South Florida

1. South Florida Southern California Texas Raymond James 27th Annual Institutional Investors Conference March 6, 2006

2. This presentation includes "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include information and estimates for our 2006 fiscal year, representing our expectations regarding our business, operations and goals as of the date of our fourth quarter 2005 earnings release and conference call. We are not updating any forward-looking information or estimates at this time. 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 our Annual Report on Form 10-K for our most recently completed fiscal year and in our other filings with the Securities and Exchange Commission. We do not undertake any obligation or duty to update forward-looking statements and we will update estimates and other forward-looking information only by means of widely disseminated public disclosure. Disclaimer Statement

3. California Macro Overview

4. Upside Scenario – Large Public Homebuilders Are Positioned For Continued Success Total homeowning households • Demographics favor continued strong demand • Land supply is constrained • Strong balance sheet & liquidity drive expansion • Market diversification • Professional management teams • Competitive advantage – economies of scale (millions) Projected Projected Source: Joint Center for Housing Studies of Harvard University

5. Downside Scenario… Homeownership cost as a % of income • Rates rise • Economy falters • Unemployment up • Affordability down • Demand weakens • Margins compressed Source: National Association of Realtors Months’ supply of new homes December Source: National Association of Home Builders

6. The Lennar Focus Positions Us To Succeed Under Either Scenario • Strong balance sheet • Protects on the downside • Growth strategy • Homesites owned & controlled fuels growth on the upside • Return on capital • Daily asset management allows for quick response to changing environment Return On Capital Growth Balance Sheet

7. Colorado “The Lennar Focus” Balance Sheet First

8. Balance Sheet First – Low Leverage, High Liquidity, Diverse Capital Structure Liquidity* Debt / Total Capital ($ millions) * Cash plus availability under revolving credit lines Q4 2005 Repayment Schedule ($ millions) 5.60% Senior Notes L + 75 FRN 5 1/ 8% Zero Cpn Convert * 5.95% Senior Notes 5.13% Senior Notes 5.50% Senior Notes L +50 FRN 7 5 /8% Senior Notes * Anticipated to convert by April 2006

9. Balance Sheet First – Excellent Credit Statistics Rolling four quarters Interest Coverage* HB Debt/EBIT * Interest coverage calculated as EBIT / Interest Incurred

10. Texas “The Lennar Focus” Growth Strategy

11. Growth Strategy – Organic Growth Controlled And Predictable Lennar Land Machine Lennar Homebuilding Machine • Strategic land acquirer • Responsible for community count • Produce homesites on a just-in-time basis • ROC focus by structuring transactions and selling land to third parties • Purely a manufacturing model (no land to be managed) • Focused on production & product simplification • Purchasing is the hub driving functional performance • Homebuilding machine generates profits through manufacturing efficiencies Just-in-Time Finished Homesites Both machines managed separately with an intense daily focus

12. Growth Strategy –Organic Growth Augmented By Strategic Stepping Stones Net Earnings ($ millions) Starts (millions) Acquired Roseland Net Earnings Annual National Housing Starts Acquired Newhall Each new strategic step leads to an Military Base redevelopment improved growth platform Acquired Private Builders Repurchased 9.8 million shares: Acquired U.S. Home Acquired Greystone; Spun-Off LNR Acquired California Operations Acquired Amerifirst Portfolio Acquired Texas Operations Source: National Association of Homebuilders

13. Growth Strategy – Acquisitions Accelerate Growth And Improve Performance Acquired 17 private builders since 2000 • Bakersfield • Acquired small local builder in targeted new market • Retained local management expertise • Grew organically by leveraging Lennar’s operating efficiencies Bakersfield Homes Delivered

14. Nevada “The Lennar Focus” Strong Return on Capital

15. Strong Return On Capital Daily Focus On Asset Management • Strategic joint ventures • Controlling homesites via options • Land pare down strategy

16. Strong Return On Capital Asset Management Through Strategic Joint Ventures Examples • Strategic partners with specific expertise • JV with partner who brings specific expertise (e.g. commercial or infill experience) • Generally represents approximately 40% of JVs • JV with other builders • Joint bid on land parcels is a smarter way to purchase • Homesites allocated to each homebuilder • Generally represents approximately 20% of JVs • JV with financial partners • Partner brings capital • Lennar manages JV • Generally represents approximately 20% of JVs • JV with land owner/developers • Access to homesites owned or controlled by partner • Generally represents approximately 20% of JVs Newhall (Los Angeles) Roseland (New York– Boston) Windemere (San Ramon) El Toro (Irvine) Natomas (Sacramento)

17. Strong Return On Capital Specific Expertise – Commercial Example Newhall Ranch • JV with LNR • Master-planned community with over 20,000 approved homesites • Together with Valencia represents over 80% of approved residential property in Northern LA County

18. Strong Return On Capital Specific Expertise - Infill Redevelopment Roseland • Lennar acquired 15 properties located along the Hudson River waterfront facing mid-town Manhattan and in the greater Boston area • Agreement establishes Lennar as a major player in the Northeast Urban Redevelopment market • Roseland will manage construction of homes and Lennar will manage sales, marketing and homebuyer relations

19. Strong Return On Capital JV With Other Builders Windemere • JV with Centex and Brookfield • Located in San Ramon, CA – Northern California Bay Area the property is expected to yield approximately 5,170 homesites • Lennar is the managing partner and has a 33% ownership interest

20. Strong Return On Capital JV With Financial Partners - Military Base Redevelopment Heritage Fields – El Toro • Acquisition of approximately 3,723 acres in the heart of Orange County • Approved zoning for approximately 3,460 homesites • Venture with LNR as well as three capital members: • BlackAcre • Rockpoint • MSD Capital Control over 11,000 homesites via military base deals

21. Strong Return On Capital JV With Land Owner/Developers - Pare Down Strategy Natomas • Acquired approximately 9,300 homesites in Northern CA through a 50% JV with seller • Executed pare down with sales of approximately 4,000 homesites sold to third parties • Sold out, no homesites remaining to deliver • Generated approximately 39% IRR since inception

22. Joint Ventures Allow Us To Control Land While Maximizing Our Financial Flexibility

23. Strong Return On Capital – Asset Management Through Options • Opportunity to gain access to pipeline of homesites without being required to purchase homesites • Mitigate risks by ability to walk away or renegotiate in down market • Enhanced inventory turnover • Homesites purchased on a just-in-time basis • Seller benefits: • Consistency of cash flow • Tax planning • Escalator provides some financial return

24. San Diego Culture of Financial Discipline

25. Culture of Financial Discipline – Consistent Earnings Growth Total Revenues EBIT ($ billions) ($ millions) CAGR 28% CAGR 39% Net Earnings Earnings Per Share* ($ millions) CAGR 37% CAGR 41% *From continuing operations

26. Financial Summary – Generating High Returns On A Strong Balance Sheet Return On Equity Return On Net Capital (Beginning equity) Dollar Value of Backlog Stockholders’ Equity ($ billions) ($ billions) CAGR 46% CAGR 34%

27. Financial Summary – We Have Positioned Ourselves To Achieve 2006 Goals Earnings per share* We Have Visibility • Fourth quarter 2005 record backlog of $6.9 billion • Production is scheduled to achieve 2006 goals CAGR 33% Announced Goal * From continuing operations

28. North Carolina Conclusion

29. Lennar’s Focus Continues To Be On Growth, Low Risk And Cash Flow Generation Why Homebuilding? • Large homebuilders are well positioned to continue growth Why Lennar? • Strategic focus on balance sheet, growth and return on capital leads to consistent results Why Now? • Lennar is well positioned to continue its successful track record into the future