Bank MeetingsJune 2011

J.P. Morgan Global High Yield & Leveraged Finance Conference

February 25, 2013

This presentation includes "forward-looking statements," as that term is defined in the PrivateSecurities Litigation Reform Act of 1995. These forward-looking statements includestatements regarding our business, financial condition, results of operations, cash flows,strategies and prospects. You can identify forward-looking statements by the fact that thesestatements do not relate strictly to historical or current matters. Rather, forward-lookingstatements relate to anticipated or expected events, activities, trends or results. Becauseforward-looking statements relate to matters that have not yet occurred, these statementsare inherently subject to risks and uncertainties. Many factors could cause our actualactivities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described under the caption “Risk Factors”in our most recent Annual Report on Form 10-K filed with the Securities and ExchangeCommission. We do not undertake any obligation to update forward-looking statements,except as required by federal securities laws.

Disclaimer Statement

2

Lennar at a Glance

Founded in 1954 as a local Miami builder; expanded to national footprint and is one of the nation’s largest homebuilders today

Completed initial public offering in 1971 and listed on NYSE in 1972

Homebuilding segment delivered 13,802 new homes in 2012 and Lennar reported revenues of $4.1 billion

Financial Services segment provides primarily mortgage financing, title insurance and closing services for both buyers of our homes and others

Rialto segment’s primary focus is to manage 3rd party capital and to generate superior, risk-adjusted returns by focusing on commercial and residential real estate opportunities primarily arising from dislocation in the real estate markets

Lennar Overview

3

Lennar is a leading national homebuilder with operations in 29 markets.

One of the Nation’s Largest Homebuilders

Division Office

4

Market Overview

5

813

1,15

1 1,30

9 1,

132

888

892

1,16

2 1,45

1 1,

433

1,19

4 85

2 70

5 66

3 1,

068

1,08

4 1,

072

1,18

0 1,

146

1,08

1 1,

003

895

840 1,

030

1,12

6 1,

198

1,07

6 1,

161

1,13

4 1,

271

1,30

3 1,

231

1,27

3 1,

359

1,49

9 1,

611

1,71

6 1,

465

1,04

6 62

2 44

5 47

1 43

1 535 69

5 90

5 1,09

5

400

600

800

1,000

1,200

1,400

1,600

1,800

1970

1971

1972

1973

1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

E20

14E

2015

E

Hous

ing

Star

ts (

000'

s)

780

1,398

0

500

1,000

1,500

2012 Housing Starts 2010-15 Avg. Annual ProjectedHousehold Formations

Note: Shared / doubled up households contain at least one additional adult over 18, not enrolled in school, and not the householder’s spouse or unmarried partnerSource: U.S. Census Bureau, Current Population Survey, Annual Social and Economic Supplements

Historical Average Annual Household

Formations

Source: Housing starts from US Census Bureau (January 2013) and analyst estimates (January 2013)

Projected Single-Family Starts Are Significantly Lower Than Projected Household Demand

Market OverviewHousing Supply & Demand

Doubled Up Households Create Pent-Up Demand

Source: Housing starts from US Census Bureau (Jan. 2013); Household formations from Harvard Joint Center for Housing Studies, using High Immigration Series (Sep. 2010)

Total Current Housing Starts vs. Household Formations

6

22.8 23.2 23.0

23.5 23.5

24.3

25.0 25.2 25.6

26.2

28.1 28.1

22.0

23.0

24.0

25.0

26.0

27.0

28.0

29.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Shared Households

(In thousands)(In millions)

$2,136

$1,149

$500

$1,000

$1,500

$2,000

$2,500

2005 2012-Nov

Today’s fixed rate mortgage payments lead to greater financial stability

Escalating Rents Lead to Instability

Source: Rents from Axiometrics forecasts

Market OverviewRenting vs. Homeownership

Avg. Monthly Lennar Home Mortgage Payment

46%

Compares favorably to

rentals

Assumptions: (1) 30 year average rate of 6.3% (Nov. 2005), and 3.35% (Nov. 2012), per Freddie Mac;(2) Average Lennar home price of $345K at peak (Nov. 2005) and $261K (Nov. 2012)

Rental rates are projected

to grow 4% on average in

2013

7

(8.0%)

(6.0%)

(4.0%)

(2.0%)

0.0%

2.0%

4.0%

6.0%

3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

Effective Rent YoY Change

Tampa Market Example

Stabilize the cost of living with the purchase of a new home

Market OverviewRenting vs. Homeownership

Assumptions: (1) Based on approximately 1,400 sq. ft. apartment/home(2) Monthly homeownership based on 30 year FHA mortgage at 3.35%, ASP $143K(3) Tax deduction benefit based on 25% tax bracket

Does not include tax deduction benefit of

$123

8

$608

$395

$1,390

$1,003

$0

$500

$1,000

$1,500

Monthly Rent Monthly Homeownership(Lennar Home)

HOA, Mortgage & Property Insurance

and Taxes

Principal & Interest

28%

$1,390 $1,446

$1,503 $1,564

$1,626

$1,003 $1,003 $1,003 $1,003 $1,003

$750

$1,000

$1,250

$1,500

$1,750

Year 1 Year 2 Year 3 Year 4 Year 5 Year 1 Year 2 Year 3 Year 4 Year 5

Stabilize the cost of living with the purchase of a new home

Market OverviewRenting vs. Homeownership

Assumptions: (1) Based on approximately 1,400 sq. ft. apartment/home(2) Assumes 4% annual increase in monthly rent(3) Monthly homeownership based on 30 year FHA mortgage at 3.35%, ASP $143K

38%

--- 5 Yr Rental --- --- 5 Yr Homeownership ---

If interest rates rise 100 bps, the monthly

homeownership payment becomes $1,081.

Tampa Market Example – 5 Year Comparison

9

Market OverviewNew Home Inventory at Record Lows

Source: Census Bureau & Bloomberg, data as of December 2012Note: Existing Home Inventory data goes back only to June of 1982

New inventory has declined 74% from its peak in July 2006 and is just off its lowest level since 1963.

10

New & Existing Home Inventory

(In thousands) (In thousands)

570

1,600

1501,000

1,500

2,000

2,500

3,000

3,500

100

200

300

400

500

600

1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

New Home Inventory

SF Existing Home Inventory

175

Management Team Overview

11

Linda Reed (President, Title)

Jimmy Timmons(President, Mortgage)

Stuart MillerChief Executive Officer

30 yrs. Experience30 yrs. with Lennar

Jon JaffeChief Operating Officer

29 yrs. Experience29 yrs. with Lennar

Jeff KrasnoffCEO of Rialto

36 yrs. Experience26 yrs. with Lennar/LNR

Rick BeckwittPresident

30 yrs. Experience8 yrs. with Lennar

Regional Presidents: Rialto Team: FivePoint Team:Corporate Team:

Deep management team that continues to be invigorated by the business.

*FivePoint Communities is a Lennar consolidated joint venture

Management Team OverviewSeasoned & Consistent Management Team

Rob Hutton(Central Region)

Jeff Roos(West Region)

Fred Rothman(East Region)

Jay Mantz(President)

Cheryl Baizan(Chief Financial Officer)

Eric Feder(Vice Chairman)

Mark King(Head of Loan Workout)

Thekla Salzman(Chief Administrative Officer)

Anthony Seijas(Managing Director REO)

Lynn Jochim(Executive VP)

Graham Jones(Senior VP, Asset Management)

Tom Martin(VP, Planning & Product Dev.)

Arnie Nelson(VP, Land Development)

Michael White(Chief Financial Officer)

Diane Bessette (VP & Treasurer)

David Collins (Controller)

Erik Higgins(SR VP National Finance)

John Nygard(Chief Information Officer)

Mike Petrolino(VP Taxation)

Mark Sustana(General Counsel)

245 Associates 36 AssociatesFinancial Services Team:

Bruce GrossChief Financial Officer

29 yrs. Experience21 yrs. with Lennar

Emile HaddadPresident & CEO of FivePoint*

29 yrs. Experience25 yrs. with Lennar

12

11 Division Presidents

6 Division Presidents

12 Division Presidents

West Region

Central Region

East Region

Operations Review

13

Q4 2012 results continued to show high YoY quarterly improvements.

Operations ReviewFourth Quarter Results

14

Q4-12 Q4-11 YoY %Deliveries 4,443 3,375 32%

New Orders 3,983 3,027 32%

Backlog 4,053 2,171 87%

Revenues $1,349.9M $952.7M 42%

HB Gross Margin % 23.5% 19.4% 410 bps

HB SG&A % 11.3% 13.8% 250 bps

HB Operating Margin % 12.2% 5.6% 660 bps

HB Operating Earnings $106.0M $25.2M 320%

Financial Svcs. Operating Earnings $33.2M $9.1M 267%

Rialto Operating Earnings $4.6M $8.0M (43%)

Net Earnings $124.3M $30.3M 311%

($ in

mill

ions

)

As the housing market worsened, Lennar rebuilt profitability in all 3 business segments. Q4 2012 was Lennar’s 11th consecutive quarter of profitability.

Operations ReviewReturn to Profitability

15

$418 $545

$751

$946

$1,355

$594

($1,941)

($1,109)

($417)

$95 $92 $188

23,899 27,393

32,180 36,204

42,359

49,568

33,283

15,735

11,478 10,955 10,845 13,802

(50,000)

(40,000)

(30,000)

(20,000)

(10,000)

0

10,000

20,000

30,000

40,000

50,000

($2,000)

($1,500)

($1,000)

($500)

$0

$500

$1,000

$1,500

$2,000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012*

Deliveries

Net

Ear

ning

s (L

oss)

*Excludes $491.5 million of DTA reversal

20%22% 22%

23%24%

26%

20%

14%

17%16%

21% 21%23%

0%

5%

10%

15%

20%

25%

30%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

10% 10%11% 11% 11% 11%

12%14%

16% 16%14%

15%13%

0%

5%

10%

15%

20%

25%

30%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Operations ReviewFocus On Homebuilding Gross Margin & S,G&A

Gross Margin % S,G&A %

Note: pre-impairment GM %

Operating Margin %

Incremental Sales

Existing Communities

Note: Gross Margin % – S,G&A % may not = Operating Margin % due to roundingPre-impairment operating margin %

16

Substantial Operating Leverage

10%

12%11%

12%13%

15%

8%

0%1%

0%

7% 7%

11%

19%

0%

5%

10%

15%

20%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Investing in new opportunities with a micro-market focus

Right-sized overhead levels

Lennar has produced improved operating margins through targeted strategic initiatives.

Focused on construction cost reductions

Reinvigorated product strategy

Operations ReviewOperating Margin Drivers

17

~$60

~$41

$30

$40

$50

$60

Peak Current

Manufacturing process begins with plant meetings

Reduced floor plan offerings by 60% from peak

Value engineered and refined Everything’s Included product strategy

Centralized purchasing and A/P functions

Unbundled material and labor costs

Reduced cycle time from peak

Lennar has become a more efficient homebuilding manufacturer:

Operations ReviewFocused On Construction Cost Reductions

32%

Lennar Direct Cost Per Square Foot

18

Energy Efficiency + Technology = Winning combination!SCREAMING VALUE

Benefits

1. Market differentiation drives sales

2. Lower construction costs

3. Reduced cycle time

Operations ReviewReinvigorated & Innovative Product Strategy

RESEARCH

• Simplicity

• Great value

• New features

– “Green” emphasis

– Home automation

Customer Subcontractor

• Simplicity

• Efficient building process

Lennar’s NEXT GENSM Homes are designed to meet the needs of a growing number of Americans who are living with extended family: Multi-generational households – Adults living with

their elderly parents or grown children now exceed 51 million Americans, up from 28 million in 1980

350,000 Baby Boomers will be turning 65 every month over the next 18 years

NEXT GENSM Homes – THE HOME WITHIN A HOMESM

Today it could be a perfect home office, separate teen suite, or returning college student’s private pad…tomorrow it might be a separate living area for Grandma

19

14,045

4,699

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

Peak 2006 Q4 '12

$484

$130

$0

$100

$200

$300

$400

$500

$600

Peak 2006 Q4 '12

Associate Headcount

67%

Number of Divisions

77%

S,G&A (Quarterly)($ in millions)

73%

Operations ReviewRight-Sized Overhead Levels

20

124

29

0

20

40

60

80

100

120

140

Peak 2006 Q4 '12

New communities focused in the best micro-market locations: All of our new community purchases were underwritten using realistic market

conditions to yield gross margins and IRR’s exceeding 20%. Most of these deals are exceeding underwriting expectations.

Gross margins on new communities outperform the company average by ~200 bps.

Rialto’s banking relationships and bank portfolio negotiations provide our homebuilding divisions with the opportunity to purchase land at distressed prices.

Homesites Purchased

Operations ReviewNew Investment Opportunities

21

982 1,005

3,605 3,477 3,305 2,966

3,300

2,455 2,378 2,214

3,172 3,796

7,657

4,561

8,300

5,500

0

3,000

6,000

9,000

Q1'09

Q2'09

Q3'09

Q4'09

Q1'10

Q2'10

Q3'10

Q4'10

Q1'11

Q2'11

Q3'11

Q4'11

Q1'12

Q2'12

Q3'12

Q4'12

Investment in Rialto

$68

$243 $186

$61

Operations ReviewRialto Stages of Growth Established Rialto organization

Built experienced management team

Implemented systems

Perfected underwriting process

Built transparency

Lennar seeds initial investments with approximately $600M of capital

Expanding 3rd party capital base

Fee / incentive and investment earnings-based model

PPIP Investment is successfully completed and capital returned to Lennar

($ in millions)

Stage 1

Stage 2

Recycling & Returning Internal Capital and Raising External Capital2011 Beyond

Stage 3

Incubation2007 2009

Profitable Operating Machine2009 2011

PPIPQ4 09

FDICPortfolios

Q1 10

BankPortfolios

Q4 10

RialtoRE Fund

Q4 10

22

$186

$75$75

$243

Rialto Investments / CommitmentsTotal

Committed Capital$600

Lennar's Commitment

$75 As of Q4 2012, the Fund had invested the majority of its

capital.

RE Fund # 1

Total Committed

Capital$600

Lennar's Commitment

$75

RE Fund # 2

Total Committed

Capital $700

Marketing is

Underway

Balance Sheet Review

23

30%

35%

40%

45%

50%

55%

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Excludes noncontrolling interests  in appropriate periods

$1,322

$932

$686 $678

$1,100

$1,340 $1,215

$1,033 $1,155

$0

$300

$600

$900

$1,200

$1,500

$1,800

2004 2005 2006 2007 2008 2009 2010 2011 2012

Liquidity has been enhanced by the addition of our$525M* unsecured revolving credit facility.

($ in millions)

Balance Sheet ReviewAmple Liquidity

24

Homebuilding Cash Balances (1)

Homebuilding Debt to Total Capital Ratio

(1) Includes restricted cash* Includes accordion of $25 million as of November 2012

54.0%

$1,680*

At November 30, 2012*($ in millions, except conversion prices)

Balance Sheet ReviewBalanced Debt Maturities

25

6.50% Senior Notes

5.50%SeniorNotes

5.60%Senior Notes

5.95% Senior Notes

12.25% Senior Notes

6.95% Senior Notes

2.75%Convertible

Notes($22.13 conv.)2.00%

Convertible Notes

($27.64 conv.)

3.25%Convertible

Notes($23.50 conv.)

* Pro forma for January 30th debt offerings(1) Put/call option as dated(2) Includes accordion of $25 million as of November 2012

(1) (1) (1)

(2)

4.75% Senior Notes

4.75% Senior Notes

4.125% Senior Notes

Balance Sheet ReviewCapital Market Transactions (2009 – YTD13)

Lennar has carefully managed its leverage ratio through the downturn by retiring short-term debt maturities and replacing them

with longer-term debt and new equity to bolster its capital base.26

($ in millions)

$(1,625)

$1,850

$225

$1,123

($2,000)

($1,500)

($1,000)

($500)

$0

$500

$1,000

$1,500

$2,000

Retired Debt New Sr. Notes New Equity New Conv. Notes

• 2/16/12: Moody's upgrades Lennar; rating outlook remains positive

• 7/17/12: S&P upgrades Lennar’s outlook to positive

• 10/18/12: Moody’s upgrades Lennar; rating outlook remains stable

• 1/25/13: S&P upgrades Lennar; rating outlook remains stable

• 1/30/13: Moody’s upgrades Lennar; rating outlook remains stable

Conclusion

27

Conclusion

28

Housing recovery is underway

Pricing power from price increases and declining sales incentives

All segments profitable

Gaining market share from private homebuilders

Strong gross margins

Unique product strategy

Strong, liquid balance sheet with deleveraging in progress

Consistency with deep management team & large insider ownership

Well-positioned for housing recovery & Rialto is downside hedge

Attractive land purchases position us for continued high gross margins