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305-485-2038 - Phone
305-229-6452 - Fax
Allison.Bober@lennar.com

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Marshall Ames
700 N.W 107th Avenue
Miami, Florida 33172
800-741-4663 - Phone
305-228-8383 - Fax
marshall.ames@lennar.com

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Lennar Reports Third Quarter Results
MIAMI, Sept. 23 /PRNewswire-FirstCall/ --
    -- Revenues of $1.1 billion - down 53% 
-- Loss per share of $0.56 (includes a $0.53 per share charge related to valuation adjustments and other write-offs) -- Gross margin on home sales: -- 18.0% (excluding SFAS 144 valuation adjustments of $32.3 million) - up 400 basis points -- 14.8% (including SFAS 144 valuation adjustments) - up 1,480 basis points -- Operating margin on home sales: -- 2.3% (excluding SFAS 144 valuation adjustments) - up 230 basis points -- -0.9% (including SFAS 144 valuation adjustments) - up 1,310 basis points -- Selling, general and administrative expenses reduced by $148.0 million - down 49% -- Homebuilding cash of $857.1 million as of August 31, 2008 -- No outstanding borrowings under the Company's credit facility as of August 31, 2008 -- Homebuilding debt to total capital of 40.5% (net homebuilding debt to total capital of 30.2%) -- Maximum recourse indebtedness related to the Company's unconsolidated entities of $630.0 million - reduced by $1.1 billion, or 64%, since its peak at November 30, 2006 -- Deliveries of 3,791 homes - down 50% -- New orders of 3,387 homes - down 42%; cancellation rate of 27% -- Backlog dollar value of $1.0 billion - down 53%

Lennar Corporation (NYSE: LEN and LEN.B), one of the nation's largest homebuilders, today reported results for its third quarter ended August 31, 2008. Third quarter net loss in 2008 was $89.0 million, or $0.56 per diluted share, compared to third quarter net loss of $513.9 million, or $3.25 per diluted share, in 2007.

Stuart Miller, President and Chief Executive Officer of Lennar Corporation, said, "While we expected the housing market to remain constrained throughout the third quarter, the weakness in the market actually accelerated as a result of increased foreclosures, weakened consumer confidence and tightened mortgage lending standards. Although the Federal government has recognized that stabilizing the housing market is critical to solving the current credit crisis, the government has yet to act meaningfully to help stabilize home prices. While we were encouraged that Congress passed the July housing stimulus bill as a first step, additional government actions will be necessary to help facilitate housing market stabilization, which in turn will help stabilize the financial markets as well."

Mr. Miller continued, "While the housing market continues to search for a bottom, we have been making significant progress to improve our basic operations. We continued to focus on the execution of an efficient homebuilding model through the repositioning of our product to meet today's consumer demand and by aggressively reducing our construction costs. This focus resulted in our third quarter, pre-impairment gross margin percentage improvement of 400 basis points year-over-year to 18.0%. As a result of a steeper decline in revenues than we anticipated, we did not achieve a reduction in S,G&A expenses as a percentage of revenue from the second quarter. However, we did continue to make significant progress towards our goal of right-sizing our business by cutting our selling, general and administrative expenses by approximately one-half, compared to a year ago. We have taken further actions during the quarter, including consolidating divisions, which should enable us to achieve a significant improvement in our S,G&A percentage going forward."

"We ended our third quarter with $857 million in cash and no outstanding borrowings under our credit facility, while we reduced our maximum unconsolidated joint venture recourse debt to $630 million, a decrease of 22% from the end of our second quarter."

Mr. Miller concluded, "As we enter the fourth quarter of 2008, we remain well positioned with a strong balance sheet and properly scaled operations to navigate the current market as a leaner and more efficient homebuilder."

                             RESULTS OF OPERATIONS

                 THREE MONTHS ENDED AUGUST 31, 2008 COMPARED TO
                       THREE MONTHS ENDED AUGUST 31, 2007

    Homebuilding

Revenues from home sales decreased 54% in the third quarter of 2008 to $995.7 million from $2.2 billion in 2007. Revenues were lower primarily due to a 49% decrease in the number of home deliveries and a 9% decrease in the average sales price of homes delivered in 2008. New home deliveries, excluding unconsolidated entities, decreased to 3,694 homes in the third quarter of 2008 from 7,266 homes last year. In the third quarter of 2008, new home deliveries were lower in each of the Company's homebuilding segments and Homebuilding Other, compared to 2007. The average sales price of homes delivered decreased to $270,000 in the third quarter of 2008 from $296,000 in the same period last year, due to reduced pricing. Sales incentives offered to homebuyers were $45,900 and $46,000 per home delivered, respectively, in the third quarter of 2008 and 2007.

Gross margins on home sales excluding SFAS 144 valuation adjustments were $179.4 million, or 18.0%, in the third quarter of 2008, compared to $304.1 million, or 14.0%, in the third quarter of 2007. Gross margin percentage on home sales, excluding SFAS 144 valuation adjustments, improved compared to last year, primarily due to the Company's lower inventory basis and continued focus on repositioning its product and reducing construction costs. The largest gross margin percentage improvement was experienced in the Company's Homebuilding East segment. Gross margins on home sales were $147.1 million, or 14.8%, in the third quarter of 2008, which included $32.3 million of SFAS 144 valuation adjustments, compared to gross margins on home sales of $1.0 million, or 0.0%, in the third quarter of 2007, which included $303.1 million of SFAS 144 valuation adjustments. Gross margins on home sales excluding SFAS 144 valuation adjustments is a non-GAAP financial measure disclosed by certain of the Company's competitors and has been presented because the Company finds it useful in evaluating its performance and believes that it helps readers of the Company's financial statements compare its operations with those of its competitors.

Selling, general and administrative expenses were reduced by $148.0 million, or 49%, in the third quarter of 2008, compared to the same period last year, primarily due to reductions in associate headcount, variable selling expense and fixed costs. As a percentage of revenues from home sales, selling, general and administrative expenses increased to 15.7% in the third quarter of 2008, from 14.0% in 2007, which was due to lower revenues.

Losses on land sales totaled $28.8 million in the third quarter of 2008, which included $21.4 million of SFAS 144 valuation adjustments and $10.9 million of write-offs of deposits and pre-acquisition costs related to approximately 900 homesites under option that the Company does not intend to purchase. In the third quarter of 2007, losses on land sales totaled $344.7 million, which included $114.6 million of SFAS 144 valuation adjustments and $242.5 million of write-offs of deposits and pre-acquisition costs related to approximately 15,000 homesites that were under option.

Equity in loss from unconsolidated entities was $11.0 million in the third quarter of 2008, which included $2.9 million of SFAS 144 valuation adjustments related to assets of unconsolidated entities in which the Company has investments, compared to equity in loss from unconsolidated entities of $127.4 million in the third quarter of 2007, which included $138.7 million of SFAS 144 valuation adjustments related to assets of unconsolidated entities in which the Company has investments.

Management fees and other expense, net, totaled $52.2 million in the third quarter of 2008, which included $40.0 million of APB 18 valuation adjustments to the Company's investments in unconsolidated entities and $5.6 million of write-offs of notes receivable, compared to management fees and other expense, net, of $10.5 million in the third quarter of 2007, which included $32.1 million of APB 18 valuation adjustments to the Company's investments in unconsolidated entities and $16.5 million of goodwill write-offs, partially offset by the recognition of $24.7 million of profit deferred at the time of the recapitalization of the LandSource joint venture.

Minority interest income (expense), net was $9.0 million in the third quarter of 2008, which included $7.9 million of minority interest income as a result of a $15.9 million SFAS 144 valuation adjustment to inventory of a 50%-owned consolidated joint venture, compared to minority interest income (expense), net of ($1.8) million in the third quarter of 2007.

Sales of land, equity in loss from unconsolidated entities, management fees and other expense, net and minority interest income (expense), net may vary significantly from period to period depending on the timing of land sales and other transactions entered into by the Company and unconsolidated entities in which it has investments.

Financial Services

Operating loss for the Financial Services segment was $12.9 million in the third quarter of 2008, compared to an operating loss of $5.2 million in the same period last year. The operating loss was due to a $27.2 million write-off of goodwill related to the segment's mortgage operations. This loss was partially offset by increased profitability in the mortgage operations primarily due to higher profits per loan resulting from an increase in FHA loans. There were $9.3 million in write-offs of land seller notes receivable in third quarter of 2007, compared to no write-offs of land seller notes receivable in the third quarter of 2008.

Corporate General and Administrative Expenses

Corporate general and administrative expenses were reduced by $10.7 million, or 24%, in the third quarter of 2008, compared to the same period last year. As a percentage of total revenues, corporate general and administrative expenses increased to 3.1% in the third quarter of 2008, from 1.9% in 2007, due to lower revenues.


                    NINE MONTHS ENDED AUGUST 31, 2008 COMPARED TO
                           NINE MONTHS ENDED AUGUST 31, 2007

    Homebuilding

Revenues from home sales decreased 60% in the nine months ended August 31, 2008 to $3.0 billion from $7.5 billion in 2007. Revenues were lower primarily due to a 56% decrease in the number of home deliveries and an 8% decrease in the average sales price of homes delivered in 2008. New home deliveries, excluding unconsolidated entities, decreased to 10,860 homes in the nine months ended August 31, 2008 from 24,772 homes last year. In the nine months ended August 31, 2008, new home deliveries were lower in each of the Company's homebuilding segments and Homebuilding Other, compared to 2007. The average sales price of homes delivered decreased to $274,000 in the nine months ended August 31, 2008 from $299,000 in 2007, due to reduced pricing. Sales incentives offered to homebuyers were $47,500 per home delivered in the nine months ended August 31, 2008, compared to $45,000 per home delivered in the same period last year.

Gross margins on home sales excluding SFAS 144 valuation adjustments were $504.3 million, or 17.0%, in the nine months ended August 31, 2008, compared to $1.1 billion, or 14.4%, in the third quarter of 2007. Gross margin percentage on home sales, excluding SFAS 144 valuation adjustments, improved compared to last year primarily due to the Company's lower inventory basis and continued focus on repositioning its product and reducing construction costs. The largest gross margin percentage improvement was experienced in the Company's Homebuilding East segment. Gross margins on home sales were $372.2 million, or 12.5%, in the nine months ended August 31, 2008, which included $132.1 million of SFAS 144 valuation adjustments, compared to gross margins on home sales of $555.1 million, or 7.4%, in the nine months ended August 31, 2007, which included $523.0 million of SFAS 144 valuation adjustments.

Selling, general and administrative expenses were reduced by $581.3 million, or 54%, in the nine months ended August 31, 2008, compared to the same period last year, primarily due to reductions in associate headcount, variable selling expense and fixed costs. As a percentage of revenues from home sales, selling, general and administrative expenses increased to 16.5% in the nine months ended August 31, 2008, from 14.3% in 2007, which was due to lower revenues.

Losses on land sales totaled $60.7 million in the nine months ended August 31, 2008, which included $39.0 million of SFAS 144 valuation adjustments and $34.3 million of write-offs of deposits and pre-acquisition costs related to approximately 5,500 homesites under option that the Company does not intend to purchase. In the nine months ended August 31, 2007, losses on land sales totaled $480.0 million, which included $197.2 million of SFAS 144 valuation adjustments and $312.4 million of write-offs of deposits and pre-acquisition costs related to approximately 24,400 homesites that were under option.

Equity in loss from unconsolidated entities was $52.9 million in the nine months ended August 31, 2008, which included $29.9 million of SFAS 144 valuation adjustments related to assets of unconsolidated entities in which the Company has investments, compared to equity in loss from unconsolidated entities of $168.1 million in the nine months ended August 31, 2007, which included $172.7 million of SFAS 144 valuation adjustments related to assets of unconsolidated entities in which the Company has investments.

Management fees and other expense, net totaled $121.9 million in the nine months ended August 31, 2008, which included $116.5 million of APB 18 valuation adjustments to the Company's investments in unconsolidated entities and $5.6 million of write-offs of notes receivable, compared to management fees and other expense, net of $9.5 million in the nine months ended August 31, 2007, which included $46.4 million of APB 18 valuation adjustments to the Company's investments in unconsolidated entities and $16.5 million of goodwill write-offs, partially offset by the recognition of $24.7 million of profit deferred at the time of the recapitalization of the LandSource joint venture.

Minority interest income (expense), net was $9.0 million in the nine months ended August 31, 2008, which included $7.9 million of minority interest income as a result of a $15.9 million SFAS 144 valuation adjustment to inventory of a 50%-owned consolidated joint venture, compared to minority interest income (expense), net of ($3.2) million in the nine months ended August 31, 2007.

Sales of land, equity in loss from unconsolidated entities, management fees and other expense, net and minority interest income (expense), net may vary significantly from period to period depending on the timing of land sales and other transactions entered into by the Company and unconsolidated entities in which it has investments.

Financial Services

Operating loss for the Financial Services segment was $25.6 million in the nine months ended August 31, 2008, compared to operating earnings of $24.8 million in the same period last year. The decline in profitability was primarily due to a goodwill write-off of $27.2 million related to the segment's mortgage operations and lower transactions in the segment's title and mortgage operations, compared to last year as a result of the overall weakness in the housing market. There were $27.9 million in write-offs of land seller notes receivables during the nine months ended August 31, 2007, compared to no write-offs of land seller notes receivables during the nine months ended August 31, 2008.

Corporate General and Administrative Expenses

Corporate general and administrative expenses were reduced by $39.0 million, or 28%, for the nine months ended August 31, 2008, compared to 2007. As a percentage of total revenues, corporate general and administrative expenses increased to 3.0% in the nine months ended August 31, 2008, from 1.7% in the same period last year, due to lower revenues.

Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. The Company builds affordable, move-up and retirement homes primarily under the Lennar brand name. Lennar's Financial Services segment provides primarily mortgage financing, title insurance and closing services for both buyers of the Company's homes and others. Previous press releases and further information about the Company may be obtained at the "Investor Relations" section of the Company's website, www.lennar.com

Some of the statements in this press release are "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding our business, financial condition, results of operations, cash flows, strategies and prospects. You can identify forward-looking statements by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Many factors could cause our actual activities 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 Item 1A of our Annual Report on Form 10-K for our fiscal year ended November 30, 2007. We do not undertake any obligation to update forward-looking statements, except as required by Federal securities laws.

A conference call to discuss the Company's third quarter earnings will be held at 11:00 a.m. Eastern time on Tuesday, September 23, 2008. The call will be broadcast live on the Internet and can be accessed through the Company's website at www.lennar.com. If you are unable to participate in the conference call, the call will be archived at www.lennar.com for 90 days. A replay of the conference call will also be available later that day by calling 402-998-1175 and entering 5932669 as the confirmation number.



                      LENNAR CORPORATION AND SUBSIDIARIES

                  Selected Revenues and Operational Information
                     (In thousands, except per share amounts)
                                   (unaudited)


                                   Three Months Ended      Nine Months Ended
                                       August 31,             August 31,
                                     2008       2007       2008       2007

    Revenues:
      Homebuilding               $1,016,156  2,229,188  3,056,476   7,634,168
      Financial services             90,384    112,665    240,893     375,708
        Total revenues           $1,106,540  2,341,853  3,297,369   8,009,876

    Homebuilding operating loss  $  (92,194)  (787,698)  (342,558)   (999,388)
    Financial services operating
     earnings (loss)                (12,861)    (5,245)   (25,567)     24,834
    Corporate general and
     administrative expenses        (34,047)   (44,700)   (98,453)   (137,436)
    Loss before benefit for
     income taxes                  (139,102)  (837,643)  (466,578) (1,111,990)
    Benefit for income taxes         50,138    323,791    168,482     422,556

    Net loss                     $  (88,964)  (513,852)  (298,096)   (689,434)

    Basic and diluted average
     shares outstanding             158,499    157,973    158,350     157,600

    Basic and diluted loss per
     share                       $    (0.56)     (3.25)     (1.88)      (4.37)

    Supplemental information:
      Interest incurred (1)      $   36,049     45,191    110,717     157,460
      EBIT before valuation
       adjustments and write-offs
       of option deposits and
       pre-acquisition costs,
       goodwill and notes
       receivable (2):
      Loss before benefit for
       income taxes              $ (139,102)  (837,643)  (466,578) (1,111,990)
      Interest expense               27,632     40,299     97,986     155,659
      Valuation adjustments and
       write-offs of option
       deposits and
       pre-acquisition costs,
       goodwill and notes
       receivable                   132,280    856,758    376,611   1,296,101
        EBIT before valuation
         adjustments and write-
         offs of option deposits
         and pre-acquisition
         costs, goodwill and
         notes receivable        $   20,810     59,414      8,019     339,770

    (1) Amount represents interest incurred related to homebuilding debt,
        which is primarily capitalized to inventories and relieved as cost of
        sales when homes are delivered or land is sold.
    (2) EBIT before valuation adjustments and write-offs of option deposits
        and pre-acquisition costs, goodwill and notes receivable is a non-GAAP
        financial measure derived by adding back interest expense, valuation
        adjustments and write-offs of option deposits and pre-acquisition
        costs, goodwill and notes receivable reflected in loss before benefit
        for income taxes.  This financial measure has been presented because
        the Company finds it useful in evaluating its performance and believes
        that it helps readers of the Company's financial statements compare
        its operations with those of its competitors.



                       LENNAR CORPORATION AND SUBSIDIARIES

                             Homebuilding Information
                                  (In thousands)
                                   (unaudited)

                                     Three Months Ended    Nine Months Ended
                                          August 31,            August 31,
                                       2008       2007       2008       2007

    Revenues:
      Sales of homes              $  995,731  2,169,443  2,967,651  7,479,322
      Sales of land                   20,425     59,745     88,825    154,846
        Total revenues             1,016,156  2,229,188  3,056,476  7,634,168

    Costs and expenses:
      Cost of homes sold             848,609  2,168,446  2,595,468  6,924,224
      Cost of land sold               49,273    404,444    149,526    634,808
      Selling, general and
       administrative                156,298    304,254    488,288  1,069,575
        Total costs and expenses   1,054,180  2,877,144  3,233,282  8,628,607

    Gain on recapitalization of
     unconsolidated entity               -          -          -      175,879
    Equity in loss from
     unconsolidated entities         (10,958)  (127,409)   (52,857)  (168,137)
    Management fees and other
     expense, net                    (52,228)   (10,511)  (121,895)    (9,501)
    Minority interest income
     (expense), net                    9,016     (1,822)     9,000     (3,190)
    Operating loss                $  (92,194)  (787,698)  (342,558)  (999,388)



                       LENNAR CORPORATION AND SUBSIDIARIES

                       Valuation Adjustments and Write-offs
                                  (In thousands)
                                   (unaudited)

                                       Three Months Ended   Nine Months Ended
                                            August 31,         August 31,
                                          2008     2007     2008       2007
    SFAS 144 valuation adjustments to
     finished homes, CIP and land on
     which the Company intends to
     build homes:
      East                              $  8,685   92,542   50,967    211,950
      Central                              2,740   35,645   21,901     63,112
      West                                18,900  149,893   48,960    216,071
      Other                                1,959   25,056   10,305     31,899
        Total                             32,284  303,136  132,133    523,032
    SFAS 144 valuation adjustments to
     land the Company intends to sell
     or has sold to third parties:
      East (1)                            11,333   32,228   13,840     72,306
      Central                              1,201   16,334   10,879     19,044
      West                                   622   41,242    5,437     64,041
      Other                                  292   24,755      893     41,827
        Total                             13,448  114,559   31,049    197,218
    Write-offs of option deposits and
     pre-acquisition costs:
      East                                   832   44,553   11,010     74,331
      Central                              1,706   38,205    6,581     49,413
      West                                 5,866  139,719   10,073    164,459
      Other                                2,458   20,037    6,636     24,182
        Total                             10,862  242,514   34,300    312,385
    Company's share of SFAS 144
     valuation adjustments related
     to assets of unconsolidated
     entities:
      East                                     -    3,178    7,241      7,011
      Central                                  -    9,445      158     10,588
      West                                 2,919  126,062   21,870    155,113
      Other                                    -        -      597          -
        Total                              2,919  138,685   29,866    172,712
    APB 18 valuation adjustments to
     investments in unconsolidated
     entities:
      East                                10,076   19,850   20,171     26,719
      Central                                  -    5,752      421      5,752
      West                                16,647    2,990   82,593     10,396
      Other                               13,272    3,505   13,306      3,505
        Total                             39,995   32,097  116,491     46,372
    Write-offs of notes receivable:
      West                                 1,000        -    1,000          -
      Other                                4,596        -    4,596          -
        Total                              5,596        -    5,596          -
    Goodwill impairments:
      Central                                  -    2,828        -      2,828
      Other                                    -   13,669        -     13,669
        Total                                  -   16,497        -     16,497
    Financial services write-offs of
     notes receivable                          -    9,270        -     27,885
    Financial services goodwill
     impairment                           27,176        -   27,176          -
          Total valuation adjustments
           and write-offs of option
           deposits and pre-acquisitions
           costs, goodwill and notes
           receivable                  $ 132,280  856,758  376,611  1,296,101

    (1) For the three and nine months ended August 31, 2008, SFAS 144
        valuation adjustments to land the Company intends to sell or has sold
        to third parties has been reduced by $7.9 million of minority interest
        income recorded as a result of a $15.9 million SFAS 144 valuation
        adjustment to inventory of a 50% - owned consolidated joint venture.



                       LENNAR CORPORATION AND SUBSIDIARIES

                  Summary of Deliveries, New Orders and Backlog
                              (Dollars in thousands)
                                   (unaudited)

                                                              At or for the
                                    Three Months Ended      Nine Months Ended
                                         August 31,             August 31,
                                       2008       2007        2008       2007

    Deliveries:
      East                            1,197      2,089       3,440      7,753
      Central                         1,319      2,739       3,782      9,137
      West                              885      2,043       2,874      6,884
      Other                             390        765       1,121      2,465
        Total                         3,791      7,636      11,217     26,239

    Of the total deliveries listed above, 97 and 357, respectively, represent
    deliveries from unconsolidated entities for the three and nine months
    ended August 31, 2008, compared to 370 and 1,467 deliveries in the same
    periods last year.


    New Orders:
      East                              944      1,552       3,190      6,295
      Central                         1,241      2,064       3,778      7,073
      West                              870      1,591       2,762      5,347
      Other                             332        597       1,098      2,277
        Total                         3,387      5,804      10,828     20,992

    Of the total new orders listed above, 50 and 212, respectively, represent
    new orders from unconsolidated entities for the three and nine months
    ended August 31, 2008, compared to 232 and 968 new orders in the same
    periods last year.


    Backlog - Homes:
      East                                                   1,541      2,687
      Central                                                  870      1,534
      West                                                     770      1,454
      Other                                                    373        692
        Total                                                3,554      6,367

    Of the total homes in backlog listed above, 132 represents homes in
    backlog from unconsolidated entities at August 31, 2008, compared to 550
    homes in backlog at August 31, 2007.


    Backlog - Dollar Value:
      East                                              $  416,889    922,909
      Central                                              187,789    340,236
      West                                                 306,975    686,393
      Other                                                136,031    276,510
        Total                                           $1,047,684  2,226,048

    Of the total dollar value of homes in backlog listed above, $66,768
    represents the backlog dollar value from unconsolidated entities at August
    31, 2008, compared to $268,698 of backlog dollar value at August 31, 2007.

    Lennar's reportable homebuilding segments and homebuilding other consist
    of homebuilding divisions located in the following states:

    East:    Florida, Maryland, New Jersey and Virginia
    Central: Arizona, Colorado and Texas
    West:    California and Nevada
    Other:   Illinois, Minnesota, New York, North Carolina and South Carolina



                       LENNAR CORPORATION AND SUBSIDIARIES

                                Supplemental Data
                             (Dollars in thousands)
                                   (unaudited)

                                                         August 31,
                                                    2008             2007

      Homebuilding debt                         $2,338,697        2,571,291
      Stockholders' equity                       3,431,898        5,097,259
         Total capital                          $5,770,595        7,668,550
      Homebuilding debt to total capital              40.5%            33.5%

      Homebuilding debt                         $2,338,697        2,571,291
      Less: Homebuilding cash                      857,050          128,049
         Net homebuilding debt                  $1,481,647        2,443,242
      Net homebuilding debt to total capital (1)      30.2%            32.4%

    (1) Net homebuilding debt to total capital consists of net homebuilding
        debt (homebuilding debt less homebuilding cash) divided by total
        capital (net homebuilding debt plus stockholders' equity).

SOURCE Lennar Corporation

CONTACT:
Scott Shipley
Investor Relations
Lennar Corporation
+1-305-485-2054

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