D.R. Horton, Inc. (NYSE:DHI), America’s Builder, announced that it intends to offer and sell, subject to market and other conditions, approximately $400 million in aggregate principal amount of convertible senior notes due 2014 in an offering registered under the Company’s currently effective shelf registration statement. The Company intends to grant to the underwriters of the notes an option to purchase up to an additional $60 million aggregate principal amount of notes solely to cover over-allotments, if any. The Company intends to use the net proceeds of the offering for general corporate purposes, including repayment or repurchase of outstanding indebtedness.

The notes would be general unsecured senior obligations of D.R. Horton, Inc., guaranteed by the subsidiaries that currently guarantee the Company’s outstanding public debt. The notes would pay interest semi-annually at a fixed rate, and would be convertible at any time prior to the close of business on the second trading day preceding the maturity date. Upon conversion, holders of the notes would receive, at the election of the Company, cash, shares of D.R. Horton, Inc.’s common stock or a combination of cash and shares. Holders of the notes would also have the right to require the Company to repurchase for cash all or some of their notes upon the occurrence of certain fundamental change events. The interest rate, conversion rate and other terms of the notes are to be determined by negotiations between the Company and the underwriters.

The proposed offering is being led by Citi. When available, a prospectus supplement relating to this proposed offering may be obtained from Citi at the following address: Brooklyn Army Terminal 140 58th Street, 8th floor, Brooklyn, New York 11220, Attn: Prospectus Department; telephone: (800) 831-9146.

Before you invest, you should read the prospectus in the Company’s registration statement and when available, the prospectus supplement for the offering and other documents filed or to be filed by the Company with the SEC for more complete information about the Company and this offering. You may obtain these documents at no charge by visiting the SEC website at www.sec.gov or by contacting Citi at the address or number shown above.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these convertible senior notes, nor shall there be any offer, solicitation or sale of these convertible senior notes in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

D.R.