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Investor PresentationNovember 2008

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Forward-Looking StatementCertain statements in this release constitute “forward-looking statements”within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among other things, (1) general economic and business conditions; (2) interest rate changes and the availability of mortgage financing; (3) continued volatility and potential further deterioration in the debt and equity markets; (4) competition; (5) the availability and cost of land and other raw materials used by the Company in its homebuilding operations; (6) the availability and cost of insurance covering risks associated with the Company’s business; (7) shortages and the cost of labor; (8) weather related slowdowns; (9) slow growth initiatives and/or local building moratoria; (10) governmental regulation, including the effects from the Emergency Economic Stabilization Act and the interpretation of tax, labor and environmental laws; (11) changes in consumer confidence and preferences; (12) required accounting changes; (13) terrorist acts and other acts of war; and (14) other factors of national, regional and global scale, including those of a political, economic, business and competitive nature. See the Company’s Annual Report on Form 10-K and Annual Report to Shareholders for the year ended December 31, 2007 and other public filings with the Securities and Exchange Commission for a further discussion of these and other risks and uncertainties applicable to Pulte’s business. Pulte undertakes no duty to update any forward-looking statement whether as a result of new information, future events or changes in Pulte's expectations.

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Company Overview

• Pulte Homes is one of America’s largest home building companies with operations in 50 markets and 27 states.

• During our 58-year history, the company has delivered more than 500,000 new homes.

• Pulte Homes ranked highest in the 2008 annual J.D. Power and Associates® New Home-Builder Customer Satisfaction Study, and has earned more top-three finishes than any other homebuilder since 2000.

• Under our Del Webb brand, Pulte is the nation's largest builder of active adult communities for people age 55 and older.

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Presentation Agenda

• Industry Overview– Facts and figures

• Pulte’s Short-Term Tactics & Long-Term Focus– Generate cash and focus on the balance sheet

– Manage house and land inventory

– Align cost structure with current low demand environment

– Maintain financial discipline

– Product segmentation and quality focus

• Long-Term Drivers Remain Positive

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Industry Update

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Homebuilding Downturn Persists

•Overhang of excess unsold new home and existing home inventory continues to plague the industry

•Cancellation rates remain above historical levels

•Low mortgage availability dampens buyer demand

•Buyer confidence remains under pressure

•Record level of impairments and land-related charges due to lower sales prices and absorptions in many major markets

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Buyer Demand Remains Low

New Home Sales (Units 000)

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• Sales down over 60% from peak 2005 levels

• Fear of continued declines in home prices keeps buyers on the sidelines

• Tighter mortgage liquidity impacts buyer ability to obtain financing

Source: U.S. Census Bureau SAAR Data

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Inventory of New Homes Declining, But Months Supply Still Elevated

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Months Supply

New Homes For Sale

Source: U.S. Census Bureau SAAR Data

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Builders Reduce New Home Construction in Response to Downturn

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Dec'05

Mar'06

June'06

Sept'06

Dec'06

Mar'07

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Dec'07

Mar'08

June'08

Sept'08

Nov'08

Housing StartsSF StartsPermitsLine 4

Source: U.S. Census Bureau SAAR Data

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Decline in Existing Home Prices Accelerates

-20.0%

-15.0%

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Existing Home Prices

S&P Case-Shiller Home Price Index

Source: S&P

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Pulte’s Short-Term Tactics and

Long-Term Focus

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Short-Term: Land & House Inventory

•Lots under control at end of Q3 ‘08 reduced 25% compared with a year ago (and 65% lower vs. 3Q ’05)

•Will continue to limit land acquisition and development to current projects and takedowns on finished lots where absorption pace and margin are acceptable

Lots Under Control

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Owned Optioned Pending

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Short-Term: Land & House Inventory

• Speculative units decreased– Spec units under production at Q3 2008

reduced by 7% from prior year third quarter

– Cancellations usually translate into new specs, placing more pressure on keeping spec levels down

– Goal is to start limited number of new specs and drive down total homes under production to lowest possible level in each market

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Short-Term: Generate PositiveCash Flow

• Generated over $900 million of positive cash flow in Q4 2007, and ended with $1.1 billion of cash at end of 2007

• Paid down $313 million of senior notes during the 2nd quarter of 2008

• Ended Q3 2008 with approximately $1.2 billion of cash

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Short-Term: Lower Cost Structure

•Adjusting our SG&A levels in response to severity of housing downturn– Homebuilding overhead expense 30% lower in

first nine months of 2008 vs. prior year period

– Continue to focus on managing SG&A spend given weak demand environment

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Long-Term: Consistent Strategy

• Financial discipline–Conservative leverage target

• Product segmentation–Active adult focus

• Quality and customer satisfaction–Focus on “customer delight” pays off

• Operational Excellence–Long-term construction efficiency; reduce labor

and material costs; simplify design, specifications

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Long-Term: Maintain Financial Discipline

• Long-standing strategy of 40% debt-to-cap or lower

• Recent spikes largely due to FAS 109 deferred tax asset charges and non-cash land impairment charges

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20052006

2007Q3 '0

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Net-Debt-to-Cap Debt-to-Cap

Debt-to-Capitalization

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Long-Term: Maintain Financial Discipline

• Average senior note maturity is 12+ years

• Company retired $313 million of senior notes maturing in 2009; no other maturities until 2011

• Revolving credit facility that matures in 2012

$0

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Debt Maturity Graph

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Pulte HomesDel Webb

DiVosta

Long-Term: Product Segmentation

2007 Closings By Buyer Profile

1st Time Buyer 17%

1st Move Up Buyer 22%

2nd Move Up Buyer 15%

Active Adult 46%

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FLORIDASweetwaterBella TraeStone CreekAve MariaRiverwood at NocateeLa Cresta

NEVADASun City AnthemSun City AlianteSolera at AnthemMadiera CanyonSolera at Stallion MountainSun City MesquiteSierra Canyon

ILLINOISSun City atHuntleyShorewood GlenEdgewaterGrand Dominion

ARIZONASonoraSolera at Johnson RanchSun City FestivalFireside at Desert RidgeFireside at NorterraAnthem ParksideAnthem at Merrill RanchSun City Anthem at Merrill Ranch

SOUTH CAROLINASun City Hilton HeadSun City Carolina LakesCane Bay

MASSACHUSETTSGreat Island

MARYLANDChesapeakeCarroll Vista

NEW JERSEYCentennial Mill Wanaque ReserveRiver Pointe

TEXASSun City TexasFrisco LakesHill Country Retreat

VIRGINIACelebratePotomac Green

MICHIGANBridgewaterGrand Reserve

NORTH CAROLINACarolina PreserveCarolina Ridge

OHIOPioneer Ridge

GEORGIASun City Peachtree Village at Deaton CreekLake Oconee

COLORADOAnthem Ranch

SOUTHERN CALIFORNIASolera at Apple ValleySolera at Kern CanyonSun City Shadow HillsRancho Diamante

NORTHERN CALIFORNIAWoodbridgeGlenbrookeThe Club at WestParkSierra CanyonSun City Lincoln Hills

INDIANABritton Falls

TENNESSEEProvidence

CONNECTICUTVillage at Oxford Greens

Unmatched Active Adult Position Through Del Webb Brand

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2008 J.D. Power & Associates Customer Satisfaction Study

Customer Satisfaction Rankings

Pulte Homes operations#1 in 11 markets

20 top-three finishes

New-Home Design Rankings*

Pulte Homes operations#1 in 6 markets

New-Home Quality Rankings*

Pulte Homes operations#1 in 7 markets

Long-Term: Ongoing Focus on Quality

• Pulte continues to excel in customer satisfaction – Since 2000, Pulte has

earned more top-three finishes than any other builder in annual J.D. Power and Associates study

• History shows that quality pays:– Lowers customer

acquisition costs– Advantage in

working with local municipalities to get land entitled

– Reduces service expense andlitigation risk

* New areas of study added in 2007

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Long-term Business

Drivers Remain Positive

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Macro Factors Remain Favorable

U.S. Population Projections(millions)

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• Data from Census Bureau shows U.S. population passed 300 million people in 2007

• Rate of growth accelerating, with population expected to be near 400 million by 2040

Source: U.S. Census Bureau

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Macro Factors Remain Favorable

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'97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 Avg

Immigrants Admitted to the U.S.

Source: U.S. Census Bureau

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Macro Factors Remain Favorable

• According to the Joint Center for Housing Studies:– Total household

growth in the next decade will range from nearly 1.3 million to over 1.4 million homes annually.

– Immigration will be a key driver of the increase

Household Growth (millions)

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1.1

1.2

1.3

1.4

1.5

1995 to2000

2000-2006

2010-2020*

2010-2020**

Source: Joint Center for Housing Studies 2008*Assumes recent pace of immigration

**Assumes 30% reduction in immigration

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Competitive Advantages of Pulte Homes

•Being a big builder, better able to weather a lengthier downturn

•Better economies of scale resulting from efforts to lower costs, improve efficiency

•Leading builder of active adult communities through the Del Webb brand

•Focus on quality and customer satisfaction as evidenced by J.D. Power awards received

•Balance sheet focused

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Summary• Industry downturn approximately 3 years in duration

• Signs to look for when stabilization does occur:– Improving buyer sentiment– Positive traffic and order trends – Home inventory levels (new and existing) and months’

supply of homes begin to decline– Cancellation rates retreating toward historical levels

• Pulte continues to focus on its short-term tactics– Generate cash / balance sheet focused– Properly manage investment in land and house inventory– Drive costs lower through matching SG&A costs to current

levels of buyer demand

• Long-term drivers remain supportive of future demand

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Questions