Consolidating Balance Sheet

September 30, 2014



	D.R. Horton, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
	(In millions)
ASSETS
Cash and cash equivalents	$	497.4	$	89.5	$	74.9	$	—		$	661.8
Restricted cash	6.8		2.1		1.1		—			10.0
Investments in subsidiaries	2,878.2		—		—		(2,878.2		)	—
Inventories	2,675.9		5,014.3		10.3		—			7,700.5
Deferred income taxes	189.9		364.4		10.7		—			565.0
Property and equipment, net	51.9		49.1		89.8		—			190.8
Other assets	163.0		250.8		88.9		—			502.7
Mortgage loans held for sale	—		—		476.9		—			476.9
Goodwill	—		94.8		—		—			94.8
Intercompany receivables	2,364.2		—		—		(2,364.2		)	—
Total Assets	$	8,827.3	$	5,865.0	$	752.6	$	(5,242.4	)	$	10,202.5
LIABILITIES & EQUITY
Accounts payable and other liabilities	$	409.8	$	853.3	$	136.9	$	—		$	1,400.0
Intercompany payables	—		2,282.2		82.0		(2,364.2		)	—
Notes payable	3,301.7		3.4		377.7		—			3,682.8
Total Liabilities	3,711.5		3,138.9		596.6		(2,364.2		)	5,082.8
Total stockholders’ equity	5,115.8		2,726.1		152.1		(2,878.2		)	5,115.8
Noncontrolling interests	—		—		3.9		—			3.9
Total Equity	5,115.8		2,726.1		156.0		(2,878.2		)	5,119.7
Total Liabilities & Equity	$	8,827.3	$	5,865.0	$	752.6	$	(5,242.4	)	$	10,202.5

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Balance Sheet

September 30, 2013



	D.R. Horton, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
	(In millions)
ASSETS
Cash and cash equivalents	$	871.4	$	38.4	$	67.6	$	—		$	977.4
Restricted cash	76.5		1.2		0.1		—			77.8
Investments in subsidiaries	2,477.7		—		—		(2,477.7		)	—
Inventories	2,177.4		4,002.9		17.1		—			6,197.4
Deferred income taxes	201.7		384.9		—		—			586.6
Property and equipment, net	41.0		34.5		31.2		—			106.7
Other assets	167.0		233.4		76.1		—			476.5
Mortgage loans held for sale	—		—		395.1		—			395.1
Goodwill	—		38.9		—		—			38.9
Intercompany receivables	1,697.0		—		—		(1,697.0		)	—
Total Assets	$	7,709.7	$	4,734.2	$	587.2	$	(4,174.7	)	$	8,856.4
LIABILITIES & EQUITY
Accounts payable and other liabilities	$	383.8	$	766.5	$	135.7	$	—		$	1,286.0
Intercompany payables	—		1,664.2		32.8		(1,697.0		)	—
Notes payable	3,267.4		3.0		238.6		—			3,509.0
Total Liabilities	3,651.2		2,433.7		407.1		(1,697.0		)	4,795.0
Total stockholders’ equity	4,058.5		2,300.5		177.2		(2,477.7		)	4,058.5
Noncontrolling interests	—		—		2.9		—			2.9
Total Equity	4,058.5		2,300.5		180.1		(2,477.7		)	4,061.4
Total Liabilities & Equity	$	7,709.7	$	4,734.2	$	587.2	$	(4,174.7	)	$	8,856.4

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Operations

Year Ended September 30, 2014



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Homebuilding:
Revenues	$	2,547.4		$	5,299.9		$	11.2		$	—		$	7,858.5
Cost of sales	2,038.0			4,222.5			8.1			—			6,268.6
Gross profit	509.4			1,077.4			3.1			—			1,589.9
Selling, general and administrative expense	388.3			433.0			12.9			—			834.2
Equity in (income) of subsidiaries	(691.8		)	—			—			691.8			—
Other (income)	(1.3		)	(3.3		)	(8.5		)	—			(13.1		)
Homebuilding pre-tax income (loss)	814.2			647.7			(1.3		)	(691.8		)	768.8
Financial Services:
Revenues, net of recourse and reinsurance expense	—			—			166.4			—			166.4
General and administrative expense	—			—			131.2			—			131.2
Interest and other (income)	—			—			(10.2		)	—			(10.2		)
Financial services pre-tax income	—			—			45.4			—			45.4
Income before income taxes	814.2			647.7			44.1			(691.8		)	814.2
Income tax expense	280.7			222.1			16.6			(238.7		)	280.7
Net income	$	533.5		$	425.6		$	27.5		$	(453.1	)	$	533.5
Comprehensive income	$	533.5		$	425.9		$	27.5		$	(453.1	)	$	533.8

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Operations

Year Ended September 30, 2013



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Homebuilding:
Revenues	$	1,981.6		$	4,094.1		$	10.2		$	—		$	6,085.9
Cost of sales	1,563.1			3,279.9			10.5			—			4,853.5
Gross profit (loss)	418.5			814.2			(0.3		)	—			1,232.4
Selling, general and administrative expense	302.1			341.1			6.7			—			649.9
Equity in (income) of subsidiaries	(542.5		)	—			—			542.5			—
Interest expense	5.1			—			—			—			5.1
Other (income)	(4.0		)	(3.7		)	(7.2		)	—			(14.9		)
Homebuilding pre-tax income	657.8			476.8			0.2			(542.5		)	592.3
Financial Services:
Revenues, net of recourse and reinsurance expense	—			—			173.4			—			173.4
General and administrative expense	—			—			116.4			—			116.4
Interest and other (income)	—			—			(8.5		)	—			(8.5		)
Financial services pre-tax income	—			—			65.5			—			65.5
Income before income taxes	657.8			476.8			65.7			(542.5		)	657.8
Income tax expense	195.1			126.9			18.7			(145.6		)	195.1
Net income	$	462.7		$	349.9		$	47.0		$	(396.9	)	$	462.7
Comprehensive income	$	462.5		$	351.8		$	47.0		$	(396.9	)	$	464.4

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Operations

Year Ended September 30, 2012



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Homebuilding:
Revenues	$	1,400.3		$	2,828.0		$	7.9		$	—		$	4,236.2
Cost of sales	1,130.9			2,341.5			20.0			—			3,492.4
Gross profit (loss)	269.4			486.5			(12.1		)	—			743.8
Selling, general and administrative expense	243.6			277.5			7.6			—			528.7
Equity in (income) of subsidiaries	(235.7		)	—			—			235.7			—
Interest expense	23.6			—			—			—			23.6
Other (income)	(5.0		)	(2.2		)	(5.0		)	—			(12.2		)
Homebuilding pre-tax income (loss)	242.9			211.2			(14.7		)	(235.7		)	203.7
Financial Services:
Revenues, net of recourse and reinsurance expense	—			—			117.8			—			117.8
General and administrative expense	—			—			85.5			—			85.5
Interest and other (income)	—			—			(6.9		)	—			(6.9		)
Financial services pre-tax income	—			—			39.2			—			39.2
Income before income taxes	242.9			211.2			24.5			(235.7		)	242.9
Income tax benefit	(713.4		)	(463.4		)	(20.6		)	484.0			(713.4		)
Net income	$	956.3		$	674.6		$	45.1		$	(719.7	)	$	956.3
Comprehensive income	$	956.4		$	674.6		$	45.1		$	(719.7	)	$	956.4

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Cash Flows

Year Ended September 30, 2014



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
OPERATING ACTIVITIES
Net cash used in operating activities	$	(257.4	)	$	(293.9	)	$	(57.5	)	$	(52.6	)	$	(661.4	)
INVESTING ACTIVITIES
Purchases of property and equipment	(63.9		)	(28.0		)	(8.3		)	—			(100.2		)
Decrease (increase) in restricted cash	69.7			(0.9		)	(1.0		)	—			67.8
Net principal increase of other mortgage loans and real estate owned	—			—			(5.6		)	—			(5.6		)
Intercompany advances	(385.7		)	—			—			385.7			—
Payments related to acquisition of a business	(244.1		)	—			—			—			(244.1		)
Net cash used in investing activities	(624.0		)	(28.9		)	(14.9		)	385.7			(282.1		)
FINANCING ACTIVITIES
Proceeds from notes payable	1,307.0			—			120.6			—			1,427.6
Repayment of notes payable	(796.8		)	—			(0.1		)	—			(796.9		)
Intercompany advances	—			373.9			11.8			(385.7		)	—
Proceeds from stock associated with certain employee benefit plans	45.2			—			—			—			45.2
Excess income tax benefit from employee stock awards	0.6			—			—			—			0.6
Cash dividends paid	(48.6		)	—			(52.6		)	52.6			(48.6		)
Net cash provided by financing activities	507.4			373.9			79.7			(333.1		)	627.9
(Decrease) increase in cash and cash equivalents	(374.0		)	51.1			7.3			—			(315.6		)
Cash and cash equivalents at beginning of year	871.4			38.4			67.6			—			977.4
Cash and cash equivalents at end of year	$	497.4		$	89.5		$	74.9		$	—		$	661.8

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Cash Flows

Year Ended September 30, 2013



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$	(523.7	)	$	(670.6	)	$	5.0		$	(40.0	)	$	(1,229.3	)
INVESTING ACTIVITIES
Purchases of property and equipment	(29.7		)	(24.0		)	(4.3		)	—			(58.0		)
Purchases of marketable securities	(28.9		)	—			—			—			(28.9		)
Proceeds from the sale or maturity of marketable securities	325.4			—			—			—			325.4
Increase in restricted cash	(27.8		)	(0.7		)	—			—			(28.5		)
Net principal increase of other mortgage loans and real estate owned	—			—			(2.5		)	—			(2.5		)
Purchase of debt securities collateralized by residential real estate	(18.6		)	—			—			—			(18.6		)
Principal payments received on debt securities collateralized by residential real estate	1.4			—			—			—			1.4
Intercompany advances	(674.4		)	—			—			674.4			—
Payments related to acquisition of a business	(9.4		)	—			—			—			(9.4		)
Net cash (used in) provided by investing activities	(462.0		)	(24.7		)	(6.8		)	674.4			180.9
FINANCING ACTIVITIES
Proceeds from notes payable	1,257.1			—			50.8			—			1,307.9
Repayment of notes payable	(345.1		)	—			—			—			(345.1		)
Intercompany advances	—			677.4			(3.0		)	(674.4		)	—
Proceeds from stock associated with certain employee benefit plans	29.7			—			—			—			29.7
Excess income tax benefit from employee stock awards	6.7			—			—			—			6.7
Cash dividends paid	(60.2		)	—			(40.0		)	40.0			(60.2		)
Net cash provided by financing activities	888.2			677.4			7.8			(634.4		)	939.0
(Decrease) increase in cash and cash equivalents	(97.5		)	(17.9		)	6.0			—			(109.4		)
Cash and cash equivalents at beginning of year	968.9			56.3			61.6			—			1,086.8
Cash and cash equivalents at end of year	$	871.4		$	38.4		$	67.6		$	—		$	977.4

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Cash Flows

Year Ended September 30, 2012



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$	(115.2	)	$	(126.3	)	$	0.4		$	(51.1	)	$	(292.2	)
INVESTING ACTIVITIES
Purchases of property and equipment	(10.2		)	(7.6		)	(15.8		)	—			(33.6		)
Purchases of marketable securities	(240.8		)	—			—			—			(240.8		)
Proceeds from the sale or maturity of marketable securities	232.8			—			—			—			232.8
Increase in restricted cash	—			(0.1		)	(0.1		)	—			(0.2		)
Net principal increase of other mortgage loans and real estate owned	—			—			(4.7		)	—			(4.7		)
Intercompany advances	(168.3		)	—			—			168.3			—
Payments related to acquisition of a business	(96.5		)	—			—			—			(96.5		)
Net cash used in investing activities	(283.0		)	(7.7		)	(20.6		)	168.3			(143.0		)
FINANCING ACTIVITIES
Proceeds from notes payable	694.6			—			71.3			—			765.9
Repayment of notes payable	(11.9		)	(5.6		)	—			—			(17.5		)
Intercompany advances	—			164.6			3.7			(168.3		)	—
Proceeds from stock associated with certain employee benefit plans	50.9			—			—			—			50.9
Cash dividends paid	(47.8		)	—			(51.1		)	51.1			(47.8		)
Net cash provided by financing activities	685.8			159.0			23.9			(117.2		)	751.5
Increase in cash and cash equivalents	287.6			25.0			3.7			—			316.3
Cash and cash equivalents at beginning of year	681.3			31.3			57.9			—			770.5
Cash and cash equivalents at end of year	$	968.9		$	56.3		$	61.6		$	—		$	1,086.8