KB Home CEO and CFO Certify Financial Statements; Action Precedes Legal Requirement

Business Wire, August 9, 2002

Business Editors

LOS ANGELES--(BUSINESS WIRE)--Aug. 9, 2002

KB Home (NYSE:KBH) Chairman and CEO Bruce Karatz and Senior Vice President and CFO Dom Cecere today attested to the accuracy of KB Home's 2001-2002 financial statements by signing unqualified certification letters to the U.S. Securities and Exchange Commission. These certifications are in response to a June 27, 2002 SEC Order requiring approximately 950 of the country's largest public companies to certify the accuracy of financial reports. Under the SEC Order, Karatz and Cecere are not required to file the sworn statements until mid-October.

"The decision to file early was taken to assure our shareholders, homebuyers, employees and the public of our confidence in the integrity of KB Home's financial statements," Karatz said. "We saw no reason to wait to take this important step."

The certifications are in the precise form specified by the SEC and cover KB Home's 2001 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q for the first and second quarters of 2002, and its 2002 proxy materials. The certifications have been posted on the company's web site, and can be accessed at www.kbhome.com by clicking on the investor relations button. The financial statements filed with the SEC are also available on the KB Home web site.

KB Home is one of America's largest homebuilders with domestic operating divisions in some of the fastest-growing areas of the country including: West Coast -- California; Southwest -- Arizona, Nevada and New Mexico; and Central -- Colorado, Florida and Texas. Kaufman & Broad S.A., the Company's majority-owned subsidiary, is one of the largest homebuilders in France. In fiscal 2001, the Company delivered homes to 24,868 families 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 888-KB-HOMES or visit the Company's Web site at www.kbhome.com.