Forestar appoints former Exxon Mobil VP and General Counsel Charles Matthews to board

Wendy Lisney

AUSTIN, Texas , August 14, 2012 (press release) – Forestar Group Inc. (NYSE:FOR) is pleased to announce the appointment of Charles W. Matthews to the Company’s Board of Directors.

Mr. Matthews, 67, served Exxon Mobil Corporation, one of the leading global energy companies in the world, and its predecessor, Exxon Corporation, in several capacities in its legal department since 1971. He was appointed Vice President and General Counsel in 1995 until his retirement in 2010. Mr. Matthews continues to practice law, is chair of the University of Texas Development Board, and is a member of the board of Children’s Medical Center of Dallas. Mr. Matthews also serves on the board of directors for Trinity Industries, Inc. and Cullen/Frost Bankers, Inc.

Mr. Matthews brings extensive energy industry experience to the Forestar board and fills the vacancy resulting from the death of Louis R. Brill. With the appointment of Mr. Matthews, Forestar Group’s Board consists of 11 members, 10 of whom are independent. The membership of all committees of the Board consists entirely of independent directors.

About Forestar Group

Forestar Group Inc. operates in three business segments: mineral resources, real estate and fiber resources. At the end of the second quarter 2012, the real estate segment owns directly or through ventures almost 145,000 acres of real estate located in eight states and twelve markets in the U.S. The real estate segment has 16 real estate projects representing approximately 27,600 acres currently in the entitlement process, and 72 entitled, developed and under development projects in seven states and eleven markets encompassing almost 15,600 acres, comprised of almost 24,000 planned residential lots and over 2,400 commercial acres. The mineral resources segment manages approximately 594,000 net acres of oil and gas mineral interests located principally in Texas, Louisiana, Alabama, and Georgia. Also included in the mineral resources segment is a 45% nonparticipating royalty interest in groundwater produced or withdrawn for commercial purposes from approximately 1.4 million acres in Texas, Louisiana, Georgia and Alabama and about 17,800 acres of groundwater leases in central Texas. The fiber resources segment includes the sale of wood fiber and management of our recreational leases. Forestar’s address on the World Wide Web is www.forestargroup.com.

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