve the anticipated synergies therefrom; changes in accounting   principles; our relationship, and actual and potential conflicts of interest, with Starwood Capital Group or its affiliates; and   additional factors discussed under the sections captioned “Risk Factors” included in our annual and quarterly reports filed with   the Securities and Exchange Commission. The foregoing list is not exhaustive. New risk factors may emerge from time to time   and it is not possible for management to predict all such risk factors or to assess the impact of such risk factors on our   business.   2

Investor Day Opening Remarks  Doug Bauer, CEO

Homebuilding Industry   Demand Drivers   •Job growth is a positive indicator for increased demand  •Household formation/”family formations” continues to improve – Focus on Millennials  and Baby Boomers       Supply Constraints   •Land – Available developed lots in core markets well located along major  transportation corridors  •Labor – growth of trade base has not kept pace with increased volumes  •Approval process for entitlements in specific markets continues to be an obstacle to  growth       Watch List   •Houston –2016 is expected to be another year of employment adjustments  •Mid-Atlantic – turn existing assets and focus on new product in core markets  •Example: Fairfax County – 22.8 acre property, estimated yield – 163 to 190 SFA homes    •Federal election – need leadership on the fiscal side – monetary policy is not the issue       4

•Target growing deliveries from existing brands to 5,100 – 5,400 homes by 2018 (“3-Year  Goal”)  •Create additional growth by expanding geographic presence in Texas and the Southeast  through organic and/or acquisition strategies  •Continue to focus on the monetization of the longer-term assets owned by Pardee  oActivate Golden Valley (Santa Clarita), Canyon Hills PA8 (Elsinore), Ocean View Hills  PA6 (Chula Vista), Castlerock (Santee) assets through land sales and homebuilding  oPursue active adult market to increase absorption potential: 1st market entry at  Sundance Master Plan in Beaumont, CA – 699 Lots    •Optimize TRI Pointe Solutions and increase earnings contribution: Target ½% of  revenues by 2017  •Focus on operational excellence at all brands  oImprove product offerings and introduce new product to align with consumer  demand  oRevenue management: premiums, options, incentives  oCost management: increase national purchasing income, manage and grow local  trade relationships      Strategic Plan   5

A Family of Regional Homebuilders  A Family of Regional Homebuilders   LTM Orders: 4,142 LTM Deliveries: 3,726  LTM Home Sales Revenue: $2,066,816 LTM Average Sales Price: $555  Lots Owned or Controlled: 28,240 3-Year Goal: 5,100 – 5,400 Deliveries  Market: Greater Puget Sound Area   LTM Orders: 404   LTM Deliveries: 398   LTM HB Revenue: $172,282   LTM ASP: $433   Lots Owned or Controlled: 1,422   3-Year Goal: 400 Deliveries   Markets: Los Angeles/Ventura, Inland  Empire, San Diego, Las Vegas   LTM Orders: 1,131   LTM Deliveries: 1,098   LTM HB Revenue: $536,604   LTM ASP: $489   Lots Owned or Controlled: 17,075   3-Year Goal: 1,400 – 1,500 Deliveries  Markets: Orange County, Los  Angeles, San Diego, San Francisco  Bay Area, Denver   LTM Orders: 1,142   LTM Deliveries: 857   LTM HB Revenue: $662,417   LTM ASP:$773   Lots Owned or Controlled: 3,393   3-Year Goal: 1,400 – 1,550 Deliveries                        Markets: Phoenix, Tucson   LTM Orders: 567   LTM Deliveries: 417   LTM HB Revenue: $159,669   LTM ASP: $383   Lots Owned or Controlled: 1,798   3-Year Goal: 700 Deliveries   Markets: Houston, Austin  LTM Orders: 502   LTM Deliveries: 551   LTM HB Revenue: $280,762   LTM ASP: $510   Lots Owned or Controlled: 1,976   3- Year Goal: 700 – 750 Deliveries   Markets: Washington DC, Richmond   LTM Orders: 396   LTM Deliveries: 405   LTM HB Revenue: $255,082   LTM ASP: $630   Lots Owned or Controlled: 2,576   3-Year Goal: 500 Deliveries   Data as of September 30, 2015

Land Development Company Mike McMillen

ASSET LOCATIONS   San Francisco   2   3   7   5   6   4   San Diego   Los Angeles   Project Name   Location   Total  Lots   Target  Activation   1   Golden Valley   Santa Clarita   498   Active   2   Skyline Ranch   Santa Clarita   1,260   2-4 Years   3   Banning   Inland Empire   4,318   2-4 Years   4   Natomas   Sacramento   ~120   1-2 Years   5   Meadowood   San Diego   844   1-2 Years   6   Bear Creek   Stockton   ~1,252   5+ Years   7   South Otay  Mesa   San Diego   893   5+ Years   ~9,185     1   8

GOLDEN VALLEY   City of Santa Clarita   9

PROJECT LOCATION  LAX  LAX   Downtown Los  Angeles  Downtown Los  Angeles    Simi Valley  Simi Valley   Lancaster  Lancaster   Palmdale  Palmdale   Burbank Airport  Burbank Airport   Golden Valley  Golden Valley   •Located in Santa Clarita  •21 Miles from Burbank  Airport  •33 Miles from  Downtown Los Angeles  •37 Miles from LAX    GOLDEN VALLEY   10

Golden Valley   Skyline Ranch   Five Knolls   GOLDEN VALLEY   LOCATION MAP   11

AREA AMENITIES   Via Princessa Metrolink   Costco   Terramar Retail Center   Lowe’s, Target, PetSmart, Chipotle, Bed  Bath & Beyond, Shell   La Mesa   Junior High   2.5 miles West   API 835   Golden Valley   High School   2 miles West   API 772   Interstate 5   6 miles West   Proposed Disney Studio  24 Hour Fitness   SR-14   Golden Oak Elementary   API 910   Fair Oaks Ranch   Golden Valley   GOLDEN VALLEY   Henry Mayo Newhall   Memorial Hospital   8 miles West   Olive View –  UCLA Medical Center  11 miles South  12

GOLDEN VALLEY PROJECT AMENITIES 13

GOLDEN VALLEY   COMMUNITY REC AREA REAR PLAN- HOA   •Fitness Center  •Multi-Purpose Room  •Indoor Kitchen  •Bocce Ball    •Entertainment Areas  •Outdoor BBQ  •Fire Pits  •Large Lawn Area    •Lap Pool  •Kids Pool  •Spa  •Splash Pad    14

IMAGES 15

GOLDEN VALLEY PRODUCT LOCATION PLAN 16

GOLDEN VALLEY   ARCHITECTURAL PROGRAMMING   Product   Plan   Unit   Target   # of                  Type   Type   Mix   Size   Stories   Bed   Bath   Den   Bonus   Garage   Active  Adult   Plan 1   14   1,625   1   2   2   Option   n/a   2   Plan 2   14   1,660   1   2   2   Option   n/a   2   Plan 3   14   1,695   1   2   2   Option   n/a   2   Plan 1X   17   2,350   2   3   2.5   Std   Std   2   Plan 2X   18   2,550   2   3   2.5   Std   Std   2   Plan 3X   18   2,600   2   3   3   Std   Std   2   Total =   95                                 50 x 105   Plan 1   27   2,500   2   4   3   Option   Std   2   Plan 2   37   2,700   2   4   3   Option   Std   2   Plan 3   43   2,900   2   4   3.5   Option   Std   3 T   Total =   107                                 55 x 105   Plan 1   29   3,000   2   4   3.5   Option   Std   3 T   Plan 2   41   3,200   2   4   4   Option   Std   3 T   Plan 3   47   3,400   2   5   4.5   Option   Std   3 T   Total =   117                                 60 x 105   Plan 1   17   3,000   1   4   4.5   Option   Std   2   Plan 2   28   3,500   2   5   4.5   Option   Std   2 + 1 Splt   Plan 3   28   3,700   2   5   5.5   Option   Std   3 T   Plan 4   39   3,900   2   5   5.5   Option   Std   3 T   Total =   112                                 70 x 105*   Plan 1   17   4,000   2   5   5.5   Std   Std   3 T   Plan 2   23   4,250   2   5   5.5   Std   Std   4 T   Plan 3   27   4,400   2   6   6   Std   Std   2 + 2 Splt   Total =   67                                 Overall Total = 498 Homes           * Possible opportunity for single story   17

GOLDEN VALLEY ARCHITECTURE INSPIRATION IMAGES 18

GOLDEN VALLEY NEW HOME COMPETITION Source: Meyers Research

GOLDEN VALLEY KEY TAKEWAYS Where are the opportunities to increase value?  Marketing: Rename & brand the community to a “premium” lifestyle  Amenities: New design of “high level” amenities to increase home revenue & lot values  Optimize value: Deliver “finished lots” to guest builders, comprehensive offering  Monetize asset: Activate community to achieve builder sales & lot closings in 2016  Profitability: Anticipate Profit Participation with Guest Builders  TPH $   20

SKYLINE RANCH   County of Los Angeles   21  

Golden Valley   Skyline Ranch   Five Knolls   SKYLINE RANCH   LOCATION MAP 22

Canyon   High School   Leona Cox   Elementary   Sierra Vista   Junior High   Canyon Country Plaza  Ralph’s, Food 4 Less, Restaurants,  Big 5 Sporting Goods, Pharmacies  I-5 Freeway  7 Miles West  Valencia City Center   Employment Opportunities   6 Miles West   Valencia Westgate Mall   6 Miles West   Skyline Ranch   SR-14   AREA AMENITIES   SKYLINE RANCH   23

PROJECT AERIAL   SKYLINE RANCH   24  

SKYLINE RANCH PLAN COMPARISON 25

PRODUCT MIX BY PA BREAKDOWN   Market Rate   Age  Qualified   SKYLINE RANCH   Existing Proposed   Product Type   Yield   Mix   Yield   Mix   Grayson         138   11%   45 x 90 Lot    189    16%   55 x 90 Lot    208    17%   50 x 100 Lot    138    11%   55 x 105 Lot    658    52%   60 x 100 Lot    144    12%   60 x 105 Lot    337    27%   65 x 100 Lot    173    14%   70 x 105 Lot   265   21%    Subtotal   1,260   100%   990   81%   55 x 90         81   7%   50 x 100         62   5%   65 x 90         81   7%    Subtotal   0   0%   224   19%    Grand Total   1,260   100%   1,214   100%     26

SKYLINE RANCH   KEY TAKEWAYS    Where are the opportunities to increase value?         Market Demand: Supply constrained market, continuation to Golden Valley      Team: Developed “All Star” consultant team to expedite approval process with LA County      Optimize value: Re-positioned community plan with greater mix of lot sizes and product diversity      Profitability: Increased profitability with development cost reductions, lot premiums, and market segmentation for faster absorption   TPH $   27

BANNING City of Banning 28

•30 miles east of  Riverside  •27 miles west of  Palm Springs  •80 miles east of  Los Angeles        PROJECT LOCATION   Banning  Banning  BANNING   29

Sun Lakes Village Shopping Center    Home Depot, Walmart, Bed Bath & Beyond,   Albertsons, Food 4 Less, Best Buy, Kohl’s    Cabazon Outlet Mall  8 Miles East  Sundance    Elementary   San Gorgonio    Middle School   Glen View    High School    Banning Transit  Bus Stop  Banning Project   Sundance   AREA AMENITIES    Anna Hause  Elementary  BANNING   30

PROJECT AERIAL BANNING   31

BANNING   OPEN SPACE PLAN   32

BANNING   SITE PLAN   33

Existing   Proposed   Product Type   Yield   Mix   Yield   Mix   6 Pack SFD         572   13%   Cluster   1,106   26%    386    9%   38 x 110 Lot   208   5%         45 x 100 Lot    566    13%   45 x 110 Lot    1,109    26%   50 x 100 Lot    728    17%   50 x 110 Lot    958    22%   55 x 100 Lot    793    18%   55 x 110 Lot   362   8%   60 x 110 Lot    575    13%   557   13%    Subtotal   4,318   100%   3,602   83%   Cluster         192   4%   50 x 100         198   5%   55 x 100         168   4%   65 x 100         158   4%    Subtotal   0   0%   716   17%    Grand Total   4,318   100%   4,318   100%     PRODUCT MIX BY PA BREAKDOWN   Market Rate   Age  Qualified   BANNING   34

BANNING   KEY TAKEWAYS    What are the opportunities to increase value?         Market Demand: Sundance is performing well, bring community to market sooner than anticipated      Amenities: New programming of “open space” amenities and trails for community connectivity      Optimize value: Introduction of Age Qualified, more balanced mix of lot size/product segmentation      Profitability: Increased profitability with faster absorption, lot premiums, earlier market entry   TPH $   35

Add  Photo   36   Andy Warren

•Established in 1991  •Office located in Scottsdale Arizona.  •Active operations in greater Phoenix and  Tucson markets.  •92 employees, including sales and field  •17 active selling locations as of 9/30/15    •LTM deliveries as of 9/30/15: 417  •Lots owned or controlled (1): 1,798    37   Company Overview   (1) Includes land under a purchase contract or option contract as of September 30, 2015

•Population: 4.5 million – 12th  largest MSA & one of fastest  growing in US  •Median resale: $217,000  •Median new home: $293,000  •Maracay Homes targets the  premium segment of the  production housing market,  which centers in three areas:  Southeast Valley, West Valley,  Northwest Valley    Southeast  Valley  West  Valley   Northwest  Valley   Phoenix   Market Overview   38   Source: ASU, WP Carey School of Business, Center for Real Estate Theory and Practice

•Population: 1.0 Million. Second  largest city in Arizona  •2 hours southeast of Phoenix  •Median resale: $177,000  •Median new home: $251,000  •Maracay Homes targets the  premium segment of the  production housing market,  which is primarily centered in  northwest Tucson, specifically  the Tangerine Road corridor  between Marana and Oro Valley.  Also successful with infill projects  in the higher-end Foothills region  in northeast Tucson    Northwest/Tangerine  Road Corridor   Foothills   Tucson   Market Overview   39   Source: Bright Future Real Estate Research LLC

Employers by County   OrganizationJobsOrganizationJobsIntel Corporation11,960Banner Health5,595  Banner Health11,426Honeywell3,847  Arizona State University9,360American Express3,095  Mesa Unified School District 48,220USAA Phoenix Office2,900  Wells Fargo7,533Walmart2,862  Walmart5,893Wells Fargo2,768  Honor Health5,050Discover Financial Services2,365  Boeing Co4,150Safeway1,750  Gilbert Unified School District 413,650Cigna Healthcare Of Arizona Inc1,714  Jpmorgan Chase Bank National Association3,223Cox Communications Inc1,700  OrganizationJobsOrganizationJobsUnited States Department of the Air Force5,010University of Arizona11,047Walmart4,530Raytheon Missile Systems9,933Banner Health3,211Davis-Monthan Air Force Base8,281State of Arizona2,710Pima County7,328Peoria Unified School District 112,370Tucson Unified School District6,525Dysart Unified School District 891,790Banner - University Medical Center6,329Glendale Elementary School District 401,600City of Tucson4,845City of Glendale1,590U.S. Border Patrol4,135Peoria Unified School District 111,340Carondelet Health Network3,476Deer Valley Unified School District 971,340TMC HealthCare2,954TUCSON LARGEST EMPLOYERSEAST VALLEY LARGEST EMPLOYERSWEST VALLEY LARGEST EMPLOYERSNORTH WEST VALLEY LARGEST EMPLOYERS40  Source: Greater Phoenix Economic Council

Phoenix   Market Metrics   Source: John Burns Real Estate Consulting   41

Phoenix   Market Metrics   Source: John Burns Real Estate Consulting   42

Tucson  Market Metrics  Source: John Burns Real Estate Consulting  43

Tucson   Market Metrics   Source: John Burns Real Estate Consulting   44

Lots Owned or Controlled (1)    Phoenix, Arizona   45  Project NameCityTotal # of  LotsLots Owned  or Controlled  as of 9/30/151Verrado TildenBuckeye102112Verrado PalisadesBuckeye63503Verrado VictoryBuckeye98894Artesian RanchChandler90415Vaquero RanchChandler74176Maracay at Layton LakesChandler47467Sendera PlaceChandler34278Arch Crossing at BridgesGilbert67259Trestle Place at BridgesGilbert732010Artisan at Morrison RanchGilbert10510511Marquis at Morrison RanchGilbert666612Calderra at Palm ValleyGoodyear81713Kinetic Point at EastmarkMesa803214Lumiere Garden at EastmarkMesa853515Aileron Square at EastmarkMesa585816Curie Court at EastmarkMesa10610617The Reserve at Plaza del RioPeoria1628818Maracay at NorthlandsPeoria482519Meadows - 5500'sPeoria818120Meadows - 6500'sPeoria565621Meadows - OversizedPeoria373722The Preserve at Hastings FarmsQueen Creek895723VillagioQueen Creek135557Sendera PlaceChandler454524Chandler HeightsChandler848418NorthlandsPeoria4242  2,008 1,305 Phoenix Lots Owned or Controlled: (1) Includes land under a purchase contract or option contract as of September 30, 2015

Lots Owned or Controlled (1)    (1) Includes land under a purchase contract or option contract as of September 30, 2015    Tucson, Arizona   46   Project NameCityTotal # of  LotsLots Owned  or Controlled  as of 9/30/1525Tortolita VistasMarana432426Rancho del CobreOro Valley683927Desert Crest - CP VistosoOro Valley10310328The Cove - CP VistosoOro Valley838329Summit (South) - CP VistosoOro Valley878730The Pinnacle - CP VistosoOro Valley707031Deseo at Sabino CanyonTucson39832Ranches at Santa CatalinaTucson343425Tortolita VistasMarana121233Rooney RanchOro Valley3333  572 493  2,580 1,798  Tucson Lots Owned or Controlled: Total Maracay Lots Owned or Controlled:

•55+ Active Adult community developed  by DMB Associates in Phoenix West Valley  premium Verrado master plan  •Active adult anticipated to include 3,500  of the 11,000 planned homes in the  highly amenitized Verrado  •Maracay controls 98 lots in initial phase  and anticipates rolling into future phases  for a multi-year program    Company Overview   Victory at Verrado – Buckeye, AZ  47

•Sales opened in January 2015; 22 sales  YTD  •Victory-specific amenities scheduled for  completion in December 2015  •Maracay developed age-targeted product  series incorporating Universal Design  elements    •One-story only home designs range  from 2,200-2,800 sq ft  •Lot size min 70’x120’ (8,400 sq ft)  •Base prices range from $368K to $375K  •Ave price in backlog $487K  •High option revenue (~$95K) and lot  premium revenue (~$28K)  •Current gross margins at 18.5%    Company Overview   Victory at Verrado – Buckeye, AZ   48

•3,000 acre Master Plan in sought-after East Valley  Gilbert location  •Second-to-last phase of community which has  developed over a 15 year period  •Unique rural ranch, agricultural themed community  with 400 acres of pedestrian oriented greenbelts,  fishing lakes, white rail fences.  •Farmhouse inspired architectural aesthetic with  front porches, craftsmen-inspired home designs    •Maracay developing two parcels  •105 - 50x120’ lots (6,000 sq ft)  •66 - 70’x130’ lots (9,100 sq ft)      •Two other builders (Ashton Woods  & Fulton) in same phase    Company Overview  Morrison Ranch – Gilbert, AZ  49

•Maracay developing two new one  and two story product series to fit  with community requirements  •35’ wide Artisan series, 2,000 –  3,200 sq ft, anticipated base  price range $285K - $338K  •50’ wide Marquis Series, 2,300 –  4,000 sq ft; anticipated base  price range $355K - $424K      •Site currently in final  development  •Models and sales  opening scheduled for 1st  quarter 2016    Company Overview  Morrison Ranch – Gilbert, AZ  50

[VALUE]  [VALUE]  [VALUE] [VALUE]  [VALUE]  [VALUE]  1.0  1.5  2.0  2.5  3.0  3.5  4.0  4.5  5.0  0  100  200  300  400  500  600  YTD14  YTD15  Orders  Deliveries  Absorption  Orders, Deliveries and Absorption Rate  For the nine months ended September 30, 2014 and 2015  58%  YTD14 YTD15  16.4 17.3  Average Selling Communities  HB Revenue, Gross Profit $’s and Gross Margin %  For the nine months ended September 30, 2014 and 2015  [VALUE]  [VALUE]  [VALUE]  [VALUE]  19.5%  16.1%  10.0%  15.0%  20.0%  25.0%  30.0%  $0  $20,000  $40,000  $60,000  $80,000  $100,000  $120,000  $140,000  YTD14  YTD15  HB Revenue  Gross Profit $  GM %   YTD14 YTD15  $376K $380K  Average Sales Price of Deliveries mcay.png •Strengthening Phoenix market has led to increases in  orders and deliveries in 2015  •Increase in orders largely due to a higher absorption  pace as community count stayed relatively flat    50%  •Margin compression in 2015 is the result of higher lot  costs and weak market conditions in 2014  •Margins have recently stabilized and started to trend  higher thanks to improving market conditions    8%  51

Add photos Alan Shapiro

Company Overview   •Established in 1979  •Office located in Bethesda, Maryland  •Operate in Northern Virginia & Suburban  Maryland  •106 employees, including sales and field  •13 active selling locations as of 9/30/15  •LTM Deliveries as of 9/30/15: 405  •Lots owned or controlled (1): 2,576    Add Logo here C:\Users\FischeBe\Downloads\Sorrento Terrace-Front Elevation twilight.jpg S:\Community Development-SD\Pictures\Sorrento Heights-P3_Front Elevation.jpg (1) Includes land under a purchase contract or option contract as of September 30, 2015    53

Population:  •Baltimore: 2,800,100  •Washington: 6,105,200  Median Resale  •Baltimore: $236,000  •Washington: $355,000  Median New Home  •Baltimore: $400,900  •Washington: $481,800  New Home Markets are  Divided into 6 Primary  Submarkets Located off Main  Transportation Corridors    DC Market Overview   Dulles Toll Road  I-66  I-270  I-95 South  BW Corridor  I-70 Corridor  Submarkets:   54   I-270  I-95 South  I-66  I-70 Corridor  Source: John Burns Real Estate Consulting and Metrostudy   BW Corridor  Dulles Toll Rd

Top Employers: By MSA   Washington MSA*   Baltimore MSA**   Top Employers   Top Employers   County Schools   98,000+   Johns Hopkins Health   22,000   Inova Health System   16,000   Med Star Health   22,000   Marriott International   15,200   Johns Hopkins U   15,800   U of Md. College Park   13,900   Verizon Inc.   14,000   WAMATA   12,900   Northrop Grumman   11,000   Fairfax County Govt.   12,300   Constellation Energy   8,700   Booz Allen Hamilton   11,000   McCormick & Co.   8,000   Verizon Comm.   11,000   Care First Blue Cross   6,500   Montgomery Cty Gov.   10,000   W.R. Grace & Co.   6,300   Lockheed Martin Corp   9,000   University of Md Med.   6,200   Deloitte LLP   8,000   Lifebridge Health   5,700   General Dynamics   8,000   Legg Mason Inc.   5,300   Computer Sciences co.   7,200   Magellan Health Svcs   4,800   Hilton Worldwide   7,200   T Rowe Price   3,700   Kaiser Permanente   6,900   Mercantile Bank Share   3,300   George Mason Univ.   6,600   Rouse Companies   3,100   George Mason Univ.   6,600   Under Armour 1,100   Children’s Natl. Health   6,300   Leidos Holdings inc.   6,000   Maryland 280,000   Long & Foster Cos.   5,300   Virginia 321,000   Adventist Healthcare   5,200   District of Columbia 365,000   Fannie Mae   5,100   *Includes Federal & Cabinet Level agency  Sources  *Washington Business Journal July 3, 2015  **Baltimore Sun, Sunspot staff, 2015  ***Governing.com  55

Washington MSA  Market Metrics   Source: John Burns Real Estate Consulting 56

Washington MSA  Market Metrics   Source: John Burns Real Estate Consulting  57

Baltimore MSA  Market Metrics  Source: John Burns Real Estate Consulting 58

Baltimore MSA  Market Metrics  Source: John Burns Real Estate Consulting   59

Lots Owned or Controlled (1)  (1) Includes land under a purchase contract or option contract as of September 30, 2015    Add Logo here  Project NameCityTotal # of  LotsLots Owned  or Controlled  as of 9/30/151Reserve at Waples MillOakton2872Stuart Mill & Timber LakeOakton19153Stable HillGlen Allen4914Village of PiedmontHaymarket1681585English Manor TownhomesAshburn34166Glenmere at Brambleton SFDAshburn73277Glenmere at Brambleton SFAAshburn79228West Park at BrambletonAshburn4509One Loudoun, AshburnAshburn168810Vistas at Lansdowne, LansdowneLansdowne12011211Willowsford Grant II, AldieAldie1112Willowsford Grant, AldieAldie36213Willowsford Greens, AldieAldie381914Brambleton Ceighton EastAshburn226Glenmere at Brambleton SFDAshburn27277Glenmere at Brambleton SFAAshburn525211Willowsford Grant II, AldieAldie545415Fair Oaks ChurchFairfax170170  1,163 693 Virginia Lots Owned or Controlled: Virginia Lots  60

Lots Owned or Controlled (1)  (1) Includes land under a purchase contract or option contract as of September 30, 2015    Add Logo here   Project NameCityTotal # of  LotsLots Owned  or Controlled  as of 9/30/151Hawthornes GrantArnold0112Watson's GlenMillersville1031013Landsdale Village SFDMonrovia2222144Landsdale Everson TownhomesMonrovia1001005Landsdale TND Neo EversonMonrovia77776Walnut CreekEllicott City1967Cabin Branch SFDClarksburg3593208Cabin Branch Boulevard TownhomesClarksburg61619Cabin Branch Everson TownhomesClarksburg56752310Preserve at Stoney CreekRockville0511Preserve at Rock CreekRockville681212Poplar Run Everson TownhomesSilver Spring1365213Poplar Run SFDSilver Spring32612914Poplar Run Lots for SaleSilver Spring6715Potomac HighlandsPotomac232316Glenmont MetroCenterSilver Spring898916Glenmont MetroCenterSilver Spring82826Walnut CreekEllicott City1111  2,243 1,883  3,406 2,576  Maryland Lots Owned or Controlled: Winchester Lots Owned or Controlled: Maryland Lots  61

Cabin Branch – Clarksburg, MD   Add Logo here   •Located west of I-270 in Clarksburg,  Montgomery County, Maryland in the I-270  Technology corridor  •The site consists of 540 acres (Winchester  owns 217 acres)  •Designed as a mixed use, transit oriented  and pedestrian friendly neighborhood  •Winchester owns 987 fully entitled lots  •359 Market rate single family detached lots  •504 Fee simple townhome lots  •124 Fee simple townhouses built under  Montgomery County’s Moderately priced  Dwelling Unit program.    • NVR owns the remaining 605 lots  (128 2/2 condo, 108 SFA, 369 SFD)  •Shared infrastructure through a joint  development agreement  •Simon Properties Clarksburg Premium  Outlets opening fall 2016    Cabin Branch  Cabin Branch   Community Overview   62

Community Overview  Cabin Branch – Clarksburg, MD   63

•24’,30’,36’ wide single family detached  product  •Square footage range: 2,500 to 3,600  •Current base price range: $480K to  $719K    •18,20,22’ wide single family attached  product  •Square footage range: 2,000 to 2,700  •Current base price range: $375K to  $390K      8EFE9889-2590-0D9C-E29F6E8AED40F348.jpg 7B0FCF55-2590-0D9C-E203AE1C2175E2FB.jpg 8EFEBF25-2590-0D9C-E28199B74AB78C41.jpg Cabin Branch - Clarksburg, MD   Community Overview   64

Potomac Highlands - Potomac, MD   Add Logo here   cabin1.jpg camberley clear.jpg •23 fee simple townhomes  •Sold under premium Camberley brand  •Located in Potomac, MD  •Short distance to I-270 and I-495  •Close to upscale mall, shops,  restaurants and entertainment  •Constrained land supply market, only  2 new home closings since 2012    Community Overview  65

Potomac Highlands - Potomac, MD   •(19) 26-28’ Wide Luxury Elevator  Towns  •Square footage range: 4,000 +  •Anticipated base price range:  Low $1.0 M      •(4) 18’ Affordable Towns  •Square footage: 1,400 to 1,500  •Anticipated base price range:  $180K  Community Overview   66

[VALUE]   [VALUE]  [VALUE]   [VALUE]   [VALUE]  [VALUE]  1.0  1.5  2.0  2.5  3.0  3.5  4.0  0  50  100  150  200  250  300  350  YTD14  YTD15  Orders  Deliveries  Absorption  Orders, Deliveries and Absorption Rate  For the nine months ended September 30, 2014 and 2015  23%  YTD14 YTD15    19.1 13.5    Average Selling Communities   HB Revenue, Gross Profit $’s and Gross Margin %  For the nine months ended September 30, 2014 and 2015  [VALUE]   [VALUE]   [VALUE]  [VALUE]  19.1%  13.4%  10.0%  15.0%  20.0%  25.0%  30.0%  $0  $50,000  $100,000  $150,000  $200,000  YTD14  YTD15  HB Revenue  Gross Profit $  GM %   YTD14 YTD15    $747K $631K    Average Sales Price of Deliveries   •Orders 23% higher despite 5.6 fewer average selling  communities  •Absorption pace 73% higher, thanks to greater focus  on inventory turns and product repositioning    73%   (9%)   Financial Metrics  •HB Revenue declined due to mix shift to lower ASP  homes as a result of product repositioning efforts  •Gross margin decline reflects higher incentives as a  result of market weakness    67

Ken Krivanec

•Established in 1969  •Office located in Bellevue, Washington  •Operate in the 6 core counties that  comprise the greater Puget sound area of  the Seattle market  •96 employees, including sales and field  •11 active selling locations as of 9/30/15  •LTM Deliveries as of 9/30/15: 398  •Lots owned or controlled (1): 1,421    Click to View Full-Screen Image Company Overview   (1) Includes land under a purchase contract or option contract as of September 30, 2015    69

Seattle MSA  Market Overview  County   Population   Unemployment  Rate   Median  Income   Kitsap    256,890   5.2%    $ 61,892   King    2,070,488   3.6%    $ 71,993   Pierce    834,906   6.1%    $ 59,463   Skagit    118,837   6.3%    $ 55,919   Snohomish    757,598   3.9%    $ 69,476   Thurston    267,951   5.6%    $ 60,726     County Market Areas:  •Market made up of 6 counties  •Median Resale Sales Price: $350,000  •Median New Home Sales Price: $461,000    Sources: Nielson-Claritas and BLS   70

Seattle Market Metrics   Source: John Burns Real Estate Consulting 71

Seattle Market Metrics  Source: John Burns Real Estate Consulting  72

Top Employers: By County   King   Snohomish   Top Employers   Top Employers   Boeing   85,000   Boeing   40,000   Microsoft   41,664   Naval St Everett   6,350   U of W   29,800   State WA   5,400   Providence   20,240   Providence   3,500   Amazon   15,000   Tulalip   3,500   King Co.   12,993   Sno County   2,700   USPS   11,914   Everett Clinic   2,500   Starbucks   10,837   Premera   2,400   City of Seattle   10,479   Everett SD   2,025   Nordstrom   9,281   Philips Med   2,000   Pierce   Thurston   Top Employers   Top Employers   Joint Base LM   66,054   State Govt.   24,762   Schools   13,408   Local Govt.   11,440   Multicare   6,904   Providence   1,600   WA State   6,455   Franciscan   5,338   Pierce Co.   2,979   Kitsap   WA Higher Edu   2,556   Top Employers   Fred Meyer   2,560   Naval Base Kitsap   16,372   State Farm   2,206   Harrison MC   2,442   City of Tacoma   2,078   Source: County Websites     Employers by County   73

Lots Owned or Controlled (1)   (1) Includes land under a purchase contract or option contract as of September 30, 2015    Project NameCityTotal # of  LotsLots Owned  or Controlled  as of 9/30/151Skagit HighlandsMt Vernon423251Skagit Clearwater CourtMt Vernon11111Skagit Surplus Pod EMt Vernon444Kings Corner 1&2Mill Creek116345Filbert GlenBothell1674King's Corner 3Mill Creek29297Evergreen HeightsMonroe71718Palm CreekBothell41419Garrison GlenKent30510Sonata HillAuburn714411The Gardens at EastlakeSammamish8812Heathers RidgeKirkland413913HedgewoodRedmond111114Grasslawn EstatesRedmond4415Vintner's PlaceKirkland353513Hedgewood EastRedmond151517TrailsideRedmond9918CopperwoodRenton464619Parkwood TerraceWoodinville151520Hazelwood RidgeNewcastle303021Inglewood LandingSammamish212122Jacobs LandingIssaquah202023Kirkwood TerraceSammamish121224English Landing P2Redmond252574

Lots Owned or Controlled (1)  (1) Includes land under a purchase contract or option contract as of September 30, 2015    Project NameCityTotal # of  LotsLots Owned  or Controlled  as of 9/30/1524English Landing P1Redmond505012Heathers Ridge SouthRedmond8827Cedar LandingNorth Bend1231232842nd Avenue TownhomesSeattle404029Pearl & DeloresSeattle121230Monarch RidgeSammamish595931Harbor Hill S-9Gig Harbor40631Harbor Hill S-8Gig Harbor333333Chambers RidgeTacoma24934TehalehBonney Lake85335The Enclave at Harbor HillGig Harbor333336Campus FairwaysLacey393337McCormick MeadowsPoulsbo1676638Vinland PointePoulsbo902139Mountain AirePoulsbo14514541Campus FairwaysLacey404042ViscaiaBellevue181843The Grove at Canyon ParkBothell606045Hawks GlenRedmond272746BrevaBellevue292947AureaSammamish383831Harbor Hill S-7Gig Harbor77  2,271 1,421 Quadrant Lots Owned or Controlled: 75

•49 lots - 30’ & 40’ wide product  •Woodley Architectural Group designs  •Square footage range: 1,833 to 3,112  •Base price range: $780K to $935K  •Opened for sales on 5/16/15, sold 25 for  an absorption rate of 5.1 per month (1)  •Expected gross margins for this project is  23%    Heathers Ridge – Kirkland, WA  Community Overview   (1) Sales data as of 9/30/15

•75 Lots - 40’ wide product  •Woodley Architectural Group Designs  •Square footage range: 3,000 to 4,000  •Base price range: $910K to $1.0 million  •Anticipated opening November 2016  •Expected gross margins for this project  is 22%  Education Hill:  •Highly regarded schools  •Easy commute to Microsoft  •Redmond Town Center    English Landing – Redmond, WA

[VALUE]  [VALUE]  [VALUE]  [VALUE]  [VALUE]  [VALUE]  1.0  1.5  2.0  2.5  3.0  3.5  4.0  4.5  5.0  0  50  100  150  200  250  300  350  400  YTD14  YTD15  Orders  Deliveries  Absorption  Orders, Deliveries and Absorption Rate  For the nine months ended September 30, 2014 and 2015  23%    YTD14 YTD15  12.8 10.8  Average Selling Communities  HB Revenue, Gross Profit $’s and Gross Margin %  For the nine months ended September 30, 2014 and 2015  [VALUE]  [VALUE]  [VALUE] [VALUE]  15.3%  15.8%   10.0%  11.0%  12.0%  13.0%  14.0%  15.0%  16.0%  17.0%  18.0%  19.0%  20.0%  $0  $20,000  $40,000  $60,000  $80,000  $100,000  $120,000  $140,000  YTD14  YTD15  HB Revenue  Gross Profit $  GM %   YTD14 YTD15  $405K $426K  Average Sales Price of Deliveries  •Favorable market conditions, innovative product  designs and a strategic repositioning to the Eastside  had led to healthy Y-O-Y increases to deliveries and  orders    •Higher home sales revenues are a function of  increases in deliveries and average sales prices  •Anticipate these trends to continue into 2016 based  on current backlog and market conditions    43%  Financial Metrics  78

Las Vegas Division   79  Klif Andrews

Division Overview   •Established in 1952  •Office located in Las Vegas, Nevada  •Division Operations have included:  •Merchant homebuilding operations  •Masterplan community design and  development  •Large scale land development and  entitlement    •88 Employees, including sales and field  •11 active selling communities as of 9/30/15    •LTM deliveries as of 9/30/15: 350  •Lots owned or controlled (1): 1,922       Las Vegas Division   80 (1) Includes land under a purchase contract or option contract as of September 30, 2015

•Market made up of only one  county, Clark County  •Area: Approx 600 sq miles  •Population: Approx 2,000,000  •Median Resale: $193,200(1)  •Median New Home: $305,047(1)  •New home market is divided into 6  primary submarkets located off  main transportation corridors  •Pardee currently operates in 5 of  these submarkets    Las Vegas  Market Overview   Pardee Projects  C:\Users\taylormi\Desktop\Pardee Logo.png 1  10   9  8  7   6  5   4 3  2   13  12 11   Northwest  Southwest   North Las  Vegas  Summerlin  South  Henderson   Summerlin  Las Vegas Division   81   Source: (1) UNLV Center for Business and Economic Research

Las Vegas  Market Metrics   Source: John Burns Real Estate Consulting  Las Vegas Division   82

Las Vegas  Market Metrics  Source: John Burns Real Estate Consulting   Las Vegas Division   83

Top Employers: By County(1)   Clark   Top Employers   MGM Resorts   41,000   Clark County School District   35,000   Wynn Resorts   12,500   Clark County Gov   11,500   Nellis AFB   9,500   UNLV   5,500   Caesers   5,000   Southwest Airlines   3,500   University Medical Center   3,000     Employers by County   Las Vegas Division   Source: (1) UNLV – Center for Business and Economic Research   84

Lots Owned or Controlled (1)  (1) Includes land under a purchase contract or option contract as of September 30, 2015.  Las Vegas Division   Project NameCityTotal # of  LotsLots Owned  or Controlled  as of 9/30/151LivingSmart at Eldorado RidgeLas Vegas169222LivingSmart at Eldorado HeightsLas Vegas135243LivingSmart SandstoneLas Vegas145684RidgeviewLas Vegas445North PeakLas Vegas1501506Castle RockLas Vegas1501507Eldorado FutureLas Vegas1451458Horizon Terrace Las Vegas1651189SolanoLas Vegas1328910AlterraLas Vegas1068711Bella VerdiLas Vegas10610212MilennialLas Vegas2213EscalaLas Vegas787814POD 5-1 FutureLas Vegas21521515Durango RanchLas Vegas1531616Durango TrailLas Vegas771317MeridianLas Vegas787018LivingSmart at ProvidenceLas Vegas106019EncantoLas Vegas12912920SummerglenLas Vegas1408521The Canyons at MacDonald RanchLas Vegas11511522Northwest AssemblageLas Vegas404023Skye CanyonLas Vegas19219215Durango RanchLas Vegas88  2,740 1,922 Pardee Nevada Lots Owned or Controlled: 85

Current Phase of Development:  •358 lots remaining, ranging from 3,500 to 8,000  square feet  •Three active and one future product lines:  •Solano, Alterra, Bella Verdi and Escala    •Product square footages range from 2,180 to  4,200  •Current active project base sales prices range  from $289K to $591K    C:\Users\taylormi\Desktop\Pardee Logo.png Community Overview   Las Vegas Division   Inspirada Master Plan

Current Phase of Development:  •Large Pardee holding in North Las Vegas nearing build-out  •259 lots remaining; lots ranging from 3,500 to 6,000 sq ft  •Three product lines: Ridge, Heights and Sandstone  •Products square footages range from 1,825 to 4,000  •Current base sales prices range from $220K to $392K    Community Overview   Las Vegas Division   Eldorado Master Plan  87  

Skye Canyon Master Plan   Las Vegas Division   Community Overview  Current Phase of Development:  •Brand new master planned community in  Northwest Submarket  •192 Lots  •Pardee Developing 2 Product Lines  •4,000 and 6,500 sq ft lots  •Products range from 2,500 sq ft to 3,900 sq ft  •Anticipated base sales price: $367K to $460K    88  

[VALUE]   [VALUE]  [VALUE]  [VALUE]   [VALUE]   [VALUE]  1.0  1.5  2.0  2.5  3.0  3.5  4.0  4.5  5.0  0  50  100  150  200  250  300  350  YTD14  YTD15  Orders  Deliveries  Absorption  Orders, Deliveries and Absorption Rate   For the nine months ended September 30, 2014 and 2015   32%    YTD14 YTD15    7.2 10.2    Average Selling Communities   HB Revenue, Gross Profit $’s and Gross Margin %  For the nine months ended September 30, 2014 and 2015  [VALUE]  [VALUE]   [VALUE]   [VALUE]  18.2%   18.7%   10.0%  15.0%  20.0%  25.0%  30.0%  $0  $20,000  $40,000  $60,000  $80,000  $100,000  YTD14  YTD15  HB Revenue  Gross Profit $  GM %   YTD14 YTD15    $354K $368K    Average Sales Price of Deliveries   •Absorption rate of 3.3 is indicative of strong market  fundamentals  •Increase in active community count has led to  market share gains    •Gross margins trending higher due to price discipline  and improving market fundamentals  •Gross profit up 52% thanks to increase in deliveries,  higher average sale prices and better expense leverage    Financial Metrics   47%   Las Vegas Division   89

Colorado Division   90  Matt Osborn

91   •Division Operations established in 2012  •Office located in Denver, Colorado  •Operating in Denver Metro Area and  Northern Colorado  •Exponential growth in deliveries from 8  (2013), 57 (2014) and 128 (YTD 2015)  •47 employees, including sales and field  •6 active selling locations as of 9/30/15    •LTM deliveries as of 9/30/15: 150  •Lots owned or controlled (1): 607    Division Overview   Colorado Division   (1) Includes land under a purchase contract or option contract as of September 30, 2015

Colorado Northern Front Range Market:    Denver Metro Area – 7 Counties    Northern Colorado – 2 Counties   Population:    Denver Metro Area – 2.9 Million    Northern Colorado – 0.6 Million   Median Resale Home:    Denver Metro Area – $362,900    Northern Colorado – $323,243   Median New Home:    Denver Metro Area – $482,133    Northern Colorado – $360,382   Median Income:    Denver Metro Area – $67,360    Northern Colorado – $58,977      TPH Colorado Currently Operates in:    3 of 7 Counties in Denver Metro    1 of 2 Counties in N. Colorado   Colorado Market Overview   Sources: Metrostudy/Metro Denver Economic Development Corp. 92   Colorado Division

Colorado   Market Metrics   Source: John Burns Real Estate Consulting   Colorado Division   93

Colorado   Market Metrics   Source: John Burns Real Estate Consulting  Colorado Division   94

Lots Owned or Controlled (1)   (1) Includes land under a purchase contract or option contract as of September 30, 2015    95   Colorado Division   Project NameCityTotal # of LotsLots Owned or Controlled as of 9/30/151Terrain 4000Castle Rock149562Terrain 3500Castle Rock67463Leyden Rock 4000Arvada51214Leyden Rock 5000Arvada67505Candelas 6000Arvada76736Candelas 3500Arvada96967Platt Park NorthDenver2988Centerra 5000Loveland1501429Whispering PinesAurora115115 800 607 Colorado Lots Owned or Controlled:

96   Terrain – Castle Rock, CO   Colorado Division   Community Overview

97   Community Overview   •First Colorado division community to  open, first orders in 2Q13 and first  deliveries in 4Q13  •Two Distinct Neighborhoods:  •Prelude Collection (3500 Series)  •Debut Collection (4000 Series)    •Square Footage Range:  •Prelude Collection - 2,059 to 2,311  •Debut Collection - 1,871 to 2,860    •Base Price Range  •Prelude Collection - $310K to $340K  •Debut Collection - $340K to $390K      Colorado Division   Terrain – Castle Rock, CO

Colorado Division   Community Overview   Candelas - Arvada, CO   98

Candelas - Arvada, CO   •Two Distinct Neighborhoods  •Prelude Collection (3500 Series)  •Encore Collection (6000 Series)    •Square Footage Range:  •Prelude Collection - 2,059 to 2,773  •Encore Collection - 2,955 to 4,299    •Base Price Range:  •Prelude Collection - $370K to $430K  •Encore Collection - $560K to $620K      Colorado Division   Community Overview   99

[VALUE]  [VALUE]   [VALUE]   [VALUE]   [VALUE]   [VALUE]   1.0  1.5  2.0  2.5  3.0  3.5  4.0  4.5  5.0  0  20  40  60  80  100  120  140  160  180  YTD14  YTD15  Orders  Deliveries  Absorption  Orders, Deliveries and Absorption Rate   For the nine months ended September 30, 2014 and 2015 (1)   137%    YTD14 YTD15  1.7 6.4  Average Selling Communities  HB Revenue, Gross Profit $’s and Gross Margin %   For the nine months ended September 30, 2014 and 2015 (1)   [VALUE]   [VALUE]   [VALUE]   [VALUE]   11.2%   16.0%   10.0%  15.0%  20.0%  25.0%  30.0%  $0  $10,000  $20,000  $30,000  $40,000  $50,000  $60,000  $70,000  YTD14  YTD15  HB Revenue  Gross Profit $  GM %   YTD14 YTD15  $400K $488K  Average Sales Price of Deliveries  •Significant increase in orders and deliveries thanks  to the opening of 5 new communities in 2H14  •Lower absorption rate due to higher priced product  across new communities    •Significant home sales revenue and profit increases  due to higher volume of deliveries  •Higher margins a function of product mix shift and  price increases    TRIP_logo.png 346%   Financial Metrics   Colorado Division   100   (1) Includes legacy TRI Pointe stand-alone operations for the nine month period ending September 30, 2014 as though the WRECO merger was completed on January 1, 2014

Austin,Texas  Houston, Texas  101   Will Holder

•Established in 1971  •Office located in Houston, Texas and soon  to be Austin  •149 employees, including sales and field  •23 active selling locations as of 9/30/15  •LTM deliveries as of 9/30/15: 551  •Lots owned or controlled (1): 1,976  •~#16 Houston builder by closings     ~#8 Houston builder by revenues    Company Overview   (1) Includes land under a purchase contract or option contract as of September 30, 2015    102

•Market made up of 9 counties  •Area: Approximately 10,062 sq. miles  •Population: Approximately 6.5M  •Median Resale: $214,500  •Median New Home: $273,500  •There are (7) distinct business districts:  •Downtown  •The Medical Center  •Uptown/The Galleria  •Energy Corridor  •Greenspoint  •Greenway Plaza  •Westchase        Houston   Market Overview   •The following are major employment  centers as well:  •The Woodlands  •SugarLand  •Ship Channel      103   Trendmaker Projects   Source: John Burns Real Estate Consulting

Market Overview 104 Source: Greater Houston Partnership, Talking Points Q2/2015

105 Market Overview Source: Greater Houston Partnership, Talking Points Q2/2015 & US BLS, Unemployment Rates for Metropolitan Areas

106 Market Overview Source: Fortune Magazine June 2015 & Greater Houston Partnership Research – “Corporate Headquarters” June 2015

107 Market Overview Source: Greater Houston Partnership, Talking Points Q2/2015 & Greater Houston Partnership, Employment Forecast December 2014

108 Market Overview Source: Trendmaker 2Q2015 Update by Metro Study

109 Market Overview Source: International Trade Administration, U.S. Metropolitan Area Exports 2014 ,The Port of Houston Authority’s Trade Statistics & Greater Houston Partnership, Talking Points Q2/2015

110 Market Overview Source: Greater Houston Partnership- Talking Points Q2/2015, Greater Houston Partnership – Facts 2015, Colliers International - “Houston’s Healthcare Arms Race” June 2015 & US Bureau of Labor and Statistics, July 2015

Houston   Market Metrics   Source: John Burns Real Estate Consulting   111

Houston Market Metrics Source: John Burns Real Estate Consulting 112

113   Lots Owned or Controlled (1)  (1) Includes land under a purchase contract or option contract as of September 30, 2015    Project NameCityTotal # of  LotsLots Owned  or Controlled  as of 9/30/151Sedona LakesPearland24131Sedona LakesPearland882Southern TrailsPearland41132Southern TrailsPearland223PomonaManvel10103Pomona EstatesManvel39394Cross Creek Ranch 60'Fulshear5464Cross Creek Ranch 65'Fulshear45124Cross Creek Ranch 70'Fulshear70254Cross Creek Ranch 80'Fulshear90284Cross Creek Ranch 90'Fulshear34104Villas at Cross Creek RanchFulshear106174Cross CreekFulshear36365Cinco RanchKaty100116Harvest Green 75'Richmond19197Sienna Plantation 80'Missouri City57107Sienna Plantation 85'Missouri City25257Villas at Sienna SouthMissouri City19198Lakes of Bella TerraRichmond116369Villas at AlianaRichmond81259Villas at AlianaRichmond383810Riverstone 55'Sugar Land802310Riverstone 80'Sugar Land50610Riverstone AvantiSugar Land5411Townhomes at ImperialSugar Land271512HarborwalkHitchcock13912HarborwalkHitchcock373713FairfieldCypress702014Lakes of FairhavenCypress2631615Towne Lake Living ViewsCypress5223

The Reserve at Clear Lake City   114  Lots Owned or Controlled (1)  (1) Includes land under a purchase contract or option contract as of September 30, 2015    Project NameCityTotal # of  LotsLots Owned  or Controlled  as of 9/30/1516The GrovesHumble191216The GrovesHumble434317Hidden ArborCypress333317Hidden ArborCypress969618Clear LakeHouston52151818Clear LakeHouston18718719Barton WoodsConroe661820Villas at OakhurstPorter54721WoodtraceWoodtrace251322NorthgroveTomball1122NorthgroveTomball242423Bender's Landing EstatesSpring1058424Creekside ParkThe Woodlands171724Creekside ParkThe Woodlands808025Cane IslandKaty151525Cane IslandKaty8826Avanti Custom HomesVaries1272327Texas Casual Cottages Round Top881728Texas Casual CottagesHill Country46529MeridianaIowa Colony484830Fulshear RunFulshear373731Lakes of CreeksideHarris County272732Mustang EstatesKaty404033BelterraAustin383834HeadwatersAustin3030  3,386 1,976 Trendmaker Lots Owned or Controlled:

Option Highlights  •Land and land under development represents  only $60 million, or approximately 2% of the  Company’s total inventory  •Typical options are in the most desirable master  plan communities with life spans ranging from  5-15 years  •Allows flexibility and lowers risk due to short  horizon  •Lots are contracted per section (25-50 lots) – 1+  yrs/option  •Majority continue into subsequent sections,  providing a stable future pipeline  •Earnest money deposits are low and typically  released as lots are taken down  Historical Metrics  •Since 2000, 74% of deliveries were option lots  •2005 was the trough - 57% of deliveries were  option lots  •2013 was the peak - 94% of deliveries were  option lots    Option Lots   Typical Performance  Lots Owned or Controlled  115

•Market made up of 5 counties  •Area: Approximately 4,285 sq. miles  •Population: Approximately 1.25M  •Median Resale: $263,100  •Median New Home: $280,100  •Home Starts (as of June 2015): 11,333  •Closings (as of June 2015): 10,523  •Austin Home Sales (as of June 2015):  15,485  •Supply of Inventory: 2.8 months    Google Maps - Google Chrome Austin   Market Overview   •Initial Communities:  •Belterra  •Headwaters      116   Source: John Burns Real Estate Consulting and Metrostudy

[VALUE]   [VALUE]  [VALUE]   [VALUE]  [VALUE]  [VALUE]   1.0  1.5  2.0  2.5  3.0  3.5  4.0  0  50  100  150  200  250  300  350  400  450  500  YTD14  YTD15  Orders  Deliveries  Absorption  Orders, Deliveries and Absorption Rate  For the nine months ended September 30, 2014 and 2015  (13%)  YTD14 YTD15    23.5 26.0    Average Selling Communities   HB Revenue, Gross Profit $’s and Gross Margin %  For the nine months ended September 30, 2014 and 2015  [VALUE]   [VALUE]  [VALUE] [VALUE]   20.7%  18.8%  10.0%  15.0%  20.0%  25.0%  30.0%  $0  $50,000  $100,000  $150,000  $200,000  $250,000  YTD14  YTD15  HB Revenue  Gross Profit $  GM %   YTD14 YTD15    $492K $512K    Average Sales Price of Deliveries   •Orders down 13% YOY, inline with the broader  Houston market, according to Metro Study  •23 active communities represent $192 million in  inventory, or 7.4% of the Company total    •YTD 2015 margins of 18.8% roughly in line with  Trendmaker’s 10-year average  •Homebuilding operations remain profitable despite the  impact of lower oil prices on the local economy    1%  Financial Metrics   117

California and Consolidated Company Financial Metrics Tom Mitchell, COO

[VALUE]  [VALUE]   [VALUE]   [VALUE]   [VALUE] [VALUE]   1.0  1.5  2.0  2.5  3.0  3.5  4.0  4.5  5.0  0  100  200  300  400  500  600  700  800  900  YTD14  YTD15  Orders  Deliveries  Absorption  Orders, Deliveries and Absorption Rate  For the nine months ended September 30, 2014 and 2015 (1)  84%  YTD14 YTD15  10.5 20.6  Average Selling Communities  HB Revenue, Gross Profit $’s and Gross Margin %   For the nine months ended September 30, 2014 and 2015 (1)   [VALUE]   [VALUE]   [VALUE]  [VALUE]   18.6%  18.9%  10.0%  15.0%  20.0%  25.0%  30.0%  $0  $50,000  $100,000  $150,000  $200,000  $250,000  $300,000  $350,000  $400,000  $450,000  YTD14  YTD15  HB Revenue  Gross Profit $  GM %   YTD14 YTD15  $849K $826K  Average Sales Price of Deliveries  •Aggressive community count growth has resulted in  big increase in orders and deliveries  •Absorption pace above 4.0 indicative of operational  excellence and a focus on inventory turns    •Growth in deliveries has resulted in a 47% increase in  home sales revenue YTD  •Gross profit 49% higher YTD due to margin expansion  and better expense leverage    California Divisions   47%  Financial Metrics   (1) Includes legacy TRI Pointe stand-alone operations for the nine month period ending September 30, 2014 as though the WRECO merger was completed on January 1, 2014  119

[VALUE]  [VALUE]   [VALUE] [VALUE]  [VALUE]  [VALUE]  2.0  2.5  3.0  3.5  4.0  4.5  5.0  5.5  6.0  6.5  7.0  0  100  200  300  400  500  600  700  YTD14  YTD15  Orders  Deliveries  Absorption  Orders, Deliveries and Absorption Rate  For the nine months ended September 30, 2014 and 2015  16%    YTD14 YTD15  13.1 12.6  Average Selling Communities  HB Revenue, Gross Profit $’s and Gross Margin %   For the nine months ended September 30, 2014 and 2015   [VALUE]  [VALUE]  [VALUE]  [VALUE]  26.0%  33.4%   10.0%  15.0%  20.0%  25.0%  30.0%  35.0%  40.0%  $0  $50,000  $100,000  $150,000  $200,000  $250,000  $300,000  YTD14  YTD15  HB Revenue  Gross Profit $  GM %   YTD14 YTD15  $523K $574K  Average Sales Price of Deliveries  •Absorption rate of 5.8 demonstrates strong demand  for new housing and excellent market positioning  •Expect community count to grow as part of our  strategic focus on putting assets into production    •Gross margin profile reflects low land basis and  organic price increases  •Significant legacy land position provides long  runway for future growth    9%  Financial Metrics  California Divisions   120

[VALUE]  [VALUE]  [VALUE]   [VALUE] [VALUE]   [VALUE]  1.0  1.5  2.0  2.5  3.0  3.5  4.0  0  500  1000  1500  2000  2500  3000  3500  4000  YTD14  YTD15  Orders  Deliveries  Absorption  Orders, Deliveries and Absorption Rate  For the nine months ended September 30, 2014 and 2015 (1)  33%  YTD14 YTD15  98.5 117.4  Average Selling Communities  HB Revenue, Gross Profit $’s and Gross Margin %  For the nine months ended September 30, 2014 and 2015 (1)  [VALUE]   [VALUE]  [VALUE]   [VALUE]  20.4% 20.4%  10.0%  12.0%  14.0%  16.0%  18.0%  20.0%  22.0%  24.0%  $0  $200,000  $400,000  $600,000  $800,000  $1,000,000  $1,200,000  $1,400,000  $1,600,000  YTD14  YTD15  HB Revenue  Gross Profit $  GM %   YTD14 YTD15  $545K $554K  Average Sales Price of Deliveries  •Orders and deliveries higher thanks to improved  absorption rates and increased community count    •22% increase in home sales revenue driven by higher  closing volumes  •2015 gross margins expected to be approximately 21%  for the full year    22%  Consolidated Company Financial Metrics   (1) Includes legacy TRI Pointe stand-alone operations for the nine month period ending September 30, 2014 as though the WRECO merger was completed on January 1, 2014 121

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2015 Investor Day – November 10, 2015 Maracay Homes – Pardee Homes – Quadrant Homes – Trendmaker Homes – TRI Pointe Homes – Winchester Homes