South Florida TexasSouthern California

Raymond James 27th Annual Institutional Investors

ConferenceMarch 6, 2006

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Disclaimer Statement

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.

Macro Overview

California

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Upside Scenario – Large Public Upside Scenario – Large Public Homebuilders Are Positioned For Homebuilders Are Positioned For Continued SuccessContinued Success

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

Source: Joint Center for Housing Studies of Harvard University

Total homeowning households

Projected Projected

(millions)

5

Downside Scenario…Downside Scenario…

Rates rise

Economy falters Unemployment up

Affordability down

Demand weakens

Margins compressed

Source: National Association of Realtors

15%

16%

17%

19%

20%

21%

22%

23%

25%

1987 1989 1991 1993 1995 1997 1999 2001 2003 2005

Homeownership cost as a % of income

Source: National Association of Home Builders

3

4

5

6

7

8

9

10

11

12

1987 1989 1991 1993 1995 1997 1999 2001 2003 2005

Months’ supply of new homes

December

6

The Lennar Focus Positions Us To The Lennar Focus Positions Us To Succeed Under Either ScenarioSucceed 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

Balance Sheet

Return

On C

apital

Growth

“The Lennar Focus” Balance Sheet First

Colorado

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$200

$300$350

$250

$500

$344$282

$300

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2021

Balance Sheet First – Balance Sheet First – Low Leverage, High Liquidity, Diverse Capital Low Leverage, High Liquidity, Diverse Capital StructureStructure

Debt / Total Capital Liquidity*

* Cash plus availability under revolving credit lines

($ millions)

Q4 2005RepaymentSchedule

($ millions)

* Anticipated to convert by April 2006

5 1/ 8% Zero Cpn Convert *

L +50 FRN

7 5 /8%

Senior Notes

L + 75 FRN 5.95%

Senior Notes

5.50%Senior Notes

5.60%Senior Notes

5.13%Senior Notes

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Balance Sheet First –Balance Sheet First –Excellent Credit StatisticsExcellent Credit Statistics

13.7

4.0

12.0

6.1

6.2

10.2

7.8

1.01.11.21.51.82.51.9

0

2

4

6

8

10

12

14

16

1999 2000 2001 2002 2003 2004 2005

Interest Coverage*

HB Debt/EBIT

Rolling four quarters

* Interest coverage calculated as EBIT / Interest Incurred

“The Lennar Focus” Growth Strategy

Texas

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Lennar Land MachineLennar Land 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

Lennar Homebuilding MachineLennar Homebuilding Machine

Growth Strategy – Organic Growth Strategy – Organic Growth Controlled And Growth Controlled And PredictablePredictable

Just-in-Time

Finished Homesites

Both machines managed separately with an intense daily focus

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0

200

400

600

800

1,000

1,200

1,400

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

Growth Strategy – Organic Growth Growth Strategy – Organic Growth Augmented By Strategic Stepping Augmented By Strategic Stepping StonesStones

Net Earnings Annual National Housing Starts

Each new strategic step leads to an improved growth platform

Starts(millions)

Acquired Private Builders

AcquiredCalifornia Operations

AcquiredAmerifirstPortfolio

Repurchased 9.8million shares:

AcquiredU.S. Home

AcquiredTexas

Operations

Acquired Newhall

AcquiredRoseland

AcquiredGreystone;

Spun-Off LNR

Military Baseredevelopment

Net Earnings($ millions)

Source: National Association of Homebuilders

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Growth Strategy – AcquisitionsGrowth Strategy – AcquisitionsAccelerate Growth And Improve PerformanceAccelerate 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

“The Lennar Focus” Strong Return on Capital

Nevada

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Strong Return On Capital Strong Return On Capital Daily Focus On Asset Management Daily Focus On Asset Management

Strategic joint ventures

Controlling homesites via options

Land pare down strategy

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Strong Return On Capital Strong Return On Capital Asset Management Through Strategic Joint Asset Management Through Strategic Joint VenturesVentures

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)

Examples

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Strong Return On CapitalStrong Return On Capital Specific Expertise – Commercial ExampleSpecific 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

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Strong Return On Capital Strong Return On Capital Specific Expertise - Infill RedevelopmentSpecific 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

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Strong Return On Capital Strong Return On Capital JV With Other BuildersJV 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

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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

Strong Return On Capital Strong Return On Capital JV With Financial Partners - Military Base JV With Financial Partners - Military Base RedevelopmentRedevelopment

Heritage Fields – El Toro

Control over 11,000 homesites via military

base deals

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Strong Return On Capital Strong Return On Capital JV With Land Owner/Developers - Pare Down JV With Land Owner/Developers - Pare Down StrategyStrategy

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

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

($ thousands)

2005 2004 2003

Revenues 2,676,628$ 1,641,018$ 1,314,674$

Costs and expenses 2,020,470$ 1,199,243$ 938,981$

Net earnings of unconsolidated entities 656,158$ 441,775$ 375,693$

Our share of net earnings 241,631$ 148,868$ 148,914$

Our share of net earnings - recognized 133,814$ 90,739$ 81,937$

Our share of net earnings - deferred 107,817$ 58,129$ 66,977$

Our investment % in the unconsolidated entities 38.5% 47.7% 44.1%

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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

Strong Return On Capital – Strong Return On Capital – Asset Management Through OptionsAsset Management Through Options

Culture of Financial Discipline

San Diego

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Culture of Financial Discipline – Culture of Financial Discipline – Consistent Earnings Growth Consistent Earnings Growth

EBIT

CAGR 39%

($ millions)Total Revenues

CAGR 28%($ billions)

($ millions)

CAGR 41%

Net Earnings

CAGR 37%

Earnings Per Share*

* From continuing operations

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Financial Summary –Financial Summary – Generating High Returns On A Strong Balance Generating High Returns On A Strong Balance Sheet Sheet

Return On Net CapitalReturn On Equity(Beginning equity)

Dollar Value of Backlog

CAGR 46%

Stockholders’ Equity($ billions)

CAGR 34%

($ billions)

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Financial Summary –Financial Summary – We Have Positioned Ourselves To Achieve 2006 GoalsWe Have Positioned Ourselves To Achieve 2006 Goals

AnnouncedGoal

CAGR 33%

We Have Visibility

Fourth quarter 2005 record backlog of $6.9 billion

Production is scheduled to achieve 2006 goals

Earnings per share*

* From continuing operations

Conclusion

North Carolina

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Lennar’s Focus Continues To Be On Growth, Lennar’s Focus Continues To Be On Growth, Low Risk And Cash Flow GenerationLow 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