Lennar Corporation

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Lennar CorporationJ.P. Morgan Homebuilding ConferenceMay 18, 2017

Disclaimer StatementThis presentation includes "forward-looking statements," as that term is defined in the PrivateSecurities Litigation Reform Act of 1995. These forward-looking statements include statementsregarding our business, financial condition, results of operations, cash flows, strategies andprospects. You can identify forward-looking statements by the fact that these statements do notrelate strictly to historical or current matters.Rather, forward-looking statements relate toanticipated or expected events, activities, trends or results.Because forward-lookingstatements relate to matters that have not yet occurred, these statements are inherently subjectto risks and uncertainties. Many factors could cause our actual activities or results to differmaterially from the activities and results anticipated in forward-looking statements.Thesefactors include those described in our Securities and Exchange Commission filings, includingthose under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filedwith the Securities and Exchange Commission. We do not undertake any obligation to updateforward-looking statements, except as required by federal securities laws.2

Macro Overview

Macro Overview: Production deficit of homes, both for-sale and for-rentProj. Annual Housing Demand2,500Household Formations:Obsolescence:Second 3361,046309622284445 109471 116431 ProductionDeficit1,500813250Starts SFStarts MFPent-up Demand2017E2018E2019EConsideredHousing DepressionAnnualHousing eredNormal ProductionTotal Housing Starts (000's)1,7501,200 - 1,300200 - 400100 - 2001,500 - 1,9008459451,030 The marketovercorrected andhas been undersupplyinghousehold demandin both the for-saleas well as for-rentmarketsSource: Housing starts from US Census Bureau (April 2017) and analyst estimates (March 2017); Proj. household formations: Joint Center for Housing Studies of 1.2-1.3M (March 2014), Wells Fargo(January 2015), Freddie Mac (August 2014)Note: Excludes manufactured housing4

Macro Overview: Inventories are tight and affordability remains strongMonths Supply of New Residential Sales: Inventory remains tight1353 Year Average Months Supply: 6.1121110987655.243'63 '65 '67 '69 '71 '73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17Source: US Census BureauAffordability: Housing affordability remains above long-term averages22020035 Year Average Affordability: 97'99'01'03'05'07'09'11'13'15'17Source: National Association Realtors (NAR)Calculation: Median Family Income / Qualifying Income * 100Qualifying Income: Is the amount you would need to earn per year to afford a median priced SF home; if a maximum of only 25% of income could be designated to your mortgage payment5

Macro Overview: Millennial population will be a driver of growth An astonishing 60%of millennials inAmerica now eitherlive with parents,siblings, otherrelatives orroommates, an 115year high(1)U.S. Population Age 35-44 (000's)50,00048,000Key homebuyingdemographic beginsto decline46,000Key homebuyingdemographic is poisedto return to growthafter a 14-year ource: US Census Bureau. Population data in the International Data Base for 2016-2030 are based on the 2014 National Projections(1) Per analysis of US Census data by Trulia6

Strategic Overview

Strategic Overview: Deep and consistent management teamStuart MillerChief Executive Officer33 yrs. Experience33 yrs. with LennarBruce GrossEmile HaddadJon JaffeChief Operating OfficerJeff KrasnoffPresidentCEO of RialtoChief Financial OfficerChairman & CEO of FivePoint32 yrs. Experience10 yrs. with Lennar32 yrs. Experience32 yrs. with Lennar38 yrs. Experience29 yrs. with Lennar/LNR33 yrs. Experience25 yrs. with Lennar33 yrs. Experience28 yrs. with LennarMultifamilyRialtoFinancial ServicesFivePointTodd FarrellJay MantzJimmy TimmonsRick BeckwittHB Regional PresidentsRob HuttonCentral Regional President7 DivisionsGreg McGuffPacific NW Regional President4 DivisionsJeff RoosPresidentEd EasleyRegional President11 Division PresidentsPresidentEric FederVice ChairmanBrett ErsoffPresident, RMFTom FischerPresident, TitleCristina PardoVP, ControllerCOO & CIO, RMFCheryl BaizanFred RothmanChief Financial OfficerErik HigginsChief Financial OfficerMike AlvaradoVP & Chief Legal OfficerMike WhiteVP & TreasurerLynn JochimJohn HermanWestern Regional President8 DivisionsEastern Regional President14 DivisionsPresident, MortgageCorporateDiane BessetteVP & TreasurerDavid CollinsExecutive VPGreg McWilliamsSouth Regional PresidentKofi BonnerNorth Regional PresidentControllerCarl GarraffoChief HR OfficerKay HowardChief Marketing OfficerLaura LeteChief Information OfficerMike PetrolinoVP TaxationMark SustanaGeneral Counsel8

Strategic Overview: Diversified in Nation’s strongest housing marketsKeyHomebuilding Division9

Strategic Overview: SummaryOver many cycles, Lennar’s management team has crafted a playbook ofstrategies that flex as the cycle adjusts Moderate growth rate Soft pivot land strategy Focus on operational efficiencies Path to lower leverage Reversion to pure-play homebuilder10

Strategic Overview: Moderate growth rateAdjust growth rate throughout cycle based on land / strategic opportunities along withembedded risk from cycle duration Early cycle:— Aggressive growthGrowth RateCash FlowEarly cycle15-20% NegativeMid cycle7-10%Neutral to PositiveMature cycle3-5%Positive— Divisions get to critical mass Mid cycle:— Moderate growth— Less land acquisition needed and fewer newcommunities to open, focusing on best land— Less emphasis on hiring new marginalassociates, and focus on keeping best performers— Less pressure on subcontractors and focus on quality(less defects) rather than quantity Mature cycle:— Further reduce growthModeratinggrowthShortterm landPositivefree cashflowEfficientbalancesheet11

Strategic Overview: Soft pivot land strategyLandHeavyLandLighterLandLight Early cycle:— Purchase deeply discounted, long duration land Mid cycle:— Soft pivot to purchase shorter duration land Mature cycle:— Purchase options, adjust contract terms, and purchase short duration landfor just-in-time productionYears of land supply owned 162017E2018E2019E12

Strategic Overview: Focus on operational efficienciesSupport net margin with a lower growth rate by focusing on business efficiencies SG&A efficiencies— Transition to digital marketingSignificant SG&A reduction14.7%— Lower outside brokerage participation and12.6%commission rate— Targeted marketing leads to increasing10.6%conversions10.5%10.0%— Utilization of simplified technology systems9.4%2011 Construction t of 9.1-9.3% guidance provided by management— Streamline Everything’s Included platform— Even-flow production— Reduce floor plans— Reduce SKUs— Reduce model homes needed— Utilize new technologies to reduce materials waste and labor hoursAs land costs increase, operating efficiencies will lead to strong operating margins13

Strategic Overview: Path to lower leverageHB Debt / Capital54.0%50.2%49.1%47.1%39.4%20121) Stockholders’ Equity increasing:2) Generating positive cash flow:3) Significant reduction in interest costs:2013201420152016 Homebuilding generating profits from increased volumes and strong operating leverage Ancillary businesses pivoting from investing to harvesting phase Soft pivot land lighter strategy Moderate growth taking stress out of operations Focus on operational efficiencies June 1, 2017 maturity of 400 million @ 12.25% will significantly reduce interest costs14

Strategic Overview: Ancillary businesses transitioning from investing to harvesting phase Stand-alone platforms with maximum flexibility allowing for the creation of significant shareholder value Financial Services is closely linked to Homebuilding, and Multifamily closely mirrors the core business inmany ways, giving it flexibility to remain or separateMultifamilyFinancial Services Focused on originating mortgages to Lennarhomebuyers as well as 3rd parties Geographically diversified development pipeline, 8billion, located in top growth and gateway U.S. markets 10th largest national non-bank mortgage originator byretail sales volume Lennar Multifamily Venture manages 2.2 billion inequity commitments, focused on develop-hold portfolio Among the top national title agents and title insurers Utilizing warehouse lines of credit and immediatelyselling to private and public financial institutionsFully integrated development, construction, propertyand asset management platformFivePoint Exceptional land development and managementcompany Directly managing 40,000 homesites and 21 millionsquare feet of commercial real estate in some of themost desirable and land constrained markets in thecountry RialtoIPO completed on May 10, 2017 on the NYSEAsset Management: Focused on managing 3rd partycapital to generate superior, risk-adjusted returns oncommercial real estate opportunities— Asset light model, limited investment, managementfees & high returns ( 8B AUM) Mortgage Finance: Commercial mortgage originator ofClass A operating properties Independently financed with public debt and warehouselines of credit15

Strategic Overview: Reversion to pure-play as we move from investing to harvesting phaseIPOcompletedon 5/10/17LEN maintains 40% ownershipPositioned lity withMultifamilyHomebuilding &FinancialServicesCreating significant shareholder value16

WCI Communities Acquisition

WCI Communities Acquisition: OverviewOn February 10, 2017, Lennar closed on the acquisition of WCI Communities, a premier lifestylecommunity developer and luxury homebuilder of single and multi-family homes throughout Florida Terms of the deal:— 643 million, or 23.50 per share in cash, and assumption of WCI’s 250 million senior notes Value creation for shareholders:— Acquired 13,500 homesites of low-cost land in most of the highest growth, largest FL coastal markets,including 51 active communities and a pipeline of future communities that will produce strong gross margins— Reallocation of WCI and Lennar product and branding will maximize our returns. 1/3 of the communitiesthat we acquired will be converted to the Lennar brand— Utilizing our efficient operating platform and leveraging our purchasing power we expect will decrease directcosts by an estimated 8 - 12 psf or 200 - 300 bps on new starts once the re-bidding process is complete— Synergies associated with lowering G&A costs will have some up front costs, but we anticipate annualizedsavings of approximately 30 million beginning in late 2017— Capturing incremental profits through the rollout of our mortgage operations to WCIs homebuildingoperations and its Berkshire Hathaway Home Services operation Factors for 100% cash consideration, similar to a stock buyback:— Operating strategies of moderating growth and soft pivot, leading to strong profitability, provide us with theconfidence that we will continue to generate strong cash flow— WCI’s existing, proven, communities offset the need to purchase raw land at retail prices for future growth— We continue to believe the housing market is strong and will continue to improve for the foreseeable future— We believed our stock was undervalued given our strong core business and the maturity of our ancillaries18

Strong Balance Sheet

Strong Balance Sheet: Balanced debt maturity ladderAt February 28, 2017*( in millions)Ratings:Moody’s:S&P:Fitch:Ba1BBBB (1)CreditFacility 1,2344.50%4.50%12.25% 25% 500 400 250HB Cash4.50%(3)4.75%6.875%(2) 6544.125% 250 275Jun-18Dec-18Jun-19 600Nov-19 500Apr-21 600 650 575 500 400Jan-22Nov-22Dec-23Apr-24May-25* Pro forma for April 2017 debt issuance(1) Revolving credit facility commitment of 1.502 billion, less: 250 million drawn and 18 million LOCs outstanding at 2/28/17(2) WCI 250 million senior notes have a redemption price at August 15, 2017 of 103.438%(3) 650 million debt issuance in April 201720


Focused on being a pure-play HB, generating positive cash flow and investable through the cycleBuydiscountedland Soft pivot toshorterdurationretail landInvestablethroughthe Pay downdebtGeneratesignificantcash flow22

28 yrs. with Lennar Todd Farrell President Ed Easley Regional President 11 Division Presidents Rob Hutton Central Regional President 7 Divisions Greg McGuff Pacific NW Regional President 4 Divisions Jeff Roos Western Regional President 8 Divisions Fred Rothman Eastern Regional President 14