Consolidating Balance Sheet

March 31, 2015



	D.R. Horton, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
	(In millions)
ASSETS
Cash and cash equivalents	$	522.1	$	96.0	$	79.6	$	—		$	697.7
Restricted cash	7.0		2.3		1.1		—			10.4
Investments in subsidiaries	3,118.5		—		—		(3,118.5		)	—
Inventories	2,768.1		5,344.2		24.6		—			8,136.9
Deferred income taxes	178.5		358.5		10.7		—			547.7
Property and equipment, net	56.8		50.0		87.0		—			193.8
Other assets	168.6		246.8		98.8		—			514.2
Mortgage loans held for sale	—		—		517.6		—			517.6
Goodwill	—		94.8		—		—			94.8
Intercompany receivables	2,484.8		—		—		(2,484.8		)	—
Total Assets	$	9,304.4	$	6,192.6	$	819.4	$	(5,603.3	)	$	10,713.1
LIABILITIES & EQUITY
Accounts payable and other liabilities	$	367.1	$	842.9	$	136.6	$	—		$	1,346.6
Intercompany payables	—		2,373.1		111.7		(2,484.8		)	—
Notes payable	3,519.2		10.6		415.7		—			3,945.5
Total Liabilities	3,886.3		3,226.6		664.0		(2,484.8		)	5,292.1
Total stockholders’ equity	5,418.1		2,966.0		152.5		(3,118.5		)	5,418.1
Noncontrolling interests	—		—		2.9		—			2.9
Total Equity	5,418.1		2,966.0		155.4		(3,118.5		)	5,421.0
Total Liabilities & Equity	$	9,304.4	$	6,192.6	$	819.4	$	(5,603.3	)	$	10,713.1

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

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 Statement of Operations

Three Months Ended March 31, 2015



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Homebuilding:
Revenues	$	727.0		$	1,611.5		$	—		$	—		$	2,338.5
Cost of sales	593.7			1,297.8			0.5			—			1,892.0
Gross profit (loss)	133.3			313.7			(0.5		)	—			446.5
Selling, general and administrative expense	112.4			124.4			5.6			—			242.4
Equity in (income) of subsidiaries	(208.5		)	—			—			208.5			—
Other (income)	(0.7		)	(1.1		)	(2.7		)	—			(4.5		)
Homebuilding pre-tax income (loss)	230.1			190.4			(3.4		)	(208.5		)	208.6
Financial Services:
Revenues, net of recourse expense	—			—			59.5			—			59.5
General and administrative expense	—			—			40.7			—			40.7
Interest and other (income)	—			—			(2.7		)	—			(2.7		)
Financial services pre-tax income	—			—			21.5			—			21.5
Income before income taxes	230.1			190.4			18.1			(208.5		)	230.1
Income tax expense	82.2			67.7			6.9			(74.6		)	82.2
Net income	$	147.9		$	122.7		$	11.2		$	(133.9	)	$	147.9
Comprehensive income	$	147.9		$	122.7		$	11.2		$	(133.9	)	$	147.9

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Operations

Six Months Ended March 31, 2015



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Homebuilding:
Revenues	$	1,423.8		$	3,167.7		$	—		$	—		$	4,591.5
Cost of sales	1,147.7			2,554.9			3.9			—			3,706.5
Gross profit (loss)	276.1			612.8			(3.9		)	—			885.0
Selling, general and administrative expense	222.6			245.6			12.2			—			480.4
Equity in (income) of subsidiaries	(396.3		)	—			—			396.3			—
Other (income)	(1.0		)	(2.5		)	(6.6		)	—			(10.1		)
Homebuilding pre-tax income (loss)	450.8			369.7			(9.5		)	(396.3		)	414.7
Financial Services:
Revenues, net of recourse expense	—			—			109.2			—			109.2
General and administrative expense	—			—			78.6			—			78.6
Interest and other (income)	—			—			(5.5		)	—			(5.5		)
Financial services pre-tax income	—			—			36.1			—			36.1
Income before income taxes	450.8			369.7			26.6			(396.3		)	450.8
Income tax expense	160.4			130.9			10.3			(141.2		)	160.4
Net income	$	290.4		$	238.8		$	16.3		$	(255.1	)	$	290.4
Comprehensive income	$	290.4		$	238.8		$	16.3		$	(255.1	)	$	290.4

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Operations

Three Months Ended March 31, 2014



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Homebuilding:
Revenues	$	574.1		$	1,119.7		$	2.8		$	—		$	1,696.6
Cost of sales	453.5			864.0			2.3			—			1,319.8
Gross profit	120.6			255.7			0.5			—			376.8
Selling, general and administrative expense	87.9			97.7			2.3			—			187.9
Equity in (income) of subsidiaries	(169.0		)	—			—			169.0			—
Other (income)	(0.2		)	(1.1		)	(1.5		)	—			(2.8		)
Homebuilding pre-tax income (loss)	201.9			159.1			(0.3		)	(169.0		)	191.7
Financial Services:
Revenues, net of recourse expense	—			—			38.4			—			38.4
General and administrative expense	—			—			30.2			—			30.2
Interest and other (income)	—			—			(2.0		)	—			(2.0		)
Financial services pre-tax income	—			—			10.2			—			10.2
Income before income taxes	201.9			159.1			9.9			(169.0		)	201.9
Income tax expense	70.9			55.9			3.4			(59.3		)	70.9
Net income	$	131.0		$	103.2		$	6.5		$	(109.7	)	$	131.0
Comprehensive income	$	131.0		$	103.5		$	6.5		$	(109.7	)	$	131.3

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Operations

Six Months Ended March 31, 2014



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Homebuilding:
Revenues	$	1,126.2		$	2,200.0		$	6.1		$	—		$	3,332.3
Cost of sales	883.0			1,704.5			6.0			—			2,593.5
Gross profit	243.2			495.5			0.1			—			738.8
Selling, general and administrative expense	176.9			190.2			4.2			—			371.3
Equity in (income) of subsidiaries	(324.6		)	—			—			324.6			—
Other (income)	(0.7		)	(2.0		)	(3.4		)	—			(6.1		)
Homebuilding pre-tax income (loss)	391.6			307.3			(0.7		)	(324.6		)	373.6
Financial Services:
Revenues, net of recourse expense	—			—			73.3			—			73.3
General and administrative expense	—			—			60.0			—			60.0
Interest and other (income)	—			—			(4.7		)	—			(4.7		)
Financial services pre-tax income	—			—			18.0			—			18.0
Income before income taxes	391.6			307.3			17.3			(324.6		)	391.6
Income tax expense	137.5			107.9			6.0			(113.9		)	137.5
Net income	$	254.1		$	199.4		$	11.3		$	(210.7	)	$	254.1
Comprehensive income	$	254.1		$	199.7		$	11.3		$	(210.7	)	$	254.4

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Cash Flows

Six Months Ended March 31, 2015



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
OPERATING ACTIVITIES
Net cash used in operating activities	$	(35.5	)	$	(74.0	)	$	(44.3	)	$	(15.0	)	$	(168.8	)
INVESTING ACTIVITIES
(Purchases of) proceeds from property and equipment	(15.0		)	(11.0		)	2.0			—			(24.0		)
Increase in restricted cash	(0.2		)	(0.2		)	—			—			(0.4		)
Net principal increase of other mortgage loans and real estate owned	—			—			(4.9		)	—			(4.9		)
Intercompany advances	(120.9		)	—			—			120.9			—
Net cash used in investing activities	(136.1		)	(11.2		)	(2.9		)	120.9			(29.3		)
FINANCING ACTIVITIES
Proceeds from notes payable	1,312.0			—			38.3			—			1,350.3
Repayment of notes payable	(1,097.7		)	(0.3		)	(0.3		)	—			(1,098.3		)
Intercompany advances	—			92.0			28.9			(120.9		)	—
Proceeds from stock associated with certain employee benefit plans	21.0			—			—			—			21.0
Excess income tax benefit from employee stock awards	6.7			—			—			—			6.7
Cash dividends paid	(45.7		)	—			(15.0		)	15.0			(45.7		)
Net cash provided by financing activities	196.3			91.7			51.9			(105.9		)	234.0
Increase in cash and cash equivalents	24.7			6.5			4.7			—			35.9
Cash and cash equivalents at beginning of period	497.4			89.5			74.9			—			661.8
Cash and cash equivalents at end of period	$	522.1		$	96.0		$	79.6		$	—		$	697.7

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Cash Flows

Six Months Ended March 31, 2014



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$	(169.9	)	$	(118.9	)	$	63.0		$	(40.0	)	$	(265.8	)
INVESTING ACTIVITIES
Purchases of property and equipment	(12.3		)	(15.1		)	(5.4		)	—			(32.8		)
(Increase) decrease in restricted cash	(2.1		)	—			0.1			—			(2.0		)
Net principal increase of other mortgage loans and real estate owned	—			—			(1.7		)	—			(1.7		)
Intercompany advances	(157.4		)	—			—			157.4			—
Payments related to acquisition of a business	(34.5		)	—			—			—			(34.5		)
Net cash used in investing activities	(206.3		)	(15.1		)	(7.0		)	157.4			(71.0		)
FINANCING ACTIVITIES
Proceeds from notes payable	497.0			—			—			—			497.0
Repayment of notes payable	(148.8		)	—			(14.8		)	—			(163.6		)
Intercompany advances	—			158.6			(1.2		)	(157.4		)	—
Proceeds from stock associated with certain employee benefit plans	29.6			—			—			—			29.6
Excess income tax benefit from employee stock awards	1.9			—			—			—			1.9
Cash dividends paid	(12.1		)	—			(40.0		)	40.0			(12.1		)
Net cash provided by (used in) financing activities	367.6			158.6			(56.0		)	(117.4		)	352.8
(Decrease) increase in cash and cash equivalents	(8.6		)	24.6			—			—			16.0
Cash and cash equivalents at beginning of period	871.4			38.4			67.6			—			977.4
Cash and cash equivalents at end of period	$	862.8		$	63.0		$	67.6		$	—		$	993.4