Slides of Additional Joint Venture Disclosures

Additional Unconsolidated Joint Venture Disclosures

Exhibit 99.2

Disclaimer Statement

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”

in our most

recent Annual Report on 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.

Joint Ventures

Additional Disclosures

Our unconsolidated JV disclosures are made in accordance with generally

accepted accounting principles. Based upon investor / analyst requests, we

are providing additional joint venture disclosures which we believe will be

useful in evaluating our joint ventures. Highlighted below are the new

disclosures included in each section:

Detailed JV Information

New –

Ten Largest Joint Venture Investments

New –

Types of Joint Venture Partners

Detailed JV Debt Disclosures

New –

JV Composition by Type of Debt

New –

Lennar Cash Payments for Recourse Reductions

New –

Future JV Debt Maturities

Corporate Governance

New –

Summary of our JV Corporate Governance

New –

JV Interests are Prohibited From Being Pledged

Detailed JV Information

Detailed Joint Venture Information

New -

Ten Largest Joint Venture Investments

10 Largest Joint Ventures (based on LEN investment) as of February 28, 2009

(Dollars in Thousands)

Remaining

JV Debt

Homes/

Partner

Year

LEN

Total JV

Gross Recourse

Reimbursement

Net Recourse

Total Debt Without

Total JV

to Total

Homesites

Joint Venture Name

Type

Formed

Location

Investment

Assets

Debt to Lennar

Agreements

Debt to Lennar

Recourse to Lennar

Debt

Equity

Capital Ratio

in JV

Platinum Triangle Partners, LLC

Strategic

Land

2004

Orange County, CA

95,587

270,782

74,889

37,445

37,444

74,889

188,689

28%

3,477

Asante LH, LLC

Financial /

Developer

Land

2007

Phoenix, AZ

85,122

187,461

170,734

4,067

Heritage Fields El Toro, LLC

Financial

Land

2005

Orange County, CA

83,043

1,429,677

544,242

664,503

45%

4,895

Runkle

Canyon, LLC

Land

2005

Los Angeles, CA

36,467

74,167

72,616

461

Bellevue Towers Investors, LLC

Financial

2005

Seattle, WA

29,897

423,072

309,481

88,316

78%

536

Lennar Intergulf

(Central Park), LLC

Strategic

2005

Orange County, CA

25,100

184,232

50,456

25,228

75,685

126,141

49,556

72%

240

MS Rialto Residential Holdings, LLC

Financial

Land

2007

National

21,322

552,740

203,841

316,937

39%

10,106

Lennar Intergulf

(Pacific), LLC

Strategic

2004

San Diego, CA

20,659

94,707

15,000

34,678

49,678

40,372

55%

151

Ballpark Village, LLC

Land Owner

Land

2004

San Diego, CA

19,808

96,888

58,910

37,335

61%

1,455

USH/SVA Star Valley, LLC

Land

2001

Tucson, AZ

18,642

45,318

4,052

4,051

8,103

37,213

18%

4,176

Total JVs

435,647

3,359,044

144,397

62,673

81,724

1,230,888

1,375,285

1,666,271

45%

29,564

LandSource

Communities Development LLC

Financial

Land

2003

National

1,737,132

1,351,165

(40,774)

103%

32,076

Others

341,165

2,470,298

320,638

59,740

260,898

832,910

1,153,548

1,003,073

53%

73,318

Total bank debt

776,812

7,566,474

465,035

122,413

342,622

3,414,963

3,879,998

2,628,570

60%

134,958

Land seller and CDD debt

8,920

89,501

98,421

Total debt

473,955

122,413

351,542

3,504,464

3,978,419

10 Largest JVs

44%

31%

24%

36%

64%

LandSource

23%

40%

-2%

Other

33%

69%

76%

24%

38%

Total

100%

Detailed Joint Venture Information

New -

Types of Joint Venture Partners

As of February 28, 2009

(Dollars in Thousands)

We have a diverse group of joint venture partners:

JV with land owners / developers: provides access to homesites owned or controlled by

land owner/developer

JV with other homebuilders: joint bid on land parcels smarter way to purchase;

Examples include Centex, Pulte, KB Home and Toll Brothers

JV with financial partners: partner brings the majority of the capital while Lennar

manages the venture; Examples include Morgan Stanley, MSD Capital and Stockbridge

JV with strategic partners: partner brings specific expertise (e.g., commercial or infill

experience); Examples include LNR Property Corp. and Intergulf

Partner Type

Gross Recourse

Net Recourse

Total Debt

JV Debt

Total JV

Debt

Reimbursement

Debt

Without Recourse

Total JV

to Total

Remaining Homes/

Assets

to Lennar

Agreements

to Lennar

Debt

Equity

Capital Ratio

Homesites

in JV

LandSource

1,737,132

1,351,165

(40,774)

103%

32,076

Land Owners / Developers

870,945

103,066

228,085

331,151

392,400

46%

35,915

Other Builders

887,787

127,709

8,862

118,847

270,219

397,928

404,710

50%

15,644

Financial

3,442,969

87,568

50,878

36,690

1,429,259

1,516,827

1,551,317

49%

37,596

Strategic

627,641

146,692

62,673

84,019

136,235

282,927

320,917

47%

13,727

Total bank debt

7,566,474

465,035

122,413

342,622

3,414,963

3,879,998

2,628,570

60%

134,958

Land seller and CDD debt

8,920

89,501

98,421

Total debt

473,955

122,413

351,542

3,504,464

3,978,419

Detailed JV Debt Disclosures

Detailed JV Debt Disclosures

New –

JV Composition by Type of Debt

As of February 28, 2009

(Dollars in Thousands)

Joint ventures with recourse debt have substantial assets and equity to support the

debt as of February 28, 2009 as follows:

Feb-09

Nov-08

Nov-07

Nov-06

JVs

with

recourse

debt

JVs

with

non-recourse

debt

JVs

without

debt

103

123

_________________________________________________________________

JV total

There has been significant progress on reducing the number of joint ventures, with

extra focus on joint ventures with recourse debt

Total Assets

2,244,818

Total Liabilities

1,244,814

Total Equity

1,000,004

116

214

261

$1,764

$1,034

$520

$474

Nov-07

Nov-08

Feb-09

Detailed JV Debt Disclosures

New -

Lennar Cash Payments for Recourse Reductions

Lennar cash payments to re-margin or

pay-down loans as part of the

recourse reductions

$156

$199

(Dollars in Millions)

$19

Nov-06

Detailed JV Debt Disclosures

New -

Future JV Debt Maturities

(Dollars in Thousands)

The

above

amounts

are

maturities

per

current

debt

agreements

and

are

not

estimations of Lennar’s cash payments that will be made to reduce debt balances

Debt maturities are typically three years, but are often restructured or refinanced at

the end of that three-year period

Recourse debt reductions occur from a variety of transactions: for example,

contributions from all partners (i.e., joint and several debt), asset sales and finance

restructurings

Principal maturities of JVs' debt are as follows:

Debt Without

Gross

Net

Debt Without

Recourse

Recourse Debt

Reimbursement

Recourse Debt

Recourse To Lennar

To Lennar

to Lennar

Agreements

to Lennar

Excluding LandSource

For LandSource

Totals

2009

214,553

8,862

205,691

528,157

1,107,165

1,849,875

2010

100,895

25,228

75,667

698,416

799,311

2011

63,018

50,878

12,140

813,832

876,850

Thereafter

86,569

37,445

49,124

23,393

244,000

353,962

465,035

122,413

342,622

2,063,798

1,351,165

3,879,998

Land seller and CDD debt

8,920

76,087

13,414

98,421

Total JV debt

473,955

122,413

351,542

2,139,885

1,364,579

3,978,419

Detailed JV Debt Disclosures

Condensed Balance Sheets

(Dollars in Thousands)

February 28,

2009

2008

2007

2006

Assets:

Cash and cash equivalents

103,950

135,081

301,468

276,501

Inventories

7,053,539

7,115,360

7,941,835

8,955,567

Other assets

408,985

541,984

827,208

868,073

7,566,474

7,792,425

9,070,511

10,100,141

Liabilities and equity:

Accounts payable and other liabilities

959,485

1,042,002

1,214,374

1,387,745

Debt

3,978,419

4,062,058

5,116,670

5,001,625

Equity of:

Lennar

776,812

766,752

934,271

1,447,178

Others

1,851,758

1,921,613

1,805,196

2,263,593

Total equity

2,628,570

2,688,365

2,739,467

3,710,771

7,566,474

7,792,425

9,070,511

10,100,141

Lennar's equity in JVs

30%

29%

34%

39%

Partner's equity in JVs

70%

71%

66%

61%

Debt to total capital ratio

60%

65%

57%

Debt to total capital ratio (excluding LandSource)

50%

61%

59%

November 30,

Detailed JV Debt Disclosures

Detail of Total Debt Balances

(Dollars in Thousands)

February 28,

2009

2008

2007

2006

Lennar's net recourse exposure

351,542

392,450

794,934

1,102,920

Reimbursement agreements from partners

122,413

127,428

238,692

661,486

Lennar's maximum recourse exposure

473,955

519,878

1,033,626

1,764,406

Partner several recourse

243,366

285,519

465,641

930,177

Non-recourse land seller debt or other debt

84,660

90,519

202,048

259,191

Non-recourse

bank

debt

with

completion

guarantees

excl.

LandSource

784,779

820,435

1,432,880

699,588

Non-recourse

bank

debt

with

completion

guarantees

LandSource

248,850

Non-recourse

bank

debt

without

completion

guarantees

excl.

LandSource

1,040,494

994,580

748,412

1,099,413

Non-recourse

bank

debt

without

completion

guarantees

LandSource

1,351,165

1,351,127

1,234,063

Non-recourse debt to Lennar

3,504,464

3,542,180

4,083,044

3,237,219

Total debt

3,978,419

4,062,058

5,116,670

5,001,625

Lennar's maximum recourse exposure as a % of total JV debt

12%

13%

20%

35%

November 30,

Detailed JV Debt Disclosures

Lennar’s Net Recourse Debt Exposure

(Dollars in Thousands)

February 28,

2009

2008

2007

2006

Sole recourse debt

18,920

Several

recourse

debt

repayment

74,840

78,547

123,022

163,508

Several

recourse

debt

maintenance

144,439

167,941

355,513

560,823

Joint

and

several

recourse

debt

repayment

151,047

138,169

263,364

64,473

Joint

and

several

recourse

debt

maintenance

94,709

123,051

291,727

956,682

Land seller and CDD debt recourse exposure

8,920

12,170

Lennar's maximum recourse exposure

473,955

519,878

1,033,626

1,764,406

Less joint and several reimbursement agreements

with Lennar's partners

(122,413)

(127,428)

(238,692)

(661,486)

Lennar's net recourse exposure

351,542

392,450

794,934

1,102,920

November 30,

Corporate Governance

Corporate Governance

New –

Summary of our JV Corporate Governance

Joint ventures have been a successful and consistent business strategy for Lennar since the mid-

1970s

Each joint venture is governed by an executive committee consisting of members from each of the

partners of that JV

We are the managing JV member in approximately 70% of our joint ventures

Each quarter we perform a comprehensive review of both our wholly-owned and joint venture

assets

Our internal audit department periodically tests our joint ventures to ensure that we are in

compliance with the operating agreements and other fiduciary responsibilities

In transactions with joint ventures in which we are a partner:

When

purchase

land

from

the

–

defer

our

pro-rata

the

joint

venture’s

earnings until the home is delivered to a third party

•

We buy homesites

in arms-length transactions

•

Purchases are approved by joint venture partner(s)

When

sell

land

the

JV–

defer

portion

the

profit

equal

our

ownership

until

the land is sold to a third party

In both transactions above, any loss that is generated is recognized at the time of the

transaction and not deferred

Corporate Governance

New –

Summary of our JV Corporate Governance

Lennar

has

never

siphoned

cash

from

one

joint

venture

another

Lennar has never pledged its interest in any joint venture for the benefit of

another JV

Lennar does not use its investment in one joint venture as collateral for debt

in another joint venture

Lennar

does

not

cross

collateralize

debt

between

different

joint

ventures

Funds are never commingled among joint ventures

Lennar currently has no specific performance agreements to purchase

homesites from its joint ventures

Corporate Governance

New -

JV Interests Are Prohibited From Being Pledged

Example –

sample language in a loan agreement that prohibits the pledging

of our interest in one joint venture for the benefit of another:

“Borrower will not suffer to occur or exist, whether occurring voluntarily or

involuntarily, any change in, or Lien or Encumbrance with respect to, the

legal or beneficial ownership of any interest in Borrower, provided, that

Borrower may cause or permit transfers of membership interests in Borrower

to Persons solely owned and controlled by Lennar or Partner.”