KB Home Announces Change in Board of Directors

KB Home one of the nation’s largest homebuilders, announced that J. Terrence Lanni has resigned from his position as a member of KB Home’s Board of Directors effective November 13, 2008. Mr. Lanni, 65, was elected to the Board in August 2003.

“It’s been my pleasure to have served on the KB Home Board for the last five years,” said Mr. Lanni. “I leave confident in the Company’s future success when the housing market recovers and with tremendous respect for the KB Home Board and KB Home’s management team.”

“I want to thank Terry for his dedicated service and valuable contributions to KB Home and its stockholders,” said Jeffrey Mezger, president and CEO. “We sincerely respect and appreciate the astute business sense, substantial leadership and sound judgment he provided as a Board member, and we wish him the best in his future endeavors.”

About KB Home

KB Home, one of the nation’s largest homebuilders, has been building quality homes for families for more than 50 years. Headquartered in Los Angeles, the Company has operating divisions in nine states, building communities from coast to coast. KB Home, ranked the #1 homebuilder in FORTUNE magazine’s 2008 list of America’s Most Admired Companies®, is a FORTUNE 500 company listed on the New York Stock Exchange under the ticker symbol “KBH.” For more information about any of KB Home’s new home communities or complete mortgage services offered through Countrywide KB Home Loans, LLC, call 888-KB-HOMES or visit www.kbhome.com.