1. FINAL TRANSCRIPT CTX - Q1 2009 Centex Corporation Earnings Conference Call Event Date/Time: Jul. 30. 2008 / 10:00AM ET www.streetevents.com Contact Us 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

2. FINAL TRANSCRIPT Jul. 30. 2008 / 10:00AM, CTX - Q1 2009 Centex Corporation Earnings Conference Call CORPORATE PARTICIPANTS Tim Eller Centex Corporation - Chairman & CEO Cathy Smith Centex Corporation - EVP & CFO Matt Moyer Centex Corporation - VP of IR CONFERENCE CALL PARTICIPANTS Ivy Zelman Zelman & Associates - Analyst David Goldberg UBS - Analyst Nishu Sood Deutsche Bank - Analyst Michael Dahl Credit Suisse - Analyst Megan McGrath Lehman Brothers - Analyst Susan Berliner JPMorgan Chase & Co. - Analyst Mike Rehaut JPMorgan Chase & Co. - Analyst Ken Zener McCorey Capital - Analyst Stephen East Pali Capital/Pali International - Analyst Carl Reichardt Wachovia Securities - Analyst Joel Locker FBN Securities - Analyst Chris Hussey Goldman Sachs - Analyst Gary Gordon Portales Partners - Analyst Andrew Fenton Cliffwood Partners - Analyst PRESENTATION Operator Good morning, and welcome to the Centex Corporation fiscal year 2009 first quarter earnings call with senior management. Today's call will be recorded and transcribed. Today's call will also be simultaneously webcast at ir.centex.com. A copy of today's www.streetevents.com Contact Us 1 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

3. FINAL TRANSCRIPT Jul. 30. 2008 / 10:00AM, CTX - Q1 2009 Centex Corporation Earnings Conference Call presentation was filed last night with the SEC on Form 8-K. A link to that document is now available on that website. Centex wishes to emphasize to everyone listening on the call and via the internet that certain statements made during the course of this call are forward-looking. These statements are not guarantees of future performance, and are subject to significant risks and uncertainties that could cause actual results to differ materially from those discussed during the call. For further information regarding these risks and uncertainties, and Centex's forward-looking statements, please refer to the forward-looking statements disclosure in the presentation and to Centex's reports on Forms 10-K and 10-Q filed with the SEC. All participants will be in a listen-only mode. There will be a question-and-answer session after management's remarks. (OPERATOR INSTRUCTIONS) In the interest of time, we will limit each person to one question and one follow-up question. If you have additional questions following today's call, please contact Matt Moyer, Vice President of Investor Relations at 214-981-5000. I will now turn the call over to Tim Eller, Chairman and CEO. Please go ahead, sir. Tim Eller - Centex Corporation - Chairman & CEO Thank you, Celeste. Good morning, everyone. Thanks for joining us for the fiscal year 2009 first quarter conference call. With me today is Cathy Smith, our Chief Financial Officer; Mark Kemp, our Chief Accounting Officer; and Matt Moyer, Head of Investor Relations. I'll start our call today with some introductory comments on the quarter as well as a few thoughts about the months ahead. Next Cathy will provide details about our financial performance. Then I'll offer some closing comments and we'll take your questions. Turning to Slide 3, conditions in the housing markets worsened in the quarter, and we don't see any improvements in market conditions the remainder of this fiscal year. Foreclosures are rising dramatically in most markets. Employment growth is slowing. Mortgage interest rates are on the rise, and we're seeing stricter mortgage qualification requirements for homebuyers. Energy costs have increased substantially for our subcontractors, suppliers, and customers. All of these factors are causing consumer confidence to erode further. This uncertainty with the consumer is reflected directly in our diminished traffic and sales volumes, compared to last quarter and a year ago. Our sales team did a great job selling 4,200 homes in the quarter. However, that was a decrease of 35% from the same quarter last year. Closings for the quarter also dropped about 35% to just over 3,900 homes. Turning to Slide 4, despite the economic headwinds, we built a strong cash position in the quarter and we expect to maintain that. We had $1.24 billion in cash on hand at June 30th. We expect positive operating cash flow from home-building operations for the full year, and we're expecting to further improve our cash position at fiscal year end while also reducing outstanding debt by another $250 million. I'm comfortable that we have enough cash to manage our medium-term debt maturities and take advantage of opportunities. In these uncertain conditions, however, maintaining a strong cash position is critical. Accordingly, we're planning to conservative our cash resources for future flexibility. We're actively evaluating every internal opportunity to bolster our capital position in this difficult operating environment, including our dividend, though no decisions have been made at this time. Turning to Slide 5, we remain focused on asset efficiency and achieving a more flexible land position. Both our historical and recent experience shows the build-to-order business model results in higher margins, though at the sacrifice of some sales in the near term. As we continue the transition to the build-to-order lighter asset operating model, unsold inventory declined again in the quarter, down 23% sequentially, and down 72% over last year. We have made considerable progress in improving core Centex business processes in purchasing and construction. Despite rising commodity costs, we systematically achieved overall monthly savings in direct construction costs. Category by category, we're working closely with our trade partners and suppliers to capture savings. For instance, we reduced our overall cost in the drywall category by more than 5%, despite two announced 10% material price increases the last six months. www.streetevents.com Contact Us 2 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

4. FINAL TRANSCRIPT Jul. 30. 2008 / 10:00AM, CTX - Q1 2009 Centex Corporation Earnings Conference Call Turning to Slide 6, we recently announced the Centex Energy Advantage. This is a great example of sustainable innovation that builds a better Centex. This suite of energy-saving features will be standard on all new homes starting in January 2009. Affordability is an issue for homebuyers today and energy costs directly impact affordability. Centex Energy Advantage takes direct aim at making home ownership more affordable. Home buyers' budgets are impacted by the operating costs of a home. New homes equipped with Centex Energy Advantage features will be up to 22% more energy efficient than comparable new homes built to the current energy and code requirements and up to 40% more efficient than a typical 10-year old home. The efficiency gains for each 10,000 homes we build will result in nearly 18,000 fewer metric tons of carbon emissions each year. I believe this initiative is positive for our customers, our employees, for our shareholders, and for our environment. To summarize, market conditions worsened in the quarter as a result of a range of economic factors that have dramatically dampened consumer confidence, which is reflected in our new orders. Still, Centex built a strong cash position in the quarter, and we expect to improve on that by fiscal year end. Profitability remains our highest focus. And we're taking advantage of the opportunities to build a better Centex for the long term during this historic housing cycle. With that, I'll turn it over to Cathy to take us through some of the specifics for the quarter. Cathy Smith - Centex Corporation - EVP & CFO Thanks, Tim. And good morning, everyone. I'm on Slide 7. One of the more noteworthy items of our first quarter is our homebuilding operations were cash-flow positive, even before the $600 million we received from our tax refund. As far as I can tell, this is the first time we were cash flow positive from homebuilding in our first quarter and reflects our keen focus on cash and the change in our business processes. We strengthened our balance sheet and now have a homebuilding net debt to cap ratio below 50%. We continue to generate cash through asset reductions, both working capital and speculative inventory, and more exciting with regards to the longer-term implications, we are becoming more asset efficient and more profitable as we transition to a build to order production model. In the quarter just ended, our gross margins of 11.8% improved 410 basis points sequentially. Our discounts and incentives came down again this quarter -- specifically, our sales discounts and incentives were 10.5% of the average selling price, down from 14.3% last quarter, marking the second consecutive sequential decrease. And although our sales for neighborhoods were down mainly due to lower traffic and the lack of spec sales versus last year, we still reduced our unsold inventory by 23% sequentially. We also made good strides toward achieving operational profitability through overhead cost reductions. We reduced our home-building overhead per closing by 19% year-over-year, and actually lowered SG&A as a percent of revenue by 80 basis points. Although our homebuilding SG&A was lower, our corporate G&A increased year-over-year. We recognize even in these unprecedented times, it is important to continue to invest in the future. We have been doing much to centralize processes and functions, as well as standardize and simplify our business, and some of the associated costs show up in Corp G&A. I'm confident these investments will enable Centex to have an industry-leading cost structure. I was pleased to see impairments and land-related charges lower this quarter than the last seven quarters. Sales prices declined only slightly in the quarter and the reductions are largely contemplated in our impairment analysis. Additionally in the quarter, we were profitable in our financial services business. We're winding down our retail mortgage operations. CTX Mortgage will be solely focused on Centex homebuyers. Having a dedicated mortgage operation where we control the loan approval and underwriting process enables us to sell to homes to a backlog so we can build to a cadence. Additionally, this structure is one of the key's to our industry-leadership position in customer satisfaction. CTX Mortgage has adequate committed warehouse lines, and aside from wind-down costs that we are looking to minimize or offset, we expect financial services business to remain operationally profitable. We have made a lot of progress again this quarter, although the housing environment continues to struggle. We're doing much to optimize our business processes and business model to be more efficient and asset light. These efforts are starting to show www.streetevents.com Contact Us 3 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

5. FINAL TRANSCRIPT Jul. 30. 2008 / 10:00AM, CTX - Q1 2009 Centex Corporation Earnings Conference Call results with improved profitability and asset efficiency. And I am confident the results will be more meaningful in the fiscal year and beyond. Slide 8 provides details around the homebuilding operations for the first quarter. We closed 3,939 homes in the quarter, 35% fewer than last year. The average price of homes closed in the quarter declined 10% to $262,000. This is a lower decline than experienced over the last couple of quarters. We have evidenced a significant decline in the Southwest of 36%, while central US and Texas showed year-over-year average sales price increases. Sales units were also down 35% year-over-year. However, on a per-neighborhood basis, sales were down 23%. As Tim said earlier, traffic slowed more this quarter than any quarter in the past several years. Consumer confidence is at the lowest level in over 15 years, and is directly affecting volume. Let me also address a question that I know you'll have. 25% of our closings this quarter used a down payment assistance program. We know that some portion of these buyers don't need it, but make use of a DPA simply because it is available. We're preparing for DPAs to come to an end, and frankly, it's probably a good thing over the long term. Our mortgage and title group have developed a great program that helps our potential homebuyers save the money needed for down payment. The new tax credit for first-time homebuyers may help with the transition. The end of DPA will probably pressure industry sales in the near term, but over time, our buyers and the market will adjust. We continue to believe that a return to more normal qualification standards is a very good thing long term, even if it carries with it a little short-term pain. Our backlog was actually up from the fourth quarter, and now stands at 8,022 units and $2.05 billion. This marks the first quarter in three years where our backlog increased sequentially. The right level of backlog will be increasingly important to us. Creating a sold backlog allows us to build to a cadence. Building to a cadence using standardized business processes yields operating efficiencies and more predictable results, and developing a backlog through presales is essential for our asset-light business model. We're moving rapidly in this direction. With the spec unit reduction largely complete, and as we move to the presold model we expect lower backlog conversion over the next couple of quarters. Today I'm seeing evidence if we sell homes before construction starts, they have materially higher gross margins. This gives me confidence that as we move to our build-to-order model, margins should improve. We have also done a great job reducing our total lot position. We now own 66,766 lots and control just 14,550 lots. This is less than a four-year supply of total lots -- one of the best positions in the industry. On a pre-tax basis this quarter, we recorded a total of $80 million in land-related charges, including $50 million in land impairments, $10 million in option walkaway cost, and $20 million of JV impairments. We impaired 36 neighborhoods this quarter, bringing the total to 384 neighborhoods that we've impaired at least once. We take a consistent, methodical approach to land valuation. We recognize this is a dynamic environment. We'll continue to take the same disciplined approach to valuing our assets each quarter. Along with the impairment analysis, it's essential to assess each neighborhood for positive incremental cash flow. We evaluate every asset every quarter to make sure we have the right strategy for that particular asset. We assess whether the highest return is to sell, build through, or hold. We're still finding that the best answer most of the time is to continue build through our assets, but you will see that our land held increased this quarter as a result of our evaluation that the best strategy is to hold some land rather than add more developed lots to the already glutted supply in some markets. Continuing to build to our assets will leave us with our a leaner balance sheet and an opportunity to add faster-turning higher-producing assets in the future. We also increased our valuation allowance related to our deferred tax asset by $49 million. In total, the balance of our DTA is $1.02 billion, with a valuation allowance against it of $879 million, or just over $7 per share. This represents over 40% of our current book value. We'll realize this asset when we see stability and improving environment and a return to profitability. Let me take a few minutes to review the regional results. Slide 9 details sales and closing by region. In the quarter, we sold 4,215 homes, down 22.5% on a per-neighborhood basis. This is the first quarter where we sell the lower goal of three sales per neighborhood per month, and we don't expect to achieve that rate this year. As Tim mentioned, foreclosures are still growing and consumer confidence is waning. Our average neighborhoods were down 16% in the quarter, a rate that will likely accelerate through the year. Our cancellation rate was similar to last quarter at 30%. www.streetevents.com Contact Us 4 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

6. FINAL TRANSCRIPT Jul. 30. 2008 / 10:00AM, CTX - Q1 2009 Centex Corporation Earnings Conference Call In our East region, sales were down 21%. While Raleigh-Durham and DC Metro achieved higher sales per neighborhood, Charlotte and Southern Virginia were down. Texas is slowing, although our central Texas operations are still doing well, with a 10% increase in total sales and a 26% increase in sales per neighborhood. The Southwest markets, including Phoenix, Las Vegas and Inland Empire, are impacted the hardest by foreclosures, and sales reflect that. Our Northwest region reversed last quarter's gain with sales down 35%, illustrating the volatility that happens at the bottom of a cycle. The Bay Area saw sales down almost 50%, but most of that was due to a big decrease in neighborhoods. Sales per neighborhood in that division, in fact, were up 20%. Year-over-year closings were down across the board pretty consistently, reflecting the soft market environment and the reductions in neighborhoods. Moving to Slide 10, in the first quarter, we improved our balance sheet and liquidity. We ended the quarter with a cash balance of $1.24 billion, and we're expecting our cash balance to increase by the end of the fiscal year. As I mentioned, our homebuilding operations were cash flow positive in the quarter, and we're focused on continuing that trend for the remainder of the fiscal year. In the second quarter we expect to be cash neutral from our homebuilding operations. During the quarter, we proactively bought back nearly $70 million of senior notes in the open market at a discount to PAR, and reduced our ongoing interest expense. In the second quarter, we will retire another $150 million of senior notes at maturity, and expect to reduce our joint venture debt by an additional $70 million. Assuming this happened as planned, our share of joint venture debt will fall to approximately $90 million by September 30th. At June 30th, we had only 11 JVs with leverage, with our share of that debt totaling about $166 million. As we said before, we're actively reducing our exposure to JVs with debt and expect our share of joint venture debt to be about $30 million by fiscal year end. As a result of our strong cash position, we significantly increased the availability of our bank revolver, and we don't have plans to use the revolver at any point this year. With the lack of stability in price and volume, it's prudent to conserve and accumulate cash. Along with restoring profitability, this is a company priority. Consistent with the priorities, we'll continue to scrutinize all uses of cash. Historically, one of the bigger uses of cash was land development. Of the active lots we own, approximately 50% are fully developed. Given this, we continue to reduce our development spending to meet the bare minimum of our volume needs and compulsory obligations. Our sell to a backlog, build to a cadence model helps to better know exactly where and when we need finished lots. Furthermore, we expect to take advantage of the fully and partially developed lots in most markets using a very cash-light model for the foreseeable future. In all of our markets, we're actively assets and cataloging future potential land. For this acquisition model to be effective, we're establishing important relationships now both with developers and capital sources. We have dramatically reduced our land-spend budget this year to approximately $400 million for the remainder of the year. This gives us confidence that we'll be cash-flow positive this fiscal year. Additionally, given what we know today, I'm confident we'll remain capital sufficient and have the necessary cash to service our debt for the foreseeable future. Turning to Slide 11, I'm comment on what we're doing to restore operational profitability. Gross margins tend to be significantly higher, cancellation rates and incentives are lower when we sell a home before construction is started. At this stage, we have 92% of our September quarter projected closings already on backlog. This should result in lower costs, lower discounts and incentives, better predictability, and better asset utilization. In the quarter, we closed fewer spec than in the fourth quarter, and our gross margin improved sequentially by over 400 basis points. Internal data shows that gross margins on presold homes are on average 500 basis points higher than those on inventory homes. Our operators and trade partners are working hard to take advantage of the efficiencies gained in our production cadence model, and this is helping us offset the price increases we're seeing due to higher commodity and energy costs. Also contributing to expense reduction this quarter, we prepaid some senior notes, lowered our joint venture debt, and eliminated JVs with maintenance guarantees. This will lower our interest expense and capital calls that may come with joint ventures, thus giving us more predictable cash flow. We remain highly focused on overhead cost reductions. Our homebuilding G&A was down 19% per closing in the first quarter. We expect this trend to continue throughout fiscal year 2009. As mentioned earlier, our corporate G&A line was higher year-over-year. However, we still expect corporate G&A to be lower this year when compared to last. On a combined basis SG&A was down 35% year-over-year, and our headcount today is lower than any time in the past seven years. We'll continue to concentrate our neighborhood footprint. We're exiting some markets, combining some divisions where it makes sense, and moving out of underperforming assets. These efforts are also part of our path to profitability. We're doing much inside our www.streetevents.com Contact Us 5 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

7. FINAL TRANSCRIPT Jul. 30. 2008 / 10:00AM, CTX - Q1 2009 Centex Corporation Earnings Conference Call company today to ensure we have a leading cost structure that is sustainable through the cycle. I'll now turn the call back over to Tim for his concluding remarks. Tim Eller - Centex Corporation - Chairman & CEO Thanks, Cathy. As I said earlier, market conditions worsened in the quarter as a result range of negative economic factors such as higher mortgage interest rates, rising foreclosures, lower employment growth and higher energy costs. We don't expect these conditions to improve for the rest of this fiscal year. Consumer confidence has weakened. As a result, we experienced diminished traffic and orders for the quarter. However, we achieved a strong cash position of $1.24 billion at quarter's end, and we expect to improve on this by year end, even after repaying another $250 million of debt. We're expecting positive cash flow from homebuilding operations for the fiscal year. At Centex we intend to be capital self-sufficient. Our leadership team at the entire organization are highly focused on profitability. We're adjusting overhead spending by restructuring divisions and winding down our retail mortgage network. Incentives and discounts are diminishing. We're building a better Centex by improving our core business processes. We realize monthly savings in our direct construction costs, despite rising commodity prices. We've maintained our commitment to executing a simple strategy of selling homes, reducing costs, and generating cash, and that remains our focus today. And now, Celeste, let's address questions. QUESTIONS AND ANSWERS Operator (OPERATOR INSTRUCTIONS) Please remember that in the interest of time, we must limit everyone to one question and one followup question. Our first question is from Ivy Zelman with Zelman. Ivy Zelman - Zelman & Associates - Analyst Good morning, everyone. I'm glad to see the cash flow better than anticipated. I think people obviously are relieved to see that. And Cathy -- appreciating your comments on the developed lands or finished lots being 50% of your total portfolio, if you can help us sort of paint a picture, assuming absorptions continue to be weaker than anticipated and the economy's in a recession, what happens to land spend in total in fiscal '09? Or as much color as you can give us, sort of a bare-case scenario on why the company will still generate cash or at least find themselves not, as many people think, going out of business? Cathy Smith - Centex Corporation - EVP & CFO Thanks, Ivy for the kind words too. We're 66,000 owned lots, 56% are developed. They're not going to be in exact perfect locations,as you can imagine, because you can't move finished lots around, but that would be a sufficient amount to accommodate any reasonable sales pace, I suspect. So we do have sufficient amount of finished, developed lots. And then we did say, as I said in the call -- or in the prepared remarks, that we expect to spend about $400 million for the remainder of this year. And that's down about half of what we told you last time, as we continue to scrutinize based on where the volumes are, we'll continue to address that, but right now expect it to be down around $400 million for the remainder. Tim Eller - Centex Corporation - Chairman & CEO If we look out into fiscal year '10, if the conditions continue, we wouldn't expect land spend or development spend to be any higher than that, in fact probably could actually be less. So we'll continue to reduce our inventories even at reduced sales paces. www.streetevents.com Contact Us 6 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

8. FINAL TRANSCRIPT Jul. 30. 2008 / 10:00AM, CTX - Q1 2009 Centex Corporation Earnings Conference Call Ivy Zelman - Zelman & Associates - Analyst And do you think that if your cost initiatives and your to-be-built more profitable margins that you are generating today could generate enough sales in a market environment where sales are getting worse and we clearly have seen your absorptions fall from last quarter, maybe because you're doing more to-be-builts, I don't know. But what type of absorption pace in your outlook could you actually go down to and still generate cash flow? I mean, if you went to three houses in a neighborhood you are at today, I don't know if that's the right number, but what happens if it goes to one a neighborhood, because you are doing to-be-builts and not specing anymore? Just some sensitivities around where cash flow is no longer positive, but you are actually using cash? That would be very helpful. Cathy Smith - Centex Corporation - EVP & CFO Think about it this way, Ivy. First of all, to address your volume question as we said, we did fall below three sales per neighborhood per month and don't expect to reach that level this year given what we're seeing, and I think we're on average closer to 2.5 sales per neighborhood per month this last quarter. So that will help you -- and then just do average number of neighborhoods, and that will help you where volumes could possibly be. To address your question around cash, though, we actually -- as we have done for a number of months and quarters now, we look at every single neighborhood, every quarter to look at incremental houses built and sold for the cash flow. So we look for its profitability economics as well as its cash flow, and if something is not cash flow positive, we'll stop building it there, which is what you see as we continue to assess some of our assets each quarter. So what I guess I'm telling you is that even at fairly low levels we're having to address overhead by combining divisions, but we still should continue to be cash flow positive from the majority of our homes sold. Tim Eller - Centex Corporation - Chairman & CEO Another way to think about it too is based on our neighborhood reviews, which we do every quarter for every neighborhood. The general market seems to be selling about two homes a month per neighborhood. We have been outselling and outperforming in many neighborhoods, and so if you just thought that we would drop down to what the market is doing, two per month per neighborhood may be more practical. Operator Your next question is from David Goldberg with UBS. David Goldberg - UBS - Analyst Thanks, good morning. And nice job in a tough market. Cathy Smith - Centex Corporation - EVP & CFO Thank you. David Goldberg - UBS - Analyst Guess the -- the first question is really about the discounts and incentives that you guys are offering, and the decline that Tim mentioned. I guess I'm trying to understand if that was a conscious decision? And how you think about the level of discount that you are offering versus your competitors, and what that is doing to the sales base? www.streetevents.com Contact Us 7 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

9. FINAL TRANSCRIPT Jul. 30. 2008 / 10:00AM, CTX - Q1 2009 Centex Corporation Earnings Conference Call Tim Eller - Centex Corporation - Chairman & CEO Well, we -- early on, if you remember back even in the March quarter talked about transparent pricing, which is pricing to what is affordable for our customers. That's our pricing strategy. We price to the affordability levels of our customers, so as -- the affordability level changes for those customers, that could impact price. We do offer some small discounts in addition to that, but it's primarily around financing incentives, and that kind of thing, generally less than 5% of revenue on discounts. So I think our transparent pricing allowed us to sell -- probably outsell the market for the last six months, and -- the early part of this year, and most everybody is starting to do the same, so we're probably becoming more like the market. Affordability is an issue. Energy costs are a factor. They may not have baked themselves completely in to the affordability equation yet. We are continuing to look at in our neighborhood reviews, how we are priced in every neighborhood every quarter. David Goldberg - UBS - Analyst I guess what I'm trying to understand is on a like-like basis, where are you pricing relative to the competition, do you think, given that you guys maybe have a slower starting price with the transparent pricing, but then are offering less discounts? Do you think it's fairly competitive? You guys are fairly in line? Tim Eller - Centex Corporation - Chairman & CEO Absolutely, we take all of that in to consideration and factor in all of the discounts. We're not going to try to chase somebody who is generating a lot of sales with a neighborhood or a market-wide, say, sale over a weekend or something like that, and we're not trying to chase foreclosures. We're trying to take a very thoughtful approach to pricing and focus on affordability. Operator Our next question comes from the line of Nishu Sood with Deutsche Bank. Nishu Sood - Deutsche Bank - Analyst Thanks, good morning, everyone. Tim Eller - Centex Corporation - Chairman & CEO Good morning. Cathy Smith - Centex Corporation - EVP & CFO Good morning. Nishu Sood - Deutsche Bank - Analyst I want to follow up on the land spend issue, the $400 million that you are going to be spending on development this year, obviously down a lot from what you had said previously. I wanted to dig down -- obviously in this environment, where pricing makes it difficult in many cases to even recover your development costs -- I mean, in extreme cases it's tough to recover any land residual value. Trying to understand the kind of criteria you are applying as you evaluate your land spend in terms of -- I think the word you were using was necessary, Cathy. Let's say if it is in the back end of a subdivision, if it's in later phases, I would imagine you don't want to leave that undeveloped as opposed to a completely raw piece of dirt. You could padlock it and take www.streetevents.com Contact Us 8 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

10. FINAL TRANSCRIPT Jul. 30. 2008 / 10:00AM, CTX - Q1 2009 Centex Corporation Earnings Conference Call the carrying costs on it. I want to understand the kind of criteria you are applying there, and also a sense of how low could that number go if you just completely eliminated anything that wasn't necessary operationally? Cathy Smith - Centex Corporation - EVP & CFO Back to the neighborhood reviews, Tim mentioned that we do every single quarter on every neighborhood. Part of that review that we do is incremental spend. So we look at their finished lot supply and partially developed lot supply in that neighborhood and their sales pace. And as part of that assessment, we'll say do we -- and if they are proposing some additional incremental spend to complete some lots, we'll look at the cash-flow criteria of the home sold with that incremental spend included. To your point, I think it's a good one -- that you have to be very thoughtful about where you want to put additional dollars into development these days because you may not be able to recover it. We think we have a pretty methodical approach to that, so we are fairly confident that as we put additional dollars into the land, it is recoverable and it makes a lot of sense on an earnings and a cash basis. That's just to help you understand kind of the criteria we use. Just to be clear on the $400 million that we talked about for the remainder of the year, that's acquisition and development. It is primarily development, but there is some acquisition explained in there too. And then lastly, my only other point would be, you have to think about some markets like Texas, for example, where we talked about central Texas having year-over-year increases on a sales-per neighborhood basis as well as the price. They are still doing really quite well. It's absolutely prudent to continue to put some lots on the ground there. So that is also what's contributing, because we have in raw numbers, the absolute number of finished lots is sufficient, it's not in the right places in all cases. Nishu Sood - Deutsche Bank - Analyst Got it. And just a second follow-up question, you mentioned something -- something interesting in your mortgage operation. Obviously dealing with the loss of the down payment assistance, coming up with ways to help people come up with a down payment. You mentioned the homebuyer tax credit. Is there some way that you folks are working on to link the two, maybe an advance against some type of refund that they might get to help them with the down payment? Tim Eller - Centex Corporation - Chairman & CEO We are. And we don't have a solution to that yet, but we're looking at ways to monetize that tax credit early. And we're hopeful that we'll be able to do that certainly as we get closer to the end of the tax year. Operator Our next question is from Dan Oppenheim with Credit Suisse. Michael Dahl - Credit Suisse - Analyst Hi, this is actually Mike on for Dan. Just wondering could you give us some more details on what went in to the reserves and restructuring expenses we saw in corporate G&A this quarter? And what type of benefit you would expect to come from those actions? Cathy Smith - Centex Corporation - EVP & CFO Sure. The -- our corporate G&A was up about $14 million year-over-year. And it's really kind of equally weighted between three things, some reserves, some cost associated with centralizing functions, and then costs associated with investing into our future www.streetevents.com Contact Us 9 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

11. FINAL TRANSCRIPT Jul. 30. 2008 / 10:00AM, CTX - Q1 2009 Centex Corporation Earnings Conference Call as we think about our business process changes. The reserves -- in these kinds of times, with where we are in the housing industry, it just -- we thought it was prudent to make that sure we continue to address reserves for possibly unhappy employees and/or homeowners or something, so we took that opportunity to increase reserves a little bit. On the centralizing functions piece, if you think about it we have been talking -- it is smaller, but a great example, talking about centralizing accounting shared services, so we went from profiting transactions in 45 locations, and now they are all centrally located. Those are the kinds of costs now starting to show up in our corporate G&A line, so that's associated with centralizing functions. And the last one is investing in our future. This is really us as well as using some third-party resources. Really addressing our core Centex business processes to make sure those are optimal, so those costs are now showing up in corporate G&A as well. To remind you on a combined basis, though, if you look at homebuilding and corporate SG&A, we were down 35% year-over-year, and corporate G&A is expected to be down year-over-year at the end of the year. Michael Dahl - Credit Suisse - Analyst Okay. Thanks. And just a follow-up on -- going off the whole shift to the build-to order model. As you continue in that transition, how do you plan on competing with -- clearly not all builders are taking the same approach, but how do you compete with the spec homes offered by competitors, and how are you viewing that spec inventory that's out there? Tim Eller - Centex Corporation - Chairman & CEO Well, we will end up with some spec inventory ourselves through cancellations, but it will be a very manageable amount. And we don't look at -- we don't believe that we'll need to incentivize those heavily to get those sold. We find that our homebuyers are continuing to sell, very pleased with the notion and the process of building a home. They are more satisfied. Our margins are higher. We make more money. It's more predictable, and we think our costs be will lower overall as we sell to a backlog and then build to a cadence from that backlog. It's really a business model decision that we feel confident we'll be able to execute. We're not going to be able to compete with builders who dump speck on the market -- that happens from time to time, but it's largely isolated now. Very few builders are building specs today to drive volume. It's just not a prudent approach. Operator Your next question comes from Megan McGrath with Lehman Brothers. Megan McGrath - Lehman Brothers - Analyst Hi, thanks. Wanted to follow up on that last point a little bit in terms of slowdown in your traffic this quarter. Do you think any of that is due to the fact you have reduced your incentives? And how are you handing that in terms of marketing your product and getting more people in the door? Tim Eller - Centex Corporation - Chairman & CEO Well, we don't think it has anything to do with reduced incentives, because we sold extremely well with that model earlier on. So we think it's just a combination of things. Other builders moving towards that model, which is transparent pricing. Combination of consumer confidence erosion, and probably the transition to the build-to-order model from a much heavier spec position, so a combination of things this summer. We'll see where we settle out in terms of sales pace. As I said, I think the market is selling generally in most places about two homes per month per neighborhood. We're still doing a little bit better than that, but it would -- it may be entirely possible that we're going to sell relative to a market cadence in the future here. www.streetevents.com Contact Us 10 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

12. FINAL TRANSCRIPT Jul. 30. 2008 / 10:00AM, CTX - Q1 2009 Centex Corporation Earnings Conference Call Megan McGrath - Lehman Brothers - Analyst Okay. Thank. And then Cathy, just a fix follow-up on the financial services business. You mentioned exiting the retail arm of that business. Can you give us any sense on timing there? And any potential costs that might come up from that? Cathy Smith - Centex Corporation - EVP & CFO It will happen throughout the course of our fiscal year. It will take a little bit of time to wind that down, and then we'll provide an estimate of the cost as we're trying to solidify that in our Q most likely. But we are trying to offset and minimize those winddown costs, the one time winddown costs. Operator Your next is from the line of Susan Berliner with JPMorgan. Susan Berliner - JPMorgan Chase & Co. - Analyst Good morning. Sorry about that. A couple of, I guess housekeeping questions. Can you tell me what your availability is on your bank line? Tim Eller - Centex Corporation - Chairman & CEO It will be in the Q. Cathy Smith - Centex Corporation - EVP & CFO It will be in the Q. Prior to the cash forward feature, we're fairly significantly available, but then we'll have to address with the cash forward feature. Susan Berliner - JPMorgan Chase & Co. - Analyst Okay. I guess I was a little unclear, the $400 million you are spending. That's not for the year. You spent some this quarter I assume as well? Cathy Smith - Centex Corporation - EVP & CFO Right. $400 million for the remainder of the year. Susan Berliner - JPMorgan Chase & Co. - Analyst Can you tell us what you spent this past quarter? Cathy Smith - Centex Corporation - EVP & CFO Just a second, Matt or Mark is going to help me with that. I think I know, but I would rather make sure I'm right. www.streetevents.com Contact Us 11 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

13. FINAL TRANSCRIPT Jul. 30. 2008 / 10:00AM, CTX - Q1 2009 Centex Corporation Earnings Conference Call Tim Eller - Centex Corporation - Chairman & CEO Let's move on to the next question and then we'll come back and answer that one. Operator (OPERATOR INSTRUCTIONS) Your next question comes from the line of Mike Rehaut with JPMorgan. Mike Rehaut - JPMorgan Chase & Co. - Analyst Hi, thanks, good morning. Cathy Smith - Centex Corporation - EVP & CFO Good morning. Tim Eller - Centex Corporation - Chairman & CEO Good morning, Mike. Mike Rehaut - JPMorgan Chase & Co. - Analyst First question, just about the down payment assistance. Appreciate you giving out the number there, and just trying to get a sense if you have any data in terms of where the DPA is most prominent, and if you've seen some of those houses -- and if you know what the -- that 25% number was last quarter, and maybe a year ago? Cathy Smith - Centex Corporation - EVP & CFO Yes, hey, Mike. DPA is really used in most of our markets. It is more heavily concentrated in some, which I think others have said too, which is like Texas is the one that stands out in my mind. But it is used in pretty much all of our markets. Yes, bigger ones would be -- like I said -- Texas, Las Vegas. Tim Eller - Centex Corporation - Chairman & CEO The more affordable markets. Mike Rehaut - JPMorgan Chase & Co. - Analyst I'm sorry. Do you have a sense of what that 25% was a quarter ago and a year ago? Tim Eller - Centex Corporation - Chairman & CEO That's probably less because it's associated with FHA mortgages. Our FHA utilization has gone up steadily for the past 18 months, so it generally runs about a third to a half of the FHA loans that we originate. www.streetevents.com Contact Us 12 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

14. FINAL TRANSCRIPT Jul. 30. 2008 / 10:00AM, CTX - Q1 2009 Centex Corporation Earnings Conference Call Cathy Smith - Centex Corporation - EVP & CFO We looked at that statistic for like four years, and it was very consistent, the percentage of DPAs of the FHA. The difference is FHA volume has gone up so much, as Tim said. Matt Moyer - Centex Corporation - VP of IR Right. You can imagine several years ago it was a very small amount. FHA was a very small amount. Operator Our next question comes from the line of Ken Zener with [McCorey Capital]. Ken Zener - McCorey Capital - Analyst Good morning. Tim Eller - Centex Corporation - Chairman & CEO Good morning, Ken. Ken Zener - McCorey Capital - Analyst I'm interested -- your units -- could you give the number for your units under construction as well as your unsold spec count? And I'm interested to see how those change, so in the absence of large unit declines affected your order rates that you saw in the quarter? Matt Moyer - Centex Corporation - VP of IR Our inventory came in at 1,356 units at the end of the quarter, down from 1,754 at the fourth quarter, and 4,815 a year ago in the first quarter. Ken Zener - McCorey Capital - Analyst Unsold, right? Matt Moyer - Centex Corporation - VP of IR That's unsold inventory. Homes under construction was essentially flat with fourth quarter at 7,349, including the model homes, versus 7,324 in the fourth quarter of '08, and 14,167 a year ago. Ken Zener - McCorey Capital - Analyst Do you guys think it's kind of the stabilization, which is good -- of your units under construction which led to that larger decline in orders? www.streetevents.com Contact Us 13 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

15. FINAL TRANSCRIPT Jul. 30. 2008 / 10:00AM, CTX - Q1 2009 Centex Corporation Earnings Conference Call Tim Eller - Centex Corporation - Chairman & CEO I think it's a transition. It's -- again, we have transisted in a number of markets from building specs to preselling, and so that transition takes a bit of different behaviors. But it's happening and it's manageable, and like I say, we also expect that with our pricing strategy and our pricing model, focused on affordability. Not trying to chase foreclosures, not trying to chase others who are trying to generate cash out of a particular neighborhood has also some impact as well. We -- and again, if you look at our sales the past 12 months, we have generally been outselling the market, and I think we're probably kind of approaching more market-like sales right now. Operator Our next question comes from the line of Stephen East with Pali Capital. Stephen East - Pali Capital/Pali International - Analyst Good morning. Cathy Smith - Centex Corporation - EVP & CFO Good morning. Stephen East - Pali Capital/Pali International - Analyst Going back to the cash flow one more time, Cathy. If 50% of your lots are done -- are finished, if you look at what you expect to deliver in '09 and 2010 fiscal years, what percentage would you estimate are actually completed versus what you are going to have to put money into? Cathy Smith - Centex Corporation - EVP & CFO Let me make sure I understand what you are asking, Stephen. So out of our finished lots, how many of those are we actually going to utilize based on '09 and '10? Stephen East - Pali Capital/Pali International - Analyst Exactly. You made a comment earlier that obviously you can't move some of them around, so you are going to have to invest. I'm just trying to get an idea of if you look, what you have on the board for this year and next. Tim Eller - Centex Corporation - Chairman & CEO Stephen based on -- as we go through each neighborhood we make those determinations in terms of what we're going to invest and when we are going to invest it. And right now we're finding very little additional investment necessary. A lot of what our land development spend is right now is related to the houses we have under construction. It's completing sidewalks, and drive aprons and final lifts of streets and that kind of thing. So it is really kind of part and parcel of completing the infrastructure, as we complete the homes. www.streetevents.com Contact Us 14 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

16. FINAL TRANSCRIPT Jul. 30. 2008 / 10:00AM, CTX - Q1 2009 Centex Corporation Earnings Conference Call Stephen East - Pali Capital/Pali International - Analyst Okay. And then also staying on that, if you look at your cash -- I know in some markets, you're -- and getting close to cash construction costs, et cetera. If you look across all of your closings, though, what type of cash are you generating per household -- per home sold right now? Cathy Smith - Centex Corporation - EVP & CFO It's about -- just do an adjusted finished lot cost or a home-site cost, and that -- good rough average is around $60,000 to $65,000 per unit. Operator Our next question comes from the line of Carl Reichardt with Wachovia. Carl Reichardt - Wachovia Securities - Analyst Hey, guys, how are you. Tim Eller - Centex Corporation - Chairman & CEO Hi, Carl. Carl Reichardt - Wachovia Securities - Analyst Just following up on Steve's question a different way. If 50% of your lots are finished, that includes lots where homes are in the air, or it doesn't? Cathy Smith - Centex Corporation - EVP & CFO No, it does not. Carl Reichardt - Wachovia Securities - Analyst Okay. Doesn't. So what would be the budget -- to get the lots that aren't finished up to finished whenever you do it, what would be the estimated cost to do that? Cathy Smith - Centex Corporation - EVP & CFO Oh, gosh, Stephen -- Tim Eller - Centex Corporation - Chairman & CEO Carl. www.streetevents.com Contact Us 15 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

17. FINAL TRANSCRIPT Jul. 30. 2008 / 10:00AM, CTX - Q1 2009 Centex Corporation Earnings Conference Call Cathy Smith - Centex Corporation - EVP & CFO Carl. Sorry. Stephen was before you. Sorry. Carl. As we talked about, we expect about $400 million of additional spend for the remainder of this year. And as Tim said, much of that cost is really associated with homes that are already kind of under construction with things like HOA deficit spending and stuff. The partially developed lots which are another 30% or 35% or so -- have -- will run out of the course of the next several years based on the volumes. And as Tim said, we could be lower next year in spending than we are this year if volumes stay around where they are. So I guess my -- not a great answer but a roundabout way is it's going to be decreasing and it's not a large amount of dollars every subsequent year going forward. Carl Reichardt - Wachovia Securities - Analyst Okay. I'm just trying -- last question, could you give me a sense maybe over the course of the last six months or so, maybe year, the two markets where you think you have gained the most share from an MSA perspective? And whether or not you have seen any benefits from that over the course of the last six or 12 months from a cost perspective or some other way? Tim Eller - Centex Corporation - Chairman & CEO We're seeing the benefits on our cost initiatives more around our processes. Standardizing our processes, and moving towards our build-to-order model is proving to create a lot of efficiencies in terms of how schedule our subcontractor suppliers. That's what enabled us, for example, to lower our overall drywall cost nationwide, despite those two announced price increases. So it's much more around processes right now than it is around share. In terms of share, we're -- I think it's safe to say we're growing share in most every market that we're focused on, and we have determined that we're going to participate in the future. So -- and I would say probably in our central Texas and San Antonio markets is probably where we have increased the most share recently. Matt Moyer - Centex Corporation - VP of IR Carl, this is Matt. I would say what comes to my mind is the markets that had sizable private builders, certainly. So some of the Midwest markets, DC, certainly our business in the Carolinas, because of our dominant market-share position throughout those -- North and South Carolina has probably grown nicely. So that's how I would characterize it without exactly knowing the numbers. Cathy Smith - Centex Corporation - EVP & CFO Let me answer Sue Berliner's question earlier about how much land spend did we incur in the first quarter. We don't have the exact number in front of us, but it's somewhere between $80 million and $100 million. We can get you a better answer later. Operator Our next question comes from the line of Joel Locker with FBN Securities. Joel Locker - FBN Securities - Analyst Just wanted to talk to you about your backlog conversion a little bit. Just saw it was down, I think 6% year-over-year, and that's the first decrease in about 10 years. And would you expect that with the build-to-order model going into full implementation. But just wanted to see if that was going to be the trend going forward, or the same decline year-over-year? www.streetevents.com Contact Us 16 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

18. FINAL TRANSCRIPT Jul. 30. 2008 / 10:00AM, CTX - Q1 2009 Centex Corporation Earnings Conference Call Matt Moyer - Centex Corporation - VP of IR This is Matt, Joel. I think it will show some seasonality, but you should continue certainly throughout this year to see lower backlog conversion because of the lack of -- Joel Locker - FBN Securities - Analyst I'm just saying versus, say, the second quarter was 67% last year, you might see another down 6% there where it's only 60% or 61% or something like that. Just like you did in the first quarter, versus 57% last year where it came in 51% this year. Matt Moyer - Centex Corporation - VP of IR It sounds a tricky way to get me to tell you what closings are going to be in the second quarter. But I do think it will be down both year-over-year. It may even be down a little sequentially. At some point, we're not going to lower specs much more than they are. They are already lower than at any point on record that I can find. And there is some level of spec with cancellation and things. So I would say that -- lower year-over-year, maybe even a little sequentially. Operator Our next question comes from the line of Chris Hussey with Goldman Sachs. Chris Hussey - Goldman Sachs - Analyst Hi, guys. Thanks for taking my call. The question I have -- two questions. One is around your land spend. If you spent about $500 million this year, how big a company are you? You are running, looks like maybe 16,000 to 20,000 homes a year, which would put that spend to $25,000 to $30,000 per home for land spend. So how much of that $500 million is new lots for future sales and how much is for these? Because that seems -- I don't know, that seems like a lot of money. Cathy Smith - Centex Corporation - EVP & CFO Think about it this way too, our land spend over the course -- it peaked at about $4.5 billion, down to $3.5 billion to $3.2 billion, down to $1.7 billion last year, down to roughly $0.5 billion this year. It has come down very dramatically, and then as Tim suggested, given pace and volume, we could be down even lower again next year. So it has come down dramatically. You also have to remember that although we're trying to time our land development to exactly our lot need based on our cadence, we're not perfect yet, and we're getting there. So you don't perfectly develop your lots just in time of need. So some of that development spend is for future lots, and some compulsory obligations as well as to complete the existing neighborhoods. So what I'm trying to tell you is it's not perfectly timed. Chris Hussey - Goldman Sachs - Analyst I hear you, I'm just trying to get around, though -- we're getting towards -- I would say most people would agree a pretty reasonably bad market for the housing market right now. So one would expect you guys not to be investing much in land. But when you have say you have 50% of your lots are finished lots, in a finished lot, how much investment do you have to make in that lot in order to sell the house? www.streetevents.com Contact Us 17 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

19. FINAL TRANSCRIPT Jul. 30. 2008 / 10:00AM, CTX - Q1 2009 Centex Corporation Earnings Conference Call Tim Eller - Centex Corporation - Chairman & CEO Well, you may have the infrastructure to complete the final lift of payment. Perhaps offsite improvements to complete. We want to release our bonds, so we're very cognizant about doing that. Right now it's going to take -- we have developed a lot of property over the past five years, a lot of it -- and actually last couple of years. So a lot of it still has bonds associated it with that we want to get released. A lot of it is just around getting our previously developed properties released from the bonding, and well as completing the infrastructure for houses under construction. There's not too much, really, going into new lots and new land. And it's entirely possible we'll come in less than $500 million too if the market continues to deteriorate. Tim Eller - Centex Corporation - Chairman & CEO Chris, the only thing I would add is if you remember three or four years ago, probably 90% of our lot supply was coming in raw, and needed to be fully developed. Whereas moving to the asset-light model and optioning more finished lots, I would expect that number to decrease. So even as we move back to the -- 20,000 to 30,000 to 40,000 units that we were doing in the past, as we move up to that, you should expect much less land spend than we had in the past. Operator Our next question comes from Gary Gordon with Portales Partners. Gary Gordon - Portales Partners - Analyst Thank you. Two questions. One, practical. What was your cancellation rate in the quarter? Cathy Smith - Centex Corporation - EVP & CFO About the same as last last quarter. Around 30%. Gary Gordon - Portales Partners - Analyst Okay. Thanks. Two, on your new business model, I would assume -- and your numbers about land spend I would assume you are not really a bidder for bank-foreclosed properties that should obviously be growing in volume. Is that the case? And two, could that potentially put you at competitive risk if some of your peers are much more active buyers of that land? Tim Eller - Centex Corporation - Chairman & CEO We are bidders. We're in the market right now. We're actively seeking developed lots in many of our markets where we are in shorter lot positions. So it's not determined yet how the banks will come up to the market with the properties. We are able to do acquisitions on takedowns with terms in some cases. We haven't really seen bulk sales of land by banks yet. We're working with other partners and teaming up with other providers and developers in terms of looking at some properties. We have our Corona transaction that we did in partnership with Farallon and RSF Partners that is available to us as well to look at new properties. We think we have right now enough oars in the water, if you will, to be participating in the land market -- which I think for all practical purposes we won't see materialize until next calendar year, calendar year 2009. Operator Our next question comes from Andrew Fenton with Cliffwood Partners. www.streetevents.com Contact Us 18 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

20. FINAL TRANSCRIPT Jul. 30. 2008 / 10:00AM, CTX - Q1 2009 Centex Corporation Earnings Conference Call Andrew Fenton - Cliffwood Partners - Analyst Good morning. How was traffic in July versus a year ago, and also versus June? Cathy Smith - Centex Corporation - EVP & CFO We don't normally comment on beyond the quarter, so we're not going to help with July. But we talked about traffic being down really some of the lowest levels we've seen this last quarter. Andrew Fenton - Cliffwood Partners - Analyst In percentage terms? 40%? 50%? Tim Eller - Centex Corporation - Chairman & CEO Quarter over quarter, it was down about 45%. Matt Moyer - Centex Corporation - VP of IR 40.7% in the quarter. Tim Eller - Centex Corporation - Chairman & CEO I'm corrected. 40%. Operator We have reached the end of our allotted time for questions. I will now turn the call over to Tim Eller for his closing remarks. Tim Eller - Centex Corporation - Chairman & CEO Thanks, Celeste. And thanks to all of you for joining us today. If you have any additional questions, please don't hesitate to contact Cathy, Matt, or myself. We look forward to discussing our progress during our second quarter conference call later this fall. Operator This concludes Centex's fiscal year 2009 first quarter earnings conference call. Thank you for your participation. www.streetevents.com Contact Us 19 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

21. FINAL TRANSCRIPT Jul. 30. 2008 / 10:00AM, CTX - Q1 2009 Centex Corporation Earnings Conference Call DISCLAIMER Thomson Financial reserves the right to make changes to documents, content, or other information on this web site without obligation to notify any person of such changes. In the conference calls upon which Event Transcripts are based, companies may make projections or other forward-looking statements regarding a variety of items. Such forward-looking statements are based upon current expectations and involve risks and uncertainties. Actual results may differ materially from those stated in any forward-looking statement based on a number of important factors and risks, which are more specifically identified in the companies' most recent SEC filings. Although the companies may indicate and believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate or incorrect and, therefore, there can be no assurance that the results contemplated in the forward-looking statements will be realized. THE INFORMATION CONTAINED IN EVENT TRANSCRIPTS IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE CONFERENCE CALLS. IN NO WAY DOES THOMSON FINANCIAL OR THE APPLICABLE COMPANY ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY EVENT TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S CONFERENCE CALL ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS. 2008, Thomson Financial. All Rights Reserved. 1897244-2008-07-31T08:47:54.207 www.streetevents.com Contact Us 20 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.