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yam? FORESTAR <br />WHO WE ARE <br />Forestar Group Inc. ("Forestar" or <br />"FOR") is a highly differentiated, <br />national residential lot developer. <br />We develop and sell lots for single-family homes to <br />national, regional and local homebuilders. The lot <br />development market is under -served due to a lack of <br />well -capitalized and national participants. At the same <br />time, homebuilders are focused on owning less land and <br />purchasing finished lots from third -party developers. <br />We conduct a wide range of project planning and <br />management activities related to entitlement, <br />acquisition, community development and sale of <br />residential lots. We are primarily focused on developing <br />single-family residential communities for entry-level, <br />first-time and first-time move -up homebuyers, the <br />largest segments of the new home market. <br />We are geographically diversified and focused on <br />the top new home markets in the U.S. On March 31, <br />2020, we owned or controlled 52,300 lots across 50 <br />markets in 21 states. Forestar has an experienced <br />team of professionals in local markets to execute the <br />entitlement and development process. <br />STRATEGIC RELATIONSHIP <br />In 2017, D.R. Horton, Inc. ("D.R. Horton" or "DHI"), the <br />largest volume homebuilder in the United States since <br />2002, took a 75% ownership position in our Company <br />to help us grow our lot development platform to <br />supply them and other builders with finished lots for <br />new home construction. Today, D.R. Horton owns 65% <br />of Forestar, and through our strategic relationship is <br />helping us identify land opportunities. <br />Our strategic relationship with D.R. Horton provides a <br />significant built-in demand for our finished lots. Most <br />land developers lack the scale and access to capital to <br />be consistent suppliers of lots to homebuilders across <br />a national geographic footprint. <br />FINANCIAL STRENGTH <br />Forestar is a publicly -traded company traded on the <br />New York Stock Exchange under the ticker symbol <br />"FOR." Our public platform provides us access to the <br />capital markets and we have accessed both the debt <br />and equity markets over the past year to provide our <br />Company with growth capital. As of March 31, 2020, <br />we had approximately $790 million of liquidity and a <br />solid balance sheet with $1.2 billion in real estate and <br />no senior note maturities until 2024. <br />CONTACT US <br />Please visit our website at forestar.com to learn more about Forestar. <br />We encourage interested landowners to contact us at propertysubmittal©forestar.com. <br />b�? <br />