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Board of Directors

Steven J. Hilton, Chairman of the Board

Inside Director

Age: 48

Steven J. Hilton, is Chairman and Chief Executive Officer of Meritage Homes Corporation. Mr. Hilton founded Arizona-based Monterey Homes in 1985. Under Mr. Hilton’s leadership, Monterey became publicly traded and combined with Legacy Homes in 1997, which thereafter became Meritage Homes Corporation. Mr. Hilton received his Bachelor of Science degree in accounting from the University of Arizona and is a director of Western Alliance Bancorporation, a $4.5 billion community bank. He also serves as a member of the NAHB’s High Production Home Builders Council, has served for over 10 years as a board member for the Boys & Girls Clubs of Greater Scottsdale and is active in many local civic organizations.

Robert G. Sarver

Inside Director

Chairman and CEO of Western Alliance Bancorporation

Age: 48

Director Since: 1996

Robert G. Sarver, has been a director since December 1996, and is the chairman and chief executive officer of Western Alliance Bancorporation, a director of Skywest Airlines, and the managing partner of the Phoenix Suns basketball team. He was the chairman and chief executive officer of California Bank & Trust from 1998 to 2001. From 1995 to 1998, he served as chairman of Grossmont Bank. In 1990, Mr. Sarver co-founded and currently serves as the executive director of Southwest Value Partners and Affiliates, a real estate investment company. Mr. Sarver founded the National Bank of Arizona and was its President until its acquisition by Zions Bancorporation in 1994. Mr. Sarver has been a certified public accountant.

Raymond Oppel

Independent Director

Age: 52

Director Since: 1997

Meritage Homes Committee Membership:
Audit Committee, Executive Compensation Committee, Nominating and Corporate Governance Committee

Raymond Oppel, has been a director since December 1997. He was the co-founder, chairman and chief executive officer of the Oppel Jenkins Group, a regional homebuilder in Texas and New Mexico, which was sold in 1995 to the public homebuilder KB Home. Mr. Oppel is a licensed real estate broker and currently is active as a private investor in real estate development and land banking. Mr. Oppel has over 17 years of experience in the homebuilding business.

Peter L. Ax, Lead Independent Director

Independent Director

Managing Partner of Phoenix Capital Management

Age: 50

Director Since: 2000

Meritage Homes Committee Membership:
Audit Committee, Executive Compensation Committee, Nominating and Corporate Governance Committee

Peter L. Ax, has been a director since September 2000 and is the managing partner of Phoenix Capital Management, an investment banking and merchant banking firm. Mr. Ax is the former chairman and chief executive officer of SpinCycle, Inc., a publicly held consolidator and developer of coin-operated Laundromats. Previously, Mr. Ax served as head of the private equity division and senior vice president of Lehman Brothers in New York. Mr. Ax is also on the Board of Directors of Medit Marketing, Inc. and serves on the advisory Board of Directors of Cascadia Capital, a Seattle-based investment banking and merchant banking firm. Mr. Ax holds an MBA from the Wharton School at the University of Pennsylvania and a law degree from the University of Arizona, and has been a certified public accountant. He has also been an accounting instructor at the Wharton School.

Richard T. Burke

Independent Director

Age: 65

Director Since: 2004

Meritage Homes Committee Membership:
Audit Committee, Executive Compensation Committee, Nominating and Corporate Governance Committee

Richard T. Burke, Sr., was appointed as a director in September 2004. Mr. Burke was chairman and chief executive officer of UnitedHealth Group, which he founded then took public in 1984, and currently serves as the chairman of their Board of Directors. From 1995 until 2001, Mr. Burke was the owner and chief executive officer of the Phoenix Coyotes, a National Hockey League team. Mr. Burke is also a director of First Cash Financial Services, Inc.

Gerald Haddock

Independent Director

Founder of Haddock Enterprises, LLC

Age: 62

Director Since: 2005

Meritage Homes Committee Membership:
Audit Committee, Executive Compensation Committee, Nominating and Corporate Governance Committee

Gerald W. Haddock, was appointed as a director in January 2005. Mr. Haddock is the founder of Haddock Enterprises, LLC and formerly served as president and chief executive officer of Crescent Real Estate Equities, a diversified real estate investment trust. He is currently a director and audit committee chairman of ENSCO International, Inc., a leading global offshore oil and gas drilling service company, and a director of Cano Petroleum, Inc., a Fort Worth-based producer of crude oil and natural gas that specializes in enhanced recovery technology. He also serves on the Board of Directors of the Baylor Foundation of Baylor University and on the Board of Trustees of the M.D. Anderson Proton Therapy Education and Research Foundation.

Dana C. Bradford

Independent Director

President and Managing Partner of McCarthy Capital Corporation

Age: 44

Director Since: 2009

Meritage Homes Committee Membership:
Audit Committee, Executive Compensation Committee, Nominating and Corporate Governance Committee

Dana Bradford, has been a director since August 2009 and is the president and managing partner of McCarthy Capital Corporation in Omaha, Nebraska. He currently serves as director of Guild Mortgage, Southwest Value Partners, Waitt Corp Investments, Vornado Air, NRG Media and Gold Circle Films. He has previously served as director of the Ronald McDonald House, the National Conference for Community and Justice, the Greater Omaha Chamber of Commerce and Ballantyne. Mr. Bradford earned his bachelor’s degree in business administration from the University of Arizona and has been involved in numerous community projects in Omaha.

Forward Looking Statement:

This website and the information in it contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include those regarding the outlook for the Company and homebuilding in 2009, including its outlook for Texas; strategic actions to lower costs; future strategy and intentions to deploy capital to acquire land in the future at attractive prices; strategy and ability to minimize losses, return to profitability and increase margins; and intentions to increase unsold inventory. Such statements are based upon preliminary financial and operating data which are subject to finalization by management and review by our independent registered public accountants, as well as the current beliefs and expectations of Company management, and current market conditions, which are subject to significant risks and uncertainties. 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, including: weakness in the homebuilding market resulting from the current economic downturn; interest rates and changes in the availability and pricing of residential mortgages; the ability of our potential buyers to sell their existing homes; the adverse effect of slower sales absorption rates; housing affordability; fluctuations in demand, competition, sales orders, cancellation rates and home prices in our markets; potential write-downs or write-offs of assets, including pre-acquisition costs and deposits; the liquidity of our joint ventures and the ability of our joint venture partners to meet their obligations to us and the joint venture; the propensity of homebuyers to cancel purchase orders with us; the availability and cost of insurance; construction defect and home warranty claims; the loss of key personnel; our success in prevailing on contested tax positions; the impact of deferred tax valuation allowances and our ability to preserve our operating loss carryforwards; the availability and cost of materials and labor; changes in the availability and pricing of real estate in the markets in which the Company operates; inflation in the cost of materials used to construct homes; fluctuations in quarterly operating results; the Company's financial leverage and level of indebtedness; our ability to take certain actions because of restrictions contained in the indentures for the Company's senior and senior subordinated notes and the agreement for the unsecured credit facility and our ability to raise additional capital when and if needed; government regulations and legislative or other initiatives that seek to restrain growth or new housing construction or similar measures; successful integration of future acquisitions; consumer confidence, which can be impacted by economic and other factors such as terrorism, war, or threats thereof and changes in energy prices or financial markets; our potential exposure to natural disasters; and other factors identified in documents filed by the Company with the Securities and Exchange Commission, including those set forth in our Form 10-K for the year ended December 31, 2008 and our most recently filed Form 10-Q under the caption "Risk Factors." As a result of these and other factors, the Company’s stock and note prices may fluctuate dramatically.