FORESTAR GROUP

Forestar is a residential and mixed-use development company. As of September 30, 2016 we own directly or through ventures interest in 55 residential and mixed-use projects comprised of approximately 7,000 acres of real estate located in 11 states and 15 markets. We also own about 590,000 net acres of oil and gas fee minerals, principally in Texas, Louisiana, Alabama and Georgia. We have approximately 1.5 million acres of water interests in Texas, Louisiana, Alabama and Georgia. In addition, we own interests in various other assets that have been identified as non-core that the company will exit opportunistically over time. Our current key initiatives are: 1) reducing costs across entire organization, 2) reviewing our entire portfolio of assets and 3) reviewing our capital structure