Lennar 8K Regulation FD Disclosure | LEN 17 Nov 09

UBS Building & Building Products

Annual CEO Conference

November 2009

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 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”

our

most

recent

Annual

Report

Form 10-K filed with the Securities and Exchange Commission. We do not undertake

any obligation to update forward-looking statements, except as required by federal

securities laws.

Disclaimer Statement

Business Overview

Business Overview

Housing Market Is Stabilizing

The housing market has continued its road back to recovery

as more confident homebuyers have taken advantage of

increased affordability.

While high unemployment and foreclosures will continue to

present challenges, consumer sentiment has significantly

improved as homebuyers have recognized that the

residential housing market is stabilizing.

The current administration recognizes the importance of

stability in the housing market; the extension and

expansion of the homebuyer tax credit will continue to

support housing’s road to recovery.

Business Overview

Operating Focus

Stabilize

Balance Sheet

Invest in

New Strategic

Opportunities

Rebuild

Profitability in

Core Business

Ample

liquidity

–

cash

balance

$1.3B

2009

(excludes NOL carryback refund of approximately $275M,

expected in Q1 2010)

Extended debt maturities

Joint venture reduction strategy near completion

Gross margin improvements:

Reduced sales incentives as a result of fewer completed

unsold homes, lower cancellation rates and improved

market conditions

Reduced construction costs as a result of fewer floor plan

offerings, value-focused product and centralized

purchasing

S,G&A reduction:

Right-sized overhead levels allow for leveraging additional

volume

Adding new communities with high return expectations

Investing

long-term

strategic

opportunities

–

Newhall

Investing in Rialto to capitalize on distressed opportunities

Stabilize Balance Sheet

25%

30%

35%

40%

45%

50%

55%

60%

65%

70%

75%

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

Stabilize Balance Sheet

Strong Cash Flow Generation and Low Leverage

HB Debt / Total Capital

Goal 35% -

45%

Operating Cash Flow

(Dollars in Millions)

YTD

(1) Excludes impact of deferred tax asset reserve

(1)

Stabilize Balance Sheet

Senior Notes Maturities

As of August 31, 2009

6.50%

Senior

Notes

5.95%

Senior

Notes

5.50%

Senior

Notes

5.60%

Senior

Notes

5.13%

Senior

Notes

5.95%

Senior

Notes

12.25%

Senior

Notes

(Dollars in Millions)

Senior notes maturities

extend over 8 years

Weighted average

interest rate of 6.9%

$280

$245

$350

$250

$500

$250

$400

Oct-10

Oct-11

2012

Mar-13

Sep-14

May-15

Apr-16

Jun-17

Stabilize Balance Sheet

Capital Market Transactions

Issued $400 million of senior unsecured notes

due in 2017.

Repaid $373 million of senior notes and other

debt (YTD Q3 2009).

Raised $225 million of equity under the draw

down program in Q2 & Q3 2009 to provide

additional financial flexibility and capital for

new opportunities.

$3.2

$5.4

$2.1

$1.5

Stabilize Balance Sheet

Aggressive Inventory Reduction

(Dollars in Billions)

$8.6*

$3.6*

Peak 2006

Q3 2009

*Excludes consolidated inventory not owned

Inventory

58%

Land, Land Under

Development and

Option Deposits

Construction

in Progress

and Finished

Homesites

Homesites Owned and

Controlled

Stabilize Balance Sheet

Aggressive Inventory Management

345,000

109,000

Peak 2006

Q3 2009

68%

109,000

20,000

11,000

78,000

Q3 2009

-68%

345,000

Total

-81%

105,000

Controlled-JVs

-92%

134,000

Optioned

-26%

106,000

Owned

Change

Peak 2006

270

214

116

Peak

2006

Q4 2007

Q4 2008

Q3 2009

Number of Joint Ventures

Joint Venture Detail

JVs with recourse debt

JVs with non-recourse debt

JVs without debt

JV total

Stabilize Balance Sheet

Significant Reduction in Joint Ventures

73%

$1,764

$380

Peak 2006

Q3 2009

Stabilize Balance Sheet

Significant Reduction in JV Recourse Debt Exposure

Maximum JV Recourse Debt Exposure

(Dollars in Millions)

78%

JVs with Recourse Debt

At 8/31/09

Assets

$1.6B

Equity

$0.6B

Stabilize Balance Sheet

Joint Venture Reduction Strategy Near Completion

Number

of JVs

Lennar’s

Investment

in JVs

JV Debt

Long-Term Strategic/

Performing JVs

(no reason to dissolve)

JVs Projected to

be Dissolved

(by 11/30/10)

Q3 2009 JV Totals

$651

$380

50%

77%

23%

61%

39%

100%

(Dollars in Millions)

$501

$150

Recourse

Non-recourse

$1,849

65%

35%

100%

$654

$1,195

$149

$231

* Net of partner reimbursement agreements, exposure = $259M

Rebuild Profitability in Core Business

Rebuild Profitability in Core Business

Division Operating Focus

Operating strategy for each homebuilding division:

Carefully manage asset base

Reposition product to target first-time and

value-focused homebuyers

Reduce construction costs by re-bidding and

re-tooling product

Eliminate S,G&A expenses by restructuring

operations and consolidating divisions

Each homebuilding division is focused on generating

positive cash flow and operating at profitable levels

-5%

13%

15%

17%

12%

-1%

-3%

-1%

-10%

-5%

10%

15%

20%

25%

30%

'05

'06

'07

'08

'09

(Pre-impairment OM%)

Rebuild Profitability in Core Business

Focus on Increasing Operating Margins

17%

14%

16%

25%

26%

27%

25%

24%

20%

14%

16%

14%

12%

17%

16%

18%

10%

15%

20%

25%

30%

'05

'06

'07

'08

'09

(Pre-impairment GM%)

Rebuild Profitability in Core Business

Focus on Rebuilding Gross Margins

Recovering housing market coupled with normalized lower level of

completed unsold inventory and lower cancellation rates provide

more stable pricing environment.

Q3 2009 sales incentives are at the lowest level since Q3 2006.

Reworked product to appeal to today’s value-oriented, first-time

and move-up purchaser: reduced floor plan average square

footage by approximately 300 square feet.

Reduced number of floor plan offerings and value-engineered those

plans to create maximum efficiency and reduce construction costs:

reduced number of floor plans by 63%; construction

costs per square foot have decreased in excess of 25%.

Rebuild Profitability in Core Business

Focus on Rebuilding Gross Margins

S,G&A Expenses

Associate Headcount

Rebuild Profitability in Core Business

Focus on S,G&A Reduction

$484

$101

Peak 2006

Q3 2009

3,917

14,045

Peak 2006

Q3 2009

(Dollars in Millions)

79%

72%

Number of homebuilding divisions has been reduced from 124 to 29. Each

division’s S,G&A has been right-sized to today’s production levels and each

division can handle additional volume with little additional overhead.

Invest in New Strategic Opportunities

Invest in New Strategic Opportunities

“Moving from Defense to Offense”

Finished Homesites

Examples of recent purchases of well-located homesites that are immediately

ready for production, expected to generate significantly above average gross

margins, with minimal incremental overhead:

Baltimore, MD

39 homesites

@ $60K

Raleigh, NC

31 homesites

@ $35K

Charlotte, NC

32 homesites

@ $30K

Goose Creek, SC

48 homesites

@ $16K

Charleston, SC

48 homesites

@ $18K

Homestead, FL

107 homesites

@ $3K

San Antonio, TX

59 homesites

@ $13K

San Francisco, CA

33 homesites

@ $139K

San Bernardino, CA

38 homesites

@ $28K

Corona, CA

80 homesites

@ $89K

Invest in New Strategic Opportunities

“Moving from Defense to Offense”

Newhall Land Development

Re-emerged as a long-term strategic JV with Lennar as a 15%

equity owner, in one of the nation’s most constrained, best

positioned locations for homebuilding

JV is structured for success:

No bank debt

Over $100M of cash

No Lennar guarantees

Investment is low risk with very high return potential

Invest in New Strategic Opportunities

“Moving from Defense to Offense”

Rialto Capital Management Distressed Investment Opportunities

Management team led by Jeff Krasnoff (former CEO of LNR Property

Corporation) with 30 years of “down-cycle”

skills.

Part of the team selected by US Treasury as one of nine PPIP managers to

focus on investments in CMBS and RMBS; the first closing of

PPIP fund in

October 2009 raised in excess of $0.5 billion of private equity. When fully

raised, capital structure is expected to be $1.1 billion of

private equity,

$1.1 billion of government equity and $2.2 billion of matching 10 yr

financing at Libor + 100bps.

With the rising rate of bank failures in 2009, another immediate

opportunity for Rialto is evaluating FDIC portfolio sales; the FDIC is

marketing a number of portfolios covering a range of commercial and

residential assets. Rialto is carefully underwriting the assets in these

portfolios.

Lennar can co-invest in Rialto’s opportunities as well as share in Rialto’s

fees and profits.

Conclusion

Conclusion

Lennar’s Strategy Through the Downturn

Stabilize

Balance Sheet

Invest in

New Strategic

Opportunities

Rebuild

Profitability in

Core Business

Reduced construction costs per square foot from peak by

over 25%

Reduced number of floor plans from peak by 63%

Reduced avg. floor plan size from peak by 300 sq. ft.

Q3 2009 sales incentives are at the lowest level since

Q3 2006

Adding new communities with above average forecasted

GM%

Investing

long

term

strategic

opportunities

–

15%

equity owner in Newhall Land Development

Investing

distressed

opportunities

–

Rialto

Capital

Management

Ample liquidity –

cash balance of $1.3B at Q3 2009

(excludes NOL carryback refund of approximately $275M,

expected in Q1 2010)

Extended debt maturities with senior notes issued in April ’09

Reduced maximum JV recourse debt exposure by 78% since

peak

Lennar (LEN) 8-KRegulation FD Disclosure