<SUBMISSION>
<ACCESSION-NUMBER>0000950144-05-006197
<TYPE>S-3/A
<PUBLIC-DOCUMENT-COUNT>4
<REFERENCES-429>333-65244
<FILING-DATE>20050603
<DATE-OF-FILING-DATE-CHANGE>20050603
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>LENNAR CORP /NEW/
<CIK>0000920760
<ASSIGNED-SIC>1520
<IRS-NUMBER>954337490
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1130
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-3/A
<ACT>33
<FILE-NUMBER>333-117090
<FILM-NUMBER>05878392
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>700 NW 107TH AVENUE
<STREET2>SUITE 400
<CITY>MIAMI
<STATE>FL
<ZIP>33172
<PHONE>3055594000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>700 NW 107TH AVENUE
<STREET2>SUITE 400
<CITY>MIAMI
<STATE>FL
<ZIP>33172
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>PACIFIC GREYSTONE CORP /DE/
<DATE-CHANGED>19940323
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>S-3/A
<SEQUENCE>1
<FILENAME>e97385a1sv3za.htm
<DESCRIPTION>AMENDMENT NO. 1 TO FORM S-3
<TEXT>
<HTML>
<HEAD>
<TITLE>AMENDMENT NO. 1 TO FORM S-3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center" style="font-size: 10pt">As filed with the
Securities and Exchange Commission on June&nbsp;3, 2005



<DIV align="right" style="font-size: 10pt">Registration No. 333-117090
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

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<HR size="1" noshade color="#000000" style="margin-top: -10px">




<DIV align="center" style="font-size: 14pt"><B>UNITED STATES</B>
</DIV>

<DIV align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>
<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, DC 20549</B>
</DIV>

<HR noshade width="26%" align="center" size="1">

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt"><B>AMENDMENT NO. 1<BR>
ON</B></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 18pt"><B>FORM S-3/A</B>
</DIV>


<DIV align="center" style="font-size: 12pt"><B>REGISTRATION STATEMENT</B></DIV>

<DIV align="center" style="font-size: 12pt"><B>UNDER</B></DIV>

<DIV align="center" style="font-size: 12pt"><B>THE SECURITIES ACT OF 1933</B></DIV>


<HR noshade width="26%" align="center" size="1">



<P align="center" style="font-size: 24pt"><B>Lennar Corporation</B>


<P align="center" style="font-size: 10pt">Co-registrants are listed on the following pages.<BR>
<I>(Exact Name of Registrant as Specified in Its Charter)</I>

<HR noshade width="26%" align="center" size="1">

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</FONT></DIV>

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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
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    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>

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<TR valign="top">
    <TD align="center" valign="top"><B>Delaware</B><BR>
<I>(State or Other Jurisdiction of<BR>
Incorporation or Organization)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1520</B><BR>
<I>(Primary Standard<BR>
 Classification Code<BR>
Number)</I>
</TD>
<TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>95-4337490</B><BR>
<I>(I.R.S. Employer Identification No.)</I></TD>

</TR>
</TABLE>
</DIV>



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>700 Northwest 107th Avenue<BR>
Miami, Florida 33172<BR>
(305)&nbsp;559-4000</B><BR>
<I>(Address, including zip code, and telephone<BR>
number, including area code, of<BR>
registrant&#146;s principal executive offices)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Mark Sustana<BR>
General Counsel and Secretary<BR>
Lennar Corporation<BR>
700 Northwest 107th Avenue<BR>
Miami, Florida 33172<BR>
(305)&nbsp;559-4000</B><BR>
<I>(Name, address, including zip code, and<BR>
telephone number, including area code, of agent for service)</I></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>with copies to:</B><BR>
<B>David W. Bernstein, Esq.</B><BR>
<B>Kathleen Werner, Esq.</B><BR>
<B>Clifford Chance US LLP</B><BR>
<B>31 West 52nd Street</B><BR>
<B>New York, New York 10019</B>




<p align="left" style="font-size: 10pt"><B>Approximate date of
commencement of proposed sale to the public: From time-to-time after the effective date of this Registration Statement.</B>

<P align="left" style="font-size: 10pt"><B>
The Registrant hereby amends this Registration Statement
on such date or dates as may be necessary to delay its effective date until the Registrant
shall file a further amendment which specifically states
that this Registration Statement shall thereafter become effective in accordance
with Section&nbsp;8(a) of the Securities Act of 1933 or until the Registration Statement shall
become effective on such date as the Securities and Exchange Commission, acting pursuant to
said Section&nbsp;8(a), may determine.</B>

<P align="left" style="font-size: 10pt">Pursuant to Rule&nbsp;429
under the Securities Act, this Registration Statement also relates to
the remaining unsold $320,000,000 of securities previously registered
by the Registrant on Registration Number&nbsp;333-65244,
filed with the Securities and Exchange Commission on October&nbsp;9,
2001.
<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">The following direct and indirect subsidiaries of the registrant may guarantee
the debt securities and are co-registrants under this registration
statement:
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="65%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>I.R.S. Employer</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name of Co-Registrant</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Organization</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification No.</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Acme Water Supply &#038; Management Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">43-1959099</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Aquaterra Utilities, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-3674555</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Asbury Woods L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4491586</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon-Sienna III, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4369395</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">B. Andrews &#038; Co., Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maryland</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">52-1506110</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Barnsboro Associates, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">72-1537693</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Bayhome USH, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">68-0554763</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Bella Oaks L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4391790</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Bennetts Village LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">72-1537695</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Bickford Holdings, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">86-0862875</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Boca Greens, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-1707681</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Boca Isles South Club, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-0456217</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Boggy Creek USH, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">43-2022862</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Bramalea California, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">95-3426206</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Bramalea California Properties, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">98-0087244</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Bramalea California Realty, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-3504214</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Brazoria County LP, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">91-2058054</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Brewer Baseline Investors, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">71-0926637</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Builders Acquisition Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-1138117</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Builders LP, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">43-1981685</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cambria L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4343919</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cantera Village L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4045136</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cary Woods L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4511011</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Claremont Ridge L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4491588</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Claridge Estates L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4511104</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Clodine-Bellaire LP, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">91-1937380</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Club Pembroke Isles, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-0567595</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Club Tampa Palms, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-1061700</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Colonial Heritage LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Virginia</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-0646289</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord at Meadowbrook L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-0026164</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord at Pheasant Run Trails L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">30-0023454</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord at Ravenna L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">41-2088272</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord at Zurich Village L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4492814</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord City Centre L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4303767</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord Hills, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-3851896</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord Hills Limited Partnership</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-3851920</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord Homes, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">48-1259541</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord Lake, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-3885795</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord Lake Limited Partnership</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-3885794</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord Mills Estates L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4303710</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord Mills Limited Partnership</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-3983636</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord Oaks, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-3909432</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord Oaks Limited Partnership</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-3913675</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord Park, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-3973265</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord Park Limited Partnership</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-3899290</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord Pointe, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-3897253</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord Pointe Limited Partnership</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-3899290</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="65%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>I.R.S. Employer</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name of Co-Registrant</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Organization</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification No.</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Coto de Caza, Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0738531</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Country Club Development at the Fort, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">74-0574053</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Coventry L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4511106</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">DCA Homes NJ Realty, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-2242815</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">DCA of Lake Worth, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-1863953</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">DCA of New Jersey, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-2285266</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">E.M.J.V. Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-3411844</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Enclave Land, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">02-0569313</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">ERMLOE, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">61-1426128</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Eureka
Escondido, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2240364</TD>
</TR>




<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">F.P. Construction Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">23-2991585</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fidelity Guaranty and Acceptance Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0168225</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fortress Holding &#150; Virginia, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">54-1996535</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fortress Illinois, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1178246</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fortress Management, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">74-3004651</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fortress Missouri, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">43-1902931</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fortress Mortgage, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">54-1830770</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fortress Pennsylvania, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">58-2348576</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fortress Pennsylvania Realty, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">23-2991518</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fortress-Florida, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">54-1837545</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fox-Maple Associates, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">43-1997377</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Foxwood L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4511105</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gateway Commons, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maryland</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">68-0515247</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Genesee Communities I, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">84-1317557</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Genesee Communities II, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">84-1567457</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Genesee Communities III, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">84-1361682</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Genesee Communities IV, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">84-1567305</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Genesee Communities V, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">84-1567306</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Genesee Communities VI, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">84-1567307</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Genesee Communities VII, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">84-1567308</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Genesee Communities VIII, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">84-1567309</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Genesee Communities IX, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">80-0014048</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Genesee Venture, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">84-1567456</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Glenview Reserve, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4415694</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Grand Isle Club, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">46-0482148</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Greenfield/Waterbury L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4099504</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Greystone Construction, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arizona</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">86-0864245</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Greystone Homes, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">93-1070009</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Greystone Homes of Nevada, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">88-0412604</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Greystone Nevada, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">88-0412611</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Hallston Burbank LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0843511</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Harris County LP, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">91-1890279</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Haverton L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-0057181</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Heathcote Commons LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Virginia</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1178932</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Heritage Harbour Realty, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">75-3080965</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Heritage Housing Group, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maryland</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">52-1783710</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Heritage USH, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">72-1551056</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Home Buyer&#146;s Advantage Realty, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0573246</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Homecraft Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0334090</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="65%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>I.R.S. Employer</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name of Co-Registrant</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Organization</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification No.</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Imperial Homes Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0334117</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Impressions L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4249224</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Inactive Corporations, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-1275889</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Kings Lake TH, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">54-2096335</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Kings Ridge Golf Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-0718382</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Kings Ridge Recreation Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-0718384</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Kings Wood Development Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-0766576</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Landmark Homes, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">North Carolina</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">56-2009874</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Laureate Homes of Arizona, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arizona</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0671037</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Legacy Homes, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">North Carolina</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">56-1588510</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Legends Club, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">48-1259544</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Legends Golf Club, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-3691814</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">LENH I, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">56-2349820</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Acquisition Corp. II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0812777</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Americanos Douglas, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0725087</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Associates Management, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">52-2257293</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Associates Management Holding Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1806357</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Aviation, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">02-0543705</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Carolina, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">87-0713832</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Central Park, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1087322</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Central Region Sweep, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-1111068</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Chicago, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-3971759</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Communities, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0855007</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Communities Development, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">86-0262130</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Communities of Florida, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">02-0543694</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Communities of South Florida, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">02-0543702</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Construction, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arizona</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">86-0972186</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Coto Holdings, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0787906</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Developers, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">48-1259540</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Developers, Inc. II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">03-0501883</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Developers, Inc. III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">03-0501885</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Family of Builders GP, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">43-1981691</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Family of Builders Limited Partnership</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">43-1981697</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Financial Services, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-0774024</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar
Funding, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1173034</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Fresno, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-1008718</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar
Hingham JV, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2866001</TD>
</TR>



<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Homes, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-0711505</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Homes Holding Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">16-1641233</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Homes of Arizona, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arizona</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-0163412</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Homes of California, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">93-1223261</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Homes of Texas Land and Construction, Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">75-2792018</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Homes of Texas Sales and Marketing, Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">75-2792019</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Houston Land, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">71-0893559</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar
Imperial Holdings Limited Partnership</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2552367</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar La Paz, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0812776</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar La Paz Limited, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0812775</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Land Partners Sub, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-0776454</TD>
</TR>



<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="65%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>I.R.S. Employer</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name of Co-Registrant</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Organization</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification No.</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Land Partners Sub II, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">88-0429001</TD>
</TR>



<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Long
Beach Promenade Partners, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1258506</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar
Massachusetts Properties, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2681100</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar
Meridian Hills Partners, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1870117</TD>
</TR>











<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Military Housing, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">05-0566325</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Nevada, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">88-0401445</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar New
Jersey Properties, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2681142</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar
Northeast Properties, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2552288</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Northland I, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0805080</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Northland II, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0821001</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Northland III, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0821002</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Northland IV, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0821003</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Northland V, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0836779</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Northland VI, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0836810</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Northpointe North, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1179019</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Pacific, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">88-0412608</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Pacific, L.P.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">88-0412610</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Pacific Properties, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">88-0412607</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Pacific Properties Management, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">30-0139878</TD>
</TR>



<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Port
Imperial South Building 10, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2562132</TD>
</TR>



<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Port
Imperial South Building 12, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2562179</TD>
</TR>



<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Port
Imperial South Limited Partnership</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2552353</TD>
</TR>





<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Realty, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-0866794</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Renaissance, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0726195</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Reno, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3895412</TD>
</TR>



<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar
Riverside West Holdings, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2562070</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar
Riverside West Limited Partnership</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2552385</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar
Riverside West Urban Renewal Company, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2562043</TD>
</TR>






<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Sacramento, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0794993</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Sales Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">95-4716082</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar San Jose Holdings, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-0645170</TD>
</TR>











<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar
Seaport Partners, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">93-1223261</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Southland I, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0801714</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Southland II, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0836784</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Southland III, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0836786</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Southwest Holding Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">91-1933536</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Sun Ridge, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">94-3392987</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Texas Holding Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">75-2788257</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Trading Company, LP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">72-1574089</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar.Com, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-0980149</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar-Kings Lake, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">54-2096420</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar-Lantana Boatyard, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">56-2321100</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennarstone Marketing Group, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arizona</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">86-0998754</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">LFS Holding Company, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-1105931</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">LH Eastwind, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-0097714</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">LHI Renaissance, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">02-0680656</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">LLT, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1484778</TD>
</TR>







<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">LN, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3871208</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Long Point Development Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0587917</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lorton Station, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Virginia</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0694499</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lucerne Merged Condominiums, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-0576452</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lundgren Bros. Construction, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Minnesota</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">41-0970679</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">M.A.P. Builders, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-1908120</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Madrona Village L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4343916</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Marble Mountain Partners, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">41-2076340</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Marlborough Development Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">95-6072804</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Mid-County Utilities, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maryland</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0610395</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Midland Housing Industries Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">95-2775081</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Midland Investment Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">95-2842301</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Mission Viejo 12S Venture, LP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0615197</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="65%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>I.R.S. Employer</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name of Co-Registrant</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Organization</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification No.</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Mission Viejo Holdings, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0785862</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Moffett Meadows Partners, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">56-2320229</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">New Home Brokerage, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0683361</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">North County
Land Company, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-1130656</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Northbridge L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4511102</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Northern Land Company, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1179078</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Northeastern
Properties LP, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2552328</TD>
</TR>




<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Northgate Highlands Development II, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0698064</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">NuHome Designs, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0569460</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Oceanpointe Development Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0264460</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Orrin Thompson Construction Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Minnesota</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0334101</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Orrin Thompson Homes Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Minnesota</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0334105</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Paparone Construction Co.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0334106</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Parc Chestnut L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4440993</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Parkside Estates L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4280079</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Patriot Homes, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maryland</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">52-1720993</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Patriot Homes of Virginia, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Virginia</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">52-2200965</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Placer Vineyards, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">71-0926641</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Polygon La Paz Associates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Washington</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">91-1640455</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Providence Glen L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4319757</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Rancho Summit, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0787817</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Rivenhome Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0569346</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Riviera Land Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-1281470</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">RRKTG Lumber, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">43-1902931</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Rutenberg Homes, Inc. (FL)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0340291</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Rutenberg Homes of Texas, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0215995</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">S. Florida Construction, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">71-0949799</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">S. Florida Construction II, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">72-1567303</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">S. Florida Construction III, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">72-1567302</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Savell Gulley Development Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0564056</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">SEA Joint Venture, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0675477</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">SFHR Management, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4461074</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Silver Lakes-Gateway Clubhouse, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-0628738</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Sonoma L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4443842</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">South Park Development, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">91-2057895</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Spanish Springs Development, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0672277</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Stoney Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-3374931</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Stoneybrook Golf Club, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0669064</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Strategic Cable Technologies, L.P.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1179138</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Strategic Holdings, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">91-1770357</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Strategic Technologies, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-0523605</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Strategic Technologies Communications of
California, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">95-4149805</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Summerway Investment Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0589471</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Summerwood, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maryland</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-0045425</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Summit Acquisition Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">14-1842265</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="65%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>I.R.S. Employer</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name of Co-Registrant</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Organization</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification No.</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Summit Enclave, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">30-0070526</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Summit Glen, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4359627</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Summit Land, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4357327</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Summit Ridge 23, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">30-0036763</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Summit Townes, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4334330</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Summit-Meadowbrook, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4196022</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Summit-Reserve, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4168228</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Sunstar Enterprises, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1179187</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">The Club at Stoneybrook, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-1061241</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">The Courts of Indian Creek L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4415696</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">The Fortress Group, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">54-1774997</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">The Grande By Lennar Builders, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">81-0560954</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">The Sexton L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4100579</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tustin Villas Partners, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">41-2076342</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tustin Vistas Partners, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">32-0054237</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">U.S. Home Associates Management, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">43-1981702</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">U.S. Home Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">52-2227619</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">U.S. Home of Arizona Construction Co.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arizona</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">74-2402824</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">U.S. Home of West Virginia, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">West Virginia</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">01-0656197</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">U.S. Home Realty, Inc. (TX)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0136964</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">U.S. Home Realty Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0327612</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">U.S. Home Southwest Holding Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0680795</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">U.S.H.
Apartments Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">47-0952298</TD>
</TR>




<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">U.S.H. Corporation of New York</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-1995835</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">U.S.H. Los Prados, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">88-0232393</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">U.S.H. Realty, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maryland</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">74-2765031</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">University
Community Partners, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">45-0512619</TD>
</TR>



<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">USH Acquisition Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0604353</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">USH Bickford, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0654167</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">USH Equity Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0450341</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">USH Heritage Pom, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arizona</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0686598</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">USH Millennium Ventures Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0546603</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">USH (West Lake), Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3471278</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">USH Woodbridge, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0561576</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">USHHH, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0641307</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Villages of Rio Pinar Club, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">48-1259543</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">West Adams Street L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4210710</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">West Chocolate Bayou Development Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0648748</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Westbrook Homes, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1179223</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Westchase, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">91-1954138</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Westchase, Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">91-1954138</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Weststone Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">74-2944437</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P style="font-size: 10pt; color: red"><B>The information in this prospectus is not
complete and may be changed. We may not sell these securities until
the Registration Statement filed with the Securities and Exchange
Commission is effective. This Prospectus is not an offer to sell
these securities and it is not soliciting an offer to buy these
securities in any state where such offer or sale it is not permitted.</B>

<DIV align="left"><FONT size="1">

</FONT></DIV>
 <P align="center" style="font-size: 10pt; color: red"><B>Subject To
Completion Dated June&nbsp;3, 2005</B>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left" style="font-size: 10pt"><B>PROSPECTUS</B>
<P>
<P>
<P align="center" style="font-size: 10pt"><B>$1,000,000,000</B>
<P>&nbsp;
<DIV align="center" style="font-size: 10pt;">
<IMG src="e97385a1lennar.gif" alt="(LENNAR CORPORATION LOGO)">
</DIV>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center" style="font-size: 10pt">Class&nbsp;A Common Stock<BR>
Class&nbsp;B Common Stock<BR>
Preferred Stock<BR>
Participating Preferred Stock<BR>
Depositary Shares<BR>
Debt Securities<BR>
Warrants
<DIV align="left"><FONT size="1">

</FONT></DIV>



<HR noshade width="26%" align="center" size="1">
<P>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may from time-to-time offer our Class&nbsp;A common stock, Class&nbsp;B common
stock, preferred stock (which we may issue in one or more series),
participating preferred stock, depositary shares representing shares of
preferred stock, debt securities (which we may issue in one or more series and
which may or may not be guaranteed by some or all of our subsidiaries, other
than our subsidiaries which are mortgage or title insurance companies) or
warrants entitling the holders to purchase Class&nbsp;A common stock, Class&nbsp;B common
stock, preferred stock, participating preferred stock, depositary shares or
debt securities, at an aggregate initial offering price which will not exceed
$1,000,000,000. We will determine when we sell securities, the amounts of
securities we will sell and the prices and other terms on which we will sell
them. We may sell securities to or through underwriters, through agents or
directly to purchasers.
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will describe in a prospectus supplement, which we will deliver with
this prospectus, the terms of particular securities which we offer in the
future. We may describe the terms of those securities in a term sheet which
will precede the prospectus supplement. The prospectus supplement may
also add, update or change information contained in this prospectus.
You should read this prospectus and any supplements carefully before
you invest. This prospectus may not be used to sell securities unless
accompanied by a prospectus supplement. Any securities we may
offer in the future in a prospectus supplement may not be sold until
the registration statement that includes this prospectus becomes effective.
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In each prospectus supplement we will include the following information:




<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The names of the underwriters or agents, if any, through
which we will sell the securities;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The proposed amounts of securities, if any, which the underwriters will purchase;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The compensation, if any, of those underwriters or agents;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The risk factors associated with an investment in the securities offered;</TD>
</TR>


<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The initial public offering price of the securities;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Information about securities exchanges or automated quotation
systems on which the securities will be listed or traded; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any other material information about the offering and sale of
the securities.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P>
<HR noshade width="26%" align="center" size="1">
<P>




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Class&nbsp;A common stock is listed on the New York Stock Exchange under
the symbol &#147;LEN&#148; and our Class&nbsp;B common stock is listed on the New York Stock
Exchange under the symbol &#147;LEN.B.&#148;


<P>
<HR noshade width="26%" align="center" size="1">
<P>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or
determined that this prospectus is truthful or complete. Any representation to
the contrary is a criminal offense.</B>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center" style="font-size: 10pt">The date of this prospectus
is
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.
<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>TABLE OF CONTENTS</B>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->


<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#101">ABOUT
THIS PROSPECTUS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">i</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
<TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#101">SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">i</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#102">LENNAR
CORPORATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#103">USE OF PROCEEDS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#104">RATIO OF EARNINGS TO FIXED CHARGES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>




<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#105">DESCRIPTION OF DEBT SECURITIES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>



<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#107">DESCRIPTION
OF COMMON STOCK AND PREFERRED STOCK</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#108">DESCRIPTION OF PARTICIPATING PREFERRED STOCK</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#109">DESCRIPTION OF DEPOSITARY SHARES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#106">DESCRIPTION OF WARRANTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#110">LEGAL MATTERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#111">EXPERTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#113">WHERE
YOU CAN FIND MORE INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</tr>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#112">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#113">EX.
12.1: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#114">EX. 23.2:
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">



<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="e97385a1exv12w1.htm">EX.12.1: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="e97385a1exv23w2.htm">EX.23.2: CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</A></FONT></TD></TR>
</TABLE>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>
<DIV align="left">
<A name="101"></A>
</DIV>













<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><B>ABOUT THIS PROSPECTUS</B>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus is part of a registration statement filed by us with the
Securities and Exchange Commission utilizing a &#147;shelf&#148;
registration process. Under this shelf registration process, we may,
from time-to-time, sell any combination of securities described in
this prospectus in one or more offerings. This prospectus provides
you with a general description of the securities we may offer. Each
time we sell securities under this registration statement, we will provide a prospectus supplement that
will contain specific information about the terms of that offering.
The prospectus supplement may also add, update or change information
contained in this prospectus. You should read this prospectus,
the information incorporated by
reference into this prospectus and any applicable prospectus supplement together with additional
information described under the heading &#147;Where You Can Find More
Information.&#148;

<P align="left" style="font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No person has been authorized
to provide you with any information  or to make any representations,
other than the information and representations contained in this
prospectus and any prospectus supplement. If provided or made, that
information or those representations may not be relied upon as having
been authorized by us. This prospectus and any prospectus supplement does not constitute an offer
to or solicitation of any person in any jurisdiction in which such an offer or solicitation would be
unlawful.</B>

<P align="center" style="font-size: 10pt"><B>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some
of the statements in this prospectus and the documents incorporated by reference into this
prospectus are &#147;forward-looking statements,&#148; 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 &#147;<I>Risk Factors Relating
to Our Business</I>&#148; in Item&nbsp;1 of our Annual Report on Form 10-K for our fiscal year ended November&nbsp;30,
2004, which is incorporated into this prospectus by reference, and
other factors that may be included in a prospectus supplement or in our other filings with the
Securities and Exchange Commission. We do not undertake any obligation to update forward-looking statements.


<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt">i
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="102"></A>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt"><B>LENNAR CORPORATION</B>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are one of the nation&#146;s largest homebuilders and a provider of financial services. Our
homebuilding operations include the sale and construction of single-family attached and detached
homes, as well as the purchase, development and sale of residential land directly and through
unconsolidated entities in which we have investments. Our financial services operations provide
mortgage financing, title insurance, closing services and insurance agency services for both buyers
of our homes and others. We sell substantially all of the loans that we originate in the secondary
mortgage market. Through our financial services operations, we also provide high-speed Internet and
cable television services to residents of communities we develop and to others.
<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are a Delaware corporation. Our principal  offices are located at 700
Northwest 107th Avenue, Miami, Florida 33172. Our telephone number at
these
offices is (305)&nbsp;559-4000. Our website address is www.lennar.com.
The information on our website is not part of this prospectus.

<DIV align="left">
<A name="103"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>USE OF PROCEEDS</B>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as may be set forth in a
prospectus supplement, we intend to
add the net proceeds from sales of securities to our general corporate funds,
which we may use to repay indebtedness, including indebtedness of our
wholly-owned subsidiaries, for acquisitions, or for other general corporate
purposes. We are always looking at the possibility of acquiring homebuilders
and other companies. However, we currently have no agreements or understandings regarding any
significant transactions, and it is possible we will not enter into any
significant transactions in the near future.
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left">
<A name="104"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>RATIO OF EARNINGS TO FIXED CHARGES</B>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purpose of calculating the ratio of earnings to fixed charges, &#147;earnings&#148; consist of income from continuing operations before
income taxes plus &#147;fixed charges&#148; and certain other adjustments. &#147;Fixed charges&#148; consist of interest incurred on all indebtedness related
to continuing operations (including amortization of original issue
discount), and the implied interest component of our rent obligations.
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>


<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="35%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Three Months Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">Years
Ended November 30,</FONT></B>
    </TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">February&nbsp;28,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">February&nbsp;29,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2005</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2004</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2004</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="2">Ratio of earnings to fixed charges
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7.4x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.8x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9.7x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8.6x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.7x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.3x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.5x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>






<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
was no preferred stock or participating preferred stock outstanding for any of the periods shown
above. Accordingly, the ratio of earnings to combined fixed charges and
preferred stock and participating preferred stock dividends was identical to the ratio of earnings to fixed
charges.


<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt">1
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left">
<A name="105"></A>
</DIV>


<P align="center" style="font-size: 10pt"><B>DESCRIPTION OF DEBT SECURITIES</B>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may issue debt securities under either (a)&nbsp;an indenture dated as
of June&nbsp;25, 2004 with U.S. Bank Trust, National Association, as trustee, or (b)
an indenture dated as of December&nbsp;31, 1997, with J.P. Morgan Trust Company,
National Association (as successor to First National Bank of Chicago, National Association) as trustee. Both of these indentures are included as exhibits to the
registration statement of which this prospectus forms a part. We may
supplement either of these indentures from time to time. The following
paragraphs describe some of the provisions of the indentures, however
specific terms applicable to debt securities may be set forth in
supplemental indentures and described in the prospectus supplement
related to the securities being offered by that prospectus supplement. The terms applicable to
specific debt securities may differ materially from the description
set forth below. Therefore, you
should read the indenture, as well as any applicable supplemental
indenture, before investing in our debt securities.
<DIV align="left"><FONT size="1">

</FONT></DIV>





<P align="left" style="font-size: 10pt"><B>General</B>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The debt securities will be direct obligations of our company and may be
either senior debt securities or subordinated debt securities. Some or all of
the co-registrants (each of which is our direct or indirect
subsidiary) under the registration statement which includes this
prospectus, may guaranty
our payment of debt securities issued under this prospectus. In addition, the
debt securities may be secured by the shares of some or all of our
subsidiaries. The indentures do not limit the principal amount of debt
securities that we may issue. We may issue debt securities in one or more
series. A supplemental indenture will set forth specific terms of each series
of debt securities. There will be prospectus supplements relating to
any particular
series of debt securities that we may offer under this prospectus. Each prospectus supplement will describe:
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the title of the debt securities and whether the debt
securities are senior or subordinated debt securities;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5"><FONT size="1">

</FONT></TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any limit upon the aggregate principal amount of a series of
debt securities that we may issue;</TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="1">

</FONT></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date or dates on which principal of the debt securities
will be payable and the amount of principal which will be payable;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the rate or rates (which may be fixed or variable) at which
the debt securities will bear interest, if any, or contingent
interest, if any, as well as the dates from which interest will
accrue, the dates on which interest will be payable, the persons to
whom interest will be payable, if other than the registered holders
on the record date, and the record date for the interest payable on
any payment date;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the currency or currencies in which principal, premium, if
any, and interest, if any, will be paid;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether our obligations with regard to the debt securities
are guaranteed by some or all of our subsidiaries;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>


<TR>
    <TD colspan="5"><FONT size="1">

</FONT></TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether our obligations with regard to the debt securities
are secured by shares of any or all of our subsidiaries;</TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="1">

</FONT></TD>
</TR>


<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the place or places where principal, premium, if any, and
interest, if any, on the debt securities will be payable and where
debt securities which are in registered form can be presented for
registration of transfer or exchange;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any provisions regarding our right to prepay debt securities
or of holders to require us to prepay debt securities;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the right, if any, of holders of the debt securities to
convert them into common stock or other securities, including any
contingent conversion provisions;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any provisions requiring or permitting us to make payments to
a sinking fund which will be used to redeem debt securities or a
purchase fund which will be used to purchase debt securities;</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any index or formula used to determine the required payments
of principal, premium, if any, or interest, if any;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the percentage of the principal amount of the debt securities
which is payable if maturity of the debt securities is accelerated
because of a default;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any special or modified events of default or covenants with
respect to the debt securities; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other material terms of the debt securities.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
indenture contains any restrictions on the payment of
dividends or the repurchase of our securities or any financial covenants.
However, supplemental indentures relating to particular series of debt
securities may contain provisions of that type.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue debt securities at a discount from, or at a premium to, their
stated principal amount. A prospectus supplement may describe federal income
tax considerations and other special considerations applicable to a debt
security issued with original issue discount or at a premium.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the principal of, premium, if any, or interest, if any, with regard to
any series of debt securities is payable in a foreign currency, then in the
prospectus supplement relating to those debt securities, we will describe any
restrictions on currency conversions, tax considerations or other material
restrictions with respect to that issue of debt securities.


<P align="left" style="font-size: 10pt"><B>Form of Debt Securities</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue debt securities in certificated or uncertificated form, in
registered form with or without coupons or in bearer form with coupons, if
applicable.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue debt securities of a series in the form of one or more global
certificates evidencing all or a portion of the aggregate principal amount of
the debt securities of that series. We may deposit the global certificates with
depositaries, and the certificates may be subject to restrictions upon transfer
or upon exchange for debt securities in individually certificated form.


<P align="left" style="font-size: 10pt"><B>Events of Default and Remedies</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
events of default with respect to each series of debt securities will
include:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our default in payment of the principal of or premium, if
any, on any debt securities of the series beyond any applicable
grace period;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our default for 30&nbsp;days or a different period specified in a
supplemental indenture, which may be no period, in payment of any
installment of interest due with regard to debt securities of the series;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our default for 60&nbsp;days after notice in the observance or
performance of any other covenants in the indenture; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certain events involving our bankruptcy, insolvency or
reorganization.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">Supplemental indentures relating to particular series of debt securities may
include other events of default.



<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each indenture provides that the trustee may withhold notice to the
holders of any series of debt securities of any default (except a default in
payment of principal, premium, if any, or interest, if any) if the trustee
considers it in the interest of the holders of the series to do so.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each indenture provides that if any event of default has occurred and is
continuing, the trustee or the holders of not less than 25% in principal amount
of the series of debt securities then outstanding may declare the principal of
and accrued interest, if any, on all the debt securities of that series to be
due and payable immediately. However, if we cure all defaults (except the
failure to pay principal, premium or interest which becomes due solely because
of the acceleration) and certain other conditions are met, that declaration may
be annulled and past defaults may be waived by the holders of a majority in
principal amount of the series of debt securities then outstanding.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of a majority of the outstanding principal amount of a series
of debt securities will have the right to direct the time, method and place of
conducting proceedings for any remedy available to the trustee, subject to
certain limitations specified in the indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A prospectus supplement will describe any additional or different events
of default which apply to any series of debt securities.


<P align="left" style="font-size: 10pt"><B>Modification of an Indenture</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and the trustee under an indenture may:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>without the consent of holders of debt securities, modify the
indenture to cure errors or clarify ambiguities;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with the consent of the holders of not less than a majority
in principal amount of the debt securities which are outstanding
under the indenture, modify the indenture or the rights of the
holders of the debt securities generally; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with the consent of the holders of not less than a majority
in outstanding principal amount of any series of debt securities,
modify any supplemental indenture relating solely to that series of
debt securities or the rights of the holders of that series of debt
securities.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However, we may not:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>extend the fixed maturity of any debt securities, reduce the
rate or extend the time for payment of interest, if any, on any debt
securities, reduce the principal amount of any debt securities or
the premium, if any, on any debt securities, impair or affect the
right of a holder to institute suit for the payment of principal,
premium, if any, or interest, if any, with regard to any debt
securities, change the currency in which any debt securities are
payable or impair the right, if any, to convert any debt securities
into common stock or any other of our securities, without the
consent of each holder of debt securities who will be affected; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reduce the percentage of holders of debt securities required
to consent to an amendment, supplement or waiver, without the
consent of the holders of all the then outstanding debt securities
or outstanding debt securities of the series which will be affected.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt">4
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>Mergers and Other Transactions</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may not consolidate with or merge into any other entity, or transfer or
lease our properties and assets substantially as an entirety to another person,
unless (1)&nbsp;the entity formed by the consolidation or into which we are merged,
or which acquires or leases our properties and assets substantially as an
entirety, assumes by a supplemental indenture all our obligations with regard
to outstanding debt securities and our other covenants under the indenture, and
(2)&nbsp;with regard to each series of debt securities, immediately after giving
effect to the transaction, no event of default, with respect to that series of
debt securities, and no event which would become an event of default, will have
occurred and be continuing.


<P align="left" style="font-size: 10pt"><B>Concerning the Trustee</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S.
Bank Trust, National Association and J.P. Morgan Trust Company,
National Association,
the trustees under the indentures, or their affiliates, provide, and may
continue to provide, loans and banking services to us in the ordinary course of
their businesses.


<P align="left" style="font-size: 10pt"><B>Governing Law</B>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Both of the indentures, each supplemental indenture, and the debt
securities issued under those documents will be governed by, and construed in accordance
with, the laws of New York State.
<DIV align="left"><FONT size="1">

</FONT></DIV>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left">
<A name="107"></A>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center" style="font-size: 10pt"><B>DESCRIPTION OF COMMON
STOCK AND PREFERRED STOCK</B>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our authorized capital stock consists of 300,000,000 shares of Class&nbsp;A
common stock, $0.10 par value, 90,000,000 shares of Class&nbsp;B common stock, $0.10
par value, 100,000,000 shares of participating preferred stock, $0.10 par
value, and 500,000 shares of preferred stock, $10.00 par value. At
April&nbsp;30, 2005,
we had 121,770,637&nbsp;shares of Class&nbsp;A common stock and
32,720,264&nbsp;shares of Class&nbsp;B common stock outstanding and no shares of
preferred stock or participating preferred stock outstanding.
<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt"><B>Class&nbsp;A and Class&nbsp;B Common Stock</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All the outstanding shares of our Class&nbsp;A and Class&nbsp;B common stock are
fully paid and nonassessable and are entitled to participate equally and
ratably in dividends and in distributions available for the common stock on
liquidation. The transfer agent and registrar for the Class&nbsp;A and Class&nbsp;B
common stock is EquiServe Trust Company, a wholly-owned subsidiary of EquiServe
Limited Partnership of Canton, Massachusetts.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Class&nbsp;B common stock is identical in every respect with our Class&nbsp;A
common stock, except that (a)&nbsp;each share of Class&nbsp;B common stock is entitled to
ten votes on each matter submitted to the vote of the common stockholders,
while each share of Class&nbsp;A common stock is entitled to one vote, (b)
amendments to provisions of our Certificate of Incorporation relating to the
Class&nbsp;A common stock or the Class&nbsp;B common stock require the approval of a
majority of the shares of Class&nbsp;A common stock which are voted with regard to
them (as well as approval of a majority in voting power of all the outstanding Class&nbsp;A and Class&nbsp;B common stock combined), and (c)&nbsp;under
Delaware law, certain matters affecting the rights of holders of Class&nbsp;B common
stock may require approval of the holders of the Class&nbsp;B common stock voting as
a separate class.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
November&nbsp;30, 2004, Stuart A. Miller, our President and Chief Executive
Officer, had voting power, through family-owned entities and personal
holdings, of Class&nbsp;A and Class&nbsp;B common stock that would entitle Mr.&nbsp;Miller to
cast approximately 47% of the votes that may be cast by the holders of
our outstanding Class&nbsp;A and Class&nbsp;B common stock combined. That gives
significant influence to Mr.&nbsp;Miller in electing our directors and approving
most matters that are presented to our stockholders. Mr.&nbsp;Miller&#146;s voting power
might discourage someone from acquiring us or from making a significant equity investment in us,
even if we needed the investment to meet our obligations and to operate our
business. Also, because of his voting power, Mr. Miller may be able
to authorize actions in matters that are contrary to our other
stockholders&#146; desired actions or interests.
<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="left" style="font-size: 10pt"><B>Preferred Stock</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue preferred stock in series with any rights and preferences
which may be authorized by our board of directors. We will distribute a
prospectus supplement with regard to each series of preferred stock. Each
prospectus supplement will describe, as to the series of preferred stock to
which it relates:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the title of the series;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any limit upon the number of shares of the series which may be issued;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the preference, if any, to which holders of the series will
be entitled upon our liquidation;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date or dates on which we will be required or permitted
to redeem shares of the series;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the terms, if any, on which we or holders of the series will
have the option to cause shares of the series to be redeemed;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the voting rights of the holders of the series;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the dividends, if any, which will be payable with regard to
the series (which may be fixed dividends or participating dividends
and may be cumulative or non-cumulative);</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the right, if any, of holders of the series to convert them
into another class or series of our stock or securities, including
provisions intended to prevent dilution of those conversion rights;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any provisions by which we will be required or permitted to
make payments to a sinking fund which will be used to redeem shares
of the series or a purchase fund which will be used to purchase shares of the series; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other material terms of the series.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of shares of preferred stock will not have preemptive rights.


<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left">
<A name="108"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>DESCRIPTION OF PARTICIPATING PREFERRED STOCK</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our participating preferred stock is identical with the Class&nbsp;A common
stock in every way, except that (a)&nbsp;no dividends may be paid with regard to the
Class&nbsp;A and Class&nbsp;B common stock in a calendar year until the holders of the
participating preferred stock have received a total of $.0125 per share, then
no dividends may be paid in that year with regard to the participating
preferred stock until the holders of the Class&nbsp;A and Class&nbsp;B common stock have
received dividends totaling $.0125 per share, and then any additional dividends
in the year will be paid on an equal per share basis to the holders of the
participating preferred stock and of the Class&nbsp;A and Class&nbsp;B common stock, (b)
if we are liquidated, none of our assets may be distributed to the holders of
the Class&nbsp;A and Class&nbsp;B common stock until the holders of the participating
preferred stock have received assets totaling $10 per share, then no assets may
be distributed to the holders of the participating preferred stock until the
holders of the Class&nbsp;A and Class&nbsp;B common stock have received assets totaling
$10 per share, and then any further liquidating distributions will be made on
an equal per share basis to the holders of the participating preferred stock
and of the Class&nbsp;A and Class&nbsp;B common stock, and (c)&nbsp;holders of participating
preferred stock will vote separately on corporate actions which would change
the participating preferred stock or would cause the holders of the
participating preferred stock to receive consideration in a merger or similar
transaction which is different from the consideration received by the holders
of the Class&nbsp;A and Class&nbsp;B common stock.

<DIV align="left">
<A name="109"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>DESCRIPTION OF DEPOSITARY SHARES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue depositary receipts representing interests in shares of
particular series of preferred stock which are called depositary shares. We
will deposit the preferred stock of a series which is the subject of depositary
shares with a depositary, which will hold that preferred stock for the benefit
of the holders of the depositary shares, in accordance with a deposit agreement
between the depositary and us. The holders of depositary shares will be
entitled to all the rights and preferences of the preferred stock to which the
depositary shares relate, including dividend, voting, conversion, redemption
and liquidation rights, to the extent of their interests in that preferred
stock.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While the deposit agreement relating to a particular series of preferred
stock may have provisions applicable solely to that series of preferred stock,
all deposit agreements relating to preferred stock we issue will include the
following provisions:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Dividends and Other Distributions</I></B>. Each time we pay a cash dividend or
make any other type of cash distribution with regard to preferred stock of a
series, the depositary will distribute to the holder of record of each
depositary share relating to that series of preferred stock an amount equal to
the dividend or other distribution per depositary share the depositary
receives. If there is a distribution of property other than cash, the
depositary either will distribute the property to the holders of depositary
shares in proportion to the depositary shares held by each of them, or the
depositary will, if we approve, sell the property and distribute the net proceeds to the holders of the depositary
shares in proportion to the depositary shares held by them.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Withdrawal of Preferred Stock</I></B>. A holder of depositary shares will be
entitled to receive, upon surrender of depositary receipts representing
depositary shares, the number of shares of the applicable series of preferred
stock, and any money or other property to which the depositary shares relate.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Redemption of Depositary Shares</I></B>. Whenever we redeem shares of a series of
preferred stock held by a depositary, the depositary will be required to
redeem, on the same redemption date, depositary shares constituting, in total,
the number of shares of that series held by the depositary which we redeem,
subject to the depositary&#146;s receiving the redemption price of those shares. If
fewer than all the depositary shares relating to a series are to be redeemed,
the depositary shares to be redeemed will be selected by lot or by another
method we determine to be equitable.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Voting</I></B>. Any time we send a notice of meeting or other materials relating
to a meeting to the holders of a series of preferred stock to which depositary
shares relate, we will provide the depositary with sufficient copies of those
materials so they can be sent to all holders of record of the applicable
depositary shares, and the depositary will send those materials to the holders
of record of the depositary shares on the record date for the meeting. The
depositary will solicit voting instructions from holders of
depositary shares,
and will vote or not vote the preferred stock to which the depositary shares
relate in accordance with those instructions.
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt">7
</DIV>

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<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Liquidation Preference</I></B>. Upon our liquidation, dissolution or winding up,
the holder of each depositary share will be entitled to what the holder of the
depositary share would have received if the holder had owned the number of
shares of the series of preferred stock which is represented by the depositary
share.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Conversion</I></B>. If shares of a series of preferred stock are convertible into
Class&nbsp;A or Class&nbsp;B common stock or any other of our securities or property, holders of depositary
shares relating to that series of preferred stock will, if they surrender
depositary receipts representing depositary shares with appropriate
instructions to convert them, receive the shares of common stock or other
securities or property into which the number of shares of the series of
preferred stock to which the depositary shares relate could at the time be
converted.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Amendment and Termination of a Deposit Agreement</I></B>. We and the depositary
may amend a deposit agreement, except that an amendment which materially and
adversely affects the rights of holders of depositary shares, or would be
materially and adversely inconsistent with the rights granted to the holders of
the series of preferred stock to which they relate, must be approved by holders
of at least two-thirds of the outstanding depositary shares. No amendment will
impair the right of a holder of depositary shares to surrender the depositary
receipts evidencing those depositary shares and receive the preferred stock to
which they relate, except as required to comply with law. We may terminate a
deposit agreement with the consent of holders of a majority of the depositary
shares to which it relates. Upon termination of a deposit agreement, the
depositary will make the shares of preferred stock to which the depositary
shares issued under the deposit agreement relate available to the holders of
those depositary shares. A deposit agreement will automatically terminate if:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all outstanding depositary shares to which it relates have
been withdrawn, redeemed or converted; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the depositary has made a final distribution to the holders
of the depositary shares issued under the deposit agreement upon our
liquidation, dissolution or winding up.
</TD>
</TR>
</TABLE>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Miscellaneous</I></B>. There will be provisions (i)&nbsp;requiring the depositary to
forward to holders of record of depositary shares any reports or communications
from us which the depositary receives with respect to the preferred stock to
which the depositary shares relate, (ii)&nbsp;regarding compensation of the
depositary, (iii)&nbsp;regarding resignation of the depositary, (iv)&nbsp;limiting our
liability and the liability of the depositary under the deposit agreement
(usually for failure to act in good faith, gross negligence or willful
misconduct) and (v)&nbsp;indemnifying the depositary against certain possible
liabilities.
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left">
<A name="106"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>DESCRIPTION OF WARRANTS</B>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
issue of warrants will be the subject of a warrant agreement, which
will contain the terms of the warrants. We will distribute a prospectus
supplement with regard to each issue of warrants. Each prospectus supplement
will describe, as to the warrants to which it relates:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the securities which may be purchased by exercising the
warrants (which may be Class&nbsp;A common stock, Class&nbsp;B common stock,
preferred shares, participating preferred shares, debt securities,
depositary shares or units consisting of two or more of those types
of securities);</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the exercise price of the warrants (which may be wholly or
partly payable in cash or wholly or partly payable with other types
of consideration);</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the period during which the warrants may be exercised;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any provision adjusting the securities which may be purchased
on exercise of the warrants and the exercise price of the warrants
in order to prevent dilution or otherwise;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the place or places where warrants can be presented for
exercise or for registration of transfer or exchange; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other material terms of the warrants.</TD>
</TR>

</TABLE>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt">8

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="110"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>LEGAL MATTERS</B>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clifford
Chance US LLP will
pass upon the validity of any securities we offer by this prospectus
and any prospectus supplement. If the
validity of any securities is also passed upon by counsel for underwriters
participating in an offering of securities offered by this prospectus
and any prospectus supplement, the underwriters&#146; counsel will be named in the
prospectus supplement relating to that offering.
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left">
<A name="111"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>EXPERTS</B>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consolidated financial statements, the related consolidated financial statement
schedule, and management&#146;s report on the effectiveness of internal
control over financial reporting incorporated in this prospectus by
reference to the Company's Annual Report on Form&nbsp;10-K for the fiscal
year ended November&nbsp;30, 2004 have been audited by
Deloitte&nbsp;&#38; Touche LLP, an independent registered public
accounting firm, as stated in their reports, which are
incorporated herein by reference, and have been so incorporated in
reliance upon the reports of such firm given upon their authority as
experts in accounting and auditing.
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left">
<A name="113"></A>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><B>WHERE YOU CAN FIND MORE
INFORMATION</B>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We file annual, quarterly and current reports, proxy statements and other
materials with the Securities and Exchange Commission. You may read and copy any materials we file with
the SEC at the SEC&#146;s Public Reference Room at 450 Fifth Street, N.W.,
Washington, D.C. 20549. You may obtain information on the operation of
the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC
maintains an Internet site that contains reports, proxy and information
statements and other information regarding issuers, including us, that file
documents electronically with the SEC. The address of that site is www.sec.gov.
Reports, proxy statements and other information we file also can be inspected
at the offices of the New York Stock Exchange, 20 Broad Street, New York, New
York 10005 or at our website at www.lennar.com. The
information on our website is not part of this prospectus.
<DIV align="left"><FONT size="1">

</FONT></DIV>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have filed with the SEC a registration statement under the
Securities Act that registers the distribution of the securities
offered by this prospectus and any prospectus supplement. The registration statement, including the attached
exhibits and schedules, contains additional relevant information about
us and the securities being offered. This prospectus, which forms part
of the registration statement, omits some of the information
contained in the registration statement in accordance with the rules
and regulations of the SEC. Reference is hereby made to the
registration statement and related exhibits for further information
with respect to us and the securities offered by this prospectus and
any prospectus supplement. Statements
contained in this prospectus concerning the provisions of any
document are not necessarily complete and, in each instance,
reference is made to the copy of such document filed as an exhibit to
the registration statement or otherwise filed with the SEC.
Each such statement is qualified in its entirety by such reference.
<DIV align="left"><FONT size="1">

</FONT></DIV><DIV align="left">
<A name="112"></A>
</DIV>

<P align="center" style="font-size: 10pt">9
</DIV>

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<P align="center" style="font-size: 10pt"><B>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</B>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are incorporating by reference in this prospectus and registration
statement the following
documents which we have previously filed with the SEC. You should
consider each of the
documents incorporated by reference an important part of this
prospectus and registration statement:
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Annual Report on Form 10-K for the fiscal year ended
November&nbsp;30, 2004;</TD>
</TR>






<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Quarterly Report on Form&nbsp;10-Q for the quarterly period ended
February&nbsp;28, 2005;</TD>
</TR>






<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Current Reports on Form 8-K filed with the SEC on
December&nbsp;6, 2004, December&nbsp;22, 2004, March&nbsp;23,
2005, April&nbsp;4, 2005 and April&nbsp;29, 2005;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the description of our Class&nbsp;A common stock contained in our
Registration Statement on Form 8-A filed with the SEC on May&nbsp;21,
1996; and
</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the description of our Class&nbsp;B common stock contained in
our Registration Statement on Form 8-A filed with the SEC on
April&nbsp;8, 2003.
</TD>
</TR>

<TR>
    <TD colspan="5" style="font-size: 8pt;">

</TD>
</TR>

</TABLE>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever after the date of this prospectus we file reports or documents
under Section&nbsp;13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934,
as amended, those reports and documents will be deemed to be part of this
prospectus from the time they are filed. Any statements made in this
prospectus or in a document incorporated or deemed to be incorporated
by reference in this prospectus will be deemed to be modified or
superseded for purposes of this prospectus to the extent that a statement
contained in this prospectus or in any other subsequently filed
document that is also incorporated or deemed to be incorporated by
reference in this prospectus modifies or supersedes the statement. Nothing in
this prospectus shall be deemed to incorporate information furnished
by us on Form 8-K that, pursuant to and in accordance with the rules
and regulations of the Commission, is not deemed &#147;filed&#148;
for purposes of the Exchange Act.
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will provide to each person, including any beneficial owner, to whom a
copy of this prospectus is delivered a copy of any or all of the information
that has been incorporated by reference in this prospectus, but not delivered
with this prospectus. We will provide this information at no cost to
the requester upon written request addressed to Lennar Corporation,
700 Northwest 107th Avenue, Miami, Florida 33172, Attention: Office
of the General Counsel, or upon oral request by calling our
Office of the General Counsel at (305) 559-4000.
<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="center" style="font-size: 10pt">10

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>PART II. INFORMATION NOT REQUIRED IN PROSPECTUS</B>



<P align="left" style="font-size: 10pt"><B>Item&nbsp;14. Other Expenses of Issuance and Distribution.</B>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the estimated expenses in connection with
the issuance and distribution of the securities being registered, other than
underwriting discounts and commissions. Also, the legal and accounting fees do not include expenses of preparing prospectus supplements and other
expenses relating to offerings of particular securities.
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="65%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="83%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Registration fee &#150; Securities and Exchange Commission</DIV></TD>
<TD></TD>
    <TD align="right">$</TD>
    <TD align="right">86,156</TD>
<TD></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accounting fees and expenses</DIV></TD>
<TD></TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD nowrap>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Legal fees and expenses</DIV></TD>
<TD></TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20,000</TD>
    <TD nowrap>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Trustees&#146; fees and expenses</DIV></TD>
<TD></TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD nowrap>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Miscellaneous</DIV></TD>
<TD></TD>
<TD></TD>
    <TD align="right">13,844</TD>
<TD></TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
<TD></TD>
<TD></TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
<TD></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total</DIV></TD>
<TD></TD>
    <TD align="right">$</TD>
    <TD align="right">125,000</TD>
<TD></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
<TD></TD>
<TD></TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
<TD></TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>





<P align="left" style="font-size: 10pt"><B>Item&nbsp;15. Indemnification of Directors and Officers.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As permitted by Section&nbsp;145 of the General Corporation Law of Delaware,
our Certificate of Incorporation provides that an officer, director, employee
or agent of our company is entitled to be indemnified for the expenses,
judgments, fines and amounts paid in settlement actually and reasonably
incurred by him by reason of any action, suit or proceeding brought against him
by virtue of his acting as such officer, director, employee or agent, provided
he acted in good faith or in a manner he reasonably believed to be in or not
opposed to the best interests of our company and, with respect to any criminal
action or proceeding, had no reasonable cause to believe his conduct was
unlawful, except that in any action or suit by or in the right of our company
that person shall be indemnified only for the expenses actually and reasonably
incurred by him and, if that person shall have been adjudged to be liable for
negligence or misconduct, he shall not be indemnified unless and only to the
extent that a court of appropriate jurisdiction shall determine that such
indemnification is fair and reasonable.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;16. Exhibits.</B>
<DIV align="center">

<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="65%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->

<TR><TD valign="top"><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.1
</DIV></TD>
<TD></TD>
    <TD align="left" valign="top">Form of Underwriting Agreement.**
</TD>
</TR>

<TR>
    <TD valign="top">&nbsp;</TD>
<TD></TD>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
<TD></TD>
    <TD align="left" valign="top">Amended and Restated Certificate of Incorporation
of the Company, dated April&nbsp;28, 1998 (incorporated by reference to Exhibit&nbsp;3(a) to the Company&#146;s
Annual Report on Form&nbsp;10-K for the fiscal year ended November
30, 2004), as amended by the Certificate of
Amendment to Certificate of Incorporation, dated April&nbsp;9, 1999
(incorporated by reference to Exhibit&nbsp;3(a) of the Company&#146;s
Annual Report on Form&nbsp;10-K for the fiscal year ended November
30, 1999) and the Certificate of
Amendment to Certificate of Incorporation, dated April&nbsp;8, 2003
(incorporated by reference to Annex IV to the Company&#146;s
Definitive Proxy Statement on Schedule&nbsp;14A, dated
March&nbsp;10, 2003).</TD>
</TR>

<TR>
    <TD valign="top">&nbsp;</TD>
<TD></TD>
<TD></TD>
</TR>

<TR>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By-laws of the Company (incorporated by
reference to Exhibit&nbsp;3 to the Company&#146;s Quarterly Report on
Form&nbsp;10-Q, for the quarterly period ended May&nbsp;31, 2004).</TD>
</TR>

<TR>
    <TD valign="top">&nbsp;</TD>
<TD></TD>
<TD></TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
<TD></TD>
    <TD align="left" valign="top">Indenture, dated as of
June&nbsp;25, 2004, between the Company
and U.S. Bank Trust, National Association.*</TD>
</TR>


<TR>
    <TD valign="top">&nbsp;</TD>
<TD></TD>
<TD></TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
<TD></TD>
    <TD align="left" valign="top">Indenture, dated as of December&nbsp;31, 1997, between the
Company and J.P. Morgan Trust Company, National Association, as successor in
interest to The First National Bank of Chicago, National Association (incorporated by
reference to Exhibit 4 to the Company&#146;s Registration Statement on Form&nbsp;S-3,
Registration No.&nbsp;333-45527, filed on February&nbsp;3, 1998).</TD>
</TR>

<TR><TD valign="top"><FONT size="1">

</FONT></TD></TR>

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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">II-1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="65%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specimen of Preferred Stock
Certificate and Form of Designations of Preferred Stock.**</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specimen of Participating Preferred
Stock Certificate and Form of Description of Participating Preferred
Stock.**</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Depository Agreement.**
</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.8</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Depository Receipt.**
</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Note**
</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Warrant**
</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Clifford Chance US LLP
(counsel).*</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Computation of Ratio
of Earnings to Fixed Charges.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">21.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">List of Subsidiaries (incorporated
by reference to the Company&#146;s Annual Report on Form 10-K for the
year ended November 30, 2004).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Clifford Chance US LLP (counsel)
(included with Exhibit&nbsp;5.1).*</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Independent Registered Public Accounting Firm.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included in
signature page).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">25.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Statement of Eligibility and
Qualification of trustee on Form&nbsp;T-1 of U.S.
Bank Trust, National Association under the Indenture.*</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">25.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Statement of Eligibility and
Qualification of trustee on Form&nbsp;T-1 of
predecessor to J.P. Morgan Trust Company (incorporated by
reference to Exhibit 25 to the Company&#146;s Registration Statement on Form&nbsp;S-3,
Registration No.&nbsp;333-45527, filed on February&nbsp;3, 1998).</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>


<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<HR noshade size="1" width="15%" align="left">
<DIV align="left" style="font-size: 10pt">* &nbsp;&nbsp;Previously
filed.</DIV>
<DIV align="left" style="font-size: 10pt">**&nbsp;&nbsp;To be filed
by amendment to the registration statement or on a Current Report on
Form 8-K.</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;17. Undertakings.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;To include any material information with respect to the plan of
distribution not previously disclosed in this registration statement or any
material change to such information in this registration statement;

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment will be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time will be
deemed to be the initial <I>bona fide </I>offering thereof; and
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt">II-2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;That, for purposes of determining any liability under the Securities
Act of 1933, each filing of our annual report pursuant to
Section&nbsp;13&nbsp;(a) or
Section&nbsp;15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in
this registration statement shall be deemed to be a new registration statement
relating to the securities offered herein, and the offering of such securities
at that time will be deemed to be the initial <I>bona fide </I>offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;That, (i)&nbsp;for purposes of determining any liability under the
Securities Act of 1933, the information omitted from the form of prospectus
filed as part of this registration statement in reliance upon Rule&nbsp;430A and
contained in a form of prospectus filed by the registrant pursuant to Rule
424(b)(1) or (4)&nbsp;or 497(h) under the Securities Act shall be deemed to be part
of this registration statement as of the time it was declared effective and
(ii)&nbsp;for the purpose of determining any liability under the
Securities Act of 1933,
each post-effective amendment that contains a form of prospectus shall be
deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial <I>bona fide </I>offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;To file an application for the purpose of determining the eligibility
of the trustee to act under subsection (a)&nbsp;of Section&nbsp;310 of the Trust
Indenture Act of 1939 in accordance with the rules and regulations prescribed
by the Commission under Section&nbsp;305(b)(2) of the Trust Indenture Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to our directors, officers and controlling persons
pursuant to the provisions of our Certificate of Incorporation, or otherwise,
we have been advised that in the opinion of the Securities and
Exchange Commission such indemnification
is against public policy as expressed in the Securities Act of 1933 and is, therefore,
unenforceable. If a claim for indemnification against such liabilities (other
than the payment by us of expenses incurred or paid by one of our directors,
officers or controlling persons in the successful defense of any action, suit
or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, we will, unless in the opinion
of our counsel the matter has been settled by controlling precedent, submit to
a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act of
1933 and we will
be governed by the final adjudication of such issue.


<P align="center" style="font-size: 10pt">II-3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form&nbsp;S-3 and has duly caused
this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the city of Miami, State
of Florida, on June&nbsp;3, 2005.
<DIV align="left"><FONT size="1">

</FONT></DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">LENNAR CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">
/s/ Stuart A. Miller</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top" colspan="2">Name: Stuart A. Miller</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top" colspan="2">Title: President and Chief Executive Officer</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;The
following co-registrants are direct and indirect subsidiaries of the registrant that may
guarantee debt securities that may be offered under this registration
statement from time-to-time:
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>Name of Co-Registrant</B>


<P align="left" style="font-size: 10pt">Acme Water Supply &#038; Management Company<BR>
Aquaterra Utilities, Inc.<BR>
Asbury Woods L.L.C.<BR>
Avalon-Sienna III, L.L.C.<BR>
B. Andrews &#038; Co., Inc.<BR>
Barnsboro Associates, LLC<BR>
Bayhome USH, Inc.<BR>
Bella Oaks L.L.C.<BR>
Bennetts Village LLC<BR>
Bickford Holdings, LLC<BR>
Boca Greens, Inc.<BR>
Boca Isles South Club, Inc.<BR>
Boggy Creek USH, Inc.<BR>
Bramalea California, Inc.<BR>
Bramalea California Properties, Inc.<BR>
Bramalea California Realty, Inc.<BR>
Brazoria County LP, Inc.<BR>
Brewer Baseline Investors, LLC<BR>
Builders Acquisition Corp.<BR>
Builders LP, Inc.<BR>
Cambria L.L.C.<BR>
Cantera Village L.L.C.<BR>
Cary Woods L.L.C.<BR>
Claremont Ridge L.L.C.<BR>
Claridge Estates L.L.C.<BR>
Clodine-Bellaire LP, Inc.<BR>
Club Pembroke Isles, Inc.<BR>
Club Tampa Palms, Inc.<BR>
Colonial Heritage LLC<BR>
Concord at Meadowbrook L.L.C.<BR>
Concord at Pheasant Run Trails L.L.C.<BR>
Concord at Ravenna L.L.C.<BR>
Concord at Zurich Village L.L.C.<BR>
Concord City Centre L.L.C.<BR>
Concord Hills, Inc.<BR>
Concord Hills Limited Partnership<BR>
Concord Homes, Inc.<BR>
Concord Lake, Inc.<BR>
Concord Lake Limited Partnership<BR>
Concord Mills Estates L.L.C.<BR>
Concord Mills Limited Partnership<BR>
Concord Oaks, Inc.<BR>
Concord Oaks Limited Partnership<BR>
Concord Park, Inc.<BR>
Concord Park Limited Partnership<BR>
Concord Pointe, Inc.<BR>
Concord Pointe Limited Partnership

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<P align="center" style="font-size: 10pt">S-1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>Name of Co-Registrant</B>


<P align="left" style="font-size: 10pt">Coto de Caza, Ltd.<BR>
Country Club Development at the Fort, LLC<BR>
Coventry L.L.C.<BR>
DCA Homes NJ Realty, Inc.<BR>
DCA of Lake Worth, Inc.<BR>
DCA of New Jersey, Inc.<BR>
E.M.J.V. Corp.<BR>
Enclave Land, L.L.C.<BR>
ERMLOE, LLC<BR>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<div align="left" style="font-size: 10pt">Eureka Escondido, LLC</div><BR>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<div align="left" style="font-size: 10pt">F.P. Construction Corp.<BR>
Fidelity Guaranty and Acceptance Corporation<BR>
Fortress Holding &#150; Virginia, LLC<BR>
Fortress Illinois, LLC<BR>
Fortress Management, Inc.<BR>
Fortress Missouri, LLC<BR>
Fortress Mortgage, Inc.<BR>
Fortress Pennsylvania, LLC<BR>
Fortress Pennsylvania Realty, Inc.<BR>
Fortress-Florida, Inc.<BR>
Fox-Maple Associates, LLC<BR>
Foxwood L.L.C.<BR>
Gateway Commons, L.L.C.<BR>
Genesee Communities I, Inc.<BR>
Genesee Communities II, LLC<BR>
Genesee Communities III, Inc.<BR>
Genesee Communities IV, LLC<BR>
Genesee Communities V, LLC<BR>
Genesee Communities VI, LLC<BR>
Genesee Communities VII, LLC<BR>
Genesee Communities VIII, LLC<BR>
Genesee Communities IX, LLC<BR>
Genesee Venture, LLC<BR>
Glenview Reserve, LLC<BR>
Grand Isle Club, Inc.<BR>
Greenfield/Waterbury L.L.C.<BR>
Greystone Construction, Inc.<BR>
Greystone Homes, Inc.<BR>
Greystone Homes of Nevada, Inc.<BR>
Greystone Nevada, LLC<BR>
Hallston Burbank LLC<BR>
Harris County LP, Inc.<BR>
Haverton L.L.C.<BR>
Heathcote Commons LLC<BR>
Heritage Harbour Realty, Inc.<BR>
Heritage Housing Group, Inc.<BR>
Heritage USH, Inc.<BR>
Home Buyer&#146;s Advantage Realty, Inc.<BR>
Homecraft Corporation<BR>
Imperial Homes Corporation
</div>

<P align="center" style="font-size: 10pt">S-2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>Name of Co-Registrant</B>

<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="left" style="font-size: 10pt">Impressions L.L.C.<BR>
Inactive Corporations, Inc.<BR>
Kings Lake TH, LLC<BR>
Kings Ridge Golf Corporation<BR>
Kings Ridge Recreation Corporation<BR>
Kings Wood Development Corporation<BR>
Landmark Homes, Inc.<BR>
Laureate Homes of Arizona, Inc.<BR>
Legacy Homes, Inc.<BR>
Legends Club, Inc.<BR>
Legends Golf Club, Inc.<BR>
LENH I, LLC<BR>
Lennar Acquisition Corp. II<BR>
Lennar Americanos Douglas, LLC<BR>
Lennar Associates Management, LLC<BR>
Lennar Associates Management Holding Company<BR>
Lennar Aviation, Inc.<BR>
Lennar Carolina, Inc.<BR>
Lennar Central Park, LLC<BR>
Lennar Central Region Sweep, Inc.<BR>
Lennar Chicago, Inc.<BR>
Lennar Communities, Inc.<BR>
Lennar Communities Development, Inc.<BR>
Lennar Communities of Florida, Inc.<BR>
Lennar Communities of South Florida, Inc.<BR>
Lennar Construction, Inc.<BR>
Lennar Coto Holdings, L.L.C.<BR>
Lennar Developers, Inc.<BR>
Lennar Developers, Inc. II<BR>
Lennar Developers, Inc. III<BR>
Lennar Family of Builders GP, Inc.<BR>
Lennar Family of Builders Limited Partnership<BR>
Lennar Financial Services, LLC<BR>
Lennar Funding, LLC<BR>
Lennar Fresno, Inc.<BR>
Lennar Hingham JV, LLC<BR>

Lennar Homes, Inc.<BR>
Lennar Homes Holding Corp.<BR>
Lennar Homes of Arizona, Inc.<BR>
Lennar Homes of California, Inc.<BR>
Lennar Homes of Texas Land and Construction, Ltd.<BR>
Lennar Homes of Texas Sales and Marketing, Ltd.<BR>
Lennar Houston Land, LLC<BR>
Lennar Imperial Holdings Limited Partnership<BR>
Lennar La Paz, Inc.<BR>
Lennar La Paz Limited, Inc.<BR>
Lennar Land Partners Sub, Inc.<BR>
Lennar Land Partners Sub II, Inc.<BR>
Lennar Long Beach Promenade Partners, LLC<BR>
Lennar Massachusetts Properties, Inc.<BR>
Lennar Meridian Hills Partners, LLC<BR>
Lennar Military Housing, Inc.<BR>
Lennar Nevada, Inc.<BR>
Lennar Northeast Properties, Inc.<BR>
Lennar New Jersey Properties, Inc.<BR>
Lennar Northland I, Inc.


<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt">S-3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>Name of Co-Registrant</B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left" style="font-size: 10pt">Lennar Northland II, Inc.<BR>
Lennar Northland III, Inc.<BR>
Lennar Northland IV, Inc.<BR>
Lennar Northland V, Inc.<BR>
Lennar Northland VI, Inc.<BR>
Lennar Northpointe North, LLC<BR>
Lennar Pacific, Inc.<BR>
Lennar Pacific, L.P.<BR>
Lennar Pacific Properties, Inc.<BR>
Lennar Pacific Properties Management, Inc.<BR>
Lennar Port Imperial South Building 10, LLC<BR>
Lennar Port Imperial South Building 12, LLC<BR>
Lennar Port Imperial South Limited Partnership<BR>
Lennar Realty, Inc.<BR>
Lennar Renaissance, Inc.<BR>
Lennar Reno, LLC<BR>
Lennar Riverside West Holdings, LLC<BR>
Lennar Riverside West Limited Partnership<BR>
Lennar Riverside West Urban Renewal Company, LLC<BR>
Lennar Sacramento, Inc.<BR>
Lennar Sales Corp.<BR>
Lennar San Jose Holdings, Inc.<BR>
Lennar Seaport Partners,
LLC<BR>
Lennar Southland I, Inc.<BR>
Lennar Southland II, Inc.<BR>
Lennar Southland III, Inc.<BR>
Lennar Southwest Holding Corp.<BR>
Lennar Sun Ridge, LLC<BR>
Lennar Texas Holding Company<BR>
Lennar Trading Company, LP<BR>
Lennar.Com, Inc.<BR>
Lennar-Kings Lake, Inc.<BR>
Lennar-Lantana Boatyard, Inc.<BR>
Lennarstone Marketing Group, LLC<BR>
LFS Holding Company, LLC<BR>
LH Eastwind, LLC<BR>
LHI Renaissance, LLC<BR>
LLT, LLC<BR>
LN, LLC<BR>
Long Point Development Corporation<BR>
Lorton Station, LLC<BR>
Lucerne Merged Condominiums, Inc.<BR>
Lundgren Bros. Construction, Inc.<BR>
M.A.P. Builders, Inc.<BR>
Madrona Village L.L.C.<BR>
Marble Mountain Partners, LLC<BR>
Marlborough Development Corporation<BR>
Mid-County Utilities, Inc.<BR>
Midland Housing Industries Corp.<BR>
Midland Investment Corporation<BR>
Mission Viejo 12S Venture, LP<BR>
Mission Viejo Holdings, Inc.<BR>
Moffett Meadows Partners, LLC<BR>
New Home Brokerage, Inc.

<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt">S-4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>Name of Co-Registrant</B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left" style="font-size: 10pt">North County Land Company, LLC<BR>
Northbridge L.L.C.<BR>
Northeastern Properties LP, Inc.<BR>
Northern Land Company, LLC<BR>
Northgate Highlands Development II, LLC<BR>
NuHome Designs, L.L.C.<BR>
Oceanpointe Development Corporation<BR>
Orrin Thompson Construction Company<BR>
Orrin Thompson Homes Corp.<BR>
Paparone Construction Co.<BR>
Parc Chestnut L.L.C.<BR>
Parkside Estates L.L.C.<BR>
Patriot Homes, Inc.<BR>
Patriot Homes of Virginia, Inc.<BR>
Placer Vineyards, LLC<BR>
Polygon La Paz Associates<BR>
Providence Glen L.L.C.<BR>
Rancho Summit, LLC<BR>
Rivenhome Corporation<BR>
Riviera Land Corp.<BR>
RRKTG Lumber, LLC<BR>
Rutenberg Homes, Inc. (FL)<BR>
Rutenberg Homes of Texas, Inc.<BR>
S. Florida Construction, LLC<BR>
S. Florida Construction II, LLC<BR>
S. Florida Construction III, LLC<BR>
Savell Gulley Development Corporation<BR>
SEA Joint Venture, LLC<BR>
SFHR Management, L.L.C.<BR>
Silver Lakes-Gateway Clubhouse, Inc.<BR>
Sonoma L.L.C.<BR>
South Park Development, LLC<BR>
Spanish Springs Development, LLC<BR>
Stoney Corporation<BR>
Stoneybrook Golf Club, Inc.<BR>
Strategic Cable Technologies, L.P.<BR>
Strategic Holdings, Inc.<BR>
Strategic Technologies, Inc.<BR>
Strategic Technologies Communications of California, Inc.<BR>
Summerway Investment Corp.<BR>
Summerwood, L.L.C.<BR>
Summit Acquisition Corp.<BR>
Summit Enclave, L.L.C.<BR>
Summit Glen, L.L.C.<BR>
Summit Land, L.L.C.<BR>
Summit Ridge 23, L.L.C.<BR>
Summit Townes, L.L.C.<BR>
Summit-Meadowbrook, L.L.C.<BR>
Summit-Reserve, L.L.C.
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt">S-5
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>Name of Co-Registrant</B>



<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left" style="font-size: 10pt">Sunstar Enterprises, LLC<BR>
The Club at Stoneybrook, Inc.<BR>
The Courts of Indian Creek L.L.C.<BR>
The Fortress Group, Inc.<BR>
The Grande By Lennar Builders, Inc.<BR>
The Sexton L.L.C.<BR>
Tustin Villas Partners, LLC<BR>
Tustin Vistas Partners, LLC<BR>
U.S. Home Associates Management, Inc.<BR>
U.S. Home Corporation<BR>
U.S. Home of Arizona Construction Co.<BR>
U.S. Home of West Virginia, Inc.<BR>
U.S. Home Realty, Inc. (TX)<BR>
U.S. Home Realty Corporation<BR>
U.S. Home Southwest Holding Corp.<BR>
U.S.H. Corporation of New York<BR>
U.S.H. Los Prados, Inc.<BR>
U.S.H. Realty, Inc.<BR>
University Community Partners, LLC<BR>
USH Acquisition Corp.<BR>
USH Apartments Corporation<BR>
USH Bickford, LLC<BR>
USH Equity Corporation<BR>
USH Heritage Pom, L.L.C.<BR>
USH Millennium Ventures Corp.<BR>
USH (West Lake), Inc.<BR>
USH Woodbridge, Inc.<BR>
USHHH, Inc.<BR>
Villages of Rio Pinar Club, Inc.<BR>
West Adams Street L.L.C.<BR>
West Chocolate Bayou Development Corp.<BR>
Westbrook Homes, LLC<BR>
Westchase, Inc.<BR>
Westchase, Ltd.<BR>
Weststone Corporation

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">as Guarantors<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">/s/
Waynewright Malcolm&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>Waynewright Malcolm
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>As Vice President of the entity or the member, managing
member or general partner of the entity.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>



<P align="center" style="font-size: 10pt">S-6

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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY</B>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints each of Stuart A. Miller, Bruce E.
Gross and Diane J. Bessette his or her true and lawful
attorney-in-fact and agent, with full powers of substitution to sign for him or
her and in his or her name any or all amendments (including post-effective
amendments) to the registration statement to which this power of attorney is
attached and to file those amendments and all exhibits to them and other
documents to be filed in connection with them with the Securities and Exchange
Commission.
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirement of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities and on the dates indicated.


<P align="left" style="font-size: 10pt"><B>On Behalf of Lennar Corporation:</B>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Signature</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Title(s)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Date</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD align="center" nowrap valign="top">*<BR>
<HR size="1" noshade>
Stuart A. Miller</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chief Executive Officer,<BR>
President and Director<BR>
(Principal Executive Officer)
</TD>
    <TD>&nbsp;</TD>

    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">*<BR>
<HR size="1" noshade>
Bruce E. Gross</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Vice President and Chief Financial Officer<BR>
(Principal Financial Officer)
</TD>
    <TD>&nbsp;</TD>

    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">*<BR>
<HR size="1" noshade>
Diane J. Bessette</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Vice President and Controller<BR>
(Principal Accounting Officer)
</TD>
    <TD>&nbsp;</TD>

    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">*<BR>
<HR size="1" noshade>
Robert J. Strudler</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chairman of the Board of Directors
</TD>
    <TD>&nbsp;</TD>

    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">*<BR>
<HR size="1" noshade>
Irving Bolotin</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>

    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">*<BR>
<HR size="1" noshade>
Steven L. Gerard</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>


<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">*<BR>
<HR size="1" noshade>
R. Kirk Landon</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>

    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">*<BR>
<HR size="1" noshade>
Sidney Lapidus</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>

    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt">S-7
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
   <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Signature</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Title(s)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Date</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">*<BR>
<HR size="1" noshade>
Herv&#233; Ripault</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>

    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">*<BR>
<HR size="1" noshade>
Donna Shalala</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>

    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">*<BR>
<HR size="1" noshade>
Steven J. Saiontz</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>

    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>

<TR>
    <TD colspan="3" style="font-size: 10pt;">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top"> By: /s/ Diane J. Bessette<BR>
<HR size="1" noshade>
<DIV align="left" style="margin-left: 5%">Diane J. Bessette<BR>Attorney-in-Fact</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>
<TR>
    <TD colspan="3" style="font-size: 10pt;">&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt">S-8
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>On Behalf of the Following Co-Registrants:<BR>
Name of Co-Registrant</B>

<P align="left" style="font-size: 10pt">Acme Water Supply &#038; Management Company (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Aquaterra Utilities, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
B. Andrews &#038; Co., Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Bayhome USH, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Boca Greens, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Boca Isles South Club, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Boggy Creek USH, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Bramalea California, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Bramalea California Properties, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Bramalea California Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Brazoria County LP, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Builders Acquisition Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Builders LP, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Clodine-Bellaire LP, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Club Pembroke Isles, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Club Tampa Palms, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Concord Hills, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Concord Homes, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Concord Lake, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Concord Oaks, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Concord Park, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Concord Pointe, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
DCA Homes NJ Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
DCA of Lake Worth, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
DCA of New Jersey, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
E.M.J.V. Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
F.P. Construction Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Fidelity Guaranty and Acceptance Corporation (3)(11)(12)(10.1)(6.2)(2.3)<BR>
Fortress Management, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Fortress Mortgage, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Fortress Pennsylvania Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Fortress-Florida, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Genesee Communities I, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Genesee Communities III, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Grand Isle Club, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Greystone Construction, Inc. (5)(11)(14)(9.1)(17.2)(15.3)<BR>
Greystone Homes, Inc. (5)(11)(14)(9.1)(17.2)(15.3)<BR>
Greystone Homes of Nevada, Inc. (5)(11)(14)(8.1)(17.2)(15.3)<BR>
Harris County LP, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Heritage Harbour Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Heritage Housing Group, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Heritage USH, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Home Buyer&#146;s Advantage Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Homecraft Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Imperial Homes Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Inactive Corporations, Inc. (3)(11)(12)(13.1)(6.2)(2.3)


<P align="center" style="font-size: 10pt">S-9</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left" style="font-size: 10pt">Kings Ridge Golf Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Kings Ridge Recreation Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Kings Wood Development Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Landmark Homes, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Laureate Homes of Arizona, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Legacy Homes, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Legends Club, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Legends Golf Club, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Acquisition Corp. II (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Associates Management Holding Company (7)(4.1)(7.2)(7.3)<BR>
Lennar Aviation, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Carolina, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Central Region Sweep, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Chicago, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Communities, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Communities Development, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Communities of Florida, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Communities of South Florida, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Construction, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Developers, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Developers, Inc. II (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Developers, Inc. III (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Family of Builders GP, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Fresno, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Homes, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Homes Holding Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Homes of Arizona, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Homes of California, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar La Paz, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar La Paz Limited, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Land Partners Sub, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Land Partners Sub II, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Massachusetts Properties, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Military Housing, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Nevada, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar New Jersey Properties, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Northeast Properties, Inc. (14)(11)(5)(9.1)(15.3)(17.2)<BR>
Lennar Northland I, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Northland II, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Northland III, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Northland IV, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Northland V, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Northland VI, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Pacific, Inc. (5)(11)(14)(8.1)(17.2)(15.3)<BR>
Lennar Pacific Properties, Inc. (5)(11)(14)(8.1)(17.2)(15.3)<BR>
Lennar Pacific Properties Management, Inc. (5)(11)(14)(8.1)(17.2)(15.3)<BR>
Lennar Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Renaissance, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Sacramento, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Sales Corp. (5)(11)(14)(9.1)(17.2)(15.3)<BR>
Lennar San Jose Holdings, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Southland I, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Southland II, Inc. (3)(11)(12)(13.1)(6.2)(2.3)

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt">S-10</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif"></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left" style="font-size: 10pt">Lennar Southland III, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Southwest Holding Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Texas Holding Company (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar.Com, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar-Kings Lake, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar-Lantana Boatyard, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
LLT, LLC (11)(12)(13.1)(6.2)(2.3)<BR>
Long Point Development Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lucerne Merged Condominiums, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lundgren Bros. Construction, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
M.A.P. Builders, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Marlborough Development Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Mid-County Utilities, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Midland Housing Industries Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Midland Investment Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Mission Viejo Holdings, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
New Home Brokerage, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Northeastern Properties LP, Inc. (14)(11)(5)(9.1)(15.3)(17.2)<BR>
Oceanpointe Development Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Orrin Thompson Construction Company (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Orrin Thompson Homes Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Paparone Construction Co. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Patriot Homes, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Patriot Homes of Virginia, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Rivenhome Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Riviera Land Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Rutenberg Homes, Inc. (FL) (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Rutenberg Homes of Texas, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Savell Gulley Development Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Silver Lakes-Gateway Clubhouse, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Stoney Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>

Stoneybrook Golf Club, Inc.
(20)(20.1)(21)(22)(23.2)(23.3)<BR>
Strategic Holdings, Inc. (1)(18)(19)(13.1)(6.2)(2.3)<BR>
Strategic Technologies, Inc. (1)(18)(19)(13.1)(6.2)(2.3)<BR>
Strategic Technologies Communications of California, Inc. (1)(18)(19)(13.1)(6.2)(2.3)<BR>
Summerway Investment Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Summit Acquisition Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
The Club at Stoneybrook, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
The Fortress Group, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
The Grande By Lennar Builders, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
U.S. Home Associates Management, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
U.S. Home Corporation (3)(11)(12)(16.1)(6.2)(2.3)<BR>
U.S. Home of Arizona Construction Co. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
U.S. Home of West Virginia, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
U.S. Home Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
U.S. Home Realty Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
U.S. Home Southwest Holding Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
USH Apartments Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
U.S.H. Corporation of New York (3)(11)(12)(13.1)(6.2)(2.3)<BR>
U.S.H. Los Prados, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
U.S.H. Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
USH Acquisition Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
USH Equity Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
USH Millennium Ventures Corp. (3)(11)(12)(13.1)(6.2)(2.3)

<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt">S-11

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">USH (West Lake), Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
USH Woodbridge, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
USHHH, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Villages of Rio Pinar Club, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
West Chocolate Bayou Development Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Westchase, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Weststone Corporation (3)(11)(12)(13.1)(6.2)(2.3)


<P align="center" style="font-size: 10pt">S-12</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">Asbury Woods L.L.C.<SUP>1</SUP><BR>
Avalon-Sienna III, L.L.C.<SUP>1</SUP><BR>
Barnsboro Associates, LLC<SUP>2</SUP><BR>
Bella Oaks L.L.C. <SUP>1</SUP><BR>
Bennetts Village LLC<SUP>1</SUP><BR>
Bickford Holdings, LLC<SUP>3</SUP><BR>
Brewer Baseline Investors, LLC<SUP>2</SUP><BR>
Cambria L.L.C. <SUP>1</SUP><BR>
Cantera Village L.L.C. <SUP>1</SUP><BR>
Cary Woods L.L.C. <SUP>1</SUP><BR>
Claremont Ridge L.L.C. <SUP>1</SUP><BR>
Claridge Estates L.L.C. <SUP>1</SUP><BR>
Colonial Heritage LLC<SUP>2</SUP><BR>
Concord at Meadowbrook L.L.C. <SUP>1</SUP><BR>
Concord at Pheasant Run Trails L.L.C. <SUP>1</SUP><BR>
Concord at Ravenna L.L.C. <SUP>1</SUP><BR>
Concord at Zurich Village L.L.C. <SUP>1</SUP><BR>
Concord City Centre L.L.C. <SUP>1</SUP><BR>
Concord Hills Limited Partnership<SUP>4</SUP><BR>
Concord Lake Limited Partnership<SUP>5</SUP><BR>
Concord Mills Estates L.L.C. <SUP>1</SUP><BR>
Concord Mills Limited Partnership<SUP>6</SUP><BR>
Concord Oaks Limited Partnership<SUP>7</SUP><BR>
Concord Park Limited Partnership<SUP>8</SUP><BR>
Concord Pointe Limited Partnership<SUP>9</SUP><BR>
Coto de Caza, Ltd.<SUP>10</SUP><BR>
Country Club Development at the Fort, LLC<SUP>11</SUP><BR>
Coventry L.L.C. <SUP>1</SUP><BR>
Enclave Land, L.L.C.<SUP>12</SUP><BR>
ERMLOE, LLC<SUP>13</SUP><BR>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt">Eureka Escondido,
LLC<SUP>21</SUP><BR></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt">Fortress Holding -
Virginia, LLC<SUP>14</SUP><BR></DIV>
<DIV align="left" style="font-size: 10pt">Fortress Illinois,
LLC<SUP>15</SUP><BR></DIV>
<DIV align="left" style="font-size: 10pt">Fortress Missouri,
LLC<SUP>15</SUP><BR></DIV>
<DIV align="left" style="font-size: 10pt">Fortress Pennsylvania,
LLC<SUP>15</SUP></DIV>



<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>1</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Concord Homes, Inc. as Managing Member</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>2</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by U.S. Home Corporation as Managing Member</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>3</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed on behalf of U.S.H. Bickford, LLC, as Managing Member, by U.S. Home Corporation, its Member</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>4</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Concord Hills, Inc.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>5</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Concord Lake, Inc.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>6</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by the Liquidation Agent, Concord Homes, Inc.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>7</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Concord Oaks, Inc.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>8</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Concord Park, Inc.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>9</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Concord Pointe, Inc.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>10</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Lennar Land Partners Sub II, Inc.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>11</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar Fresno, Inc. as Managing Member</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>12</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar Chicago, Inc. as Managing Member</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>13</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar Homes, Inc. as Member</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>14</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by The Fortress Group, Inc. as Managing Member</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>15</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar San Jose Holdings, Inc. as Member</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">S-13
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
</div>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">Fox-Maple Associates, LLC<SUP>2</SUP><BR>
Foxwood L.L.C. <SUP>1</SUP><BR>
Gateway Commons, L.L.C. <SUP>2</SUP><BR>
Genesee Communities II, LLC<SUP>16</SUP><BR>
Genesee Communities IV, LLC<SUP>17</SUP><BR>
Genesee Communities V, LLC<SUP>17</SUP><BR>
Genesee Communities VI, LLC<SUP>17</SUP><BR>
Genesee Communities VII, LLC<SUP>17</SUP><BR>
Genesee Communities VIII, LLC<SUP>17</SUP><BR>
Genesee Communities IX, LLC<SUP>17</SUP><BR>
Genesee Venture, LLC<SUP>17</SUP><BR>
Glenview Reserve, LLC<SUP>1</SUP><BR>
Greenfield/Waterbury L.L.C. <SUP>1</SUP><BR>
Greystone Nevada, LLC<SUP>18</SUP><BR>
Hallston Burbank LLC<SUP>21</SUP><BR>
Haverton L.L.C. <SUP>1</SUP><BR>
Heathcote Commons LLC<SUP>2</SUP><BR>
Impressions L.L.C. <SUP>1</SUP><BR>
Kings Lake TH, LLC<SUP>19</SUP><BR>
LENH I, LLC<SUP>13</SUP><BR>
Lennar Americanos Douglas, LLC<SUP>2</SUP><BR>
Lennar Associates Management, LLC<SUP>20</SUP><BR>
Lennar Long Beach Promenade Partners,
LLC<SUP>21</SUP><BR>
Lennar Central Park,
LLC<SUP>21</SUP><BR>
Lennar Coto Holdings, L.L.C.<SUP>21</SUP><BR>
Lennar Family of Builders Limited Partnership<SUP>22</SUP><BR>
Lennar Financial Services, LLC<SUP>23</SUP><BR>
Lennar Funding, LLC<SUP>37</SUP><BR>
Lennar Hingham JV, LLC<sup>41</SUP><BR>
Lennar Homes of Texas Land and Construction, Ltd.<SUP>24</SUP><BR>
Lennar Homes of Texas Sales and Marketing, Ltd.<SUP>25</SUP><BR>
Lennar Houston Land, LLC<SUP>26</SUP><BR>
Lennar Imperial Holdings Limited Partnership<SUP>38</SUP><BR>

Lennar Meridian Hills Partners, LLC<SUP>21</SUP><BR>
Lennar Northpointe North,
LLC<SUP>2</SUP><BR>
Lennar Pacific, L.P.<SUP>27</SUP><BR>
Lennar Port Imperial South Building 10, LLC<sup>40</SUP><BR>
Lennar Port Imperial South Building 12, LLC<sup>40</SUP><BR>
Lennar Port Imperial South Limited Partnership<sup>38</SUP><BR>
Lennar Reno, LLC<SUP>28</SUP><BR>
Lennar Riverside West Holdings, LLC<SUP>39</SUP><BR>
Lennar Riverside West Limited Partnership<SUP>38</SUP><BR>
Lennar Riverside West Urban Renewal Company, LLC<sup>39</SUP><BR>

Lennar Seaport Partners,
LLC<SUP>21</SUP><BR>
Lennar Sun Ridge,
LLC<SUP>2</SUP><BR>
Lennar Trading Company, LP<SUP>29</SUP><BR>
Lennarstone Marketing Group, LLC<SUP>30</SUP>

<DIV align="left"><FONT size="1">

</FONT></DIV>


<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>16</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed on behalf of Fortress Holding-Virginia, LLC, its Managing Member, by The Fortress Group, Inc., its Managing Member</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>17</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar Renaissance, Inc. as Managing Member</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>18</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Greystone Homes of Nevada, Inc. as Managing Member</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>19</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar-Kings Lake, Inc. as Manager</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>20</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar Associates Management Holding Company as Member</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>21</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar Homes of California, Inc. as Managing Member</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>22</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Lennar Family of Builders GP, Inc.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>23</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed on behalf of LFS Holding Company, LLC by U.S. Home Corporation, its Managing Member</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>24</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar Texas Holding Company, its General Partner</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>25</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed on behalf of Tustin Villas Partners, LLC, its Member, by Lennar Homes of California, Inc., its Member</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>26</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed on behalf of Lennar Homes of Texas Land and Construction, Ltd. by Lennar Texas Holding Company, its General Partner</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>27</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Greystone Homes, Inc., its General Partner</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>28</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar Pacific Properties Management, Inc. as Managing Member</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>29</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Lennar Texas Holding Company</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt">S-14














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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">LFS Holding Company, LLC<SUP>2</SUP><BR>
LH Eastwind, LLC<SUP>13</SUP><BR>
LHI Renaissance, LLC<SUP>13</SUP><BR>
LN, L.L.C. <SUP>13</SUP><BR>
Lorton Station, LLC<SUP>2</SUP><BR>
Madrona Village L.L.C. <SUP>1</SUP><BR>
Marble Mountain Partners, LLC<SUP>25</SUP><BR>
Mission Viejo 12S Venture, LP<SUP>31</SUP><BR>
Moffett Meadows Partners, LLC<SUP>21</SUP><BR>
North County Land Company, LLC<SUP>21</SUP><BR>
Northbridge L.L.C. <SUP>1</SUP><BR>
Northern Land Company, LLC<SUP>15</SUP><BR>
Northgate Highlands Development II, LLC<SUP>2</SUP><BR>
NuHome Designs, L.L.C.<SUP>14</SUP><BR>
Parc Chestnut L.L.C. <SUP>1</SUP><BR>
Parkside Estates L.L.C. <SUP>1</SUP><BR>
Placer Vineyards, LLC<SUP>32</SUP><BR>
Polygon La Paz Associates<SUP>33</SUP><BR>
Providence Glen L.L.C. <SUP>1</SUP><BR>
Rancho Summit, LLC<SUP>15</SUP><BR>
RRKTG Lumber, LLC<SUP>17</SUP><BR>
S. Florida Construction, LLC<SUP>13</SUP><BR>
S. Florida Construction II, LLC<SUP>13</SUP><BR>
S. Florida Construction III, LLC<SUP>13</SUP><BR>
SEA Joint Venture, LLC<SUP>2</SUP><BR>
SFHR Management, L.L.C.<SUP>12</SUP><BR>
Sonoma L.L.C. <SUP>1</SUP><BR>
South Park Development, LLC<SUP>21</SUP><BR>
Spanish Springs Development, LLC<SUP>2</SUP><BR>
Strategic Cable Technologies, L.P.<SUP>34</SUP><BR>
Summerwood, L.L.C. <SUP>2</SUP><BR>
Summit Enclave, L.L.C.<SUP>12</SUP><BR>
Summit Glen, L.L.C.<SUP>12</SUP><BR>
Summit Land, L.L.C.<SUP>12</SUP><BR>
Summit Ridge 23, L.L.C.<SUP>12</SUP><BR>
Summit Townes, L.L.C.<SUP>12</SUP><BR>
Summit-Meadowbrook, L.L.C.<SUP>12</SUP><BR>
Summit-Reserve, L.L.C.<SUP>12</SUP><BR>
Sunstar Enterprises, LLC<SUP>17</SUP><BR>
The Courts of Indian Creek L.L.C. <SUP>1</SUP><BR>
The Sexton L.L.C. <SUP>1</SUP><BR>
Tustin Villas Partners, LLC<SUP>21</SUP><BR>
Tustin Vistas Partners, LLC<SUP>35</SUP>



<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>30</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Greystone Homes, Inc. as Managing Member</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>31</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Mission Viejo Holdings, Inc., its General Partner</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>32</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed on behalf of Brewer Baseline Investors, LLC, its Member, by Lennar Renaissance, Inc., its Member</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>33</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Lennar La Paz, Inc.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>34</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Strategic Technologies, Inc.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>35</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed on behalf of Marble Mountain Partners, LLC, its Member, by Tustin Villas Partners, LLC, its Member, by Lennar Homes of California, Inc., its Member</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt">S-15</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<P align="left" style="font-size: 10pt">University Community Partners, LLC<SUP>21</SUP><BR>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt">USH Bickford, LLC<SUP>2</SUP><BR>
USH Heritage Pom, L.L.C. <SUP>2</SUP><BR>
West Adams Street L.L.C. <SUP>1</SUP><BR>
Westbrook Homes, LLC<SUP>15</SUP><BR>
Westchase, Ltd.<SUP>36</SUP></DIV>



<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>36</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Westchase, Inc.</TD>
</TR>
<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>37</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar Corporation as Managing Member</TD>
</TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>38</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Lennar Northeast Properties, Inc.</TD>
</TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>39</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar Riverside West Limited Partnership, as Member, by Lennar Northeast Properties, Inc., its General Partner</TD>
</TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>40</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar Port Imperial South Limited Partnership, as Member, by Lennar Northeast Properties, Inc., its General Partner</TD>
</TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>41</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its Member, Lennar Massachusetts, Inc.</TD>
</TR>

</TABLE>






<P align="center" style="font-size: 10pt">S-16</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Signature</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4"><B>Title(s)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Date</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV align="center">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV align="center">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD valign="top" align="center">*</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="bottom">(1)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV align="center"><HR size="1" noshade>
Allan J. Pekor
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top" align="center">*</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV align="center"><HR size="1" noshade>
Diane J. Bessette
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(2.3)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Controller
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
<TD valign="top"><DIV align="center">/s/
Waynewright Malcolm</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV align="center"><HR size="1" noshade>
Waynewright Malcolm
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(3)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
<TD valign="top"><DIV align="center">/s/
Antoinette Kelso</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV align="center"><HR size="1" noshade>
Antoinette Kelso
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(4.1)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
    <TD valign="top" align="center">*</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV align="center"><HR size="1" noshade>
Edward C. Giermann
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(5)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
    <TD valign="top" align="center">*</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV align="center"><HR size="1" noshade>
Bruce E. Gross
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(6.2)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">

<TD valign="top"><DIV align="center">/s/
A. Elizabeth Guerra-Pazos</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV align="center"><HR size="1" noshade>
A. Elizabeth Guerra-Pazos
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(7)<BR>
(7.2)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director<BR>
Chief Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV align="center">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(7.3)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Controller
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
    <TD valign="top" align="center">*</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV align="center"><HR size="1" noshade>
Emile Haddad
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(8.1)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
    <TD valign="top" align="center">*</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV align="center"><HR size="1" noshade>
Jonathan M. Jaffe
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(9.1)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
    <TD valign="top" align="center">*</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV align="center"><HR size="1" noshade>
Craig M. Johnson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(10.1)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
    <TD valign="top" align="center">*</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV align="center"><HR size="1" noshade>
Steven Lane
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(11)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>


<TR valign="bottom">
    <TD valign="top" align="center">*</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV align="center"><HR size="1" noshade>
L. Christian Marlin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(12)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
    <TD valign="top" align="center">*</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV align="center"><HR size="1" noshade>
Stuart A. Miller</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(13.1)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
    <TD valign="top" align="center">*</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV align="center"><HR size="1" noshade>
Betty Jo Powers
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(14)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
    <TD valign="top" align="center">*</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV align="center"><HR size="1" noshade>
Mark Shea
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(15.3)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Controller
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="center" style="font-size: 10pt">S-17
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Signature</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="4"><B>Title(s)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Date</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:160px; text-indent:-0px"><BR>*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">


<DIV align="center"><HR size="1" noshade>
Robert J. Strudler
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(16.1)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:160px; text-indent:-0px"><BR>*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">
<DIV align="center"><HR size="1" noshade>
Michael White</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(17.2)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">

<TD nowrap valign="top"><DIV style="margin-left:160px; text-indent:-0px">*</DIV><BR>
<HR size="1" noshade>
<DIV align="center">Nancy Kaminsky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(18)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</td>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>
<TR>
    <TD colspan="3" style="font-size: 10pt;">&nbsp;</TD>
</TR>
<TR>


<TR valign="bottom" style="padding-top: 1em">

<TD nowrap valign="top"><DIV style="margin-left:160px; text-indent:-0px">*</DIV><BR>
<HR size="1" noshade>
<DIV align="center">David B. McCain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(19)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</td>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>

<TR>
    <TD colspan="3" style="font-size: 10pt;">&nbsp;</TD>
</TR>
<TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD nowrap valign="top" align="center">/s/ Robert T. Allegra<BR>
<HR size="1" noshade>
<DIV align="center">Robert T. Allegra</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(20)<BR>
(20.1)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director<BR>
Chief Executive Officer</td>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>

<TR>
    <TD colspan="3" style="font-size: 10pt;">&nbsp;</TD>
</TR>






<tr>
<TR valign="bottom" style="padding-top: 1em">
    <TD nowrap valign="top" align="center">/s/ Christopher S. Kemper<BR>
<HR size="1" noshade>
<DIV align="center">Christopher S. Kemper</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(21)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</td>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>
<TR>
    <TD colspan="3" style="font-size: 10pt;">&nbsp;</TD>
</TR>



<tr>
<TR valign="bottom" style="padding-top: 1em">
    <TD nowrap valign="top" align="center">/s/ Anthony J. Squitieri<BR>
<HR size="1" noshade>
<DIV align="center">Anthony J. Squitieri</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(22)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</td>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>


<TR valign="bottom" style="padding-top: 1em">
    <TD nowrap valign="top" align="center">/s/ Stephanie Lego<BR>
<HR size="1" noshade>
<DIV align="center">Stephanie Lego</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(23.2)<BR>
(23.3)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer<BR>
Controller</td>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>

<TR>
    <TD colspan="3" style="font-size: 10pt;">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" style="font-size: 10pt;">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" style="font-size: 10pt;">&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD nowrap valign="top" align="center">By:&nbsp;&nbsp;/s/ Diane J. Bessette<BR>
<HR size="1" noshade>
<DIV align="center">Diane J. Bessette<BR>Attorney-in-Fact</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;3, 2005</TD>
</TR>


<TR>
    <TD colspan="3" style="font-size: 10pt;">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt">S-18
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="65%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Exhibit</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">12.1</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Computation of Ratio of
Earnings to Fixed Charges.</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>

<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">23.2</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Consent of Independent Registered Public Accounting Firm.</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>


<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">24.1</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Power of Attorney (included in
signature page).</TD>
</TR>




<!-- End Table Head -->

</TABLE>
</DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>


</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>2
<FILENAME>e97385a1exv12w1.htm
<DESCRIPTION>EX.12.1: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<TEXT>
<HTML>
<HEAD>
<TITLE>EX.12.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right"><FONT size="2"><B>EXHIBIT 12.1</B></font>


<DIV align="left">
<A name="113"></A>
</DIV>
<P align="left"><FONT size="2">
<B>Computation of Ratio of Earnings to Fixed Charges</B>
</font>

<div align="left"><font size="2">
(Dollars in thousands)
</font></div>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="18%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Three Months Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="19" align="center"><B><FONT size="1">Years Ended
November 30,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">February&nbsp;28,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">February&nbsp;29,</FONT></B></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2005</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2004</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2004</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Earnings from continuing operations:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Pre-tax earnings from continuing operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">310,371</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">223,698</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,519,067</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,207,054</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">875,709</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">679,423</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">375,635</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Adjustment to pre-tax earnings from continuing
    operations:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Fixed charges
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">47,702</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">38,423</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">173,419</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">161,165</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">157,552</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">156,885</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">142,654</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Interest capitalized
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(36,712</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(31,417</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(137,574</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(129,517</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(126,762</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(127,544</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(117,444</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Adjustment for undistributed earnings and losses
    of unconsolidated 50% or less owned entities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,631</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,809</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(205</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,670</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,107</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,423</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,928</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Previously capitalized interest amortized
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">31,052</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">25,363</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">134,193</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">141,347</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">145,567</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">119,503</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">98,601</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">&#147;Earnings&#148;
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">354,044</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">260,876</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,688,900</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,384,719</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,053,173</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">829,690</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">506,374</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Fixed Charges:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Interest incurred
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">39,204</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">32,284</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">145,189</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">140,114</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">139,223</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">142,772</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">130,458</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Interest component of rent expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,498</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,139</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">28,230</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,051</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,329</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">14,113</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12,196</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">&#147;Fixed Charges&#148;
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">47,702</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">38,423</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">173,419</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1"></FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">161,165</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1"></FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">157,552</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1"></FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">156,885</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1"></FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">142,654</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Ratio of Earnings to Fixed Charges
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7.4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6.8</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8.6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6.7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5.3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3.5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>e97385a1exv23w2.htm
<DESCRIPTION>EX.23.2: CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
<HTML>
<HEAD>
<TITLE>EX.23.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<p align=right><font size=2><b>Exhibit 23.2</b></font>

<DIV align="left">
<A name="114"></A>
</DIV>
<P align="left" style="font-size: 10pt"><B>Consent of Independent
Registered Public Accounting Firm</B>
<P align="left" style="font-size: 10pt">We consent to the
incorporation by reference in this Amendment No.&nbsp;1 to
Registration Statement No.&nbsp;333-117090 of Lennar Corporation on Form S-3/A of our
reports dated February&nbsp;11,
2005, relating to the consolidated financial statements and consolidated financial statement
schedule of Lennar Corporation and management&#146;s report on the
effectiveness of internal control over financial reporting, such
reports appearing in the
Annual Report on Form&nbsp;10-K of Lennar Corporation for the year ended November&nbsp;30, 2004, and to the reference to us under the heading &#147;Experts&#148; in
the Prospectus, which is part of this registration statement.


<P align="left" style="font-size: 10pt">/s/ Deloitte &amp; Touche LLP

<P align="left" style="font-size: 10pt">Miami, Florida<BR>
June&nbsp;1, 2005

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>e97385a1lennar.gif
<DESCRIPTION>GRAPHIC
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