KB HOME ELECTS KENNETH M. JASTROW, II TO BOARD OF DIRECTORS

LOS ANGELES (December 6, 2001) - KB Home (NYSE: KBH) today announced that Kenneth M. Jastrow, II, chairman and chief executive officer of Texas-based Temple-Inland, Inc., has been elected a director of the Company. His election brings the total number of the Company's directors to 11.

 
"Kenny Jastrow brings three decades of experience and leadership in the building products and mortgage lending industries to KB Home's board of directors," said Bruce Karatz, chairman and chief executive officer of KB Home. "His expertise and perspective on key components of the homebuilding industry will be a great asset to the Company and our shareholders."

Jastrow has served in his current position since January 1, 2000. He has been with Temple-Inland for 23 years and previously served in a variety of senior leadership positions including President and Chief Operating Officer as well as Chief Financial Officer. Temple-Inland is a holding company with operations in paper, building products and financial services. The Company had 2000 revenues of $4.3 billion.

Jastrow received both master's and bachelor's degrees in business administration from the University of Texas at Austin where he serves on the Development Board and Graduate School of Business Advisory Foundation Council.

KB Home is one of America's largest homebuilders with domestic operating divisions in some of the fastest-growing areas of the country including California, Arizona, Nevada, New Mexico, Colorado, Texas and Florida. Kaufman & Broad S.A., the Company's majority-owned subsidiary, is one of the largest homebuilders in France. In fiscal 2000, the Company delivered homes to 22,847 families in the United States and France. It also operates 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, kbhome.com.

For more information contact:
Kate Mulhearn, 310.231.4147
or kmulhearn@kbhome.com