Lennar 8K Regulation FD Disclosure | LEN 12 Nov 08

UBS Building & Building Products

6 Annual CEO Conference

November 2008

Exhibit 99.1

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 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 are inherently subject to risks and uncertainties. Many factors

could cause our

actual

activities

results

differ

materially

from

the

activities

and

results anticipated in forward-looking statements. These factors include those

described under the caption “Risk Factors”

in our most recent Annual Report on Form

10-K filed with the

Securities

and

Exchange

Commission.

not

undertake

any

obligation

update forward-looking statements, except as required by federal securities

laws.

Disclaimer Statement

Business Overview

Business Overview

Market Conditions Remain Challenging

Market weakness has accelerated as a result of increased

foreclosures, weakened consumer confidence and tightened

mortgage lending standards.

Additional government actions will be necessary to help

stabilize home prices, which in turn will fortify banks’

balance

sheets, allowing the return of government capital.

While the housing market continues to search for a bottom, we

have made significant progress despite this unprecedented

downturn.

Business Overview

Operating Focus

Focus on a Strong Balance Sheet:

Aggressive Asset Management Leading to Strong

Cash Flow Generation and Ample Liquidity

Significant

Progress on Our

Balance Sheet

Significant

Progress On JV’s

& Recourse Debt

Focus on Rebuilding Operating Profitability:

Improve Gross Margins and Rightsize the

Business

Focus on Reducing Financial Risk:

Reduce Number of Joint Ventures and

Recourse Debt Exposure

Significant

Progress on Rebuilding

Operating Profitability

Business Overview

Maintained Key Senior Management Associates

Jon Jaffe

Rick Beckwitt

COO since 2004

Lennar associate for 25 years

Spearheaded many key strategic initiatives

Chief Investment

Officer

–

responsible

for

the

management of Lennar’s asset portfolio

Lennar associate for over 13 years

25 years of real estate experience

CFO since 1997

Lennar associate for 11 years

25 years of real estate experience

Bruce Gross

EVP since 2006

Former President of DR Horton

Chief architect of DR Horton’s growth strategy

Emile Haddad

Jeff

Krasnoff

Co-founder and former CEO of LNR Property Corp.

Assisting Lennar with new strategic opportunities

32 years of real estate experience

Significant Balance Sheet Progress

25%

30%

35%

40%

45%

50%

55%

60%

65%

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

YTD '08

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

Significant Balance

Sheet Progress

Strong Cash Flow Generation and Low Leverage

HB Debt / Total Capital

Goal 35% -

45%

Operating Cash Flow

(Dollars in Millions)

Significant Balance Sheet Progress

Long-Term Fixed Rate Debt Maturities

$300

$250

$350

$250

$500

$250

$282

2008

Mar-09

Oct-10

Oct-11

2012

Mar-13

Sep-14

May-15

Apr-16

Weighted average

maturity of 4.4 years

Weighted average

interest rate of 5.9%

At August 31, 2008

Repayment Schedule

6.50%

Senior

Notes

7.63%

Senior

Notes

5.95%

Senior

Notes

5.50%

Senior

Notes

5.60%

Senior

Notes

5.13%

Senior

Notes

5.95%

Senior

Notes

Fixed-rate

Senior Notes

$2.2B

Other notes

payable

$0.1B

(Dollars in Millions)

$3.2

$5.4

$1.8

$2.3

Significant Balance Sheet Progress

Aggressive Inventory Reduction

(Dollars in Billions)

$8.6*

$4.1*

Peak 2006

Q3 2008

*Excludes consolidated inventory not owned

Inventory

52%

Land, Land Under

Development and

Option Deposits

Construction

in Progress

and Finished

Homesites

$2,891.5

$1,432.3

$2,134.9

$787.2

$656.1

$153.0

Significant Balance Sheet Progress

Land Acquisition & Development

(Dollars in Millions)

$809.1

YTD 2008

Land

Development

Land

Acquisition

$4,323.8

$2,922.1

2006

2007

Homesites Owned and

Controlled

Significant Balance Sheet Progress

Aggressive Inventory Management

345,000

130,000

Peak 2006

Q3 2008

62%

130,000

39,000

15,000

76,000

Q3 2008

-62%

345,000

Total

-63%

105,000

Controlled-JVs

-89%

134,000

Optioned

-28%

106,000

Owned

Change

Peak 2006

Significant Joint Venture Progress

Joint Ventures

Mitigating Risk

Joint ventures were structured strategically to mitigate risk.

Strategic partners with specific expertise

JV with partner who brings specific expertise (e.g. commercial or infill

experience)

JV with other builders

Joint bid on land parcels is a smarter way to purchase

Homesites

are allocated to each homebuilder

JV with financial partners

Partners bring the majority of the capital

Lennar manages the JV

JV with land owner/developers

Access to homesites

owned or controlled by partner

270

146

Peak 2006

Q3 2008

Significant Joint Venture Progress

Number of Joint Ventures

46%

Joint Venture Detail

JVs with recourse debt

JVs with non-recourse debt

JVs without debt

____________________________

JV total

146

$1,764

$630

Peak 2006

Q3 2008

Significant Joint Venture Progress

Recourse Debt Exposure & Capital Structure

Maximum JV Recourse Debt Exposure

(Dollars in Millions)

64%

JVs with Recourse Debt

At 11/30/06 (Peak)

Assets

$6.7B

Equity

$2.2B

Maximum Recourse Debt

$1.8B

Max Recourse to Net Cap

44%

At 8/31/08

Assets

$3.0B

Equity

$1.2B

Maximum Recourse Debt

$0.6B

Max Recourse to Net Cap

34%

Net Cap = Equity + Max Recourse

Significant Operating

Profitability Progress

Significant Operating Profitability Progress

Momentum of Costs

Overshooting

Stabilization –

Rightsizing of Business

25%

26%

27%

25%

24%

20%

14%

16%

14%

12%

17%

16%

18%

10%

15%

20%

25%

30%

Q1 '05

Q2 '05

Q3 '05

Q4 '05

Q1 '06

Q2 '06

Q3 '06

Q4 '06

Q1' 07

Q2 '07

Q3 '07

Q4 '07

Q1 '08

Q2 '08

Q3 '08

Significant Operating Profitability Progress

Focus on Rebuilding Gross Margin

Lennar was ahead of the curve in recording

impairments by pricing to market early and

selling portfolio of land to Morgan Stanley land

venture

Construction cost reductions of 15% per sq. ft.

(Pre-impairment GM%)

2,991

1,700

1,331

773

2006

2007

2008P

2009P

Significant Operating Profitability Progress

Aggressive Reduction of Floor Plans

Total Floor Plan Count Will Be Reduced Approximately 75%

1,200

344

1,000+

1,500

Faucets

Interior Paint

Appliances

Lighting

2007

2008P

Significant Operating Profitability Progress

Materially Simplified Offerings

Comprehensive SKU Reductions

S,G&A Expenses ($)

Associate Headcount

Significant Operating Profitability Progress

Focus on S,G&A Reduction

$484

$156

Peak 2006

Q3 2008

5,404

14,045

Peak 2006

Q3 2008

(Dollars in Millions)

68%

62%

-1%

-3%

-1%

12%

17%

15%

13%

-5%

10%

15%

20%

25%

Q1 '05

Q2 '05

Q3 '05

Q4 '05

Q1 '06

Q2 '06

Q3 '06

Q4 '06

Q1' 07

Q2 '07

Q3 '07

Q4 '07

Q1 '08

Q2 '08

Q3 '08

Significant Operating Profitability Progress

Focus on Positive Operating Margins

(Pre-impairment OM%)

Conclusion

Conclusion

“Moving From Defense to Offense”

Lennar has traditionally maintained expertise in both homebuilding

manufacturing and land acquisition and management

The Company has been working for years on separately leveraging the expertise

in these respective disciplines

Lennar has

been

“incubating”

Fund

program

take

advantage

Lennar’s asset management expertise and ability to create value

Evaluating and

taking

advantage

distressed

opportunities

Lennar’s

“DNA”

and history

Ability to utilize more efficient capital to create value from distressed and long-

term land opportunities and benefit from positive results

Move land “machine”

to a separate, focused, off-balance sheet program

Lennar’s balance sheet will be defined by a homebuilding manufacturing

model with a cash flow focus

Lennar will benefit from earnings and cash flows by employing its unique

land/asset management franchise in a lower risk and more efficiently

capitalized structure

Conclusion

“Moving From Defense to Offense”

Lennar

Homebuilding

Manufacturing Plant

Product simplification &

offering

Cost reduction

Cycle time reduction

Customer experience

Land

Asset Manager

Due diligence focused

Evaluate & underwrite

distressed opportunities

Ability to manage assets

to effectively realize long-

term value

Homebuilding machine will continue to manage existing assets

No legacy assets moving over to fund

Fund

The Road Ahead

$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

2006

2007

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

Net Earnings Before Impairments

National Single Unit Starts

Lennar

Will The Cycle Be Our Ally?

Acquired

Texas

Operations

Acquired

Amerifirst

Portfolio

Acquired

California

Operations

Acquired

Greystone;

Spun-off

LNR

Repurchase

9.8 Million

Shares;

Acquired

U.S. Homes

Acquired

Private

Builders

Military Base

Redevelopment

Acquired

Newhall

Roseland

Infill JVs

(Dollars in Millions)

Starts

* Excludes income tax benefit.

Morgan

Stanley Land

Venture

Lennar (LEN) 8-KRegulation FD Disclosure