920760--2/9/2006--LENNAR_CORP

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Risk Factors Relating to Our Business Downward changes in economic conditions generally or in the market regions where we operate could decrease demand and pricing for new homes in these areas. The homebuilding industry has not experienced an economic down cycle in a number of years, which may have resulted in an overvaluation of land and new homes. Federal laws and regulations that adversely affect liquidity in the secondary mortgage market could hurt our business. Customers may be unwilling or unable to purchase our homes at times when mortgage-financing costs are high or as credit quality declines. Competition for homebuyers could reduce our deliveries or decrease our profitability. Government entities in regions where we operate have adopted or may adopt, slow or no growth initiatives, which could adversely affect our ability to build or timely build in these areas. Natural disasters and severe weather conditions could delay deliveries, increase costs and decrease demand for new homes in affected areas. Supply shortages and other risks related to the demand for skilled labor and building materials could increase costs and delay deliveries. We may not be able to acquire land suitable for residential homebuilding at reasonable prices, which could increase our costs and reduce our revenues, earnings and margins. Compliance with federal, state and local regulations related to our business could have substantial costs both in time and money, and some regulations could prohibit or restrict some homebuilding ventures. Changing market conditions may adversely affect our ability to sell our land and home inventories at expected prices, which could reduce our margins. Inflation may result in increased costs that we may not be able to recoup if demand declines. Tax law changes could make home ownership more expensive or less attractive. We may be unable to obtain suitable financing and bonding for the development of our communities. We may be unable to renew or extend our significant outstanding debt instruments when they mature. We may not be able to identify or integrate suitable acquisition targets, which could adversely affect our ability to execute our growth strategy. We could be hurt by the loss of key management personnel. We have a stockholder who exercises significant influence over matters that are brought to a vote of our stockholders. Executive Officers of Lennar Corporation

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920760--2/9/2006--LENNAR_CORP_/NEW/