IRVINE, CA—With the closing of last week's separation and mergerbetween TRI Pointe Homes, Inc. andWeyerhauser, TRI Pointe is now one of the10 largest public homebuilders in the UnitedStates by equity market capitalization.

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Late last week the two companies announced that the ReverseMorris Trust had closed. The transaction, one of the biggest inhomebuilding industry history, has resulted in the merger of TRIPointe with Weyerhaeuser's homebuilding subsidiary, WeyerhaeuserReal Estate Company (“WRECO”). The deal is valued at approximately$2.8 billion and positions TRI Pointe as one ofthe top 10 largest public homebuilders in the US, based on theclosing price of TRI Pointe common stock on July 3.

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As a result of the merger with WRECO, TRI Pointe's landinventory has increased to approximately

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31,000 owned or controlled lots with more than19,000 of those lots located in entitlement-constrained California,where TRI Pointe's management team has substantial experience andan established history of success.

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The additional land holdings provide the necessary land supplyand diversification for future land and lot sales as well asincreased home deliveries. The transaction enhances TRI Pointe'sgeographic presence by adding WRECO's established collection ofquality homebuilding companies, which will continue to operateunder their respective brand names:

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TRI Pointe Homes – Northern and SouthernCalifornia and Colorado

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Pardee Homes – Southern California andSouthern Nevada

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Quadrant Homes – Puget Sound region ofWashington State

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Maracay Homes – Phoenix and Tucson,Arizona

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Trendmaker Homes – Houston, Texas

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Winchester Homes – Washington, DC metro areaand Richmond, Virginia

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These companies boast some of the most experienced leadershipteams in the home building industry averaging over 20 years ofexperience. The combined company will continue to be governed byTRI Pointe's seasoned and respected executive management team.Barry Sternlicht will remain as chairman of theTRI Pointe Board of Directors, which has been expanded from sevento nine directors.

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Doug Bauer will continue to serve as CEO of TRIPointe, Tom Mitchell as president and chiefoperating officer, and Mike Grubbs as CFO.

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“Doug, Tom and Mike are a best-in-class executive team with deepmanagerial talent and a proven track record running a large,geographically diverse, growth-oriented public homebuildingcompany,” said Sternlicht, who also serves as chairman and chiefexecutive officer of Starwood Capital Group, whichfinanced TRI Pointe in 2010. “I am confident that they will buildupon their past success and lead TRI Pointe to greater achievementsas we look to take advantage of the enormous growth opportunitiesin the marketplace.”

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TRI Pointe's leadership remains focused on executing adisciplined homebuilding strategy. The merger with WRECO isexpected to provide TRI Pointe with significantly enhanced scale,with more than 3,400 new home deliveries and $1.6billion in revenue on a historical combined basis over thepast twelve months ended March 31.

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“With the success of this completed merger, TRI Pointe iswell-positioned as a leading homebuilder focused on some of thenation's most attractive housing markets,” stated Bauer. “As wehave demonstrated since we went public only 18 months ago, wecontinue to successfully deliver and execute on the strategy ofsecuring new opportunities for growth while executing our plan todeliver earnings over time. These factors, combined with enhancedliquidity, the right land supply and geographic diversification,should provide a runway for sustainable growth.”

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.