Raymond James 40th Institutional Investors Conference

March 4, 2019

Raymond James 40th Institutional Investors Conference

March 4, 2019

Information presented herein for the first quarter ended January 31, 2019 issubject to finalization of the Company's regulatory filings, related financial andaccounting reporting procedures and external auditor procedures.

This presentation contains or may contain forward-looking statements within themeaning of Section 27A of the Securities Act of 1933, as amended and Section 21Eof the Securities Exchange Act of 1934, as amended. One can identify thesestatements by the fact that they do not relate to matters of a strictly historical orfactual nature and generally discuss or relate to future events. These statementscontain words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,”“believe,” “may,” “can,” “could,” “might,” “should” and other words or phrases ofsimilar meaning. Such statements may include, but are not limited to, informationrelated to anticipated operating results; home deliveries; financial resources andcondition; changes in revenues; changes in profitability; changes in margins;changes in accounting treatment; cost of revenues; selling, general andadministrative expenses; interest expense; inventory write-downs; home warrantyand construction defect claims; unrecognized tax benefits; anticipated tax refunds;sales paces and prices; effects of home buyer cancellations; growth and expansion;joint ventures in which we are involved; anticipated results from our investments inunconsolidated entities; the ability to acquire land and pursue real estateopportunities; the ability to gain approvals and open new communities; the abilityto sell homes and properties; the ability to deliver homes from backlog; the abilityto secure materials and subcontractors; the ability to produce the liquidity andcapital necessary to expand and take advantage of opportunities; and legalproceedings, investigations and claims.

Any or all of the forward-looking statements included in our reports or publicstatements made by us are not guarantees of future performance and may turn outto be inaccurate. This can occur as a result of incorrect assumptions or as aconsequence of known or unknown risks and uncertainties. Many factorsmentioned in our reports or public statements made by us, such as marketconditions, government regulation, and the competitive environment, as we; as the

factors listed below, will be important in determining our future performance.Consequently, actual results may differ materially from those that might beanticipated from our forward-looking statements.

The factors that could cause actual results to differ from those expressed or impliedby our forward-looking statements include, among others: demand fluctuations inthe housing industry; adverse changes in economic conditions in markets where weconduct our operations and where prospective purchasers of our homes live;increases in cancellations of existing agreements of sale; the competitiveenvironment in which we operate; changes in interest rates or our credit ratings;the availability of capital; uncertainties in the capital and securities markets; theability of customers to obtain financing for the purchase of homes; the availabilityand cost of land for future growth; the ability of the participants in various jointventures to honor their commitments; effects of governmental legislation andregulation; effects of increased taxes or governmental fees; weather conditions; theavailability and cost of labor and building and construction materials; the cost ofraw materials; the outcome of various product liability claims, litigation andwarranty claims; the effect of the loss of key management personnel; changes in taxlaws and their interpretation; construction delays; and the seasonal nature of ourbusiness. For a more detailed discussion of these factors, see the risk factors in theinformation under the captions “Risk Factors” and “Management’s Discussion andAnalysis of Financial Condition and Results of Operations” in our most recentannual report on Form 10-K filed with the Securities and Exchange Commission andsubsequent filings with the SEC.

From time to time, forward-looking statements also are included in our periodicreports on Forms 10-K, 10-Q and 8-K, in press releases, in presentations, on ourwebsite and in other materials released to the public.

This discussion is provided as permitted by the Private Securities Litigation ReformAct of 1995, and all of our forward-looking statements are expressly qualified intheir entirety by the cautionary statements contained or referenced in this section.

STATEMENT OF FORWARD‐LOOKING INFORMATION

2

OVERVIEW

3 *From Fortune magazine, January 22, 2019 ©2019 Time Inc. FORTUNE and “World's Most Admired Companies®” are registered trademarks of Time Inc. and are used under license. FORTUNE and Time Inc. are not affiliated with, and do not endorse products or services of Toll Brothers, Inc.

† At January 16, 2019

#1 LUXURY BRAND

Nation’s leading luxury home builder Nationally recognized, award-winning brand Founded in 1967 and listed on NYSE since 1986 Average Q1 FY 2019 delivered home price of $862,000 Average price is double that of most other public homebuilders Fortune Magazine's World’s Most Admired Companies –

#1 Homebuilder 5 years in a row: 2015 - 2019*

SOLID MANAGEMENT & FINANCIAL BASE

Member of the 2018 FORTUNE 500 Strong balance sheet and credit ratings Approx. $1.9 BN of available liquidity at Q1 2019 Executive & director beneficial ownership of approx. 9.7%†

Average senior management tenure of ~17 years

GEOGRAPHIC & PRODUCT DIVERSITY

Builds in 22 states and approximately 50 markets Balanced footprint across the East, West, and South Strong land position – Own or Control 54,000 lots Urban presence in NYC, Metro DC, & Philadelphia Serves urban/suburban, luxury move-up, millennial, empty nester,

& active-adult buyers and renters in select markets

THE #1 BRAND IN LUXURY HOME BUILDING

4*From Fortune magazine, January 22, 2019 ©2019 Time Inc. FORTUNE and “World's Most Admired Companies®” are registered trademarks

of Time Inc. and are used under license. FORTUNE and Time Inc. are not affiliated with, and do not endorse products or services of Toll Brothers, Inc.

$1.48 $1.88

$2.67

$3.91 $4.17

$5.17

$5.81

$7.14

TOTAL REVENUES($ in billions)

5

Fiscal Year

3 Months Ended January 31, Fiscal Year Ended October 31,

($ in millions), except Avg Prices 2019 2018 % Change 2018 2017 % Change

Contracts

Units 1,379 1,822 (24%) 8,519 8,175 4%

Dollars $1,163 $1,690 (31%) $7,604 $6,828 11%

Avg price ($ in 000s) $844 $928 (9%) $893 $835 7%

Backlog

Units 5,954 6,250 (5%) 6,105 5,851 4%

Dollars $5,367 $5,576 (4%) $5,523 $5,062 9%

Avg price ($ in 000s) $901 $892 1% $905 $865 5%

Deliveries

Units 1,530 1,423 8% 8,265 7,151 16%

Dollars $1,319 $1,175 12% $7,143 $5,815 23%

Avg price ($ in 000s) $862 $826 4% $864 $813 6%

Earnings Per Share $0.76 $0.83 (8%) $4.85 $3.17 53%

Net Income $112,050 $132,107 (15%) $748,151 $535,495 40%

TOLL BROTHERS RESULTS

6

U.S. HOUSING MARKET

PERSONAL BALANCE SHEETS IMPROVING

Unemployment rate at record lows / consumer confidence near highs Mortgage rates still low. Affordability is solid Purchase decision is a confidence-sensitive issue for our buyer Rising home values and stock market strengthen personal balance sheets

CONSTRAINED SUPPLY

Fewer land entitlements processed for several years Inventory/lot shortages in some markets Constrained capital access favors largest builders Existing home supply, on average, is 40 years old

DEMANDEQUATION

Continued population growth through recession and recovery Increasing household formations Seven years of pent-up demand releasing Homeownership rate rising-still below historic norms

MARKET CONDITIONS

Economy remains supportive of housing Increasing volumes of new home production but still below long-term averages U.S. market has softened starting in second half of 2018 due to higher home

prices and mortgage rates

7

WELL‐POSITIONED FOR KEY TRENDS

8

REGIONAL GROWTH

Expanded in California and Nevada Expanded in Texas & Colorado Entered Seattle and Boise Maintained dominance in affluent core markets from

Washington DC to Boston Establishing a presence in Portland & Salt Lake City

URBAN GROWTH

City Living presence in NYC and North Jersey Entered the Metro Washington DC market Exploring additional cities Building urban rentals Seeking urban infill/re-use opportunities

DEMOGRAPHIC TRENDS

Expanding Active Adult to new markets Expanding Toll’s rental business Designing more homes attractive to multi-

generational buyers Reaching affluent millennials with targeted products

1970-2007 2008-2018*

Annual Shortfall

Average Annual Production

Source: U.S. Census Bureau*As of February 26, 2019

Total estimated construction shortfall (concentrated in single family) of 7.5 million houses from 2008-2018

Actual Average Annual Housing

Starts

Average Annual Housing Starts

BASIC DEMOGRAPHICS DRIVE AN UNDER SUPPLIED INDUSTRY 

9

1,585,000

903,000

682,000

10

NATIONWIDE FOOTPRINT POSITIONSUS FOR GROWTH 

*As of January 31, 2019**Toll Brothers Apartment Living only

22 STATES, 50 MARKETS

North

Mid-Atlantic

South

West

California

City Living

R E G I O N S   /S e l l i n g   C o m m u n i t i e s

55

60

70

86

41

5

Total: 317

San FranciscoSan Jose

Los Angeles

San Diego

Seattle

Phoenix

Dallas

Denver

Miami

Chicago

New York City

Boston

Charlotte

Raleigh

Ft . MyersWest Palm Beach

Naples

Las Vegas

Detroit

Palm Springs

Jupiter

Reno

Jacksonville

Houston

Tucson

Fort Collins

Boca Raton

Sacramento

Orlando

Wilmington

Princeton

Austin

Hartford

Boise

Atlanta**

Portland

Salt Lake CityBaltimore

Washington DC

Philadelphia

14%

14%

16%

19%

34%

3%

FYE 2018 Backlog($)

GEOGRAPHICALLY DIVERSIFIED PORTFOLIO

11 North Mid-Atlantic South West California City Living

14%

16%

15%

20%

31%

4%15%

16%

16%34%

15%

3%

FYE 2018 Lots Owned

FY 2018 Revenue($)

$299

$360 $380 $383 $393 $399 $407 $413 $425$454

$481

$640

$893 $862

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

DR Horton Beazer NVR M/I Hovnanian KB Home Meritage Lennar Pulte TaylorMorrison

MDC TRI Pointe TollBrothersFY 2018

TollBrothers Q1

FY 2019

Average Delivered Home Price*($000)

ONLY NATIONAL HOMEBUILDER FOCUSED ON LUXURY MARKET

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

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

TOLL HOME PRICES Q1 FY 2019*(by units delivered)

2%

54%20%

24%

Less than $300,000

$300,000 to $749,999

$750,000 to $999,999

Over $1,000,000

*Numbers may not add due to rounding in units* Through January 31, 2019

56%Under

$750,000

13

14

• Move-up

• Empty Nester

• Active Adult

• Second Home

• Urban-Infill

• Urban Redevelopment

• Large-Scale Master Plans

• High-Rise Condos

• Suburban High Density

• Urban & Suburban Rental

• Student Housing Rental

THE WIDEST VARIETY OF HOMES IN THE INDUSTRY

63%15%

19%

2%

FY 2018

89%

10%1%

FY 2000

EVOLVING PRODUCT DIVERSIFICATION(by units delivered)

Single Family Attached Age Qualified City Living15

18%

22%

17%

26%

16%

2%

FY 2018

35%

33%

11%

14%

7%

FY 2000

GEOGRAPHIC DIVERSIFICATION(by units delivered)

16 North Mid-Atlantic South West California City Living

14%

16%

15%

20%

31%

4%

FY 2018

35%

33%

12%

11%

9%

FY 2000

GEOGRAPHIC DIVERSIFICATION(by dollars delivered)

17 North Mid-Atlantic South West California City Living

The Reserve at Franklin Lakes, Franklin Lakes, NJMOVE ‐UP

18

EMPTY  NESTER

19

Toll Brothers at Whitewing, Gilbert, AZ

ACTIVE ADULT

20

Regency at Creekside, Gainesville, CA

Altair by Toll Brothers, Irvine, CAMASTER  PLANNED

21

SECOND  HOME Boulders at Somersett, Reno, NV

22

URBAN  REDEVELOPMENT Maxwell Place, Hoboken, NJ

23

24

URBAN MIXED USE Pierhouse at Brooklyn Bridge Park, Brooklyn, NY

SUBURBAN HIGH DENSITY

25

Metro Crossing, Fremont, CA Dawson Square, Bothell, Washington

Brownstones at Edge on Hudson, Sleepy Hollow, NYEisenhower Square, Alexandria, VA

URBAN & SUBURBAN RENTAL

26

The Morgan at Provost Square, Jersey City, NJ

Parc Plymouth Meeting, Plymouth Meeting, PA

The Kendrick, Needham, MA

URBAN INFILL

27

TOLL BROTHERS CITY LIVING

* As January 31, 2019

DISTINCTIVE PRODUCT

Focus on buildings in the 50 – 200 unit range located in upscale neighborhoods

Develop differentiated products based on granular analysis of each neighborhood

Not focused on super luxury, targeting $2,000 -$2,500 psf in NYC and $800 - $1,200 psf in Hoboken and Jersey City, NJ

SUCCESSFUL URBAN TRACK RECORD

Formed in 2003 to leverage luxury brand Follows demographic trends of Millennials, more

families and Boomers living in cities Communities in NYC, North Jersey’s Gold Coast,

Philadelphia, & Urban Metro DC

BROAD EXPERIENCE

Completed construction on 39 buildings totaling approx. 4,800 units*

Selling from 4 buildings, totaling approx. 500 units* Future pipeline consists of 2 buildings, totaling approx.

320 units* Exploring Boston, Los Angeles, San Francisco, & Miami

28

FOCUS ON LAND

* As of January 31, 2019

CAREFULLY MANAGED INVENTORY

Protects against potential land shortages in lot-constrained markets All land deals approved at corporate

headquarters by senior management Most land bought post-approvals

ACQUISITION

Control 54,000 home sites, approximately 38% via options* Operate in most difficult land approval

markets in U.S. Skilled in land acquisition, approvals, &

development across all markets

DEVELOPMENT

One of U.S.’s largest land developers In-house engineering company, ESE,

manages site design & land improvements Every ESE plan is designed for approvals,

constructability & most importantly, the end use…a luxury home community

29

BUILDING ON A SOLID LAND POSITION

33,118

39,146 40,844

48,058

60,189

83,126

91,207

73,768

59,251

39,784

31,917

34,85237,497

40,350

48,62847,167

44,253

48,837 48,311

53,422 54,013

2000 2001 2002 2003 2004 2005 Q22006

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q12019

Owned Optioned

20,522(38%)

33,491(62%)

Lots Owned and Optioned

17,140 Finished Lots at 1/31/19

Fiscal Year End30

HOMEBUILDER SCHOOL QUALITY INDEX

9.06

8.40

7.306.89 6.82 6.67

6.335.87

5.59 5.47 5.47 5.44

4.754.20 4.11

3.66

1.17

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

TOL TMHC MHO TPH CAA HOV PHM NVR LEN MTH WLH BZH MDC DHI CCS KBH LGIH

Average School District Rating(0-10 Scale)

Source: Raymond James, “’Back to School, Episode IV’: Our Expanded Land Analysis of Public Homebuilders” U.S. Research, October 20, 201531

• Toll’s luxury systems developed over 50 years

• Buyers choose from hundreds of structural and designer options

• In Q1 FY 2019, the average buyer added approximately $170,000 in options and premiums, consistent with prior year at approximately 20% of base price

• Toll enjoys benefits of high-volume materials purchasing

• Size provides Toll with competitive advantage vs. small builders

• Toll Architecture systemizes high-volume home production

CUSTOMIZED HOMES BUILT USING HIGH–VOLUME PRODUCTION TECHNIQUES

32

Reserve at Franklin Lakes, Franklin Lakes, NJ

* Through January 31, 2019

TOLL INTEGRATED SYSTEMSPanel & Truss Plant

• Manufactures and distributes lumber packages, wall panels, floor panels, roof & floor trusses, interior & exterior trim, interior & exterior doors, signature millwork, and windows

• Operates five plants in suburban Pennsylvania, Virginia, Indiana, and Massachusetts

• Supplied components for approximately 3,200 homes in FY 2018 from Massachusetts through the Southeast and Michigan & Illinois in the Mid-West

• Builds more than 300 different home plans with multiple elevations and hundreds of options

• Also supplies material for attached for-sale, rental apartments, and urban high-rise

• Provides “Turnkey” framing services

• Improves timeline, quality, costs, and reduces waste

• Reduces dependence on skilled carpenters in times of labor shortage

33

• 21% of buyers paid cash

• Our buyers have strong credit profiles with an average Q1 FY 2019 FICO score of 762

• Average LTV of 68% Q1 FY 2019

• 39% of buyers used jumbo mortgages in Q1 FY 2019

• TBI served 54% of Toll buyers using mortgages in Q1 FY 2019

• Pre-sells loans individually to minimize risk

• Long term rate locks available

STRONG BUYER PROFILE/TBI MORTGAGE*

Toll Brothers at Whitewing, Gilbert, AZ

34* Through January 31, 2019

35

DIVERSIFYING INCOME STREAMS

Suburban Home Building (For Sale)

Land Sales &Development

City Living(Condo for Sale)

Apartment Living(Rental)*

Ancillary Businesses

- 50 markets in 21 states

• Move up

• Empty nester

• Active Adult

• Second home

• Master-planned resort style

• Suburban high density

- Gibraltar Real Estate Capital

- TBI Mortgage

- Golf Course Development & Management

- Toll Landscaping

- TBI Smart Home Solutions, Inc.

- Westminster Title

- Located in Urban and Suburban locations

- 5 projects (2,086 units) stabilized

- 4 projects (1,547 units) leasing

- 10 projects (2,898 units) under development

- 35 projects (11,600 units) in the pipeline

- Manhattan, Brooklyn, and Queens, NYC

- Hoboken and Jersey City, NJ

- Metro Washington, DC

- Philadelphia, PA

- Lot sales to 3rd

party builders

• Northgrove at Spring Creek (TX)

• Woodson's Reserve (TX)

• Travisso (TX)

• Sienna South (TX)

* As of January 31, 2019

$49,513

$66,630

$107,333

$88,692$98,966

$169,375

$147,700

$0

$15,000

$30,000

$45,000

$60,000

$75,000

$90,000

$105,000

$120,000

$135,000

$150,000

$165,000

$180,000

2012 2013 2014 2015 2016 2017 2018

Other Income Joint Venture Income

36

OTHER INCOME AND JOINT VENTURE INCOME($ Thousands)

$147.7 million of pre-tax income in FY 2018

85,240

62,460

FY

TOLL APARTMENT LIVING/CAMPUS LIVING*

37* As of January 31, 2019

COMPLEMENT FOR-SALE BUSINESS

Investing in Apartment & Student Housing rental development to maximize operational synergies

Building on Toll Brothers brand name and skills A hedge against For-Sale cyclicality Own or control land for approximately 18,000 units

BROAD EXPERIENCE

Developed & operate 2,100 units Leasing up at 4 communities with 1,500 units Under construction at 10 projects of 2,900 units from

Massachusetts to Atlanta, Dallas, TX & Orange, CA Developed and sold 418 Campus Living units (Univ. of

Maryland) and 1,055 apartment rental units (in Herndon, VA and Westborough, MA)

STRATEGIC GROWTH

Control land for ~12,000 future apartment & student living units in Northeast/Mid-Atlantic, Texas, California, Georgia, Phoenix, & Miami

Expect to invest additional $100 - $200 million Combine premier locations with luxury, for-sale finishes,

services, and amenities Apartments accounted for ~$57 million of pre-tax income in

FY 2018

$250

$420 $400

$250

$350

$450

$400

$800

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

Public Debt (Senior) Bank Debt

Fiscal Year End $ millions

*As of January 31, 2019†Bank Debt includes our $800 MM term loan due FY 2024 and no outstanding draws on our $1.295 BN credit facility due FY 2021

MAINTAIN CONSERVATIVE DEBT MATURITIES*ACCESSING CAPITAL FOR GROWTH

SUPERIOR CAPITAL MARKET ACCESSSenior/Corporate Credit Ratings

Fitch Inc. BBB- (Stable)

Standard & Poor’s BB+ (Stable)

Moody’s Ba1 (Stable)

38

†

CAPITALIZATION*

Toll Brothers, Inc.

First Huntingdon Finance Corp. Toll Brothers Finance Corp.

* As of January 31, 2019

† The Company finished the period ending 1/31/2019 with $1.12 billion available under its revolving credit facility.

$1.295 BN Revolving Credit Facility $800 MM Term LoanDue May 2021 † Due November 2023

Commitment Commitment■ Citi $100 MM ■ SunTrust $125 MM■ Deutsche Bank $100 MM ■ Sumitomo Mitsui $125 MM■ Mizuho Bank $100 MM ■ Wells Fargo $125 MM■ PNC $100 MM ■ US Bank $100 MM■ SunTrust $100 MM ■ Capital One $75 MM■ Wells Fargo $100 MM ■ The Bank of New York $50 MM■ Capital One $75 MM ■ Fifth Third Bank $50 MM■ Sumitomo Mitsui $75 MM ■ PNC $50 MM■ US Bank $75 MM ■ Comerica $25 MM■ BB&T $50 MM ■ People's United $25 MM■ Comerica $50 MM ■ TD Bank $25 MM■ Fifth Third Bank $50 MM ■ Texas Capital Bank $25 MM■ Regions Bank $50 MM $800 MM■ TD Bank $50 MM■ The Bank of New York $50 MM■ Citizens Bank $50 MM■ Texas Capital Bank $35 MM■ Bank of the West $30 MM■ Flagstar Bank $30 MM■ Associated Bank $25 MM

$1,295 MM

Senior Notes

Series Coupon Principal Maturity (yrs)

November 2019 6.750% $250 MM 0.75 years

February 2022 5.875% $420 MM 3.04 years

April 2023 4.375% $400 MM 4.21 years

January 2024 5.625% $250 MM 4.96 years

November 2025 4.875% $350 MM 6.79 years

March 2027 4.875% $450 MM 8.12 years

February 2028 4.350% $400 MM 9.05 years

5.139% $2,520 MM 5.57 years

Source Coupon Outstanding Maturity (yrs)

Senior Debt (Public) 5.139% $2,520 MM 5.57 years

Bank Debt 3.391% $ 976 MM 4.31 years

Total 4.651% $3,496 MM 5.22 years

39

WHY TOLL BROTHERS?

STRONG FINANCIAL BASE

Strong balance sheet and credit ratings Approximately $1.9 BN of available liquidity at Q1 FY 2019 No corporate debt maturities until November 2019

STRONG DEMOGRAPHICTRENDS

Serving the nation's growing number of affluent households Strongest buyer credit profile in the industry Millennials entering home buying years Increasing household formations

GEOGRAPHIC PRODUCT DIVERSITY

Strong land position – Own or Control 54,000 lots* Balanced footprint across the East, West and South Diversified move-up, active adult, millennial, and high-density product lines A homebuilder with urban condo, land sales, rental, and ancillary business

revenue sources

WELL-ESTABLISHED BRAND

A proven management team with an established track record The dominant player with few competitors in the luxury market Nationally recognized, award-winning brand Highly service-oriented culture

* As of January 31, 2019

40

41