Meritage Homes Corporation Elects Michael Odell to Its Board of Directors

PHOENIX, Jan. 5, 2012 (GLOBE NEWSWIRE) -- Meritage Homes (NYSE:MTH) announced the election of Michael R. Odell, president and chief executive officer of The Pep Boys – Manny, Moe & Jack (NYSE:PBY), to its Board of Directors. Mr. Odell was also appointed to serve on the audit, executive compensation and nominating/governance committees of the Board of Directors.

Mr. Odell, 48, has been president and chief executive officer of Pep Boys since 2008, and serves on the company's board. Pep Boys is the nation's leading automotive aftermarket service and retail chain, with more than 7,000 service bays in more than 700 locations in 35 states and Puerto Rico. Mike joined the company as chief operating officer in 2007 and led a turnaround that delivered greater profitability in 2009 than in the previous twelve years combined. Prior to that, he was executive vice president and general manager of Sears retail and specialty stores for Sears Holdings Corporation, where he held several positions in senior management during his 13 years with the company. He began his career with Deloitte & Touche in Chicago after earning a BS in Accounting from the University of Denver, and also earned an MBA from Northwestern University.

"Mike is a strategic operational and financial executive with a record of developing sustainable business models and leading organizations to deliver greatly improved results," said Meritage Homes Chief Executive Officer Steven J. Hilton. "He brings tremendous experience and will be a valuable addition to our board as we work to grow and improve Meritage's profitability."

Meritage Homes is known nationally for its high-performance, energy-efficient homes which incorporate advanced building technologies. These features are integrated into the homes' designs from the ground up and included within the base price of the homes, resulting in energy savings up to 50 percent or more compared to the average existing home in the U.S. Meritage has been driving this residential revolution since 2009 and was the first national homebuilder to exceed the EPA's ENERGY STAR® qualification requirements in all of its homes beginning in 2010.

For more information, visit meritagehomes.com.                                                        

ABOUT MERITAGE HOMES CORPORATION

Meritage Homes is one of the top 10 homebuilders in the United States based on homes closed. Meritage builds a variety of homes across the Southern and Western states to appeal to a wide range of buyers, including first-time, move-up, luxury and active adults. As of September 30, 2011, the Company had 149 actively selling communities in 12 metropolitan areas, including Houston, Dallas/Ft. Worth, Austin, San Antonio, Phoenix/Scottsdale, Tucson, Las Vegas, Denver, Orlando, and the East Bay/Central Valley and Southern California. Meritage recently expanded into the Raleigh-Durham market, opening its first communities there in October 2011, and announced its entry into the Tampa market in December 2011.

Meritage has designed and built more than 70,000 homes in its 26-year history, and has a reputation for its distinctive style, quality construction and positive customer experience. In 2010, Meritage launched its new Simply Smart Series™ of homes and its 99-day guaranteed completion program in certain communities. Meritage was the first large national homebuilder to be 100 percent ENERGY STAR® qualified in every home started since January 1, 2010.

Meritage Homes is listed on the NYSE under the symbol MTH.

For more information about the Company, visit http://investors.meritagehomes.com.

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CONTACT: Brent Anderson
         (972) 580-6360 (office)
         Brent.Anderson@meritagehomes.com

         Lisa Noble
         (602) 417-0685 (office)
         lnoble@c-k.com

Released January 5, 2012