Investor PresentationSeptember 2012September 2012

Forward-Looking StatementsThis presentation includes “forward-looking statements.” These statements are subject to a number of risks, uncertainties andThis presentation includes forward looking statements. These statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or implied by, these statements. You can identify these statements by the fact that they do not relate to matters of a strictly factual or historical nature and generally discuss or relate to forecasts, estimates or other expectations regarding future events. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “may,” “can,” “could,” “might,” “will” and similar expressions identify forward-looking statements, including statements related to expected operating and performing results planned transactions planned objectives of managementstatements related to expected operating and performing results, planned transactions, planned objectives of management, future developments or conditions in the industries in which we participate and other trends, developments and uncertainties that may affect our business in the future. Such risks, uncertainties and other factors include, among other things: interest rate changes and the availability of mortgage financing; continued volatility in the debt and equity markets; competition within the industries in which PulteGroup operates; the availability and cost of land and other raw materials used by PulteGroup in its homebuilding operations; the impact of any changes to our strategy in responding to continuing adverse conditions in the industry including any changes regarding our landchanges to our strategy in responding to continuing adverse conditions in the industry, including any changes regarding our landpositions; the availability and cost of insurance covering risks associated with PulteGroup's businesses; shortages and the costof labor; weather related slowdowns; slow growth initiatives and/or local building moratoria; governmental regulation directed at or affecting the housing market, the homebuilding industry or construction activities; uncertainty in the mortgage lending industry, including revisions to underwriting standards and repurchase requirements associated with the sale of mortgage loans; the interpretation of or changes to tax, labor and environmental laws; economic changes nationally or in PulteGroup’s local markets,i l di i fl ti d fl ti h i fid d f d th t t f th k t f h i lincluding inflation, deflation, changes in consumer confidence and preferences and the state of the market for homes in general;legal or regulatory proceedings or claims; required accounting changes; terrorist acts and other acts of war; and other factors of national, regional and global scale, including those of a political, economic, business and competitive nature. See PulteGroup’sAnnual Report on Form 10-K for the fiscal year ended December 31, 2011, and other public filings with the Securities and Exchange Commission (the “SEC”) for a further discussion of these and other risks and uncertainties applicable to our businesses. PulteGroup undertakes no duty to update any forward-looking statement, whether as a result of new information, f t t h i P lt G ’ t tifuture events or changes in PulteGroup’s expectations.Certain statements in this presentation contain references to non-GAAP financial measures. A reconciliation of the non-GAAP financial measures to the comparable GAAP numbers is included in this presentation.

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Presentation Agenda

Profile of PulteGroup

Opportunities to Drive Business Performance Margin Expansion Margin Expansion

Overhead Leverage

L d S i d T i Land Strategies and Tactics

Review of Industry Conditions

2

Overview of PulteGroup and Recent Financial Results

3

Overview

Company has delivered nearly 600,000 homes since its founding600,000 homes since its founding in Michigan in 1950

One of America’s largest homebuilders with operations inhomebuilders with operations in approximately 60 markets across 29 states

Unique multi-brand strategy toUnique multi brand strategy to serve all major customer groups

Unmatched presence in active adult market through Del Webb brandmarket through Del Webb brand

4

Seattle

Portland

Northern CaliforniaIlli i

Minnesota

Michigan

Cleveland Northeast Corridor

New England

Central Area

Southern CalArizona New Mexico

IllinoisIndianapolis

Mid Atlantic

TennesseeRaleigh

Charlotte

St. Louis

Colorado

Southern Nevada

New Mexico

Dallas Georgia

Coastal Carolinas

Central TexasSouthwest Area

East Area

San AntonioHouston

South Florida

North Florida

Texas Area

Florida Area

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Broadest Exposure Across Customer Segments

Target: Entry‐Level Buyers Target: Move‐Up Buyers Target: Active Adults

Positioning: Crafting smart, life‐enhancing environments 

that enrich everyday life

Positioning: Bringing pride of homeownership within reach

Positioning: Inspiring life’s most exciting possibilities

2011

Multiple brands allow greater focus on buyer wants and needs in each segment

2011 Closings36% 36% 28%

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Pulte Homes (move-up buyer) grew to 42% of closings in Q2 2012

Positive Market Opportunity for Active Adult

Demographics continue to drive demand

U.S. Population Over 55(in millions)

Buyer segment remains one of the largest and most affluent

45% of Del Webb buyers pay

AGE

45% of Del Webb buyers pay cash for their home

Active adults typically need to yp ysell an existing homeSome will wait for rebound,

others moving to next life stageothers moving to next life stage

Significant equity remains in many homesy

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Unmatched in Serving Active Adult Buyers

8

Marker indicates number of active Del Webb communities in the state

Driving Business Performance

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Actions to Further Improve Gross Margins

Increased percentage of closings from move-up buyers, plus hi h i ithi h b

21.0%

Adjusted Homebuilding Gross Margin *

higher margins within each buyer group Increased closings from newer19 0%

19.5%

20.0%

20.5%

Increased closings from newer land assets which can carry higher margins

17 5%

18.0%

18.5%

19.0%

Initiatives underway to further expand gross margins: Ongoing reduction of house costs16.0%

16.5%

17.0%

17.5%

Ongoing reduction of house costsChange pricing model to base house with

options/upgradesEmphasize presales with managed spec

15.0%

15.5%

1Q '11 2Q '11 3Q '11 4Q '11 1Q '12 2Q'12Emphasize presales with managed spec

production

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* Home sale gross margin before impairments and interest expense

Working to Deliver Greater Overhead Leverage

Overheads have been resized to better match

YOY Change in Q2 SG&A Costs ($ millions)

current volumes

Q2 2012 SG&A reduced by $135

$140

10% from prior year

Focus on volume growth ithin e isting footprint can

$130

within existing footprint can enable additional upside leverage

$120

$125

$115

$120

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Q2 '11 Q2 '12

Land Strategy Aligned with ROIC Goals

160,000 Optioned

Company remains opportunistic and disciplined in land investment

Lots Under Control

120,000

140,000 Ownedp

Put approximately 2,000 lots under control in Q2

Plan to increase 2012 land spend to

80,000

100,000Plan to increase 2012 land spend to $900+ million

Reoriented capital allocation and

20 000

40,000

60,000p

land investment practices to drive better long-term returns

0

20,000

2009 2010 2011 Q2  '12

Continue to focus on better absorption pace rather than community count growthcommunity count growth

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Debt Maturity Schedule

Continue to Improve Balance Sheet

Ended Q2 2012 with $1.4 billion of cash

Debt Maturity Schedule ($ millions)

$1,200

Q2 2012 cash balance up $96 million from Q1 2012F i h i ki

$800

$1,000

Focus remains on shrinking the balance sheet to more appropriately match current $400

$600

pp p ysize of operations

2012 notes paid at maturity in August with cash on hand

$200

$400

August with cash on hand $0 20

12

20

13

20

14

20

15

20

16

20

17

20

32

+

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Mortgage Repurchase Information

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2Q12 Financial Results: Mortgage Put-Back Analysis

2005 2006 2007 2008 TotalOrigination Volumes Units ($ billions) Units ($ billions) Units ($ billions) Units ($ billions) Units ($ billions)

Prime 73,703 $15.1 65,222 $14.4 47,224 $10.5 21,639 $4.6 207,788 $44.6

Mi O hMisc. Other 37,763 $8.4 33,562 $8.1 23,626 $5.9 21,479 $4.6 116,430 $27.0

Subprime 1,280 $0.2 1,416 $0.3 1,653 $0.3 421 $0.1 4,770 $0.9

Total 112,746 $23.7 100,200 $22.8 72,503 $16.7 43,539 $9.3 328,988 $72.5

• These figures have not been adjusted for subsequent activity such as borrower repayments of principal, foreclosures, or repurchases or make-whole payments completed to date. As a result, the principal balance currently outstanding is lower. Misc Other primarily represents brokered and government originations Repurchase activity to• Misc. Other primarily represents brokered and government originations. Repurchase activity to date has been insignificant.

• Represents $14 billion of originations in 2006-2007

• Almost 80% of put-back requests relate to mortgages originated in 2006 and 2007Almost 80% of put back requests relate to mortgages originated in 2006 and 2007• Over 60% of gross put-back requests are cured or refuted by our mortgage operations.

Requests not immediately refuted undergo extensive analysis to verify exposure, attempt to correct underlying issue and, when needed, confirm liability

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Over 60% of gross loan repurchase requests are successfully refuted by our mortgage

Gross Loan Repurchase Requests Per Month

Gross Monthly Loan Repurchase Requests for Pulte and CTX Mortgage Combined

g p q y y g goperations. Requests undergo extensive analysis to verify exposure, attempt to correct underlying issue and, when needed, confirm liability.

150

y p q g g

100

Units

0

50

0

Jan‐09

Feb‐09

Mar‐09

Apr‐09

May‐09

Jun‐09

Jul‐0

9Au

g‐09

Sep‐09

Oct‐09

Nov

‐09

Dec‐09

Jan‐10

Feb‐10

Mar‐10

Apr‐10

May‐10

Jun‐10

Jul‐1

0Au

g‐10

Sep‐10

Oct‐10

Nov

‐10

Dec‐10

Jan‐11

Feb‐11

Mar‐11

Apr‐11

May‐11

Jun‐11

Jul‐1

1Au

g‐11

Sep‐11

Oct‐ 11

Nov

‐11

Dec‐11

Jan‐12

Feb‐12

Mar‐12

Apr‐12

May‐12

Jun‐12

Company reserves associated with potential future loan repurchase obligations incorporates expectation that such requests will likely continue through 2013

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expectation that such requests will likely continue through 2013.

Review of Industry Conditions

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Data Support Potential for Housing Recovery

N H S l Housing showing signs of

recovery after long decline700,000

800,000New Home Sales

2005 cyclical peak of 1.3 million single-family new home sales

2011 single-family sales down to 500,000

600,000

302,000; a drop of almost 80% from the peak

2012 sales through June show 300,000

400,000

,

2012 sales through June show rebound to 350,000 SAAR Employment and consumer

100 000

200,000

300,000

confidence need to improve to help ensure ongoing recovery 0

100,000

2007 2008 2009 2010 2011 2012

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Demographic Drivers are Supportive of Housing Demand

Population By Age (000)

e a d

20,000

25,000Echo Boom Baby Bust Baby Boom Pre-Baby Boom

10,000

15,000Foreign Born

Native Born

5,000

0Under

55-9 10-14 15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79 80-84 85 and

Over

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Male and Female Adults

Pent-up Demand has Been Building

15%6,000

Total living at home

Male and Female Adults Aged 25-34 Living at Home

25Doubled-up Households

13%

14%

5,000

5,500

15

20

ns

12%

13%

4,500

5,000

10

15

Mill

ion

11%4,0005

10%3,50019

8319

8519

8719

8919

9119

9319

9519

9719

9920

0120

0320

0520

0720

0920

11

01

2007 2011

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Conclusion

PulteGroup: Well Positioned for Today and Tomorrow Margin Expansion – continuing to build on our successes in capturing

greater construction efficiencies and overhead leveragegreater construction efficiencies and overhead leverage

Land Strategy – working to maximize return opportunities within existing land portfolio while integrating new land positions

Unique Market Position – defined multi-brand strategy with leadership position in serving Baby Boomers

Balance Sheet – over $1.0 billion in cash and flexibility to support current foperations and future growth opportunities

Leadership – experienced leadership team focused on driving improvements in core homebuilding operations

2121

Supplemental Non-GAAP Data

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Reconciliation of Non-GAAP DataThis presentation contains information about home sale gross margin reflecting certain adjustments. This measure is considered a non-GAAP financial measure under the SEC’s rules and should be considered in addition to, rather than as a substitute for, thecomparable GAAP financial measure as a measure of our operating performance. Management and our local divisions use this measure in evaluating the operating performance of each community and in making strategic decisions regarding sales pricing, construction and development pace, product mix, and other daily operating decisions. We believe it is a relevant and useful p p , p , y p gmeasure to investors for evaluating our performance through gross profit generated on homes delivered during a given period and for comparing our operating performance to other companies in the homebuilding industry. Although other companies in the homebuilding industry report similar information, the methods used may differ. We urge investors to understand the methods used by other companies in the homebuilding industry to calculate gross margins and any adjustments thereto before comparing our measure to that of such other companies.

The following table sets forth a reconciliation of this non-GAAP financial measure to the GAAP financial measure that management believes to be most directly comparable.

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Supplemental Non-GAAP Data – Adjusted Margin Analysis

Three Months Ended

June 30, 2012

March 31, 2012

December 31, 2011

September 30, 2011

June 30, 2011

($ thousands)

Home sale revenues $ 1,024,405 $ 813,786 $ 1,167,141 $ 1,101,368 $ 899,763

Home sale cost of revenues (869,379) (712,166) (1,021,873) (947,817) (789,678)

Home sale gross margin 155,026 101,620 145,268 153,551 110,085

Add:

Impairments (a) 663 3,700 7,885 526 2,046

Capitalized interest amortization (a) 52,070 47,186 63,979 48,693 41,894

Adjusted home sale gross margin $ 207,729 $ 152,506 $ 217,132 $ 202,770 $ 154,025

Home sale gross margin as a percentage of home salerevenues 15.1% 12.5% 12.4% 13.9% 12.2%

Adjusted home sale gross margin as a percentage ofhome sale revenues 20.3% 18.7% 18.6% 18.4% 17.1%

(a) Write-offs of capitalized interest related to impairments are reflected in capitalized interest amortization.

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