<SEC-DOCUMENT>0001214659-25-004755.txt : 20250325
<SEC-HEADER>0001214659-25-004755.hdr.sgml : 20250325
<ACCEPTANCE-DATETIME>20250325165041
ACCESSION NUMBER:		0001214659-25-004755
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250325
DATE AS OF CHANGE:		20250325
EFFECTIVENESS DATE:		20250325

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PULTEGROUP INC/MI/
		CENTRAL INDEX KEY:			0000822416
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				382766606
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09804
		FILM NUMBER:		25769063

	BUSINESS ADDRESS:	
		STREET 1:		3350 PEACHTREE ROAD NORTHEAST
		STREET 2:		SUITE 1500
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30326
		BUSINESS PHONE:		(404) 978-6400

	MAIL ADDRESS:	
		STREET 1:		3350 PEACHTREE ROAD NORTHEAST
		STREET 2:		SUITE 1500
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30326

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PULTE HOMES INC/MI/
		DATE OF NAME CHANGE:	20011023

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PULTE CORP
		DATE OF NAME CHANGE:	19931118

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHM CORP
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AS YOU SOW
		CENTRAL INDEX KEY:			0001086462
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			CA

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
		BUSINESS PHONE:		510-735-8155

	MAIL ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
</SEC-HEADER>
<DOCUMENT>
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<FILENAME>g325250px14a6g.htm
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<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; text-align: center"><B>Notice of Exempt Solicitation Pursuant to Rule 14a-103</B></P>

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<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; text-align: center">Name of Registrant: PulteGroup Inc.</P>

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<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; text-align: center">Name of person relying on exemption: As You Sow&reg;</P>

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<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; text-align: center">Address of persons relying on exemption: 11461 San Pablo Ave,
Suite 400, El Cerrito, CA 94530</P>

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<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; text-align: center">The attached written materials are submitted pursuant to Rule
14a-6(g)(1) promulgated under the Securities Exchange Act of 1934.&nbsp;As You Sow&reg; does not beneficially own more than $5 million
of the class of subject securities, and this notice of exempt solicitation is therefore being provided on a voluntary basis.</P>

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    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%"><FONT STYLE="font-size: 8pt; color: #00813D"><B>11461 San Pablo Ave. Suite 400&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top; width: 80%; white-space: nowrap"><FONT STYLE="font-size: 8pt; color: #73C167"><B>www.asyousow.org</B></FONT></TD></TR>
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    <TD STYLE="white-space: nowrap"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D"><B>El Cerrito, CA 94530</B></FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D"><B>&nbsp;&nbsp;&nbsp;</B></FONT></P></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7.5pt; color: #73C167">BUILDING A SAFE, JUST, AND SUSTAINABLE WORLD SINCE 1992</FONT></TD></TR>
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<P STYLE="font: bold 16pt Times New Roman; margin: 0pt 0; text-align: center">PulteGroup (PHM)<BR>
Vote Yes: Proposal #5 &ndash; Reducing Greenhouse Gas Emissions</P>

<P STYLE="font: bold 12pt Times New Roman; margin: 0pt 0; text-align: center"><B>Annual Meeting: April 30, 2025</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman; margin: 0pt 0; text-align: center">CONTACT: Kelly Poole | kpoole@asyousow.org</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">THE RESOLUTION</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; background-color: white"><B>Resolved:&nbsp;</B><FONT STYLE="background-color: #FCFCFC">Shareholders
request the Board adopt Paris-aligned greenhouse gas emission reduction goals.</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">SUMMARY</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">PulteGroup, one of the largest residential home builders in the U.S., constructs
homes in 25 states.<SUP>1</SUP> Many states are already facing climate-related harm -- from water shortages and heatwaves to intensifying
storms and sea level rise. These challenges are reshaping homeowner needs, regulatory policies, and market expectations. As a homebuilder
with a carbon-intensive value chain, PulteGroup must stay competitive amid proliferating green building regulations, increasing demand
for energy-efficient homes, resource constraints, and supply chain disruptions. However, PulteGroup has failed to fully respond to these
risks, raising investor concerns about the Company&rsquo;s long-term competitiveness.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">In addition to the impact of climate change to PulteGroup&rsquo;s business success,
investors are scrutinizing their portfolio companies&rsquo; contributions to global emissions. For example, a national insurance crisis
is in full gear due to catastrophic, climate-related weather events. This, in turn, threatens to trigger a nationwide mortgage crisis
as property values decline in climate-vulnerable areas, from the wildfire prone West to coastal hurricane zones and storm-battered regions
of the Midwest. Investors, particularly diversified investors, are concerned about the financial harm from these events and thus seek
a plan for Paris-aligned greenhouse gas emission reductions from their portfolio companies.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">Despite mounting climate risk, PulteGroup has initiated only limited low-carbon actions.
It has not disclosed a comprehensive forward-looking plan to mitigate climate-related risk and reduce its value chain emissions. Meanwhile,
its peers have expanded their disclosures and are capitalizing on the advantages of a low-carbon business model, leaving PulteGroup at
a competitive disadvantage.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">To ensure PulteGroup responds to these material climate-related risks and remains
competitive in an industry being redefined by climate change, investors request the Board disclose how PulteGroup plans to address growing
climate-related business impediments and reduce its value chain greenhouse gas (GHG) emissions in alignment with interim and long-term
science-based climate goals.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>1</SUP> https://d18rn0p25nwr6d.cloudfront.net/CIK-0000822416/f76bf8fd-58b7-4cf3-a9db-f1a05af8f238.pdf
p.3</P>
<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 9pt; font-weight: normal">PulteGroup Inc | Reducing Greenhouse Gas Emissions</FONT></P>
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<P STYLE="font: bold 13pt Times New Roman; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RATIONALE FOR A YES VOTE</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>PulteGroup is exposed to regulatory, competitive, and physical climate-related risks.</B></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>PulteGroup has not implemented the proposal and fails to report on how it intends to reduce GHG emissions.</B></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>PulteGroup lags peers in disclosing climate-related goals and decarbonization plans.</B></TD></TR></TABLE>

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<P STYLE="font: bold 13pt Times New Roman; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">DISCUSSION</P>
<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>PulteGroup is exposed to regulatory, competitive, and physical climate-related risks.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">The residential construction industry is carbon-intensive, with emissions concentrated
in the upstream production of building materials and in the downstream use of energy in homes. PulteGroup&rsquo;s emissions reflect this
industry trend with 97% of the Company&rsquo;s emissions in its value chain.<SUP>2</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">Building and selling homes with high emission footprints exposes PulteGroup to the
risk of not being prepared for new green building regulations. PulteGroup acknowledges these risks in its 2024 10-K report: &ldquo;Government
restrictions, standards, or regulations intended to reduce greenhouse gas emissions&hellip;could reduce our housing gross profit margins
and adversely affect our results of operations.&rdquo;<SUP>3</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">Climate-related regulations in the western U.S., where PulteGroup sold nearly 20%
of its homes in 2024, are increasing annually, particularly in California.<SUP>4</SUP> In 2022, California updated its energy code to
require all new, single-family homes to be electric-ready, and approved a state-wide ban for new in-home gas furnaces and water heaters
beginning in 2030.<SUP>5</SUP> New climate-related regulations are not restricted to California and may be expanding among states as action
at the federal level declines.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">There are currently 152 local governance ordinances spanning 12 states limiting the
use of fossil fuels in buildings.<SUP>6</SUP> This growing patchwork of local regulations highlights the need for a company-wide decarbonization
plan to avoid a fragmented, reactionary approach to emissions reduction, which will leave PulteGroup constantly adapting to new regulations
as they are implemented, increasing compliance costs and operational inefficiencies. A company-wide decarbonization plan ensures long-term
stability, reduces regulatory risk, and positions PulteGroup as an industry leader rather than a follower &mdash; ultimately providing
a competitive edge as climate policies continue to expand.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">At the same time, financial incentives for home decarbonization are growing, creating
opportunities for PulteGroup to transition without sacrificing affordability. One example is California&rsquo;s Electric Homes Program
that offers funding to residential builders constructing new homes with all-electric appliances and equipment, helping offset the costs
of certain low-carbon technologies.<SUP>7</SUP> Leveraging these incentives would not only simplify Pulte&rsquo;s regulatory compliance
but also enhance its home affordability and buyer appeal, aligning with market trends and consumer demand for energy-efficient housing.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>2</SUP> https://pultegroupcares.com/sustainability/2023-report/
p.29</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>3</SUP> https://d18rn0p25nwr6d.cloudfront.net/CIK-0000822416/f76bf8fd-58b7-4cf3-a9db-f1a05af8f238.pdf
p.14</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>4</SUP> https://d18rn0p25nwr6d.cloudfront.net/CIK-0000822416/f76bf8fd-58b7-4cf3-a9db-f1a05af8f238.pdf
p.28</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>5</SUP> https://www.energy.ca.gov/sites/default/files/2021-08/CEC_2022_EnergyCodeUpdateSummary_ADA.pdf
p.9; https://www.npr.org/2022/09/23/1124511549/california-plans-to-phase-out-new-gas-heaters-by-2030</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>6</SUP> https://buildingdecarb.org/zeb-ordinances</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>7</SUP> https://caelectrichomes.com/incentives/</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 9pt; font-weight: normal">PulteGroup Inc | Reducing Greenhouse Gas Emissions</FONT></P>
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<P STYLE="color: #313131; font: 11pt Times New Roman; margin: 0pt 0"><FONT STYLE="color: black">Energy-efficient homes provide a range
of benefits for consumers including long-term savings on utility bills.<SUP>8</SUP> For example, homes with air-source heat pumps can
save homeowners up to $650 a year on operational costs.<SUP>9</SUP> This is a critical selling point for PulteGroup as the average U.S.
residential customer has seen electricity rates jump by nearly 40% since 2010.<SUP>10</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">Energy efficiency is no longer just a bonus &mdash; it is a key factor influencing
homebuyer decisions and resale value. Consumer interest in energy-efficient homes has caught the attention of the National Association
of Realtors, which reports that 57% of surveyed realtors consider energy efficiency somewhat or very valuable in listings.<SUP>11</SUP>
If PulteGroup does not prioritize the decarbonization of its homes, it risks falling behind competitors who are better prepared to meet
growing consumer demand for sustainable, low carbon, cost-saving housing.</P>

<P STYLE="font: 12pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">In addition to shifting market preferences, the Company faces increasing exposure
to <FONT STYLE="font-family: Times New Roman"><B>severe physical risks</B></FONT> from climate change. As noted in its 10-K, &ldquo;Natural
disasters, severe weather conditions and changing climate patterns could delay deliveries, increase costs, and decrease demand for new
homes in</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">affected areas.&rdquo;<SUP>12</SUP> PulteGroup must be prepared. A recent study found
that productivity losses from heat are expected to increase up to 30&ndash;40% under the worst climate change scenario by the end of the
century.<SUP>13</SUP> This could have financial consequences for the Company, particularly in states where extreme heat already threatens
its labor force. For example, a recent study evaluating the impact of extreme heat on California&rsquo;s economy, a large revenue source
for PulteGroup, found the total lost work time among weather-exposed workers, such as home construction laborers, is valued between $7.7
million and $210 million per extreme heat event.<SUP>14</SUP> Investors are concerned that PulteGroup will need to pass costs from heat-related
delays along to customers, making it more difficult to maintain home affordability.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">Finally, because of the increased severity and frequency of natural disasters, property
insurance is increasingly expensive and, in certain states, unavailable from private insurance providers. In Florida and Texas, states
representing nearly half of PulteGroup&rsquo;s business, homeowners are facing the highest home insurance prices in the U.S., and in California,
insurance giants State Farm, Allstate, Farmers and Safeco all announced decisions to halt or slow sales of new policies in recent years,
a serious deterrent to home buying.<SUP>15</SUP></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>8</SUP> https://www.energystar.gov/newhomes/features-benefits/better-resale-value</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>9</SUP> https://zillow.mediaroom.com/2022-04-18-Eco-friendly-features-help-homes-sell-up-to-10-days-faster;
https://www.nrel.gov/news/press/2024/benefits-of-heat-pumps-detailed-in-new-nrel-report.html</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>10</SUP> https://energyinnovation.org/wp-content/uploads/Clean-Energy-Isnt-Driving-Power-Price-Spikes.pdf</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>11</SUP> https://www.nar.realtor/research-and-statistics/research-reports/realtors-and-sustainability</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>12</SUP> https://d18rn0p25nwr6d.cloudfront.net/CIK-0000822416/f76bf8fd-58b7-4cf3-a9db-f1a05af8f238.pdf
p.14</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>13</SUP> https://pmc.ncbi.nlm.nih.gov/articles/PMC10434255/</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>14</SUP> https://www.insurance.ca.gov/01-consumers/180-climate-change/upload/Impacts-of-extreme-heat-to-California-s-people-infrastructure-and-economy-by-California-Department-of-Insurance-June-2024.pdf,
p.33</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>15</SUP> https://www.brookings.edu/articles/how-is-climate-change-impacting-home-insurance-markets/;
https://www.insurance.com/home-insurance/state-farm-stops-selling-home-insurance-in-california</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
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<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">By reducing its own emissions and promoting broader decarbonization, PulteGroup can
help mitigate the climate risks that directly impact its business. As global warming advances, difficulties in obtaining insurance or
increased insurance costs will result in lower demand for homes and increased total cost of ownership. In contrast, fewer severe weather
events means less supply chain disruption, fewer construction delays, and a favorable insurance market&mdash;leading to long-term financial
security for PulteGroup and its sector.</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0"><FONT STYLE="vertical-align: baseline">&nbsp;</FONT></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>PulteGroup has not implemented the Proposal and fails to report on how it intends to reduce its GHG emissions.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; background-color: white">PulteGroup has not disclosed GHG emission reduction targets,
and additionally, it is unclear if and how its current sustainability efforts will contribute to reducing its full value chain GHG emissions.</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; color: #0D0D0D">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; background-color: white"><FONT STYLE="color: #0D0D0D">In its opposition statement,
PulteGroup states: &ldquo;</FONT>We set the ambitious goal of having all new single-family homes started in 2025 and beyond capable of
qualifying as ENERGY STAR&reg; 3.1 Certified.&rdquo; While ENERGY STAR is a commonly used benchmark, its requirements fall behind state
building codes in places like California and Massachusetts.<SUP>16</SUP> <FONT STYLE="font-family: Times New Roman"><B>Additionally,</B></FONT>
PulteGroup&rsquo;s adoption rate falls short of industry peers. For example, Meritage Homes has built <FONT STYLE="font-family: Times New Roman"><B>100%
ENERGY STAR-certified homes since 2009, and KB Home delivered twice as many ENERGY STAR-certified homes as PulteGroup in 2023 alone,<SUP>17</SUP>
putting PulteGroup behind competitors.</B></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; color: #0D0D0D">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">Beyond energy efficiency, PulteGroup&rsquo;s disclosures <FONT STYLE="font-family: Times New Roman"><B>fail
to address</B></FONT> other key areas of <FONT STYLE="font-family: Times New Roman"><B>carbon intensity</B></FONT> such as sourcing <FONT STYLE="font-family: Times New Roman"><B>low-carbon
steel and cement</B></FONT><B>, </B>transitioning from <FONT STYLE="font-family: Times New Roman"><B>natural gas to electric furnaces
and water heaters</B></FONT><B>,</B> plans to expand <FONT STYLE="font-family: Times New Roman"><B>EV charging infrastructure and rooftop
solar panels</B></FONT><B>,</B> and reducing <FONT STYLE="font-family: Times New Roman"><B>supply chain transportation emissions</B></FONT><B>.</B>
Investors evaluate these factors when assessing climate risk, and PulteGroup&rsquo;s <FONT STYLE="font-family: Times New Roman"><B>lack
of action and/or transparency</B></FONT> raises concern about the Company&rsquo;s readiness for a low-carbon economy.</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; color: #0D0D0D">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">To define expectations for climate risk management, members of the CA100+, an investor-lead
initiative, created the Net Zero Benchmark (the Benchmark). Benchmark criteria include that companies set 1.5<FONT STYLE="color: #333333">&deg;</FONT>C-aligned
interim and long-term emission reduction targets covering Scope 1, 2, and 3 emissions. The Benchmark also creates quantitative forward-looking
climate transition plans. PulteGroup&rsquo;s misalignment with the Benchmark is a signal to investors that the Company is lagging best
practices, ignoring investor expectations, and failing to align its emissions with global climate goals.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><FONT STYLE="background-color: white">_____________________________</FONT></P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>16</SUP></FONT> https://www.cpuc.ca.gov/industries-and-topics/electrical-energy/demand-side-management/energy-efficiency/zero-net-energy#:~:text=All%20new%20residential%20construction%20will,will%20be%20ZNE%20by%202025;
https://www.mass.gov/info-details/building-energy-code#energy-efficiency-provisions-of-the-state-building-code-</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>17</SUP></FONT> https://d1io3yog0oux5.cloudfront.net/_e12b68c7bd4e63256b8e5d3d3c9b352d/meritagehomes/db/845/7273/pdf/Meritage+Homes_2023_ESG+Report__FINAL.pdf,
p.7; https://s201.q4cdn.com/124745054/files/doc_financials/2023/sr/2023_SustainabilityReport_Final2.pdf
p.63; https://pultegroupcares.com/sustainability/2023-report/ p.30</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman; margin: 0pt 0"><FONT STYLE="background-color: white">Investors also measure companies against decarbonization
pathways presented by leading experts such as the International Energy Agency (IEA). The IEA&rsquo;s Net Zero Scenario designates a pivotal
role for the building sector, including that all new buildings, and 20% of existing building stock, will be zero-carbon-ready by 2030.<SUP>18</SUP></FONT>
PulteGroup has also not disclosed if and how it will reduce its emissions in line with this guidance. If the building sector is to align
with this science-based scenario, there must be <FONT STYLE="background-color: white">immediate and sector-wide investments. PulteGroup
has not disclosed if it is actively collaborating with suppliers toward this goal.</FONT></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>PulteGroup lags peers in disclosing climate-related goals and decarbonization plans.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; background-color: white">Investors are concerned that PulteGroup&rsquo;s peers have
more advanced decarbonization efforts, particularly in energy efficiency. A key industry standard for measuring home energy efficiency
is the Home Energy Rating System (HERS) Index, where a lower score indicates a more efficient home. KB Home discloses an average HERS
score of 46, significantly outperforming PulteGroup&rsquo;s average of 58.<SUP>19</SUP> KB Home also set a <FONT STYLE="font-family: Times New Roman"><B>goal
in 2021 to improve its average HERS score by 2025, demonstrating its commitment to retaining its leadership in energy efficiency</B></FONT>.
Achieving this target will <FONT STYLE="font-family: Times New Roman"><B>save KB Home&rsquo;s customers over $1,000 annually on utility
bills</B></FONT>&mdash;a strong competitive advantage. <SUP>20</SUP> PulteGroup&rsquo;s comparatively weak energy efficiency performance
puts it at a competitive disadvantage as customers increasingly seek more affordable homes.</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; background-color: white">Additionally, competitor KB Home disclosed that in 2023,
38% of the homes it sold were all-electric&mdash;demonstrating a clear commitment to reducing residential carbon emissions.<SUP>21</SUP>
By replacing gas furnaces and water heaters with high-efficiency electric alternatives, KB Home is not only cutting the largest sources
of a home&rsquo;s operational emissions but also protecting homeowners from the health risks associated with natural gas.<SUP>22</SUP>
This transition positions KB Home as a leader in sustainable homebuilding, aligning with growing regulatory pressures and consumer demand
for cleaner, more resilient housing. Meanwhile, PulteGroup has not disclosed the number of all-electric homes or any plans to scale electrification&mdash;leaving
investors uncertain about how it intends to remain competitive in a rapidly evolving market.</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; background-color: white">In addition to energy efficiency goals, 77 U.S. companies
in the homebuilding, real estate, and construction and engineering sectors have committed to set or have already set GHG emission reduction
targets through the globally recognized Science Based Target initiative (SBTi).<SUP>23</SUP> While these companies may not be direct peers,
their commitments reinforce that decarbonizing buildings is both achievable and necessary. This growing willingness to set science-aligned
targets signals to investors that meaningful emissions reductions in the built environment are possible&mdash;further emphasizing the
need for homebuilders like PulteGroup to follow suit.</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">As a leading but high-emitting residential construction company, PulteGroup has an
influential position that could contribute to shifting the building sector toward net zero emissions. Disclosing emission reduction targets
will send an important signal throughout PulteGroup&rsquo;s value chain, including its materials suppliers, sparking innovation and collaboration.
By adopting emission reduction targets and reducing the emissions from its full value chain, PulteGroup can mitigate financial risk posed
by heightened climate regulations, meet shifting consumer demands, and help retain its competitive advantage in the quickly decarbonizing
buildings sector.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>18</SUP> https://www.iea.org/energy-system/buildings#tracking</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>19</SUP> https://s201.q4cdn.com/124745054/files/doc_financials/2023/sr/2023_SustainabilityReport_Final2.pdf,
p.23; https://pultegroupcares.com/sustainability/2023-report/ p.30</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>20</SUP> https://www.hersindex.com/hers-index/interactive-hersindex/interactive-hersindex-inside/#57</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>21</SUP> https://s201.q4cdn.com/124745054/files/doc_financials/2023/sr/2023_SustainabilityReport_Final2.pdf,
p.23</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>22</SUP> https://news.stanford.edu/stories/2024/05/people-with-gas-and-propane-stoves-breathe-more-unhealthy-nitrogen-dioxide</P>

<P STYLE="font: 9pt Times New Roman; margin: 0pt 0"><SUP>23</SUP> https://sciencebasedtargets.org/companies-taking-action#dashboard</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

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<P STYLE="font: bold 13pt Times New Roman; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RESPONSE TO PulteGroup&rsquo;s
BOARD OF DIRECTORS&rsquo; STATEMENT IN OPPOSITION</P>
<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">PulteGroup says: &ldquo;<I>PulteGroup believes adhering to well-established energy
measurements carries more resonance for consumers than aggregate GHG emissions across our enterprise</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">While energy efficiency certifications like HERS and ENERGY STAR provide valuable
insights for consumers, they do not fully capture a company&rsquo;s climate impact or its exposure to climate-related risk. For example,
while the average energy efficiency of PulteGroup&rsquo;s homes may improve, it does not guarantee that its absolute emissions have reduced,
nor that it is sufficiently prepared to thrive in the decarbonizing home building sector.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">Investors and regulators increasingly expect companies to disclose and manage their
full GHG emissions&mdash;spanning supply chains, construction materials, and operations. By focusing solely on efficiency without a broader
emissions reduction strategy, PulteGroup lacks a clear, accountable approach to comprehensive climate risk management.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">Moreover, consumer demand for sustainability is evolving beyond efficiency ratings.
Homebuyers and investors are scrutinizing builders&rsquo; overall climate commitments, while the tightening regulations on building electrification
and embodied carbon could leave PulteGroup vulnerable to policy shifts. To remain competitive and reassure investors, PulteGroup must
move beyond limited efficiency metrics and adopt a transparent, forward-looking strategy to reduce emissions across its entire value chain.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">PulteGroup says<I>: &ldquo;We [PulteGroup] are making concerted efforts to ensure
that our homes are comprised of materials that have a lower carbon footprint and require fewer fossil fuels to operate.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">While this effort is acknowledged, PulteGroup has not disclosed if it is successfully
reducing its total carbon footprint, and without emission reduction targets, investors do not have the proper context to evaluate the
efficacy of these efforts. Disclosing clear targets and emissions reductions will help investors understand that PulteGroup is becoming
more competitive with its peers and reducing its overall climate impact.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">CONCLUSION</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0"><B>Vote &ldquo;Yes&rdquo; on this Shareholder Proposal</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">This proposal increases transparency around risk management and will provide investors
with the assurance that PulteGroup is prioritizing the management of financially material climate-related risks.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0"><B><I>--</I></B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0"><I>For questions, please contact Kelly Poole, As You Sow, kpoole@asyousow.org</I></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0">THE FOREGOING INFORMATION MAY BE DISSEMINATED TO SHAREHOLDERS VIA TELEPHONE, U.S.
MAIL, E-MAIL, CERTAIN WEBSITES AND CERTAIN SOCIAL MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE OR AS A SOLICITATION
OF AUTHORITY TO VOTE YOUR PROXY. THE COST OF DISSEMINATING THE FOREGOING INFORMATION TO SHAREHOLDERS IS BEING BORNE ENTIRELY BY ONE OR
MORE OF THE CO-FILERS. PROXY CARDS WILL NOT BE ACCEPTED BY ANY CO-FILER. PLEASE DO NOT SEND YOUR PROXY TO ANY CO-FILER. TO VOTE YOUR PROXY,
PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD<I>.</I></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
