Meritage Homes Investor Presentation — May 2018

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J.P. Morgan Homebuilding &

Building Products Conference

May 15, 2018Forward -Looking Statements

2This presentation and the accompanying comments during our analyst call contain forward- looking statements within the meaning of the Private

Securities Litigation Reform Act of 1995. Such statements include management's projected home closings, home closing revenue, home closing gross

margin and pre- tax earnings for the second quarter and full year 2018, as well as improved overhead leverage and net earnings gr owth in 2018; and

expected future growth and earnings expansion opportunities from millions of Millennials expected to enter the homebuilding m arket in the next decade.

These statements are based on the current beliefs and expectations of Company management, and current market conditions, whic h are subject to

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

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

Meritage's business is subject to a number of risks and uncertainties. As a result of those risks and uncertainties, the Company 's stock and note prices

may fluctuate dramatically. These risks and uncertainties include, but are not limited to, the following: the availability and c ost of finished lots and

undeveloped land; shortages in the availability and cost of labor; changes in interest rates and the availability and pricing ofresidential mortgages;

changes in tax laws that adversely impact us or our homebuyers; inflation in the cost of materials used to develop communities a nd construct homes;

the success of strategic initiatives; the ability of our potential buyers to sell their existing homes; cancellation rates; t he adverse effect of slow absorption

rates; competition; impairments of our real estate inventory; a change to the feasibility of projects under option or contrac t that could result in the write-

down or write- off of earnest or option deposits; our potential exposure to and impacts from natural disasters or severe weather conditions; home

warranty and construction defect claims; failures in health and safety performance; our success in prevailing on contested tax p ositions; our ability to

obtain performance bonds in connection with our development work; the loss of key personnel; failure to comply with laws and reg ulations; our limited

geographic diversification; fluctuations in quarterly operating results; our level of indebtedness; our ability to obtain financ ing if our credit ratings are