2020

Lennar OverviewSecond Quarter 2020

This presentation includes “forward-looking statements,” as that term is defined in the Private SecuritiesLitigation 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 areinherently subject to risks and uncertainties. Many factors could cause our actual activities or results to differmaterially from the activities and results anticipated in forward-looking statements. These factors include thosedescribed in our Securities and Exchange Commission filings, including those under the caption “RiskFactors” in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with theSecurities and Exchange Commission. We do not undertake any obligation to update forward-lookingstatements, except as required by federal securities laws.

This presentation includes macro-economic and market share information that was obtained fromindependent sources. While we believe those sources are reliable and we have no reason to think that theinformation we have included in not accurate, we were not involved in developing the information that wasobtained from independent sources, and do not have the ability to confirm its accuracy. Therefore, we cannotbe responsible for the accuracy of information we obtained from independent sources.

Forward-Looking Statements

2

On balance, as strong as pre-crisis and any peer

Macro Overview

4

Source: Housing starts from US Census Bureau (March 2020) and analyst estimates (June 2020); Proj. household formations: Joint Center for Housing Studies of 1.2M 2018-28 (June 2019), Moody’s Mark Zandi 1.6M needed vs. 1.3M supplied (March 2018)Note: Excludes manufactured housing

Macro Overview: Production deficit of homes, both for-sale and for-rent

813

1,15

1 1,30

9 1,

132

888

892

1,16

2 1,

451

1,43

3 1,

194

852

705

663

1,06

8 1,

084

1,07

2 1,

180

1,14

6 1,

081

1,00

3 89

5 84

0 1,03

0 1,

126

1,19

8 1,

076

1,16

1 1,

134 1,27

1 1,

303

1,23

1 1,

273

1,35

9 1,49

9 1,

611

1,71

6 1,

465

1,04

6 62

2 44

5 47

1 43

1 535 61

8 64

8 715 78

2 849

876

888

895

910 970

621

901

1,04

7 91

3 45

0 26

8 37

5 53

6 58

7 55

1 44

0 37

9 40

0 63

6 665

669 62

6 47

4 40

7 37

3 29

8 17

4 17

0 16

2 25

9 27

8 31

6 34

0 34

6 339

338 33

0 34

7 34

9 34

5 35

2 33

6 30

9 28

4 10

9 116

178

245

307 35

5 397 39

2 354 37

4 402

365

340 31

0

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2,500

'70

'71

'72

'73

'74

'75

'76

'77

'78

'79

'80

'81

'82

'83

'84

'85

'86

'87

'88

'89

'90

'91

'92

'93

'94

'95

'96

'97

'98

'99

'00

'01

'02

'03

'04

'05

'06

'07

'08

'09

'10

'11

'12

'13

'14

'15

'16

'17

'18

'19

'20P

'21P

'22P

Tota

l Hou

sing

Star

ts (

000'

s)

Starts SF Starts MF Pent-up Demand

Production Deficit

Normal Production

Housing Depression

AnnualHousing Demand

Proj. Annual Housing Demand (000's)Household Formations 1,200 - 1,300Obsolescence 200 - 400Second Homes 100 - 200

1,500 - 1,900

Millennial generation driving significant increase in peak household formation years (Ages 35-44)

Macro Overview: Demographic trends and inventory levels

5

Months supply of new residential sales remains below long-term averages

Source: U.S. Bureau of the Census

Source: U.S. Bureau of the Census and U.S. Department of Housing and Urban Development, latest reading as of May 2020

5.6

3456789

10111213

'70 '72 '74 '76 '78 '80 '82 '84 '86 '88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20

50 Year Average Months Supply: 6.2

36,000

38,000

40,000

42,000

44,000

46,000

48,000

50,000

'90 '92 '94 96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 '22 '24 '26 '28 '30

U.S.

Pop

ulat

ion

Age

35-

44 (

thou

sand

s)

Macro Overview: COVID placing a spotlight on the home

6

Fears from COVID a driver for new home purchases in the suburbs near-term Home = safety, office, children’s school, gym Urban density vs suburban living Predicting moving trends due to COVID:

o Buyers will emerge from isolation looking for a housing upgrade. While COVID-related job losses may render roughly 10% of households financially unable to trade-up, we think that nearly everyone else will have a renewed desire to improve their nest. – Evercore ISI

o We believe it is possible that people will rethink where they choose to live and frankly the proximity of their living space to others. This should expedite the transition of the Millennial generation and other potential first-time homebuyers into suburban, entry-level, single-family homes and Baby Boomers into move-down homes away from metros. – Bank of America

o “When Workers Can Live Anywhere, Many Ask: Why Do I Live Here? - Coronavirus prompts Americans to reassess the need to reside near hot job markets” – WSJ

Longer-term trends will continue to support the industry well after a vaccine is available Prior to COVID the Millennial generation was already making the move from dense

cities to the suburbs as they were getting married and having children. This has accelerated that existing trend.

Companies and associates who previously were focused on creating collaborative in-person spaces have found that working from home does not impede the ability for work effectivelyo Cost efficiencies will be found through working from home that companies will keepo New homes can be reconfigured to provide home offices unlike existing homeso How to think about future land underwriting without needing to factor in commute

times?

Strategic Overview

Strategic Overview: Investible through the cycle

Grow topline mid-single digit percent Moderate growth rate reduces stress on the platform and allows for higher hurdles when it comes to:

o New land purchases – underwriting can be more stringento Hiring new associates – focus on keeping A-players and hiring high quality associateso Continued Builder of Choice to the trades – providing consistent work with reasonable timeframes

Combined scale and focus on technology leading to efficiencies and growth in net margins Continue to maintain or increase market share leading to cost and production efficiencies Utilize existing and invest / work with emerging technologies to improve customer relations and

experience, while decreasing cost structureo HB SG&A reduction of ~200 bps over the next 5 years

Generate cash flow through strong profitability and land lighter strategy Increased controlled position and decreased years of land owned leading to reduced capital tied up in

inventory at any given moment Reduced inventory and greater flexibility with land options reduces risk in the business

Use cash flow to delever balance sheet and return to shareholders Smart capital allocation will enhance returns, creating greater balance sheet efficiency Debt reduction leads back to supporting margins through reduced interest expense

Strategies ultimately will reduce impact from industry cyclicality and expand valuation multiples

8

Product diversification – FY 2019

9

Strategic Overview: Product and geographic diversification

Geographic diversification with scale: Top 3 builder in 33 of our largest markets#1 Market Share 

PositionsPhoenixOrlandoCharlotteTampa

Las VegasRaleighMiami

RiversideLos AngelesMinneapolisChicagoSarasota

SacramentoPortlandFt. MyersCharleston

San FranciscoSan DiegoNaplesReno

#2 & #3 Market SharePositionsDallas

HoustonAustin

Washington DCSan AntonioDenverSeattle

JacksonvilleIndianapolisBaltimore

Myrtle Beach

AtlantaPhiladelphia

Source: Builderonline.com

AL

AR

CACO

CT

FL

GA

ID

IL

IA

KS

LA

ME

MD

MA

MN

MS

MO

MT

NENV

NH

NM

NY

NC

ND

OH

OK

OR

PARI

SC

SD

TN

TX

UT

VT

WA

WV

WIWY

NJ

VA

MI

DE

AZ

IN

KY

9

For Sale:o Entry level: ~40%o Move-up: ~50%o 2nd move-up & active adult

For Rent: o >7,000 apartments operational and stabilizedo >12,000 apartments under construction or leasingo Additional pipeline of future communitiesFL

29%

TX16%

CA14%

Southwest13%

Carolinas10%

East8%

Midwest7%

WA/OR 3%

Deliveries of ~50,000

(10 markets)

(11 markets)

(5 markets)

Strategic Overview: Technology enabling a more efficient platform

10

Land  Process

Construction Costs

Even Flow Production

Dynamic Pricing

Digital Marketing

Starts, Sales, Closings 

Focus Reports

Customer Care

Monitoring direct material and labor costs with detail down to the SKU

Owned/controlled pipeline, reflecting capital investment and community lifecycle

Recently enhanced by new trade scheduling technology

Focus on FIFO method, creating scarcity and leading to pricing power

Tracking, evaluating and altering marketing to yield strong funnel of buyers

Real‐time data used to proactively management the business

Data with drill down ability to the homesite level

Enhanced virtual platform for addressing customer needs efficiently

Strategic Overview: Technology taking the homebuyer journey digital

11

Lennar.com Internet Sales 

Consultant

Online scheduling 

tool

Private self tours or virtual tours

Virtual orientation

Digital mortgage / close process

Virtual customer 

care service

Drive-Thru Signing• Reduce time signing notarized documents

Start of One Tap• Salesforce invite to Blend digital app• Customer info pre-filled in Blend

Frictionless App• Paperless asset, income, employment verification• Homeowner’s insurance selection through Hippo

Immediate Pre-Qualification• BOT’s automate the pre-qualification process

and notifies NHC

ExpressClose From Home• Electronically sign documents digitally

Leave with Keys, Not Paper• Secure paperless portal

Strategic Overview: Financial Services tech-enabled process

12

SEAM

LESS DIGITAL

 CU

STOMER

 EXP

ERIENCE

HOMEB

UILDING, 

MORTGAG

E & TITLE 

DASH

BOAR

DS

Strategic Overview: Sustainable business practices

Inclusion of healthy, green features in the homes we buildo Solar power

‒ 8,508 solar power home deliveries in fiscal 2019, 91% of which were on Lennar homes

‒ 35,000+ solar power home deliveries since inception in 2013

o Low‐VOC painto WaterSense faucetso Low‐E windowso EnergyStar appliances

Construction efficiencies focused on waste reduction

Investment and partnership in new technologies for further energy and water use reductions

Community: o The Lennar Foundation, 

created 30 years ago, receives 1% of LEN’s after‐tax income each year.  The Foundation focuses on supporting education, jobs training, medical research and supporting vulnerable groups

Associates: o We believe in having an 

inclusive work environment where everyone has a sense of belonging.

o Safety and well‐being are also pillars of our culture, supporting associates lives outside of work and providing regulations that keep them safe while working

Our Board is built on the foundation of strong governance practices that promote integrity and accountability, and this guides our conduct and commitment to doing the right thing for the right reason

Our governance practices include:o Majority independent directorso Strong independent Lead 

Directoro Annual election of directorso Stock ownership guidelineso Active shareholder engagemento Board oversight of risk 

management and cybersecurity protection

o Executive compensation that is aligned with stockholder interests

o Strong corporate controls

ENVIRONMENT

SOCIAL

GOVERNANCE

13

Financial Update

HB Operating Cash Flow HB Debt to Capital

Financial Update: Operating and credit metrics

15

Sales of Homes Revenue HB Operating Margin

Continued focus on strong profitability, cash flow generation and leverage reduction

($ millions)

Note: FY17 Debt excludes $1.2 billion issued in advance of CAA merger2020G represents the mid-point of guidance

($ millions)

Note: FY18 margins exclude $415 million of CalAtlantic purchase accounting write-ups2020G represents the mid-point of guidance

($420)

$508

$982

$1,692 $1,482

2015 2016 2017 2018 2019

$8,336 $9,559

$11,035

$18,811 $20,560

$19,616

2015 2016 2017 2018 2019 2020G

14.1% 13.6% 12.9% 13.3%12.3% 13.0%

2015 2016 2017 2018 2019 2020G

47.1%

39.4% 39.9%

36.9%

32.8%

2015 2016 2017 2018 2019 2020G

Note: 2020G represents the mid-point of guidance

On balance, as strong as pre-crisis and any peer

Conclusion

Conclusion: Strategies driving performance throughout the cycle

17

Supportive short‐term and long‐term macro economic backdrop supported by production deficit, demographic trends and safety of homeownership

Core homebuilding platform with intense technology and efficiency focus throughout the business

Land and capital allocation strategies, supporting asset light balance sheet and producing robust cash flow

Building a Company that is investible through the cycle