NVR Inc. IR Plan

Presented by Katie HutchinsonDecember 2011NVR Inc. IR Plan

NVR is the sixth largest U.S. homebuilder (based on 2010 closings), with a focus on the Baltimore/Washington, D.C., market, from which it derives over 60% of its profits. NVR Inc., the umbrella company, operates its business through four national builders; Ryan Homes, NVHomes, Fox Ridge Homes and Rymarc Homes. It also includes mortgage, settlement and title services through NVR Mortgage and NVR Settlement Services. 1 of 12 national builders that is publicly traded

Despite operating in the worst economic climate since the Great Depression, we were the only homebuilder of the 12 publicly traded homebuilders on a national level to operate profitably throughout the downturn from 2006 to the present. Our market capitalization led the industry at December 31, 2009, having risen 950% over the ten-year period ending December 31, 2009. Our total shareholder return for the ten year period ending December 31, 2009 was a gain of 1,388.4%. The total shareholder return for the S&P 500 over that same period was a loss of 9.1%. Changes 2005 separated CEO and Chairman of the boardChanges 2011 effective as of 2011 switched from classified board to 1 year re-election on entire board of directors

1Situation AnalysisHousing Market: outlook uncertain, demand softTrending down since 2007

Key Contributors:High unemployment ratesStrict mortgage conditions Low consumer confidence High cancellation ratesMarket surplus (high foreclosure rates)Dodd-Frank Wall Street Reform & Consumer Protection Act, July 2010

contributors to this perpetuating situationDownward pressure on sales price pressure as seen in 3Q earnings Cyclical marketUnemployment rate not set to recede historical levels in 2011FHA guidelines and standards tighten (FHA loans are significant source of customer financing) more difficult to qualify for a loan | result from a variety of macroeconomic factors, as the historically low rates prevailing in recent periods are not believed to be sustainable for the long-termFluctuating and variable factors cause buyers not to settle on home purchases high foreclosure ratesDue to above factorsPotential impacts of reforms to the overall U.S. financial services and mortgage industries that may have an adverse impact on the ability of our customers to finance their home purchases or on our access to the capital markets, including the Dodd-Frank Wall Street Reform and Consumer Protection Act enacted into law on July 21, 2010, potential limitations on the mortgage interest income tax deduction, and the potential future restructurings of the government-sponsored enterprises commonly known as Fannie Mae and Freddie Mac.

2NVR Inc. Performance & Reputation2009 2010 Q3 2010 - 2011Revenue Growth11%5.3%EPS Growth 5.6%9.1%

NVR is the best-positioned public homebuilder, in our view. Wells Fargo

We see NVRs shares as a way of capturing the upside to an eventual recovery in the housing market with a lower-risk profile than peers. - xxxx

NVRbest-managed homebuilders, with a unique strategy of avoiding land risk by optioning its Land. Credit Suisse Analysts CoverageRating: Predominately OutperformStock Price: $632

Valuation: $500 to $870

Orders of 2,218 were up 3% year over year.Mostly Outperform or Neutral Buy, Strong Buy or hold NO sell recommendations.[M inline with benchmarks, narrow moat]

EXPLAIN: why:Gross margins experienced slight pressure, down 30 bps sequentially, to 17.9%. The company continued to buy back shares aggressively in the quarter, with NVR buying back $366mn in shares during 3Q. As a result, the companys cash balance declined from $927mn to $492mn.

WSJ - Nonetheless, the builder has become the darling of analysts. Morningstar recently gushed that the company is "one of the greatest shareholder wealth creators we've ever come across," saying in a client note that it has "outgained storied names such as Microsoft, Apple and Cisco by a large margin, not to mention all of its direct competitors."

Douglas Poretz, who was an NVR executive in the late 1980s, says the company believes that encouraging investment by a small group of large institutions reduces stock-price fluctuations, while the high stock price discourages small investors. "It's a much different investment strategy than having a lot of different stockbrokers hustling their stock," he notes.

NOTE 3Q 2010 and 2011 EPS = 7.31, 7.98 (above analyst prediction)NOTE 3Q 2010 and 2011 Rev. = $661.94 million, $696.98 million 3

NVR Inc. Performance4NVR Inc. AnalystsCOMPANYANALYSTCredit Suisse DanOppenheimGoldman SachsJoshuaPollardGuggenheimJamesMcCanlessJMP SecuritiesJamesWilsonJP MorganMichaelRehautStifel NicolausMichaelWidnerSusquehannaJackMicenkoTiconderoga SecuritiesStephenEastWells FargoAdamRudigerZelman & AssociatesIvy Zelman

5NVR Inc. & Peers PerformanceNYSE:NVRNVR Inc.DHIDR HortonPHMPulte HomesTOLToll BrothersIndustryMarket Cap3.20B3.69B2.18B3.02B577.55MOperating Margin 9.09%2.82%(0.57%)(1.26%)5.84%Net Income 155.73M27.20M(389.64M)75.23N/AEPS 26.830.01-1.030.450.08P/E 23.99144.38N/A38.5814.37PEG (5 YR exp.)2.354.19(2.40)11.010.20Price/Book Value2.361.411.081.121.80Total debt to equity 0.000.731.730.63--Avg. Vol. (3m):54,2387,774,14013,853,6003,842,9904,000,000Sector Industrial GoodsIndustry Residential Construction

144.38 or 1061.82Based on the valuation metrics above, NVR Inc. is overvalued as well as DR Horton and Toll Brothers. PHM is undervalued. NVR is the closest to zero In comparison to its other peers, NVR Inc. has a high P/E ratio (solid for the market, too.) NVR highest P/BV - trading for a little over 2 times its book value, which is higher than any of its competitors or the industry median.

6NVR & Peers Stock Performance; 12 months

NVR & S&P 5007

NVR & PeerPerformanceIncome & Price to Book Value

8Investor StylePercent of Outstanding Shares & Number of InvestorsGARP and long term growth investors.

High P/E ratio signifies growth Increased Rev. year-over-year does not pay dividends (no yield)

NVR has remained the only profitable builder through the homebuilding crisis and posts favorable numbers in terms growth and increased revenues year-over-year. Taking into consideration its past performance and its future projections, NVR is an attractive stock for growth investors and possibly, in the far future, value investors. The NVR stock traded, at one point, for over $900 per share, so with an increase in the homebuilding industrys performance, there is still room for value investors to take advantage of the homebuilding industry on its way back up.9Ownership & Turnover RateInvestor TypeInvestors% Outstanding SharesInvestment managers3686.67Brokerage Firms 20.46Strategic Entities155.71Individuals155.7139693.8410Top 10 InvestorsShares% TotalValueStyle1AllianceBernstein L.P.444,3448.93104,449.77Core Growth2BlackRock Institutional Trust Company, N.A.343,7746.91697,687.75Index3Wellington Management Company, LLP250,7745.04251,034.25Core Value4Vanguard Group, Inc.224,4154.51692,508.85Index5Pennant Capital Management LLC216,3064.354,070.65Hedge Fund6Goldman Sachs Asset Management (US)204,4534.1182,658.85Core Growth7JP Morgan Asset Management189,8923.82117,651.67GARP8Cooke & Bieler, L.P.167,2053.363,989.82Core Value9State Street Global Advisors (US)164,4353.3527,770.03Index10Impala Asset Management, LLC163,8163.291,359.27Hedge Fund1111-25 InvestorsShares% TotalValueStyle11GEM Realty Capital, Inc.140,3652.821,582.32Hedge Fund12Greenlight Capital, Inc.128,1002.575,287.72Deep Value13Saville (Paul C)123,5822.4891.3714TIAA-CREF88,6951.78158,535.42GARP15Fidelity Management & Research Company73,1621.47550,294.89GARP16Columbia Wanger Asset Management, LLC69,6001.4026,788.62GARP17MFS Investment Management65,9941.33128,787.03Core Growth18Schneider Capital Management Corporation65,7781.321,247.96Deep Value19Marshfield Associates, Inc.60,3111.21903.69GARP20Schar (Dwight C)60,0001.2145.3621Royce & Associates, LLC56,9711.1431,068.59Deep Value22Neuberger Berman, LLC54,8991.1065,264.13GARP23Blue Ridge Capital49,2500.995,201.75Equity Hedge24Hoplite Capital Management, L.L.C.47,6330.961,760.73Hedge Fund25Capital Guardian Trust Company46,3000.9321,066.05GARP12StrengthsOnly profitable builder during downturnMarket concentrationSupply of lots for future growthFinancial flexibilityConsistent positive earningsIndustry-leading cost structureShareholder-friendly stock buyback programStrong operating margins vs. peersEnergy Star Partner of the Year 2011

WeaknessesCyclical IndustryHousing market & mortgage crisisIndustry fallout & effects of current economyThinly traded Limited interaction with investorsRely on 3rd party for land contractsD-rating: Stewardship, Morning StarRaw land on balance sheet

ThreatsMid-Atlantic markets concentration- Slower housing recovery | deeper economic recessionHeightened Competition for land dealsRisk Investors increase NVR underperform peersLimited mortgage capital availability| Steep spike in interest ratesUnexpected changes in customer preferences

OpportunitiesMarket turns: poised to increase revenues & cash flow at rapid rateExpand geographical footprintContinue to increase market share in current locationsPurchase distressed assets at bargain priceStock price appreciation (Stock gains)

SWOTStrengths:Profitable all 10Q but one profitable every year.Healthy balance sheet - Liquid balance sheet (debt to equity ratio -126%)Ample supply of lots for future growthfocuses on increasing its liquidity and efficiency, while reducing risk and operational costs.

$2.2B in cash to shareholders via stock buybacks over 5 years

Weaknesses:Housing market contributors discussed in the first slide: product surplus, high cancelation rate, low consumer confidenceEffect of current economy high unemployment rate

Threats:More vulnerable to economic downturn in mid Atlantic region 60% Rev. thereChanges in national & local economy

Mid Atlantic: Maryland, Virginia, West Virginia and DelawareNorth East: New Jersey and eastern PennsylvaniaMid East: Kentucky, New York, Ohio, western Pennsylvania and IndianaSouth East: North Carolina, South Carolina, Florida and Tennessee

Opportunities:Distressed assets Because we have cash, we have an ability to purchase lots a significantly lower price than market value many banks and builders have overvalued land holdings that they need to get off books (stop paying interest stop the bleeding). So, these companies come to NVR because they have availability to bail them out banks wont finance, banks wont buy land lending standards so tight.Bank go to NVR with land NVR doesnt want to buy or hold it, so NVR connects the bank with a developer with the promise that NVR will build the lots and linked up with developer. Many builders dont have money to actually build the houses.

13Goals and ObjectivesIncrease percent of outstanding shares held by existing GARP investors from 13% to 15%.

Increase sell-side analysts who cover NVR Inc. quarterly from 11 to 13.

Build awareness and understanding about proven business model to targeted investors, sell-side analysts & employees.

Strengthen relationship with stakeholders by providing a more comprehensive IR website.

The repurchase program assists us in accomplishing our primary objective, creating increases in shareholder value.Fidelity Management & Research Company - 13th largest firm investor just sold the most amount shares top investor of Toll Brothers.Enhance understanding of NVR Inc.s business and industry position, as well as, implied risks and opportunities through improved communication with top 10 NVR Inc. sell-side and buy-side analysts.

WEBSITE:Calendar of EventsPPT PresentationsConference CallsWebcastsImage GalleryCSR Green building and sustainability very competitive between builders way to distinguish themselves Energy Star Partner of the Year 2011

14Target AudienceInternalBoard of Directors | Senior Management | Employees

ExternalSell-Side analystsCURRENT:Joel Locker, CFA | FBN Research [Reduced NVR from Outperform to Sector Perform]JoshuaPollard | Goldman Sachs [Rated: NVR = Neutral but TOL & PHM = Buy]

NEW: Do NOT cover NVR Inc. but DO cover Toll, Pulte, HortonMichael Kim | CRT Capital Group, Nishu Sood | Deutsche Bank, Kenneth Zener | KeyBanc Capital MarketsRobert Wetenhall | RBC Capital MarketsBuck Horne | Raymond James & Associates

Stock Options large part of compensation (Performance Based)ESOP Recently sold highest number of 3Q NVR shares 13th for NVR (1.5%)

15Buy-Side analysts Specific analyst noted in events calendar

Fidelity Management & Research Company - #1 Toll Brother Investor

InvestorsShares% TotalValueStyle7JP Morgan Asset Management189,8923.82117,651.67GARP14TIAA-CREF88,6951.78158,535.42GARP15Fidelity Management & Research Company73,1621.47550,294.89GARP16Columbia Wanger Asset Management, LLC69,6001.4026,788.62GARP19Marshfield Associates, Inc.60,3111.21903.69GARP22Neuberger Berman, LLC54,8991.1065,264.13GARP25Capital Guardian Trust Company46,3000.9321,066.05GARPCurrent NVR Inc. GARP InvestorsDirk Hofschire, CFA, VP, Asset Allocation Research Lisa Emsbo-Mattingly, Director of Asset Allocation Research

16Value DriversSolid choice in a risky industry

Housing market projected to stabilize & NVR Inc. in best position to capitalize on market improvement.

History of high revenue & EPS growth when housing market increases.Best positioned builder now & when market turns

Paid off public debt.Financial Flexibility able to take advantage of opportunities when they arise.Increased market share & geographical footprint.

History of profitable performance: even through current downturn

Only national homebuilder profitable every year of downturn.Revenue, net income & EPS all increased versus 2009.Lead industry in return on equity, return on capital & inventory turnover.17

Recommendations

Fresh Look: landing pageTab SetupSearch ApplicationRSS FeedCalendar of Events Conference CallsPPT & Presentation Doc.Executive BiosFAQAnalyst Emails (only phone # listed)Rework - Forward Looking Statement repeat visitor frustrationSearch Box | RSSWebsite RecommendationsNeed: (1) To be a little more vulnerable offer other information: calendar of events(2) RSS feed good addition They have an email alert, but people can receive 100s of emails per day: RSS feed would aggregate the information they want and put it into one place with other news.(3) Do not see NVR Investor Relations taking part in Social Media (FB, Twitter) individual builders participate in SM and its increasing.

18Communication VehiclesPress Release Earning Reports, SEC filingsAnnual ReportMeetings CEO | CFOAnnual shareholderEmployees by Region (6)Senior Management (2)Board of Directors (2)Investor Day"Best Positioned for Industry GrowthCFO & CEO to speakTo AttendCurrent: 11 sell-side analysts, Top10 buy-side analysts (based on o/s)Potential: 5 sell-side analysts, 20 investors (new or potential to increase NVR o/s)Location: Reston, VA

19Communication VehiclesCEO (5) one-on-one meetings with prospective sell-side analysts

CEO (7) one-on-one meetings with prospective GARP buy-side analysts

CEO/CFO host (2) meeting for current sell-side analysts30 minute presentation1 hour (11) one-on-one meetings Joel Locker, CFA | FBN ResearchJoshuaPollard | Goldman Sachs

CEO/CFO host (2) meeting for current buy-side analysts 30 minute presentation1 hour (10) one-on-one meetings

NVR very risk averse known for being very tight-lipped.

One-on-one meetings work to their advantage reach target audiences without stepping into the limelight

20Communication VehiclesField TripOn-sight tour of NVR Panelized Construction Facility 1 hour tourLunchQ & A with CEOAttend: current & prospective buy-side & sell-side analysts

Industry Conference: 2012 Housing Leadership SummitReduce Risk & Increase Inventory TurnoverBreak-out speaker CEO, Paul Seville

Road Shows with Sell-side analysts (5)

Investment Conferences (8)21Road Shows 20121JP Morgan | Michael RehautGARP Investor -- want to increase its shares of NVR stock2Goldman Sachs Road Show | JoshuaPollard NVR: Neutral,TOL & PHM: Buy3Morning Star Road Show | Eric LandryRegularly cover NVR Inc. - quality coverage4Credit Suisse Road Show | Daniel OppenheimRegularly covers NVR Inc. Neutral rating fair reporting5Wells Fargo Road Show | Adam Rudiger*Regularly covers NVR Inc., publishes comprehensive, positive reports on business model, rating is Neutral to Outperform, high valuation ($870)2210-JanSenior Management11-JanBoard of Directors13-JanRoad Show (1): JP Morgan | Michael Rehaut16-JanCurrent Sell-side analyst meeting (1 hr. one-on-ones) (Reston, VA)17-JanCurrent Buy-side analyst meeting (15 hr. one-on-ones) (Reston, VA)19-JanProspective buy-side GARP investor: JP Morgan Asset Management | analyst one-on-one20-JanProspective buy-side GARP investor: TIAA-CREF | analyst one-on-one24-Feb10-K Filing Date28-FebProspective sell-side: Michael Kim | CRT Capital Group 29-FebProspective sell-side: Nishu Sood | Deutsche Bank*1-MarProspective buy-side GARP investor: Fidelity Management & Research Company | analyst one-on-one4-7 Mar Raymond James' 33rd Annual Institutional Investors Conference , Orlando, FL21-MarAnnual Report to Shareholder (ARS) Proxy Statement28-MarInvestor Day, Reston, VACalendar of Events: January- March23Calendar of Events: April - June4-AprEmployee Meeting North East6-AprField Trip10-AprRoad Show (2): Goldman Sachs Road Show | JoshuaPollard 1-MayQuarterly Report (1)7-MayBuy-side GARP investor: Columbia Wanger Asset Management, LLC 9-MayAnnual Shareholder Meeting10-11 MayEmployee Meeting Mid Atlantic15-17 MayWells Fargo Securities Industrial and Construction Conference (NY,NY)Adam Rudiger21-23 MayJ.P. Morgan Homebuilding and Building Products Investor (2012 Housing Leadership Summit) Chicago, ILMichael Rehaut5-JunCredit Suisse Homebuilding & Building Products Conference (NY, NY)Daniel Oppenheim7-8 JunMorning Star 24th Annual Investment Conference, Chicago, ILEric Landry13-15 JunDeutsche Bank Global Industrials & Basic Materials Conference, Chicago, ILNishu Sood18-JunBuy-side GARP investor: Marshfield Associates, Inc19-JunBuy-side GARP investor: Neuberger Berman, LLC 20-22 JunEmployee Meeting Mid East (2) South East (1)

24Calendar of Events: July - September12-JulRoad Show (3): Morning Star Road Show | Eric Landry19-JulProspective sell-side: Kenneth Zener | KeyBanc Capital20-JulProspective sell-side: Robert Wetenhall | RBC Capital6-AugQuarterly Report (2)4-SepSenior Management5-SepBoard of Directors6-7 SepUBS Building and Building Products 10th Annual CEO Conference, New York, NY20-SepCurrent Sell-side analyst meeting ( 1 hour one-on-ones) (Reston, VA)21-SepCurrent Buy-side analyst meeting (1 hour one-on-ones) (Reston, VA)10-SepRoad Show (4): Credit Suisse Road Show | Daniel Oppenheim25Calendar of Events: October - December1-Oct Buy-side GARP investor: Capital Guardian Trust Company 26-OctQuarterly Report (3)29-OctRoad Show (5):Wells Fargo Road Show | Adam Rudiger*2-NovProspective sell-side: Buck Horne | Raymond James & Associates*7-NovRoad Show (6):28-29 NovJP Morgan 11th Annual Small/Mid Cap Conference, New York, NYDecWork on annual report26Measurement GARP investors percent (increase) of outstanding sharesTotal Sell-side analysts covering NVR Inc. (2012)Reports published per yearRatings: Neutral to OutperformNVR Inc. Perception Survey resultsInternal customer survey resultsWebsite hitsActivity and time on websiteAmount of emails and inquiries in comparison to 2011

27Budget

2011 Law suit: compensation for CEO & other execs.Gross margins fell 30 bps sequentially from 18.2% in 2Q to 17.9% in 3Q Analysts anticipate modest further declines in future quarters because of price pressure in market & limited buyer confidence. Companys cash balance declined in 3Q from $927m to $492m. Because - NVR continues to aggressively buy back shares Including$366mn in shares during 3Q. (Investing in business)

28Sheet1TOL Top 10 InvestorsInvestor Name% O/SPosPos Chg% Pos ChgFiling DateFiling TypeEquity Assets ($MM)Investor TypeCountryFidelity Management & Research Company15.1125,246,050220,3500.8830-Jun-1113F635,057.14Investment ManagersUnited StatesToll (Robert I)8.4714,157,475003-Jun-11Insider Update286.83Strategic EntitiesUnited StatesWellington Management Company, LLP5.018,367,00829,2900.3530-Jun-1113F301,752.86Investment ManagersUnited StatesBlackRock Institutional Trust Company, N.A.4.988,321,160440,7355.5930-Jun-1113F787,715.40Investment ManagersUnited StatesState Street Global Advisors (US)4.297,167,139-300,910-4.0330-Sep-1113F527,459.88Investment ManagersUnited StatesVanguard Group, Inc.3.636,066,144160,4042.7230-Sep-1113F704,992.75Investment ManagersUnited StatesToll (Bruce E)35,014,22793,0001.8918-Jan-11Proxy101.49Strategic EntitiesVictory Capital Management Inc.2.74,510,716-503,453-10.0430-Jun-1113F30,592.28Investment ManagersUnited StatesCadian Capital Management LLC2.544,238,7001,182,00038.6730-Jun-1113F2,216.24Investment ManagersUnited StatesCitadel Investment Group, L.L.C.2.053,426,701-1,016,198-22.8730-Jun-1113F21,484.18Investment ManagersUnited States

Sheet2DHITOLLPULTEBarclays CapitalStephen KimBank of America Merrill LynchJonathan EllisBarclays CapitalStephenKimCredit Suisse DanOppenheimCitigroupJosh LevinBarclays CapitalStephen KimCiti Investment ResearchJoshuaLevinGoldman SachsJoshuaPollardCredit SuisseDan OppenheimCiti Investment ResearchJoshua LevinCredit SuisseDanielOppenheimGuggenheimJamesMcCanlessCRT Capital GroupMichael KimCompass Point Research & Trading, LLCWilkes GrahamCRT Capital GroupMichaelKimJMP SecuritiesJamesWilsonDeutsche BankNishu SoodCRT Capital GroupMichael S. KimDeutsche Bank North AmericaNishuSoodJP MorganMichaelRehautGoldman Sachs & Company Inc.Joshua PollardCredit SuisseDaniel OppenheimFBR Capital Markets & Co.SteveStelmachStifel NicolausMichaelWidnerGuggenheim PartnersJay McCanlessDeutsche Bank Securities Inc.Nishu SoodFitch Ratings (Fixed Income)RobertCurranSusquehannaJackMicenkoJPMorganMike RehautDISCERNBrett KornfeldGoldman SachsJoshuaPollardTiconderoga SecuritiesStephenEastJMP Securities LLCMichael SmithGoldman Sachs & Company, Inc.Joshua PollardGuggenheim Securities LLCJayMcCanlessWells FargoAdamRudigerKeefe, Bruyette & WoodsJade RahmaniGuggenheim SecuritiesJames McCanlessJMP SecuritiesJamesWilsonZelman & AssociatesIvy ZelmanKeyBanc Capital MarketsKenneth ZenerHousing Research CenterAlex BarronJP Morgan SecuritiesMichaelRehautMKM PartnersMegan McGrathJMP SecuritiesJames WilsonKeybanc Capital MktsKenZenerCredit SuisseRaymond James & AssociatesBuck HorneJP MorganMike RehautMorningstarEric LandryDavyRBC Capital MarketsRobert WetenhallKeefe, Bruyette & WoodsJade RahmaniRaymond James & Assoc.BuckHorneFBN Securities, Inc.Stifel NicolausMichael WidnerKeybanc Capital MarketsKenneth ZenerRBC Capital MarketsRobertWetenhallGoldman SachsSusquehanna Financial GroupJack MicenkoRaymond JamesPaul PuryearStandard & Poors (Fixed Income)GeorgeSkoufisJMP SecuritiesTiconderoga SecuritiesStephen EastRaymond JamesBuck HorneStandard & Poors Equity ResearchKenLeonJP MorganUBS SecuritiesDavid GoldbergRBC Capital MarketsRobert Wetenhall, Jr.Stifel Nicolaus & Co.Michael WidnerMKM Partners LLCWells Fargo Securities, LLCAdam RudigerStifel Nicolaus Equity ResearchMichael WidnerSusquehanna FinancialJackMicenkoStifel, Nicolaus & Co., Inc.Susquehanna Financial GroupJohn Micenko, Jr.Ticonderoga SecuritiesStephenEastSusquehanna Financial Group, LLLPno zellmanTiconderoga SecuritiesStephen EastUBSDavidGoldbergTiconderoga Securities LLCUBS Securities LLCDavid GoldbergWall Street StrategiesDavidUraniWells Fargo Securities, LLCWells Fargo SecuritiesAdam RudigerWells Fargo Securities, LLCAdamRudigerMorning Star?Zelman & AssociatesIvy ZelmanZelman and AssociatesIvyZelmanBarclays Capital ResearchVincent FoleyJ.P. Morgan Securities, Inc.Ralph ElliottJ.P. Morgan Securities, Inc.Susan BerlinerWells Fargo SecuritiesLee Brading

Sheet310-JanSenior Management11-JanBoard of Directors13-JanRoad Show (1): JP Morgan | Michael RehautGARP Investor -- want to increase its shares of NVR stock16-JanCurrent Sell-side analyst meeting (15 min. one-on-ones) (Reston, VA)17-JanCurrent Buy-side analyst meeting (15 min. one-on-ones) (Reston, VA)19-JanProspective buy-side GARP investor: JP Morgan Asset Management | analyst one-on-oneGARP Investor -- want to increase its shares of NVR stock20-JanProspective buy-side GARP investor: TIAA-CREF | analyst one-on-oneGARP Investor -- want to increase its shares of NVR stock

24-Feb10-K Filing Date28-FebProspective sell-side: Michael Kim | CRT Capital Group targeted sell-side analyst29-FebProspective sell-side: Nishu Sood | Deutsche Bank*targeted sell-side analyst1-MarProspective buy-side GARP investor: Fidelity Management & Research Company | analyst one-on-oneGARP Investor -- want to increase its shares of NVR stock4-7 March Raymond James' 33rd Annual Institutional Investors Conference FL - new market, want to be covered by 21-MarAnnual Report to Shareholder (ARS) Proxy Statement28-MarInvestor Day

4-AprEmployee Meeting North East6-AprField Trip10-AprRoad Show (2):

1-MayQuarterly Report (1)7-MayProspective buy-side GARP investor: Columbia Wanger Asset Management, LLC | one-on-one analyst meetingGARP Investor -- want to increase its shares of NVR stock9-MayAnnual Shareholer Meeting10-11 MayEmployee Meeting Mid Atlantic15-17 MayWells Fargo Securities Industrial and Construction Conference, New York, NYAdam Rudiger21-23 MayJ.P. Morgan Homebuilding and Building Products Investor (2012 Housing Leadership Summit) Chicago, ILMichael RehautLenar, DR Horton, Beezer on panels -

5-JunCredit Suisse Homebuilding And Building Products Conference, New York, NYDaniel Oppenheim7-8 JunMorning Star 24th Annual Investment Conference, Chicago, ILEric Landry13-15 JunDeutsche Bank Global Industrials and Basic Materials Conference, Chicago, ILNishu Soodhttp://conferences.db.com/unavailable/18-JunProspective buy-side GARP investor: Marshfield Associates, Inc | one-on-one analyst meeting19-JunProspective buy-side GARP investor: Neuberger Berman, LLC | one-on-one analyst meeting20-22 JunEmployee Meeting Mid East (2) South East (1)

12-JulRoad Show (3): 19-JulProspective sell-side: Kenneth Zener | KeyBanc Capital20-JulProspective sell-side: Robert Wetenhall | RBC Capital

6-AugQuarterly Report (2)

4-SepSenior Management5-SepBoard of Directors6-7 SepUBS Building and Building Products 10th Annual CEO Conference, New York, NYCompetitors presented in 2011 (Toll, Pulte)20-SepCurrent Sell-side analyst meeting (15 min. one-on-ones) (Reston, VA)21-SepCurrent Buy-side analyst meeting (15 min. one-on-ones) (Reston, VA)10-SepRoad Show (4): Already in NY - with NY based co.

1-Oct Buy-side GARP investor: Capital Guardian Trust Company GARP Investor -- want to increase its shares of NVR stock26-OctQuarterly Report (3)29-OctRoad Show (5):

2-NovProspective sell-side: Buck Horne | Raymond James & Associates*targeted sell-side analyst7-NovRoad Show (6):28-29 NovJP Morgan 11th Annual SMid Cap Conference, New York, NYGARP investorRoad shows1JP Morgan | Michael RehautGARP Investor -- want to increase its shares of NVR stock2Goldman Sachs Road Show | JoshuaPollard NVR: Neutral,TOL & PHM: Buy3Morning Star Road Show | Eric LandryRegularly cover NVR Inc. - quality coverage4Credit Suisse Road Show | Daniel OppenheimRegularly covers NVR Inc. Neutral rating fair reporting5Wells Fargo Road Show | Adam Rudiger*Regularly covers NVR Inc., publishes comprehensive, positive reports on business model, rating is Neutral to Outperform, high valuation ($870)

Sheet410k, Annual Report etc. $80,00010k, Annual Report etc.Reporting Requirements $80,000Website $50,000Website 10k, Annual Report etc.Share Register | Industry Requirements$20,000Share Register | Industry RequirementsWebsite $50,000 Online Tools: i.e. Thompson One$25,000Online Tools: i.e. Thompson OneShare Register | Industry Requirements$20,000Investor Day$50,000Investor DayOnline Tools: i.e. Thompson One$25,000Food, venue, equipment, material, set-up, staffFood, venue, equipment, material, set-up, staffInvestor Day$50,000Meetings shareholder, company (7) $500,000Meetings shareholder, company (7) Food, venue, equipment, material, set-up, staffTravel, food, venue, staffTravel, food, venue, staffMeetings shareholder, company $500,000Analyst Meetings (9) $100,000Analyst Meetings (9) Travel, food, venue, staffField Trip$10,000Field TripAnalyst Meetings $100,000Press Releases, wire services$15,000Press Releases, wire servicesField Trip$10,000Conferences | Roadshow$1,000,000Conferences | RoadshowPress Releases, wire services$15,000Salaries$400,000SalariesConferences | Roadshow$1,000,000Annual Perception Study$5,000Annual Perception StudySalaries$400,000Misc. Expenses$100,000Misc. ExpensesAnnual Perception Study$5,000$2,275,000Misc. Expenses$100,000Total:$2,275,000

Sheet5