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I N V E S T O R P R E S E N T A T I O N Q 1 2 0 1 9 #1 by volume for calendar years 2002 to 2018 F O R W A R D - L O O K I N G S TAT E M E N T S This presentation may include forwardlooking statements as defined by

  1. I N V E S T O R P R E S E N T A T I O N Q 1 2 0 1 9

  2. #1 by volume for calendar years 2002 to 2018

  3. F O R W A R D - L O O K I N G S TAT E M E N T S This presentation may include “forward‐looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Although D.R. Horton believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Factors that may cause the actual results to be materially different from the future results expressed by the forward‐looking statements include, but are not limited to: the cyclical nature of the homebuilding industry and changes in economic, real estate and other conditions; constriction of the credit and public capital markets, which could limit our ability to access capital and increase our costs of capital; reductions in the availability of mortgage financing provided by government agencies, changes in government financing programs, a decrease in our ability to sell mortgage loans on attractive terms or an increase in mortgage interest rates; the risks associated with our land and lot inventory; our ability to effect our growth strategies, acquisitions or investments successfully; the impact of an inflationary, deflationary or higher interest rate environment; home warranty and construction defect claims; the effects of health and safety incidents; the effects of negative publicity; supply shortages and other risks of acquiring land, building materials and skilled labor; reductions in the availability of performance bonds; increases in the costs of owning a home; the effects of governmental regulations and environmental matters on our homebuilding and land development operations; the effects of governmental regulations on our financial services operations; our significant debt and our ability to comply with related debt covenants, restrictions and limitations; competitive conditions within the homebuilding and financial services industries; the effects of the loss of key personnel; and information technology failures and data security breaches. Additional information about issues that could lead to material changes in performance is contained in D.R. Horton’s annual report on Form 10‐K and our most recent quarterly report on Form 10‐Q, both of which are filed with the Securities and Exchange Commission. 3

  4. D . R . H O R T O N , I N C . T R A D E D O N N Y S E A S D H I 52,569 $16.3 billion $2.0 billion Annual homes closed Annual consolidated revenues Annual pre‐tax income 19.3% $9.1 billion $24.45 Homebuilding return on inventory* Stockholders’ equity Book value per common share As of or for the twelve‐month period ended December 31, 2018 4 *See slide 11 for definition of homebuilding return on inventory

  5. G E O G R A P H I C D I V E R S I F I C A T I O N 8 4 M A R K E T S | 2 9 S TAT E S HB Revenue Inventory 5% 5% 6% 8% 27% 29% 12% 12% 24% 24% 24% 24% EAST MIDWEST SOUTHEAST SOUTH CENTRAL SOUTHWEST WEST Delaware, Maryland, Colorado, Illinois, Alabama, Florida, Louisiana Arizona California, Hawaii, New Jersey, North and Indiana, Iowa, Georgia, Mississippi, Oklahoma New Mexico Nevada, Oregon, Utah, Tennessee Texas South Carolina, Minnesota, Ohio Washington Pennsylvania, Virginia As of or for the twelve‐month period ended December 31, 2018 5 Savannah, Georgia is included in the East Region; Atlanta and Augusta, Georgia are included in the Southeast Region

  6. D I V E R S E P R O D U C T O F F E R I N G S A N D P R I C E P O I N T S Homes for entry‐level, move‐up, active adult and luxury buyers 67% of homes closed <$300k 6% 13% $0 $500k $200k 27% 32% $300k $250k 22% 6 Represents homes closed for the twelve months ended 12/31/18

  7. FA M I LY O F B R A N D S ENTRY LEVEL FIRST TIME / MOVE UP LUXURY ACTIVE ADULT 34 markets | 14 states 29 markets | 16 states 84 markets | 29 states 61 markets | 21 states ASP $635k ASP $280k ASP $315k ASP $241k 3% 3% 3% 3% 3% 6% 35% Homes Home Sales Homes 29% 36% Closed Revenue Sold 58% 62% 59% 7 Based on Q1 FY 2019 results

  8. M A N A G E M E N T T E N U R E A N D E X P E R I E N C E Executive Team & Region Presidents 25 years Division Presidents 14 years City Managers over 10 years 8 Average employee tenure

  9. M A R K E T S H A R E D O M I N A N C E D.R. Horton Share and Rankings in Largest U.S. Housing Markets Top 50 Markets Top 5 Markets 18% 50 16% 43 40 14% 12% 34 30 10% 29 8% 20 6% 14 4% 10 2% 0 0% #1 Top 5 Top 10 Operate In DFW Houston Atlanta Phoenix Austin DHI Market Share Next Ranking Competitor Market Share 9 Source: Builder magazine ‐ 2018 Local Leaders issue, rankings based on homes closed in calendar 2017 and adjusted to include the acquisition of Westport Homes, a top 5 builder in Indianapolis, IN and Columbus, OH, in November 2018

  10. H O M E B U I L D I N G O P E R AT I O N A L F O C U S • Maximize returns by managing inventories, sales pace and pricing in each community • Generate strong profits and cash flow from operations • Maintain sufficient inventories of land, lots and homes to support annual growth in revenues and profits • Underwriting expectations for each community: • Minimum 20% annual pre‐tax return on inventory (ROI) • Initial cash investment returned within 24 months or less • Increase optioned land and lots by expanding relationships with lot developers • Grow Forestar’s lot development platform • Control SG&A while ensuring infrastructure supports targeted growth 10 10

  11. E M P H A S I S O N R E T U R N O N I N V E N T O R Y ( R O I ) Homebuilding ROI increased 230 basis points compared to the prior twelve month period 20% 20.2% 19.3% 17.0% 16.6% 15% 15.4% 10% 5% 0% FY 2016 FY 2017 TTM 12/31/17 FY 2018 TTM 12/31/18 Homebuilding ROI is calculated as homebuilding pre‐tax income for the year divided by average homebuilding inventory. Average 11 11 homebuilding inventory in the ROI calculation is the sum of ending homebuilding inventory balances for the trailing five quarters divided by five.

  12. R E T U R N O N E Q U I T Y ( R O E ) Increasing ROE while reducing homebuilding leverage HB leverage ROE 20% 40% 18.2% 17.6% 15% 30% 14.4% 13.7% 14.1% 10% 20% 5% 10% 0% 0% FY 2016 FY 2017 TTM 12/31/17 FY 2018 TTM 12/31/18 ROE Leverage ROE is calculated as net income divided by average shareholders’ equity. Average shareholders’ equity in the ROE calculation is the sum of 12 12 ending shareholders’ equity balances for the trailing five quarters divided by five. Leverage is calculated as homebuilding notes payable divided by shareholders’ equity plus homebuilding notes payable.

  13. B O O K V A L U E P E R S H A R E Consistent annual double‐digit percentage growth in book value per share $25.00 $24.45 $23.88 $20.00 $20.98 $20.66 $18.21 $15.00 $10.00 $5.00 $0.00 9/30/2016 9/30/2017 12/31/2017 9/30/2018 12/31/2018 13 13

  14. C A P I TA L A N D C A S H F L O W P R I O R I T I E S • Balanced, disciplined, flexible and opportunistic • Focused on enhancing long‐term value of DHI • Invest in homebuilding opportunities, including acquisitions, to increase returns and market share • Closed 3 acquisitions for approximately $321 million in Q1 2019 • Reduce homebuilding debt • Expect to pay off $500 million March 2019 maturity from liquidity and cash flow • Improves homebuilding cost structure • Consistent dividends to shareholders • Increased quarterly dividend by 20% in Q1 FY 2019 • Approximately $225 million annually • Share repurchases to keep outstanding share count flat with level at 12/31/18 • Repurchased 4.1 million shares during Q1 2019 for $140.6 million • Remaining Board authorization of $234.9 million at 12/31/18 • Potential for opportunistic repurchases 14 14

  15. R E C E N T A C Q U I S I T I O N S D.R. Horton acquired the homebuilding operations of 3 private builders in Q1 FY19 for approximately $321 million • Acquired in November 2018 • Market entrance into Indiana and Ohio • Top 5 homebuilder in Indianapolis and Columbus, which are both top 50 U.S. housing markets • Also operates in Fort Wayne, IN • Acquired in December 2018 • Market entrance into Iowa • Largest homebuilder in Des Moines metro area • Acquired in December 2018 • Top 10 homebuilder by volume in Raleigh, NC • Enhanced our current position in the Raleigh market 15 15

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