Lennar Corp. announced that it has completed an exchange of 4.75% Senior Notes due 2017 that have been registered under the Securities Act of 1933, as amended, for substantially identical 4.75% Senior Notes that were sold in July and August 2012 to qualified institutional buyers and non-US persons in transactions that were exempt from the registration requirements of the Securities Act. $399,920,000 principal amount of 4.75% Senior Notes were tendered for exchange, including $6,541,000 principal amount that have not yet been received, but are the subject of delivery guarantees.

This is approximately 99.98% of the total of $400,000,000 principal amount of 4.75% Senior Notes that are outstanding. Lennar has accepted all the 4.75% Senior Notes that were properly tendered and not withdrawn. Because the terms of the registered 4.75% Senior Notes are identical with those of the 4.75% Senior Notes for which they are being exchanged, the exchange will have no effect on the financial obligations of Lennar.