LOS ANGELES (April 2, 2004) - KB Home (NYSE: KBH), one of the nation's premier homebuilders, today announced that it has elected two new directors at its annual meeting of shareholders. Leslie Moonves, chairman and chief executive officer of CBS, and Melissa Lora, chief financial officer of Taco Bell, will be joining the board of directors of the company. The elections bring the total number of KB Home directors to 11, of which 10 are non-employee directors of the company.

"I am thrilled to have these two talented and accomplished executives join the KB Home board of directors, and welcome their insight and contributions in the years ahead," said Bruce Karatz, KB Home's chairman and chief executive officer.

"Leslie has an exceptional track record as an industry leader making him an outstanding addition to our board," continued Karatz. "His marketing savvy and intimate knowledge of trends in our target demographic will be invaluable as we continue to expand our leadership positions in markets from coast-to-coast. At the same time, I look forward to drawing upon Melissa's financial prowess and extensive experience in a fast-paced, consumer-oriented business."

About Leslie Moonves
Moonves joined CBS, Viacom's broadcast television group, in July 1995 as president of CBS Entertainment, and was elevated to his current position in April 2003. Under his leadership, CBS has become America's most watched network. He currently oversees all of CBS's programming, sales and marketing operations. His vast responsibilities include oversight of CBS Entertainment, CBS News, CBS Sports, the Viacom Television Stations Group, UPN, CBS Enterprises, and CBS Broadcast International. Before coming to CBS, Moonves had been president of Warner Bros. Television since July 1993, when Warner Bros. and Lorimar Television combined operations. From 1989 to 1993, he was president of Lorimar Television.

Moonves is a member of the NCAA Advisory Board, the board of directors of the Los Angeles Free Clinic, the board of trustees of the Entertainment Industries Council, a trustee of the National Council for Families and Television and the American Film Institute and is past president of the Hollywood Radio and Television Society (HRTS). He is also co-chair of the Los Angeles Board of Governors of the Museum of Television and Radio. In March 2003, Moonves was honored by the International Radio and Television Society as the recipient of the Gold Medal Award, the most prestigious honor in media and entertainment. He is a graduate of Bucknell University.

About Melissa Lora
Lora has served as chief financial officer of Taco Bell, Corp., a subsidiary of Yum! Brands, Inc., since 2001. In this role, she is responsible for the strategic planning and financial reporting of the nation's leading Mexican-style quick service restaurant chain with more than $5 billion in annual system sales. In her 17-year career with the company, Lora has played a significant role in the company's mergers and acquisitions efforts and has led Taco Bell's focus on building financial capability for its franchise community. Prior to being named CFO, Lora ran Taco Bell's Northeast operations, where she laid the foundation for excellent long term brand growth. A licensed real estate broker in California, Lora has also managed Taco Bell's national real estate assets.

Lora serves on the Taco Bell National Purchasing Co-Op board of directors and is a member of the Unified Foodservice Purchasing Co-Op as well as the Discovery Science Center in Santa Ana, California. She holds a Bachelor of Arts degree in finance and real estate from California State University, Long Beach, and an MBA in corporate finance from the University of Southern California.

About KB Home
Building homes for nearly half a century, KB Home is one of America's premier homebuilders with domestic operating divisions in the following regions and states: West Coast -- California; Southwest -- Arizona, Nevada and New Mexico; Central -- Colorado, Illinois and Texas; and Southeast -- Florida, Georgia, North Carolina and South Carolina. Kaufman & Broad S.A., the Company's majority-owned subsidiary, is one of the largest homebuilders in France. In fiscal 2003, the Company delivered 27,331 homes in the United States and France. It also operates KB Home Mortgage Company, a full-service mortgage company for the convenience of its buyers. Founded in 1957, KB Home is a Fortune 500 company listed on the New York Stock Exchange under the ticker symbol "KBH." For more information about any of KB Home's new home communities, call 1-888-KB-HOMES or visit the Company's Web site at www.kbhome.com.

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