Meritage Homes Investor Presentation — January 2020

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Fourth Quarter & Full Year 2019

Analyst Conference Call

January 30, 2020Forward -Looking Statements

2The information included in this presentation and the accompanying comments from management contains forward -looking statements within the

meaning of the Private Securities Litigation Reform Act of 1995. Such statements include management's projected full year 202 0 home closings, home

closing revenue, home closing gross margin and tax rate, as well as expectations regarding new community openings, the U.S. e conomy and housing

Such statements are based on the current beliefs and expectations of Company management, and current market conditions, which are subject to

significant uncertainties and fluctuations. Actual results may differ from those set forth in the forward -looking statements. Th e Company makes no

commitment, and disclaims any duty, to update or revise any forward -looking statements to reflect future events or changes in th ese expectations,

except as required by law. Meritage's business is subject to a number of risks and uncertainties. As a result of those risks anduncertainties, the

Company's stock and note prices may fluctuate dramatically. These risks and uncertainties include, but are not limited to, th e following: changes in

interest rates and the availability and pricing of residential mortgages; legislation related to tariffs; the availability an d cost of finished lots and

undeveloped land; shortages in the availability and cost of labor; the success of strategic initiatives; the ability of our p otential buyers to sell their

existing homes; inflation in the cost of materials used to develop communities and construct homes; the adverse effect of slo w absorption rates;

impairments of our real estate inventory; cancellation rates; competition; changes in tax laws that adversely impact us or ou r homebuyers; a change to

the feasibility of projects under option or contract that could result in the write -down or write -off of earnest or option depos its; our potential exposure to

and impacts from natural disasters or severe weather conditions; home warranty and construction defect claims; failures in he alth and safety

performance; our success in prevailing on contested tax positions; our ability to obtain performance and surety bonds in conn ection with our

development work; the loss of key personnel; failure to comply with laws and regulations; our limited geographic diversificat ion; fluctuations in quarterly

operating results; our level of indebtedness; our ability to obtain financing if our credit ratings are downgraded; our abili ty to successfully integrate

acquired companies and achieve anticipated benefits from these acquisitions; our compliance with government regulations, the effect of legislative and