2017 Third Quarter Results. Maracay Homes Pardee Homes Quadrant Homes Trendmaker Homes TRI Pointe Homes Winchester Homes

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1 2017 Third Quarter Results Maracay Homes Pardee Homes Quadrant Homes Trendmaker Homes TRI Pointe Homes Winchester Homes

2 Forward Looking Statement Various statements contained in this presentation, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, land and lot sales, operational and financial results, financial condition, prospects, and capital spending. Our forward-looking statements are generally accompanied by words such as estimate, project, predict, believe, expect, intend, anticipate, potential, plan, goal, target, guidance, outlook, will, or other words that convey future events or outcomes. The forward-looking statements in this presentation speak only as of the date of this presentation, and we disclaim any obligation to update these statements unless required by law, and we caution you not to rely on them unduly. These forward-looking statements are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. The following factors, among others, may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements: the effect of general economic conditions, including employment rates, housing starts, interest rate levels, availability of financing for home mortgages and strength of the U.S. dollar; market demand for our products, which is related to the strength of the various U.S. business segments and U.S. and international economic conditions; levels of competition; the successful execution of our internal performance plans, including restructuring and cost reduction initiatives; global economic conditions; raw material prices; oil and other energy prices; the effect of weather, including the re-occurrence of drought conditions in California; the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters, and the risk of delays, reduced consumer demand, and shortages and price increases in labor or materials associated with such natural disasters; transportation costs; federal and state tax policies; the effect of land use, environment and other governmental regulations; legal proceedings or disputes and the adequacy of reserves; risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, synergies, indebtedness, financial condition, losses and future prospects; changes in accounting principles; risks related to unauthorized access to our computer systems, theft of our customers confidential information or other forms of cyber-attack; and additional factors discussed under the sections captioned Risk Factors included in our annual and quarterly reports filed with the Securities and Exchange Commission. The foregoing list is not exhaustive. New risk factors may emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risk factors on our business. This presentation includes certain non-gaap financial metrics, including adjusted homebuilding gross margin, and net debt-to-net capital. These non-gaap financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Please refer to the Supplemental Data and Reconciliation section of this presentation for a reconciliation of the non-gaap financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with GAAP. Winchester is a registered trademark and is used with permission. 2

3 Management Team Thomas Mitchell President & COO Over 28 years of real estate and homebuilding experience Former EVP and Southern California Regional President at William Lyon Homes Douglas Bauer Chief Executive Officer Over 28 years of real estate and homebuilding experience Former President and COO of William Lyon Homes Michael Grubbs Chief Financial Officer Over 28 years of real estate and homebuilding experience Former SVP / CFO of William Lyon Homes Working together for over 28 years, TRI Pointe senior management has significant experience running a large, geographically diverse, growth-oriented public homebuilder. Deep managerial talent at each operating division with key local relationships supports dynamic tailored growth strategies. 3

4 A Family of Regional Homebuilders A Family of Regional Homebuilders Market: Seattle Metro Area LTM Orders: 378 LTM Deliveries: 302 LTM HS Revenue: $192,869 LTM ASP: $639 Lots Owned or Controlled: 1,685 Markets: Los Angeles, Inland Empire, San Diego, Las Vegas LTM Orders: 1,552 LTM Deliveries: 1,288 LTM HS Revenue: $611,776 LTM ASP: $475 Lots Owned or Controlled: 15,655 Markets: Washington DC Metro Area LTM Orders: 476 LTM Deliveries: 429 LTM HS Revenue: $242,310 LTM ASP: $565 Lots Owned or Controlled: 2,306 Markets: Orange County, Los Angeles, San Diego, San Francisco Bay Area, Sacramento, Denver LTM Orders: 1,358 LTM Deliveries: 1,194 LTM HS Revenue: $794,791 LTM ASP: $666 Lots Owned or Controlled: 3,784 Markets: Phoenix, Tucson LTM Orders: 648 LTM Deliveries: 672 LTM HS Revenue: $298,916 LTM ASP: $445 Lots Owned or Controlled: 2,606 Markets: Houston, Austin LTM Orders: 509 LTM Deliveries: 482 LTM HS Revenue: $239,500 LTM ASP: $497 Lots Owned or Controlled: 1,856 Data as of September 30, 2017 Note: Dollars in thousands LTM Orders: 4,921 LTM Deliveries: 4,367 LTM Home Sales ( HS ) Revenue: $2,380,161 LTM Average Sales Price ( ASP ): $545 Lots Owned or Controlled: 27,892

5 2017 Third Quarter Highlights

6 2017 Third Quarter Highlights Absorption rate of 3.3 new home orders per community per month New home deliveries up 9% to 1,111 with an average sales price of $584K Backlog units (1) up 32% to 2,265 homes and backlog dollar value (1) up 56% to $1.5 billion Home sales revenue up 12% to $649MM Homebuilding gross margin of 19.5% SG&A expense decreased 70 basis points to 10.2% of home sales revenue compared to 10.9% Net income available to common stockholders of $72.3MM, or $0.48 per diluted share vs. $34.8MM, or $0.22 per diluted share Repurchased 975,700 shares for $12.5MM at an average price of $12.83 per share in. Metric % Change Orders 1, % Deliveries 1,111 1,019 9% ASP of Home Deliveries ($000s) $584 $568 3% Backlog (units) (1) 2,265 1,711 32% Backlog (dollar value) ($000s) (1) $1,482 $950 56% Home Sales Revenue ($000s) $648,638 $578,653 12% HB Gross Margin 19.5% 20.1% -60 bps Land and Lot Sales Revenue ($mm) $68.2 $ % Land and Lot Sales Profit ($mm) $56.2 $ % SG&A Expense (% of sales) 10.2% 10.9% -70 bps EPS (Diluted) $0.48 $ % (1) Backlog units and dollar value figures are as of September 30, 2017 and 2016, respectively 6

7 Increase 3% YOY Active Selling Communities and Absorption Rate Q Results Active Selling Communities and Absorption Rate As of and for the quarters ended September 30, 2016 and 2017 Active Selling Communities by State As of September 30, Texas 22% Washington Virginia 7% 3% Arizona 10% California 34% Colorado 6% Nevada 10% Maryland 8% Communities Absorption Rate Opened 10 new communities and closed 14 in Q

8 Increase 36% YOY New Home Orders Q Results New Home Orders For the quarters ended September 30, 2016 and 2017 New Home Orders by State For the quarter ended September 30, ,600 1,400 1,200 1,268 Washington Virginia 7% 3% Texas 9% Arizona 12% 1, Colorado 3% Nevada 10% Maryland 6% California 50%

9 Increase 32% YOY Increase 56% YOY Backlog Units and Dollar Value Q Results Backlog Units and Dollar Value As of September 30, 2016 and 2017 (dollars in thousands) Backlog Dollar Value by State As of September 30, ,400 2,200 2,000 1,800 1,600 1,400 1,200 1, ,711 2,265 $950,171 $1,482, $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 Texas 7% Colorado 4% Nevada 7% Washington 11% Virginia 3% Arizona 10% Units $ Value $200,000 $- Maryland 7% California 51% $555K $654K Average Sales Price in Backlog 9

10 Increase 9% YOY New Home Deliveries Q Results New Home Deliveries As of and for the quarters ended September 30, 2016 and 2017 New Home Deliveries by State For the quarter ended September 30, ,200 1, ,019 1,111 Colorado 3% Washington Virginia 7% 2% Texas 9% Arizona 15% 400 Nevada 9% 200 Maryland 7% % 53% Backlog Conversion Ratio California 48% 10

11 Increase 12% YOY Home Sales Revenue Q Results Home Sales Revenue For the quarters ended September 30, 2016 and 2017 (dollars in thousands) Home Sales Revenue by State For the quarter ended September 30, 2017 $700,000 $600,000 $500,000 $400,000 $578,653 $648,638 Washington 8% Virginia 2% Texas 8% Colorado 3% Arizona 12% $300,000 Nevada 7% $200,000 $100,000 $ Maryland 7% California 53% $568K $584K Average Sales Price of Deliveries 11

12 Increase 5% YOY Increase 114% YOY Increase 107% YOY SG&A Expenses, Income before Taxes and Net Income Q Results Selling General and Administrative Expenses For the quarters ended September 30, 2016 and 2017 (dollars in thousands) Income before Taxes, Net Income available to Common Stockholders and EPS (Diluted) For the quarters ended September 30, 2016 and 2017 (dollars in thousands except EPS) $70,000 $60,000 $63,130 $66,135 $140,000 $120,000 $118,401 $0.48 $0.50 $0.45 $0.40 $50,000 $100,000 $0.35 $40,000 $30,000 $31,852 $31,278 $33,179 $32,956 SG&A S&M G&A $80,000 $60,000 $55,443 $0.22 $72,264 $0.30 $0.25 $0.20 $20,000 $40,000 $34,834 $0.15 $10,000 $20,000 $0.10 $0.05 $ $ $ % 10.2% SG&A as a % of Home Sales Revenue Inc Before Taxes Net Income EPS 12

13 Orders, Deliveries and Absorption Rate year over year comparisons for the Third Quarter 2017 by Segment (Includes breakout by state for Pardee Homes and TRI Pointe Homes brands)

14 Increase 18% YOY Decrease 1% YOY Increase 71% YOY Decrease 12% YOY Orders, Deliveries and Absorption Rate For the quarters ended September 30, 2016 and 2017 Orders, Deliveries and Absorption Rate For the quarters ended September 30, 2016 and Orders Deliveries Absorption Orders Deliveries Absorption 0.0 $412K $477K Average Sales Price of Deliveries $531K $686K Average Sales Price of Deliveries 14

15 Decrease 13% YOY Decrease 14% YOY Increase 18% YOY Increase 28% YOY Orders, Deliveries and Absorption Rate For the quarters ended September 30, 2016 and 2017 Orders, Deliveries and Absorption Rate For the quarters ended September 30, 2016 and Orders Deliveries Absorption Orders Deliveries Absorption 0.0 $516K $504K Average Sales Price of Deliveries $550K $578K Average Sales Price of Deliveries 15

16 Increase 71% YOY Increase 28% YOY Increase 14% YOY Decrease 21% YOY California Nevada Orders, Deliveries and Absorption Rate For the quarters ended September 30, 2016 and 2017 Orders, Deliveries and Absorption Rate For the quarters ended September 30, 2016 and Orders Deliveries Absorption Orders Deliveries Absorption 0.0 $785K $520K Average Sales Price of Deliveries $377K $458K Average Sales Price of Deliveries 16

17 Increase 63% YOY Increase 31% YOY Increase 29% YOY Flat YOY California Colorado Orders, Deliveries and Absorption Rate For the quarters ended September 30, 2016 and 2017 Orders, Deliveries and Absorption Rate For the quarters ended September 30, 2016 and Orders Deliveries Absorption Orders Deliveries Absorption 0.0 $661K $733K Average Sales Price of Deliveries $526K $591K Average Sales Price of Deliveries 17

18 Historical Results with 2017 Guidance Ranges

19 Increase 17% YOY Increase 2% YOY Increase 8% YOY Average Selling Communities and Absorption Rate Average Selling Communities and Absorption Rate As of and for the years ended December 31, 2014 through 2016 and 2017 projections Average Selling Communities by State For the year ended December 31, Texas 24% Virginia 5% Washington 7% Arizona 15% California 30% P Communities Absorption Rate 0.0 Colorado 4% Nevada 9% Maryland 6% Opened 63 new communities and closed 43 in 2016 Expect to open approximately 60 new communities in 2017 See Forward Looking Statement disclosure on page 2 of the presentation 19

20 Increase 31% YOY Increase 4% YOY Increase 11% YOY at midpoint of the range New Home Deliveries FY 2014 through FY 2016 New Home Deliveries For the years ended December 31, 2014 through 2016 and 2017 projections 5,000 4,750 4,640 4,000 4,211 4,057 Updated Guidance Range of Deliveries New Home Deliveries by State For the year ended December 31, 2016 Virginia 4% Washington 9% Arizona 15% 3,000 3,100 Texas 11% 2,000 Colorado 4% 1, P Nevada 11% Maryland 6% California 40% See Forward Looking Statement disclosure on page 2 of the presentation 20

21 Increase 39% YOY Increase 2% YOY Increase 17% YOY at midpoint of the range Home Sales Revenue FY 2014 through FY 2016 Home Sales Revenue For the years ended December 31, 2014 through 2016 and 2017 projections (dollars in millions) $3,000 $2,768 Updated Guidance Range of Home Sales Revenue Home Sales Revenue by State For the year ended December 31, 2016 $2,500 $2,000 $1,500 $1,646 $2,291 $2,329 $2,680 Texas 10% Virginia 4% Washington 9% Arizona 11% $1,000 Colorado 4% $500 $ P Updated FY ASP based on 4Q17 ASP Range Nevada 8% Maryland 6% California 48% $531K $565K $553K $580K Average Sales Price of Deliveries See Forward Looking Statement disclosure on page 2 of the presentation 21

22 Increase 26% YOY Increase 7% YOY Increase 149% YOY Increase 144% YOY Decrease 5% YOY Decrease 5% YOY SG&A Expenses, Income before Taxes and Net Income FY 2014 through FY 2016 Selling, General and Administrative Expenses For the years ended December 31, 2014 through 2016 (dollars in thousands) Income before Taxes, Net Income available to Common Stockholders and EPS (Diluted) For the full years ended December 31, 2014 through 2016 (dollars in thousands except EPS) $300,000 $250,000 $233,713 $251,093 $350,000 $300,000 $319,260 $1.27 $302,227 $1.21 $1.50 $1.30 $200,000 $150,000 $100,000 $185, Guidance Project SG&A Expense Ratio of 10.2% to 10.4% of Home Sales Revenue $250,000 $200,000 $150,000 $100,000 $0.58 $127,964 $84,197 $205,461 $195,171 $1.10 $0.90 $0.70 $0.50 $0.30 $50,000 $50,000 $0.10 $ % 10.2% 10.8% 10.2%-10.4% SG&A as a % of Home Sales Revenue $0 -$ Inc Before Taxes Net Income EPS See Forward Looking Statement disclosure on page 2 of the presentation 22

23 2017 Outlook

24 Fourth Quarter 2017 Outlook Fourth Quarter Expect to open 14 new communities and close out of 10, resulting in 131 active selling communities as of December 31, 2017 Anticipate delivering approximately 75% to 80% of the 2,265 homes in backlog as of September 30, 2017 at an average sales price range of $630,000 to $640,000 Anticipate homebuilding gross margin for the fourth quarter in a range of 21.0% to 22.0% Anticipate SG&A expense ratio for the fourth quarter to be in a range of 7.6% to 7.8% of home sales revenue See Forward Looking Statement disclosure on page 2 of the presentation 24

25 Land Supply Orders by Month Debt

26 Significant Land Supply to Fuel Growth Combined Lot Position As of September 30, Note: Dollars in thousands Market Owned Controlled Total Lots % Owned Inventory Dollars LTM Deliveries Implied Years of Supply (1) California 15, ,403 97% $1,808,048 1, Colorado % $125, Washington, D.C. (2) 1, ,306 77% $299, Arizona 1, ,606 71% $246, Nevada 1, ,219 90% $299, Texas 1, ,856 83% $213, Washington 1, ,685 69% $281, Total 24,803 3,089 27,892 89% $3,303,421 4, Total Lots Arizona 9% Texas 7% Nevada 8% Washington, D.C. (2) 8% Colorado 3% Washington 6% California 59% (1) Based on last twelve months deliveries as of September 30, 2017 (2) Includes lots in the greater Washington D.C. area. Inventory Dollars Nevada 9% Arizona 7% Washington, D.C. (2) 10% Texas 6% Washington 9% Colorado 4% California 55% 26

27 New Home Orders Historical by Month 1Q17 Orders up 13% YOY 2Q17 Orders up 15% YOY Orders up 36% YOY Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Absorption Rate = Orders per Month per Community 27

28 Selected Balance Sheet Metrics Selected Balance Sheet Metrics $ in thousands 9/30/ /31/2016 Cash and cash equivalents $ 162,396 $ 208,657 Real estate inventories $ 3,303,421 $ 2,910,627 Total Debt $ 1,669,558 $ 1,382,033 Total Stockholders' equity $ 1,842,429 $ 1,829,447 During the quarter, the Company borrowed $50 million from its unsecured revolving credit facility. Debt-to-capital 47.5% Net debt-to-net capital (1) 45.0% 43.0% 39.1% $500 $450 Senior Note Debt Maturities (in millions) $450 $400 $300 $200 $100 $300 $300 $ % Senior Notes 4.875% Senior Notes 5.875% Senior Notes 5.250% Senior Notes (1) See Reconciliation of Non-GAAP Measures in the appendix of this presentation 28

29 Supplemental Data and Reconciliation

30 Reconciliation of Non-GAAP Financial Measures (unaudited) In this presentation, we utilize certain financial measures that are non-gaap financial measures as defined by the Securities and Exchange Commission. We present these measures because we believe they and similar measures are useful to management and investors in evaluating the Company s operating performance and financing structure. We also believe these measures facilitate the comparison of our operating performance and financing structure with other companies in our industry. Because these measures are not calculated in accordance with Generally Accepted Accounting Principles ( GAAP ), they may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP. The following table reconciles homebuilding gross margin percentage, as reported and prepared in accordance with GAAP, to the non- GAAP measure adjusted homebuilding gross margin percentage. We believe this information is meaningful as it isolates the impact that leverage has on homebuilding gross margin and permits investors to make better comparisons with our competitors, who adjust gross margins in a similar fashion. Three Months Ended September 30, 2017 % 2016 % (dollars in thousands) Home sales revenue $ 648, % $ 578, % Cost of home sales 521, % 462, % Homebuilding gross margin 126, % 116, % Add: interest in cost of home sales 15, % 14, % Add: impairments and lot option abandonments % % Adjusted homebuilding gross margin $ 142, % $ 131, % Homebuilding gross margin percentage 19.5% 20.1% Adjusted homebuilding gross margin percentage 22.0% 22.7% 30

31 Reconciliation of Non-GAAP Financial Measures (cont d)(unaudited) The following table reconciles the Company s ratio of debt-to-capital to the ratio of net debt-to-net capital. We believe that the ratio of net debt-to-net capital is a relevant financial measure for management and investors to understand the leverage employed in our operations and as an indicator of the Company s ability to obtain financing. September 30, 2017 December 31, 2016 Unsecured revolving credit facility $ 200,000 $ 200,000 Seller financed loans 13,726 Senior notes 1,469,558 1,168,307 Total debt 1,669,558 1,382,033 Stockholders equity 1,842,429 1,829,447 Total capital $ 3,511,987 $ 3,211,480 Ratio of debt-to-capital (1) 47.5% 43.0% Total debt $ 1,669,558 $ 1,382,033 Less: Cash and cash equivalents (162,396) (208,657) Net debt 1,507,162 1,173,376 Stockholders equity 1,842,429 1,829,447 Net capital $ 3,349,591 $ 3,002,823 Ratio of net debt-to-net capital (2) 45.0% 39.1% (1) The ratio of debt-to-capital is computed as the quotient obtained by dividing debt by the sum of debt plus equity. (2) The ratio of net debt-to-net capital is computed as the quotient obtained by dividing net debt (which is debt less cash and cash equivalents) by the sum of net debt plus equity. 31

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