Raymond James 36th Annual Institutional Investors Conference

M arch 2, 2015

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R USSELL R O CH ESTIE VP, Finance Email: rrochestie@tollbrothersinc.com Phone: 215-938-5227

MARTIN CONNOR CFO Email: mconnor@tollbrothersinc.com Phone: 215-938-6934

FR EDER ICK CO O PER SVP, Finance, International Development & Investor Relat ions Email: fcooper@tollbrothersinc.com Phone: 215-938-8312

IN V ESTO R R ELAT IO N S CO N TACT IN FO R M AT IO N

Information presented herein for the first quarter ended January 31, 2015, is subject to finalization of the Company’s regulatory filings, related financial and accounting reporting procedures and external auditor procedures.

Certain information included in this release is forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, information related to: anticipated operating results; anticipated financial performance, resources and condition; selling communities; home deliveries; average home prices; consumer demand and confidence; contract pricing; business and investment opportunities; market and industry trends; the anticipated benefits to be realized from the consummation of the Shapell acquisition; and the related post-closing asset sales.

Such forward-looking information involves important risks and uncertainties that could significantly affect actual results and cause them to differ materially from expectations expressed herein and in other Company reports, SEC filings, statements and presentations. These risks and uncertainties include, among others: local, regional, national and international economic conditions; fluctuating consumer demand and confidence; interest and unemployment rates; changes in sales conditions, including home prices, in the markets where we build homes; conditions in our newly entered markets and newly acquired operations; the competitive environment in which we operate; the availability and cost of land for future growth; conditions that could result in inventory write-downs or write-downs associated with investments in unconsolidated entities; the ability to recover our deferred tax assets; the availability of capital; uncertainties in the capital and securities markets; liquidity

in the credit markets; changes in tax laws and their interpretation; effects of governmental legislation and regulation; the outcome of various legal proceedings; the availability of adequate insurance at reasonable cost; the impact of construction defect, product liability and home warranty claims, including the adequacy of self-insurance accruals, and the applicability and sufficiency of our insurance coverage; the ability of customers to obtain financing for the purchase of homes; the ability of home buyers to sell their existing homes; the ability of the participants in various joint ventures to honor their commitments; the availability and cost of labor and building and construction materials; the cost of raw materials; construction delays; domestic and international political events; weather conditions; the anticipated benefits to be realized from the consummation of the Shapell acquisition; and the related post-closing asset sales. For a more detailed discussion of these factors, see the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent annual report on Form 10-K and our subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.

Any or all of the forward-looking statements included in this release are not guarantees of future performance and may turn out to be inaccurate. Forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

STAT EM EN T O F FO RW AR D-LO O K IN G IN FO R M AT IO N

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• Founded in 1967 and publicly traded since 1986

• Nation’s leading luxury home builder

• Average delivered home price of $725,000 in FY 2014 was more than double the average of the other public homebuilders

• Builds in 19 states and approximately 50 markets

• Balanced footprint across key Eastern, W estern and Southern markets

• Expanding urban presence in New York, W ashington, DC and Philadelphia

• Serves urban and suburban, luxury move-up, empty nester, and active-adult buyers

• Strong balance sheet and credit ratings

• Executive & director beneficial ownership of approximately 10.5% at January 15, 2015

OV ERV IEW

The H ills at Parker, Parker, C O

T H E #1 B R AN D IN LUX URY H O M E B UILDIN G

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FO RT UN E’S M O ST ADM IR ED H O M E B UILDIN G CO M PAN Y 2015

Rank O verall Score

1 Toll Brothers 6.23

2 Lennar 6.00

3 Standard Pacific 5.78

4 NVR 5.34

5 D.R. Horton 4.99

6 PulteGroup 4.98

7 Taylor Morrison Home 4.63

8 Ryland Group 4.39

9 KB Home 4.29

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2015 AM ER ICA’S M O ST T R UST ED H O M E B UILDER ™

Disclaimer: Toll Brothers received the highest numerical score in the United States in the proprietary Lifestory Research 2015 America’s Most Trusted Home Builder™ study. Study based on 43,200 new home shoppers in 27 markets. Proprietary study results are based on

experiences and percept ions of consumers surveyed between January and December 2014.

Toll

Brothers 113.0

Standard Pacific 112.8

Ashton Woods 112.0

Meritage 110.5

Taylor Morrison 110.8

Drees 111.8

K. Hovnanian 103.9

David Weekley 104.9

Shea 107.5

M/I 98.3

Ryland 99.6

Ryan (NVR) 102.2

Richmond American 103.3

Beazer 85.5

D.R. Horton 92.3

Highland 93.9

Pulte 95.1

Lennar 96.2

Toll Brothers received the highest score among the largest 133 builders in the country, based on

a study of 43,200 new home shoppers in the nat ion’s top 27 housing markets.

3 Months Ended January 31, Fiscal Year Ended O ctober 31,

($ in millions), except Avg Prices 2015 2014 % C hange 2014 2013 % C hange

C ontracts

Units 1,063 916 16.0% 5,271 5,294 -0.4%

Total $873 $702 24.4% $3,897 $3,634 7.2%

Avg price ($ in 000s) $821 $766 7.2% $739 $686 7.7%

B acklog

Units 3,651 3,667 -0.4% 3,679 3,679 0%

Total $2,739 $2,688 1.9% $2,720 $2,630 3.4%

Avg price ($ in 000s) $750 $733 2.4% $739 $715 3.4%

Deliveries

Units 1,091 928 17.6% 5,397 4,184 29.0%

Total $854 $644 32.6% $3,912 $2,674 46.3%

Avg price ($ in 000s) $782 $694 12.8% $725 $639 13.5%

TO LL B ROT H ER S R ESULT S

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• St ill in the early stages of a recovery

• Momentum cont inues to build as spring selling season starts

• Strong wage and job growth

• Household format ions are increasing

• Seven years of pent-up demand: cont inued populat ion growth

• Mortgage market has improved. Affordability remains solid

• Home purchase decision is a confidence sensit ive issue

• Few land ent it lements have been processed for several years, result ing in lot shortages in many markets

• Constrained capital availability favors largest builder

The Fairhaven, Regency at Yardley, Yardley, PA

CUR R EN T U.S. H O USIN G M AR K ET

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B asic Demographics Drive An Industry Emerging From Its Slumber

1,585,000

767,000

818,000

1970-2007 2008-2014

Annual Shortfall in Production

(est.) Average Annual

Production

Total estimated construction shortfall of 5.7 million houses from 2008-2014.

Source: U.S. C ensus Bureau

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19 STAT ES, 50 M AR K ET S

Austin

Dallas

Phoenix

San Francisco

Philadelphia

Charlotte R aleigh

Ft . M yers W est Palm B each

N ew Y ork

W ashington DC

Los Angeles

N aples

Las V egas

San Diego

H artford

M iami

Detroit

Chicago W ilmington Princeton

B oston

Palm Springs

Denver

San Antonio Jupiter

R eno

Jacksonville

O rlando

M inneapolis

San Jose

H ouston

Seattle

Tucson

Fort Collins

B oca R aton

Sacramento

North

M id-Atlantic

South

W est

City Living

R E G I O N S

N AT IO N W IDE FO OT PR IN T PO SIT IO N S US FO R GRO W T H

$272 $285 $326 $328 $329 $333

$369 $377 $393

$478

$725

$782

DR Horton Beazer Lennar KB Home Pulte Ryland NVR MDC Hovnanian St Pac TollBrothersFY 2014

TollBrothersQ1 FY2015

Average Delivered H ome Price* ($000)

O N LY N AT IO N AL H O M EB UILDER FO CUSED O N LUX URY M AR K ET

Toll’s main competitors are small private builders, not the larger public builders.

*Updated based on most recent reported fiscal-year-end deliveries. 12

TO LL H O M E PR ICES FY 2014* (by unit deliveries)

3%

63%

18%

16%

Under $300,000$300,000 to $749,999$750,000 to $999,999Over $1,000,000

*Numbers may not add due to rounding in units

66% Under

$750,000

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• M ove-up

• Empty Nester

• Active Adult

• Second H ome

• Urban-Infill

• Urban R edevelopment

• Golf Course & Country C lub

• H igh-R ise

• Suburban H igh Density

• Urban & Suburban R ental

T H E W IDEST VAR IET Y O F H O M ES IN T H E IN DUST RY

PRO DUCT DIV ER SIFICAT IO N (by unit deliveries)

68%

15%

12%

5%

FY 2014

Single Family Mult i-Family Age Qualified City Living

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M O V E - U P

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Chapel H ill at Sparta, Sparta, NJ

Casabella at W indermere, W indermere, FL E M P T Y N E S T E R

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A C T I V E A D U LT Regency at Monroe, Monroe Township, NJ

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Aviano® at Desert R idge, Phoenix, AZ M A S T E R P L A N N E D

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SE CO N D H O M E Snowmass Village Clubhouse, Snowmass, CO

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U R B A N R E D E V E LO P M E N T Pierhouse at B rooklyn B ridge Park, B rooklyn, NY

SU B U R B A N H IG H D E N SIT Y

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Parc Riverside, Washington, DC

Parc at Plymouth M eeting, Plymouth M eeting, PA

The M organ at Provost Square, Jersey C ity, NJ

U R B A N & SU B U R B A N R E N TA L

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U R B A N IN F ILL

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* As of January 31, 2015 25

• Formed in 2001 as the urban development division of Toll Brothers, Inc.

• Development experience includes new and redeveloped mid- and high-rise condominiums, townhomes, apartments, urban infill, brownfields, and mixed-use communities

• M etro New York Urban Division began in H oboken, NJ in 2003 and expanded into New York C ity in 2004, with projects in M anhattan, Brooklyn, and Q ueens

• Since inception, the C ity Living division has built and sold more than 3,700 units in 28 buildings, with more than 700 units in 9 buildings under construction and 1,000 units in 7 buildings in planning in metro New York C ity, W ashington DC and Philadelphia*

400 Park Avenue South, New York, NY 1110 Park Avenue, New York, NY

FO CUS O N LAN D

• One of the largest land developers in the U.S.

• Control 45,300 home sites*

• Operate in the most difficult land approval markets in the country

• Skilled in land acquisit ion, approvals, and development across all markets

• Manage site design and land improvements across most communit ies

• Provides protect ion against potent ial land shortages in our lot-constrained markets

* As of January 31, 2015

Parkland Golf and Country Club, Parkland, FL

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B UILDIN G O N A SO LID LAN D PO SIT IO N

2000 2001 2002 2003 2004 2005 Q2 2006 2006 2007 2008 2009 2010 2011 2012 2013 2014 Q1 2015

Owned Optioned

48,628 47,167 45,300

33,118

39,146 40,844

48,058

60,189

83,126

91,207

59,251

39,784

31,917 34,852 37,497

40,350

73,768

9,158

36,142

Lots Owned and Opt ioned

15,600 Finished Lots at 1/31/15

Fiscal Year End 27

146 155

170

200 220

230

300 315

273

200 195 215

224 232

263 258

290

N UM B ER O F SELLIN G CO M M UN IT IES

*M idpoint of estimated range

At FYE October 31,

*

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JO H N B UR N S’ SUB M AR K ET DESIR AB ILIT Y IN DEX November 2014

Submarket Desirability Index: The weighted-average Submarket Desirability Index for each builder denotes which builders' communities are in the best locations within each market.

Rank W td Avg Submarket Desirability Index

1 Toll Brothers 3.34 2 Taylor Morrison 2.91

3 K Hovnanian 2.84

4 Pulte Group 2.83

5 Standard Pacific 2.83

6 M/I Homes 2.79

7 Ryland 2.68

8 Meritage 2.58

9 Lennar 2.53

10 Beazer 2.50

11 Brookfield 2.50

12 Tri Pointe 2.48

13 KB Homes 2.38

14 DR Horton 2.33

15 M. D. C. Holdings 2.22

16 William Lyon 2.18

17 NVR 2.13

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H O M EB UILDER SCH O O L Q UALIT Y IN DEX

8.84

7.43 7.18 7.12 6.91 6.78 6.67 6.17 5.89 5.84 5.73

5.19 4.90

4.03

0

1

2

3

4

5

6

7

8

9

10

TOL TMHC SPF PHM WY MHO MTH RYL LEN MDC HOV BZH DHI KBH

Average School District Rating (0-10 Scale)

Source: Raymond James, “’Back to School 3.0’: Our Most Detailed Land Analysis Yet,” U.S. Research, July 11, 2014 30

• Toll’s luxury systems developed over 40 years

• Buyers choose from hundreds of structural and designer opt ions

• In FY 2014 the average buyer added approximately $124,000 in opt ions and premiums, consistent with 16 - 20% of base in prior years

• Provides competit ive advantage vs. small builders

• Toll Architecture systemizes high volume home product ion

CUSTO M H O M ES B UILT USIN G H IGH V O LUM E T ECH N O LO GY

Estates at C ohasset, C ohasset, M A

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TO LL IN T EGR AT ED SYST EM S – PAN EL & T R USS PLAN T

• Manufactures and distributes wall panels, floor and roof t russes, signature millwork, windows, and doors

• Operates four plants in suburban Philadelphia, Virginia, and Indiana

• Builds more than 150 different homes with mult iple elevat ions and hundreds of opt ions

• Improves t imeline, quality, costs, and reduces waste

• Reduces dependence on skilled carpenters in t imes of labor shortage

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• 21% of buyers paid cash

• Served 53% of Toll buyers using mortgages in Q1 2015

• Pre-sells loans individually to minimize risk

• Investors who provide our customers with mortgages have cont inued to issue new commitments

• Our buyers have strong credit profiles with an average Q1 2015 FICO score of 754 on conforming loans and jumbo loans

• Average LTV of 71% in Q1 2015

• 39% of buyers used jumbo mortgages in Q1 2015

T B I M O RTGAGE

Santerra at Somersett, Reno, NV

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DIV ER SIFY IN G IN CO M E ST R EAM S

Generated $26.9 million of other & JV income in Q 1 2015 Project $75 million to $90 million in FY 2015

Sustainable, recurring income

Suburban Home Building

(For Sale)

Land Sales & Development

City Living (Condo for Sale)

Apartment Living (Rental)*

Ancillary Businesses

- 50 markets in 19 states • M ove up • Empty nester • Active Adult • Second home • M aster-

planned resort style

• Suburban high density

- Gibraltar Capital and Asset M anagement

- TB I M ortgage - Golf Course

Development & M anagement

- Toll Landscaping - Security - T itle

- Located in Urban and Suburban locations

- 5 projects (1,920 units) under development

- 9 projects (2,959 units) in the pipeline

- M anhattan, B rooklyn, and Q ueens, NYC

- H oboken and Jersey C ity, NJ

- M etro W ashington, DC

- Philadelphia, PA

- Shapell (CA) - Northgrove at

Spring Creek (TX)

- W oodson's R eserve (TX)

- Travisso (TX) - Sienna South

(TX) - O ther lot sales

to 3rd parties

Revenue JV & other income Revenue & JV JV & other income Other income

*As of January 31, 2015

On Income Statement:

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Briarcliff at Magnolia, Seatt le, WA

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New Markets • Entered major markets of Houston and Seattle

• Reentered Austin

Expanding Core Business • Expanded City Living within Metro NYC and Philadelphia,

introduced City Living to Metro Washington DC, with other major markets under consideration

• Expanding Active Adult beyond East and Midwest into Western U.S. (Denver, Las Vegas, Reno)

• Growing community count in existing markets

New Initiatives • Fully integrated Shapell homes acquisition that bolsters footprint

in key Northern and Southern coastal California markets

• Formed Gibraltar Capital

• Developing apartments in Northeast and Mid-Atlantic

• Significantly expanding TX presence

W H AT ’S N EW SIN CE T H E DO W N T UR N ?

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• Investing in Apartment Development to maximize synergies of our operations and hedge for-sale cyclicality

• Developed & operate 1,441 units*

• 1,502 Toll Brothers Apartment Living units under construction in Jersey C ity, NJ; W ashington, DC; Plymouth M eeting, PA; and East Brunswick, NJ*

• Leasing commenced at two properties

• 418 Toll Brothers Campus Living units under development in College Park, M D*

• Control land for 2,959 future apartment and student living units in Northeast / M id-Atlantic corridor*

• Expect to invest an additional $100 million to $200 million in Toll Brothers Apartment Living and Campus Living over next 2 years

TO LL APART M EN T LIV IN G

*As of January 31, 2015

Parc at Plymouth M eeting, Plymouth M eeting, PA

San Francisco

NorCal

SoCal

San Jose Gilroy Evergreen

Orinda Alamo Creek

Los Angeles

Gale Ranch

Plum Canyon

San Diego

Long Beach

Carlsbad

Porter Ranch

Thousand Oaks

Yorba Linda

Laguna Niguel

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Opportunity Overview

• Acquisit ion announced in November 2013 and closed February 2014

• One of the largest homebuilders in California and the leading builder in several of the state’s premier, high-growth markets

• ~5,000 concentrated lots in 15 locat ions, 97.5% of which were ent it led

• Well-known luxury brand with a reputat ion for delivering high-quality, sought-after home product

• Sizable amount of lots concentrated in a manageable number of communit ies

ACQUISITION OF SHAPELL HOMES: Leading Coastal California Homebuilder and Developer

Geographic Footprint Highly Attract ive and Proven Lot Locat ions in NorCal and SoCal

SUPER IO R CAPITAL M AR K ET ACCESS

SENIOR/CORPORATE CREDIT RATINGS

Fitch Inc. BBB- (Stable)

Standard & Poor’s BB+ (Stable)

Moody’s Ba1 (Stable)

All three affirmed Toll’s Credit Rat ings after Shapell acquisit ion announcement Nov 2013.

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$300

$400

$350

$250

$420 $400

$250

$288

$500

15 16 17 18 19 20 21 22 23 24FY

Public Debt (Senior)

Convert ible Debt (Senior)**

Bank Debt

$ millions

*As of January 31, 2015 **Convert ible notes mature in September 2032. Holders’ first put right is December 2017 at a conversion price of $49.08

M AIN TAIN CO N SERVAT IV E DEB T M AT UR IT IES* Accessing Capital For Growth

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• Populat ion growth and posit ive demographic t rends

• Mortgage rates near historical lows

• Affordability near all-t ime high

• Few land ent it lements have been processed for several years in many markets result ing in lot shortages

• Seven years of pent up demand releasing

• Constrained capital availability favors largest builders

LO N G T ER M IN DUST RY FUN DAM EN TALS FAV O R AB LE

Pierhouse at Brooklyn Bridge Park, Brooklyn, NY

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UN EM PLOY M EN T R AT ES

0

2

4

6

8

10

12

Jan-

92Ju

l-92

Jan-

93Ju

l-93

Jan-

94Ju

l-94

Jan-

95Ju

l-95

Jan-

96Ju

l-96

Jan-

97Ju

l-97

Jan-

98Ju

l-98

Jan-

99Ju

l-99

Jan-

00Ju

l-00

Jan-

01Ju

l-01

Jan-

02Ju

l-02

Jan-

03Ju

l-03

Jan-

04Ju

l-04

Jan-

05Ju

l-05

Jan-

06Ju

l-06

Jan-

07Ju

l-07

Jan-

08Ju

l-08

Jan-

09Ju

l-09

Jan-

10Ju

l-10

Jan-

11Ju

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Jan-

12Ju

l-12

Jan-

13Ju

l-13

Jan-

14Ju

l-14

Jan-

15

Une

mpl

oym

ent R

ate

(%)

January 2015 Civilian Labor Force Rate 5.7%

College Graduate Rate 2.8%

Civilian Labor Force

College Graduates

Source: U.S. Bureau of Labor Statistics 41

$100,000+ IN CO M E H O USEH O LDS GROW IN G 3 T IM ES FAST ER T H AN ALL U.S. H O USEH O LDS

1980 2013

82.4

123.0

All Households (mill)

1980 2013

10.8

27.7

$100,000+ Income Households (mill)

Source: U.S. Census Bureau (P60-249)

(2013 Dollars)

42

H O USIN G START S V S. H O USEH O LD GRO W T H

1970-1979 Average Annual

Housing Starts

1.77 (mil)

1980-1989 Average Annual

Housing Starts

1.49 (mil)

1990-1999 Average Annual

Housing Starts

1.37 (mil)

2000-2007 Average Annual

Housing Starts

1.74 (mil)

2008-2014 Average Annual

Housing Starts

.77 (mil)

0.00

800.00

1,600.00

2,400.00

70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 140

20,000

40,000

60,000

80,000

100,000

120,000

Source: U.S. Census Bureau

Hou

seho

lds

(000

) H

ousing Starts (000)

N u m b e r o f H o u s e h o l d s H a s G r o w n 7 8 % S i n c e 1 9 7 0

Total Single and M ulti- Family H ousing Starts

Total H ouseholds 43

W H Y TO LL B ROT H ER S?

• A proven management team with a tremendous track record

• The dominant player with few competitors in the luxury market

• Control 45,300 lots in a lot-constrained environment*

• A strong balance sheet

• Balanced footprint across key Eastern, Western and Southern markets

• Expanding urban presence in New York, Washington, DC, and Philadelphia

• Nationally recognized, award-winning brand

• A homebuilder with a niche in urban, rental and distressed real estate

• The nat ion's growing number of affluent households

• Strongest buyer profile in the industry

*As of January 31, 2015 44

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