Raymond James' 39th Annual Institutional

Investors ConferenceMarch 5, 2018

Information presented herein for the first quarter ended January 31, 2018 is subject tofinalization of the Company's regulatory filings, related financial and accountingreporting procedures and external auditor procedures.

This report contains or may contain forward-looking statements within the meaning ofSection 27A of the Securities Act and Section 21E of the Exchange Act. One can identifythese statements 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 of similarmeaning. Such statements may include, but are not limited to, information related to theanticipated closing of the offering of the Notes; anticipated operating results; homedeliveries; financial resources and condition; changes in revenues; changes inprofitability; changes in margins; changes in accounting treatment; cost of revenues;selling, general and administrative expenses; interest expense; inventory write-downs;home warranty and construction defect claims; unrecognized tax benefits; anticipatedtax refunds; sales paces and prices; effects of home buyer cancellations; growth andexpansion; joint ventures in which we are involved; anticipated results from ourinvestments in unconsolidated entities; the ability to acquire land and pursue real estateopportunities; the ability to gain approvals and open new communities; the ability to sellhomes and properties; the ability to deliver homes from backlog; the ability to securematerials and subcontractors; the ability to produce the liquidity and capital necessaryto expand and take advantage of opportunities; and legal proceedings, investigationsand claims.

Any or all of the forward-looking statements included in this report are not guaranteesof future performance and may turn out to be inaccurate. Consequently, actual resultsmay differ materially from those that might be anticipated from our forward-lookingstatements. Therefore, we caution you not to place undue reliance on our forward-looking statements.

The factors that could cause actual results to differ from those expressed or implied byour forward-looking statements include, among others: demand fluctuations in thehousing industry; adverse changes in economic conditions in markets where we conductour operations and where prospective purchasers of our homes live; increases in

cancellations of existing agreements of sale; the competitive environment in which weoperate; changes in interest rates or our credit ratings; the availability of capital;uncertainties in the capital and securities markets; the ability of customers to obtainfinancing for the purchase of homes; the availability and cost of land for future growth;the ability of the participants in various joint ventures to honor their commitments;effects of governmental legislation and regulation; effects of increased taxes orgovernmental fees; weatherconditions; the availability and cost of labor and building and construction materials; thecost of raw 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 recent annualreport on Form 10-K filed with the SEC.

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

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 out tobe inaccurate. This can occur as a result of incorrect assumptions or as a consequence ofknown or unknown risks and uncertainties. Many factors mentioned in our reports orpublic statements made by us, such as market conditions, government regulation, andthe competitive environment, will be important in determining our future performance.Consequently, actual results may differ materially from those that might be anticipatedfrom our forward-looking statements.

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

Forward-looking statements speak only as of the date they are made. We undertake noobligation to publicly update any forward-looking statements, whether as a result ofnew information, future events or otherwise.

STATEMENT OF FORWARD‐LOOKING INFORMATION

2

OVERVIEW

3

#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 2018 delivered home price of $826,000 Average price is double that of most other public homebuilders Fortune Magazine's World’s Most Admired Companies - #1

Homebuilder four years in a row: 2015, 2016, 2017 & 2018*

SOLID MANAGEMENT & FINANCIAL BASE

Strong balance sheet and credit ratings Approx. $ 1.7 BN of available liquidity at Q1 2018 Member of the 2017 FORTUNE 500 Executive & director beneficial ownership of approx. 9.0%†

Average senior management tenure of 19 years

GEOGRAPHIC & PRODUCT DIVERSITY

Builds in 20 states and approximately 50 markets Balanced footprint across the East, West and South Strong land position – Own or Control lots 49,500 Urban presence in NYC, Metro DC & Philadelphia Serves urban/suburban, luxury move-up, millennial, empty

nester, & active-adult buyers and renters in select markets

*From Fortune magazine, February 1, 2018 ©2018 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 19, 2018

THE #1 BRAND IN LUXURY HOME BUILDING

4

4 Y e a r s i n a R o w

2018

5

$1.48 $1.88

$2.67

$3.91 $4.17

$5.17

$5.81

$6.90

TOTAL REVENUES($ in billions)

6

Fiscal Year

* Mid-point of ESTIMATED range

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

($ in millions), except Avg Prices 2018 2017 % Change 2017 2016 % Change

Contracts

Units 1,822 1,522 20% 8,175 6,719 22%

Dollars $1,690 $1,243 36% $6,828 $5,650 21%

Avg price ($ in 000s) $928 $817 14% $835 $841 (1%)

Backlog

Units 6,250 5,145 21% 5,851 4,685 25%

Dollars $5,576 $4,345 28% $5,062 $3,984 27%

Avg price ($ in 000s) $892 $845 6% $865 $850 2%

Deliveries

Units 1,423 1,190 20% 7,151 6,098 17%

Dollars $1,175 $921 28% $5,815 $5,170 12%

Avg price ($ in 000s) $826 $774 7% $813 $848 (4%)

TOLL BROTHERS RESULTS

7

CURRENT U.S. HOUSING MARKET

PERSONAL BALANCE SHEETS IMPROVING

Unemployment rate at lowest point since 2000 Mortgage rates still low. Affordability is solid Purchase decision is a confidence-sensitive issue Rising home prices improve home equity of our potential buyers

CONSTRAINED SUPPLY

Fewer land entitlements processed for several years Inventory/lot shortages in some markets Constrained capital access favors largest builders

PENT-UP DEMAND

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

MARKET IS GROWING

Market continues on its pace of steady growth Increasing volumes of new home sales but still below long-term averages Rising home values and stock market strengthen personal balance

sheets and provide additional equity for down payments

8

WELL‐POSITIONED FOR KEY TRENDS

9

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 Seeking more land in Florida

URBAN GROWTH

Growing City Living in NYC 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

multigenerational buyers Reaching affluent millennials with

targeted products

1970-2007 2008-2017

Annual Shortfall

Average Annual Production

Source: U.S. Census Bureau

Total estimated construction shortfall (concentrated in single family) of 7.0 million houses from 2008-2017

Actual Average Annual Housing

Starts

Average Annual Housing Starts

BASIC DEMOGRAPHICS DRIVE AN INDUSTRY EMERGING FROM ITS SLUMBER

10

1,585,000

885,000

700,000

11

NATIONWIDE FOOTPRINT POSITIONSUS FOR GROWTH 

* As of January 31, 2018

20 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

49

60

72

67

41

6

Total: 295

Seattle

San Francisco

San Jose

Los Angeles

San DiegoPhoenix

Dallas

Denver

Miami

ChicagoPhiladelphia

New York City

Boston

Charlotte

Raleigh

Ft . MyersWest Palm Beach

Naples

Las Vegas

Detroit

Palm Springs

Jupiter

Reno

Jacksonville

Minneapolis       

Houston

Tucson

Fort Collins

Boca Raton

Sacramento

Orlando

Wilmington

Princeton

Austin

Baltimore

Hartford

Boise

Washington DC

16%

15%

16%19%

30%

4%

FYE 2017 Backlog($)

GEOGRAPHICALLY DIVERSIFIED PORTFOLIO

12 North Mid-Atlantic South West California City Living

13%

18%

16%20%

27%

7%17%

20%

15%

28%

16%

4%

FYE 2017 Lots Owned

FY 2017 Revenue($)

$298 $343

$369 $381 $387 $395 $397 $413 $418$451

$473

$582

$813 $826

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

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

TRI Pointe TollBrothersFY 2017

TollBrothers

Q1 FY 2018

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.13

TOLL HOME PRICES Q1 FY 2018*(by unit deliveries)

4%

58%

16%

22%

Less than $300,000

$300,000 to $749,000

$750,000 to $999,999

Over $1,000,000

*Numbers may not add due to rounding in units* Through January 31, 2018

62%Under

$750,000

14

77.8%

11.3%

2.9%

8.0%

California161 Homes 

ONLY 8.0% OF OUR HOMES SETTLED OUTSIDE CALIFORNIA& CITY LIVING ARE OVER $1 MM 

(Homes Settled Q1 FY 2018*)

15* Through January 31, 2018

1,107 Homes

Settlements $ > $1 MMCity Living 41 Homes

Other States114 Homes

Settlements $ < $1 MM

HOW MUCH HOUSEHOLD INCOME IS REQUIRED FOR A $657,000 HOUSE?

TOTAL HOUSE PRICE $657,000

20% Down Payment $131,200

Loan Amount at 4.5% Interest (80% LTV) $525,500

Monthly Payment $2,700

Monthly Earning (25% of gross income for mortgage) $10,700

Required Annual Household Income: ~$128,000

Toll Brothers: Average Delivered Price Q1 FY 2018

Avg. Delivered Price: $826,000

Avg. Price Excluding City Living: $778,000

Avg. Price Excluding CA and City Living: $657,000

16

17

• Move-up

• Empty Nester

• Active Adult

• Second Home

• Urban-Infill

• Urban Redevelopment

• Golf Course & Country Club

• High-Rise

• Suburban High Density

• Urban & Suburban Rental

THE WIDEST VARIETY OF HOMES IN THE INDUSTRY

62%

15%

19%

4%

FY 2017

89%

1%

10%

FY 2000

EVOLVING PRODUCT DIVERSIFICATION(by unit deliveries)

Single Family Attached Age Qualified City Living18

MOVE ‐UP

19

Southlake Meadows, Southlake, TX

Canyon Oaks, Chatsworth, CAEMPTY  NESTER

20

ACTIVE ADULT

21

Regency at Summerlin, Las Vegas, NV

Sienna Plantation, Missouri City, TXMASTER  PLANNED

22

SECOND  HOME Alara at Altair, Irvine, CA

23

URBAN  REDEVELOPMENT Maxwell Place, Hoboken, NJ

24

25

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

SUBURBAN HIGH DENSITY

26

URBAN & SUBURBAN RENTAL

27

The Morgan at Provost Square, Jersey City, NJ

Parc Plymouth Meeting, Plymouth Meeting, PA

The Kendrick, Needham, MA

URBAN INFILL

28

TOLL BROTHERS CITY LIVING

29* As January 31, 2018

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 per square foot in NYC

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 32 buildings totaling approximately 4,000 units*

Selling from 11 buildings, totaling 1,100 units* Future pipeline consists of 5 buildings, totaling

approximately 700 units* Exploring Boston, Los Angeles, San Francisco & Miami

FOCUS ON LAND

30* As of January 31, 2018

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 49,500 home sites* 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

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

31,91734,852

37,49740,350

48,628 47,16744,253

48,837 48,311 49,547

2000 2001 2002 2003 2004 2005 Q22006

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q12018

Owned Optioned

17,420

32,127

Lots Owned and Optioned

17,600 Finished Lots at 1/31/18

Fiscal Year End31

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, 201532

• Toll’s luxury systems developed over 50 years

• Buyers choose from hundreds of structural and designer options

• In Q1 2018 the average buyer added approximately $149,000 in options and premiums, consistent with approximately 20% of base price in prior years

• Provides competitive advantage vs. small builders

• Toll Architecture systemizes high-volume home production

CUSTOM HOMES BUILT USING HIGH ‐VOLUME TECHNOLOGY

33

Madison at Parkside, Lake Forest, CA

* As January 31, 2018

TOLL INTEGRATED SYSTEMS –PANEL & TRUSS PLANT

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

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

• Supplied components for approximately 3,200 homes in FY 2017 from Massachusetts to South Carolina on the East Coast, and Michigan & Illinois in the Mid-West

• Builds more than 190 different home plans with multiple elevations and hundreds of options

• Supplies material to condo & City Living developments

• Improves timeline, quality, costs, and reduces waste

• Reduces dependence on skilled carpenters in times of labor shortage

34

• 24% of buyers paid cash

• Our buyers have strong credit profiles with an average Q1 FY 2018 FICO score of 756 on conforming loans and jumbo loans

• Average LTV of 70% Q1 FY 2018

• 29% of buyers used jumbo mortgages in Q1 FY 2018

• TBI served 53% of Toll buyers using mortgages in Q1 FY 2018

• Pre-sells loans individually to minimize risk

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

• Long term rate locks available

STRONG BUYER PROFILE/TBI MORTGAGE

The Hills at Parker, Parker, CO

35

36

DIVERSIFYING INCOME STREAMS

Suburban Home Building (For Sale)

Land Sales &Development

City Living(Condo for Sale)

Apartment Living(Rental)*

Ancillary Businesses

- 50 markets in 20 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

- 6 projects (2,792 units) stabilized

- 2 projects (749 units) leasing

- 7 projects (2,336 units) under development

- 26 projects (8,300 units) in the pipeline

- Manhattan, Brooklyn, and Queens, NYC

- Hoboken and Jersey City, NJ

- Metro Washington, DC

- Philadelphia, PA

- Lot sales to 3rd

parties builders

• Shapell (CA)

• Northgrove at Spring Creek (TX)

• Woodson's Reserve (TX)

• Travisso (TX)

• Sienna South (TX)

* As January 31, 2018

$49,515

$66,630

$107,334

$88,692$98,966

$169,375

$150,000

$0

$18,500

$37,000

$55,500

$74,000

$92,500

$111,000

$129,500

$148,000

$166,500

$185,000

2012 2013 2014 2015 2016 2017 2018*

Other Income Joint Venture Income

37

OTHER INCOME AND JOINT VENTURE INCOME($ Thousands)

* Project $130 million to $170 million of pre‐tax income in FY 2018

90,000

60,000

FY

TOLL APARTMENT LIVING/CAMPUS LIVING*

38* As of January 31, 2018

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 14,200 units

BROAD EXPERIENCE

Developed & operate 2,792 units Developed and sold 418 Campus Living units (1,493

beds) at Univ. of Maryland in College Park Leasing up at 2 communities of 749 units 2,336 rental units under construction in 7 projects

from Massachusetts to Atlanta

STRATEGIC GROWTH

Control land for 8,300 future apartment & student living units in Northeast/Mid-Atlantic, Dallas-Fort Worth metro, Atlanta, Phoenix & California

Expect to invest additional $100 - $200 million Plan to expand business nationally Combine premier locations with luxury, for-sale

finishes, services and amenities

SUPERIOR CAPITAL MARKET ACCESS

SENIOR/CORPORATE CREDIT RATINGS

Fitch Inc. BBB- (Stable)

Standard & Poor’s BB+ (Stable)

Moody’s Ba1 (Stable)

39

CAPITALIZATION*

Toll Brothers, Inc.

First Huntingdon Finance Corp. Toll Brothers Finance Corp.

* As of January 31, 201840

† The Company finished the period ending 1/31/2018 with $1.15 billion available under its revolving credit facility.

$1.295 BN Revolving Credit Facility $500 MM Term LoanDue May 2021 † Due August 2021

Commitment Commitment■ Citi $100 MM ■ SunTrust $100 MM■ Deutsche Bank $100 MM ■ Sumitomo Mitsui $75 MM■ Mizuho Bank $100 MM ■ US Bank $75 MM■ PNC $100 MM ■ Wells Fargo $60 MM■ SunTrust $100 MM ■ The Bank of New York $55 MM■ Wells Fargo $100 MM ■ Capital One $50 MM■ Capital One $75 MM ■ Beneficial Bank $30 MM■ Sumitomo Mitsui $75 MM ■ Fifth Third Bank $30 MM■ US Bank $75 MM ■ PNC $25 MM■ BB&T $50 MM $500 MM■ Comerica $50 MM■ Fifth Third Bank $50 MM■ Regions Bank $50 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)

December 2018 4.000% $350 MM 0.92 years

November 2019 6.750% $250 MM 1.75 years

February 2022 5.875% $420 MM 4.04 years

April 2023 4.375% $400 MM 5.21 years

January 2024 5.625% $250 MM 5.96 years

November 2025 4.875% $350 MM 7.79 years

March 2027 4.875% $450 MM 9.12 years

February 2028 4.350% $400 MM 10.05 years

5.000% $2,870 MM 5.88 years

Source Coupon Outstanding Maturity (yrs)

Senior Debt (Public) 5.000% $2,870 MM 5.88 years

Bank Debt 2.667% $ 644 MM 3.46 years

Total 4.573% $3,513 MM 5.44 years

WHY TOLL BROTHERS?

STRONG FINANCIAL BASE

Strong balance sheet and credit ratings Approximately $ 1.7 BN of available liquidity at Q1 FY 2018 No corporate debt maturities until December 2018

STRONG DEMOGRAPHICTRENDS

Serving the nation's growing number of affluent households Strongest buyer profile in the industry Millennials beginning to enter home buying years Household formation data returning to long term averages

GEOGRAPHIC PRODUCT DIVERSITY

Strong land position – Own or Control 49,500 lots* Balanced footprint across the East, West and South Diversified move-up, active adult, and high-density product lines A homebuilder with core urban land development, rental and distressed

real estate 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, 201841

42