1. NOTICE OF ADJUSTMENT OF CONVERSION PRICE
April 10, 2003
TO HOLDERS OF LENNAR CORPORATION’S ZERO COUPON
SENIOR CONVERTIBLE DEBENTURES DUE 2018:
At Lennar Corporation’s Annual Meeting of Stockholders held on April 8, 2003,
Lennar’s stockholders approved amendments to its Certificate of Incorporation that will make possible a
distribution to stockholders of one share of Class B Common Stock for each ten shares of Class A
Common Stock (formerly named Common Stock) or Class B Common Stock held of record on April 9,
2003. The distribution is expected to take place on April 21, 2003.
This notice is being given pursuant to Sections 2.08(3) and (5) of the indenture relating to
Lennar’s Zero Coupon Senior Convertible Debentures due 2018 (“Debentures”) to inform you that the
Conversion Rate of the Debentures (i.e., the rate at which they are convertible into Class A Common
Stock) will be adjusted to take account of the distribution of Class B Common Stock.
The Conversion Rate of the Debentures will be increased by a fraction of which the numerator is
the value of a share of Class A Common Stock and the denominator is the value of a share of Class A
Common Stock less 10% of the value of a share of Class B Common Stock. The value of the Class A and
Class B Common Stock will be based upon the average of the daily volume weighted average trading
price on each of the ten trading days beginning with April 22, 2003, the first day on which there will be
separate New York Stock Exchange trading in the two classes of common stock. Lennar will notify
holders of the exact adjusted Conversion Rate when it is determined.
Sincerely,
Waynewright Malcolm
Vice President & Treasurer
WEM