KB HOME

Disclosure Controls and Procedures

We have established disclosure controls and procedures to ensure that information we are required to disclose in the reports

we file or submit under the Securities Exchange Act of 1934, as amended (“Exchange Act”), is recorded, processed,

summarized and reported within the time periods specified in the SEC’s rules and forms, and accumulated and communicated

to management, including our Chief Executive Officer (“Principal Executive Officer”) and Chief Financial Officer (“Principal

Financial Officer”), as appropriate, to allow timely decisions regarding required disclosure. Under the supervision and with the

participation of senior management, including our Principal Executive Officer and Principal Financial Officer, we evaluated our

disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Exchange Act. Based

on this evaluation, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and

procedures were effective as of November 30, 2024.

Internal Control Over Financial Reporting

(a)Management’s Annual Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such

term is defined in Rule 13a-15(f) under the Exchange Act. Internal control over financial reporting is a process designed to

provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for

external reporting purposes in accordance with GAAP. Our management recognizes that there are inherent limitations in the

effectiveness of any internal control and that effective internal control over financial reporting may not prevent or detect

misstatements. In addition, because of changes in conditions, the effectiveness of internal control over financial reporting may

vary over time. Under the supervision and with the participation of senior management, including our Principal Executive

Officer and Principal Financial Officer, we evaluated the effectiveness of our internal control over financial reporting based on

the Internal Control — Integrated Framework (2013) established by the Committee of Sponsoring Organizations of the

Treadway Commission. Based on the evaluation under that framework and applicable SEC rules, our management concluded

that our internal control over financial reporting was effective as of November 30, 2024.

Ernst & Young LLP, the independent registered public accounting firm that audited our consolidated financial statements

included in this annual report, has issued its report on the effectiveness of our internal control over financial reporting as of

November 30, 2024, which is presented below.

(b)Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of KB Home:

Opinion on Internal Control Over Financial Reporting

We have audited KB Home’s internal control over financial reporting as of November 30, 2024, based on criteria

established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway

Commission (2013 framework) (the COSO criteria). In our opinion, KB Home (the Company) maintained, in all material

respects, effective internal control over financial reporting as of November 30, 2024, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United

States) (PCAOB), the 2024 consolidated financial statements of the Company and our report dated January 24, 2025 expressed

an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its

assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual

Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal

control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are

required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable

rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and

perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was

maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material

weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and

performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a

reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the

reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally

accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures

that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and

dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit

preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and

expenditures of the company are being made only in accordance with authorizations of management and directors of the

company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or

disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also,

projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate

because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/Ernst & Young LLP

Los Angeles, California

January 24, 2025

(c)Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting during the quarter ended November 30, 2024

that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.