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Deutsche BankGlobal Industrials and Basic Materials Conference

June 14, 2012

Statement Of Forward-looking Information

Certain information included in this presentation is forward-looking within the meaning of the Private Securities Litigation Reform Act of1995, including, but not limited to, information related to: anticipated operating results; anticipated financial performance, resources andcondition; selling communities; home deliveries; average home prices; consumer demand and confidence; contract pricing; businessand investment opportunities; and market and industry trends.

Such forward-looking information involves important risks and uncertainties that could significantly affect actual results and cause themto differ materially from expectations expressed herein and in other Company reports, SEC filings, statements and presentations. Theserisks and uncertainties include, among others: local, regional, national and international economic conditions; fluctuating consumerdemand and confidence; interest and unemployment rates; changes in sales conditions, including home prices, in the markets where webuild 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 withinvestments in unconsolidated entities; the ability to recover our deferred tax assets; the availability of capital; uncertainties in the capitaland securities markets; liquidity in the credit markets; changes in tax laws and their interpretation; effects of governmental legislationand regulation; the outcome of various legal proceedings; the availability of adequate insurance at reasonable cost; the impact ofconstruction defect, product liability and home warranty claims, including the adequacy of self-insurance accruals, and the applicabilityand sufficiency of our insurance coverage; the ability of customers to obtain financing for the purchase of homes; the ability of homebuyers to sell their existing homes; the ability of the participants in various joint ventures to honor their commitments; the availability andcost of labor and building and construction materials; the cost of raw materials; construction delays; domestic and international politicalevents; and weather conditions. 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 Form10-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 presentation are not guarantees of future performance and may turn out to beinaccurate. Forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to publiclyupdate any forward-looking statements, whether as a result of new information, future events or otherwise.

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Overview

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Founded in 1967 – NYSE since 1986

Nation’s leading luxury home builder

3rd largest* U.S. homebuilder by market cap

$1.5 billion in homebuilding revenues and 2,611 home

deliveries in FY 2011

Builds in 20 states and approximately 50 markets

Serves urban and suburban, luxury move-up, empty-

nester, and active-adult buyers

Strong balance sheet and excellent credit ratings

Insider Director ownership of approx.14% at FYE 2011

Only brand name in luxury market

*As of 4/30/12

FOCUS ON LUXURY

Only national builder focused on luxury market

Solid demographics supports niche

Qualified buyers ease mortgage concerns

Main competitors are small local or regional private builders

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Brand Name Reputation In Luxury Market

Honored to have won the three most coveted awards in the home building industry

The only brand name in the luxury market

Goal is to expand brand in markets where we are already well-established

Grow brand name in urban and in-fill opportunities, high-rise, second home, active adult and suburban high-density markets

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National HousingQuality Award

America’s Best Builder

National Builderof the Year

Only National Homebuilder Focused On Luxury Market

Toll’s main competitors are small private builders.

6*Updated based on most recent reported fiscal year end deliveries as of December 31, 2011.

Toll Home Sale Prices YTD FY 2012

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79%Under

700,000

Numbers may not add due to rounding

Focus on Land

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

Operates in most difficult approval markets in the country

Skilled in land acquisition, approvals, and development across all markets

Manages all site design and land improvements

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Nationwide Footprint Positions Us For Growth

20 States50 Markets

�Austin

�Dallas

Phoenix�

�

San Francisco

Philadelphia �

�

� �CharlotteRaleigh

Ft . Myers West Palm Beach

New York

�Washington DC

�Los Angeles

Sarasota

Naples

Las Vegas�

�San Diego

�

�Hartford

Miami

DetroitChicago

WilmingtonPrinceton

Boston

Palm Springs�

Denver�

San Antonio� Jupiter

�Hilton Head

Reno�

�

�Jacksonville

�

�

���

Sacramento

�

Orlando �

Minneapolis �

�

San Jose

�

�Houston

�

�

�

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Seattle

�

North Mid-Atlantic South West

R E G I O N S

Building On A Solid Land Position

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Lots Owned and Controlled

Focus on Diversification and Customization

Toll’s luxury systems developed over 40 years

Widest product offerings in industry

High volume production with extensive customization

Buyers choose from hundreds of structural and designer options

In FY 2011 the average buyer added over $100,000 in options and premiums

Provides competitive advantage vs. small builders

Toll Architecture systemizes high volume home production

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The Widest Variety Of Homes In The Industry

Move-up Empty-Nester Active Adult Second Home Urban-Infill Urban Redevelopment Golf Course &

Country Club High-Rise Suburban High-Density

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Evolving Product Diversification(by unit deliveries)

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Urban Infill

Focus On Financials

Fiscal Q2 Results

2012 2011 % Change

Revenues $373.7 mil $319.7 mil 17%

Net Contracts $754.7 mil $500.9 mil 51%

Backlog $1.5 bil $1.0 bil 49%

Net Income $16.9 mil ($20.8 mil)

Cash* $927.0 mil

Net to Debt Cap** 26.9%

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* Including Marketable Securities**Calculated as total debt minus mortgage warehouse loans minus cash and

marketable securities divided by total debt minus mortgage warehouse loans minus cash and marketable securities plus stockholders’ equity.

Capitalization*

Toll Brothers Inc.

First Huntingdon Finance Corp. Toll Brothers Finance Corp.

$885 Million Revolving Credit FacilityDue October 2014

Citi $125 MMDeutsche Bank $125 MMRoyal Bank of Scotland $125 MMSunTrust $100 MMPNC $90 MMCapital One $75 MMBank of Montreal $50 MMSumitomo Mitsui $50 MMWells Fargo $50 MMComerica $45 MMUS Bank $35 MMCalifornia Bank & Trust $15 MMTOTAL $885 MM

Senior Notes

Principal Coupon Maturity

$59 MM 6.875% November 2012$105 MM 5.950% September 2013$268 MM 4.950% March 2014$300 MM 5.150% May 2015$400 MM 8.910% October 2017$250 MM 6.750% November 2019$420 MM 5.875% February 2022

Total Weighted Average$1,802 MM 6.449% 5.42 years

*As of April 30, 2012 16

Conservative Debt Maturities*

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$ millions

*As of April 30, 2012

$100,000+ Income Households Growing 4 Times Faster Than All U.S. Households

Source: U.S. Census Bureau (P60-239)

(2010 Dollars)

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Unemployment Rates

Civilian Labor Force

College Graduates

19Source: U.S. Bureau of Labor Statistics

Housing Starts vs. Household Growth

Source: U.S. Census Bureau

Hou

sing

Sta

rts

(000

)

1970-1979Average Annual

Housing Starts

1.77 (mil)

Number of Households Has Grown 75% Since 1970

1980-1989Average Annual

Housing Starts

1.49 (mil)

1990-1999Average Annual

Housing Starts

1.37 (mil)

2000-2007

Average Annual

Housing Starts

1.74 (mil)

2,400

1,600

800

0

Hou

seho

lds

(000

)

2008-2011Average Annual

Housing Starts

.66 (mil)

Total Single and Multi-Family Housing Starts

Total Households

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Why Toll Brothers?

Investing in Toll is a way to invest in: A proven management team with a tremendous track record. The nation's growing number of affluent households. The nation's strong baby-boomer-driven demographic growth. A strong balance sheet. A premier land developer in a lot-constrained environment. The dominant player with few competitors in the luxury market. A homebuilder with a niche in urban and distressed real estate.

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