CTX Qwest Corp. 7.00% Notes Due 2052

S&P Equity Research Reiterates Positive View on Homebuilders' Shares, Raises Target Prices NEW YORK, Nov. 5 /PRNewswire/ -- Standard & Poor's equity analyst covering homebuilding companies reiterated a positive view of companies in the sub- industry, and raised the 12-month target prices of several key players. A leading provider of independent investment research, ratings and indices, Standard & Poor's made this announcement through Standard & Poor's MarketScope, its real-time market intelligence service. "Hovnanian Enterprises (NYSE:HOV) reported a 34% rise in October-quarter orders and Toll Bothers (NYSE:TOL), reported a 55% gain. Combined with Standard & Poor's forecast that buyer-friendly mortgage rates will remain through 2006, we think valuations for most major builders will expand to low double-digit forward price/earnings ratios," says Michael Jaffe, Homebuilding Analyst, Standard & Poor's Equity Research Services. "We are raising our 12-month target prices on shares of Lennar Corp. Class "A" Shares (NYSE:LEN), D.R. Horton (NYSE:DHI), Hovnanian, Centex (NYSE:CTX), Pulte Homes (NYSE:PHM), KB Home (NYSE:KBH), and Toll Brothers," concludes Jaffe. A list of current and most recent target prices for these companies' shares, and their Standard & Poor's STARS Rankings, is in the table below. Company Stock Ticker STARS Rank Old 12-Month New 12-Month Target Price Target Price (11/5/2003) Centex NYSE: CTX **** $115 $121 (at $100 per share) D.R. Horton NYSE: DHI ***** $44 $53 (at $42 per share) Hovnanian NYSE: HOV **** $96 $105 Enterprises (at $86 per Class share) "A" Shares KB Home NYSE: KBH **** $74 $88 (at $71 per share) Lennar Corp NYSE: LEN ***** $108 $127 Class (at $94 per "A" Shares share) Toll Brothers NYSE: TOL *** $31 $41 (at $40 per share) Pulte Homes NYSE: PHM **** $99 $116 (at $92 per share) About Standard & Poor's STock Appreciation Ranking System (STARS) Standard & Poor's STock Appreciation Ranking System (STARS), which was first introduced on December 31, 1986, reflects the opinions of Standard & Poor's equity analysts on the price appreciation potential of 1,200 U.S. stocks for the next 12 month period. Rankings range from five-STARS ("Buy") to one-STARS ("Sell"). About Standard & Poor's Standard & Poor's Equity Research Services has the largest U.S. equity coverage count among equity research firms that are not affiliated with a Wall Street investment bank, analyzing 1,200 U.S. stocks. Standard & Poor's, a division of The McGraw-Hill Companies (NYSE:MHP), is the world's foremost provider of independent credit ratings, indices, risk evaluation, investment research, data and valuations. With 5000 employees located in 20 countries, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visithttp://www.standardandpoors.com/. The analyst quoted above is a Standard & Poor's equity analyst and a registered representative of Standard & Poor's Securities, Inc. He has no affiliation with any company referenced above. He has no ownership interest in any company referenced above. Standard & Poor's other affiliates may provide services to the companies that are the subject of this report. Standard & Poor's analytic services are performed as entirely separate activities in order to preserve the independence of each analytic process. In this regard, STARS, which are published by Standard & Poor's Equity Research Services, operates independently from, and has no access to information obtained by Standard & Poor's Ratings Services, which may in the course of its operations obtain access to confidential information. Standard & Poor's analytic services are performed as entirely separate activities in order to preserve the independence of each analytic process. In this regard, STARS, which are published by Standard & Poor's Equity Research Services, operates independently from, and has no access to information obtained by Standard & Poor's Rating Services, which may in the course of its operations obtain access to confidential information. DATASOURCE: Standard & Poor's CONTACT: John J. Piecuch Communications Manager of Standard & Poor's +1-212-438-1102 Web site: http://www.standardandpoors.com/

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