“Kelly Masuda brings an educational and professional background to KB Home that is both deep and diverse,” said Cecere. “His background in investment banking as well as his mergers and acquisitions experience will be valuable as we take advantage of the numerous opportunities in the homebuilding industry. We very much look forward to Kelly’s contribution as we continue to grow the company.”

Prior to joining KB Home, Masuda spent nine years in the investment banking industry with Donaldson, Lufkin & Jenrette Securities Corporation and Credit Suisse First Boston (“CSFB”) Corporation. As an investment banker, he covered a wide range of financial products and services including private and public equity capital, high yield debt and mergers and acquisitions. Most recently, Masuda was a senior banker in CSFB’s mergers and acquisitions group. He holds an BA in neurobiology from the University of California, Berkeley and an MBA from Columbia University’s Graduate School of Business.

About KB Home
KB Home is one of America's largest homebuilders with domestic operating divisions in the following regions and states: West Coast -- California; Southwest -- Arizona, Nevada and New Mexico; Central -- Colorado and Texas; and Southeast -- Florida, Georgia and North Carolina. Kaufman & Broad S.A., the Company's majority-owned subsidiary, is one of the largest homebuilders in France. In fiscal 2002, the Company delivered 25,565 homes in the United States and France. It also operates KB Home Mortgage Company, a full-service mortgage company for the convenience of its buyers. Founded in 1957, KB Home 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, call 1-888-KB-HOMES or visit the Company's Web site at www.kbhome.com.

For more information contact:
Kate Mulhearn
(310) 231-4147
kmulhearn@kbhome.com