UBS Building & Building Products 6 Annual CEO Conference November 2008 Exhibit 99.1 th

1 This presentation includes "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding our business, financial condition, results of operations, cash flows, strategies and prospects. You can identify forward-looking statements by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. We do not undertake any obligation to update forward-looking statements, except as required by federal securities laws. Disclaimer Statement

2 Business Overview

3 Business Overview Business Overview Market Conditions Remain Challenging Market Conditions Remain Challenging Market weakness has accelerated as a result of increased foreclosures, weakened consumer confidence and tightened mortgage lending standards. Additional government actions will be necessary to help stabilize home prices, which in turn will fortify banks’ balance sheets, allowing the return of government capital. While the housing market continues to search for a bottom, we have made significant progress despite this unprecedented downturn.

4 Business Overview Business Overview Operating Focus Operating Focus Focus on a Strong Balance Sheet: Aggressive Asset Management Leading to Strong Cash Flow Generation and Ample Liquidity Significant Progress on Our Balance Sheet Significant Progress On JV’s & Recourse Debt Focus on Rebuilding Operating Profitability: Improve Gross Margins and Rightsize the Business Focus on Reducing Financial Risk: Reduce Number of Joint Ventures and Recourse Debt Exposure Significant Progress on Rebuilding Operating Profitability

5 Business Overview Maintained Key Senior Management Associates Jon Jaffe Rick Beckwitt COO since 2004 Lennar associate for 25 years Spearheaded many key strategic initiatives Chief Investment Officer – responsible for the management of Lennar’s asset portfolio Lennar associate for over 13 years 25 years of real estate experience CFO since 1997 Lennar associate for 11 years 25 years of real estate experience Bruce Gross EVP since 2006 Former President of DR Horton Chief architect of DR Horton’s growth strategy Emile Haddad Jeff Krasnoff Co-founder and former CEO of LNR Property Corp. Assisting Lennar with new strategic opportunities 32 years of real estate experience

6 Significant Balance Sheet Progress

7 25% 30% 35% 40% 45% 50% 55% 60% 65% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 YTD '08 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 Significant Balance Significant Balance Sheet Progress Strong Cash Flow Generation and Low Leverage HB Debt / Total Capital Goal 35% - 45% Operating Cash Flow (Dollars in Millions)

8 Significant Balance Sheet Progress Long-Term Fixed Rate Debt Maturities $300 $250 $350 $250 $500 $250 $282 2008 Mar-09 Oct-10 Oct-11 2012 Mar-13 Sep-14 May-15 Apr-16 Weighted average maturity of 4.4 years Weighted average interest rate of 5.9% At August 31, 2008 Repayment Schedule 6.50% Senior Notes 7.63% Senior Notes 5.95% Senior Notes 5.50% Senior Notes 5.60% Senior Notes 5.13% Senior Notes 5.95% Senior Notes Fixed-rate Senior Notes $2.2B Other notes payable $0.1B (Dollars in Millions)

9 $3.2 $5.4 $1.8 $2.3 Significant Balance Sheet Progress Aggressive Inventory Reduction (Dollars in Billions) $8.6* $4.1* Peak 2006 Q3 2008 *Excludes consolidated inventory not owned Inventory 52% Land, Land Under Development and Option Deposits Construction in Progress and Finished Homesites

10 $2,891.5 $1,432.3 $2,134.9 $787.2 $656.1 $153.0 Significant Balance Sheet Progress Land Acquisition & Development (Dollars in Millions) $809.1 YTD 2008 Land Development Land Acquisition $4,323.8 $2,922.1 2006 2007

11 Homesites Owned and Controlled Significant Balance Sheet Progress Aggressive Inventory Management 345,000 130,000 Peak 2006 Q3 2008 62% 130,000 39,000 15,000 76,000 Q3 2008 -62% 345,000 Total -63% 105,000 Controlled-JVs -89% 134,000 Optioned -28% 106,000 Owned Change Peak 2006

12 Significant Joint Venture Progress

13 Joint Ventures Joint Ventures Mitigating Risk Mitigating Risk Joint ventures were structured strategically to mitigate risk. Strategic partners with specific expertise JV with partner who brings specific expertise (e.g. commercial or infill experience) JV with other builders Joint bid on land parcels is a smarter way to purchase Homesites are allocated to each homebuilder JV with financial partners Partners bring the majority of the capital Lennar manages the JV JV with land owner/developers Access to homesites owned or controlled by partner

14 270 146 Peak 2006 Q3 2008 Significant Joint Venture Progress Number of Joint Ventures Number of Joint Ventures 46% Joint Venture Detail JVs with recourse debt 48 JVs with non-recourse debt 31 JVs without debt 67 ____________________________ JV total 146

15 $1,764 $630 Peak 2006 Q3 2008 Significant Joint Venture Progress Recourse Debt Exposure & Capital Structure Maximum JV Recourse Debt Exposure (Dollars in Millions) 64% JVs with Recourse Debt At 11/30/06 (Peak) Assets $6.7B Equity $2.2B Maximum Recourse Debt $1.8B Max Recourse to Net Cap 44% At 8/31/08 Assets $3.0B Equity $1.2B Maximum Recourse Debt $0.6B Max Recourse to Net Cap 34% Net Cap = Equity + Max Recourse

16 Significant Operating Profitability Progress

17 Significant Operating Profitability Progress Momentum of Costs Overshooting Stabilization – Rightsizing of Business

18 25% 25% 26% 27% 25% 24% 20% 14% 16% 14% 14% 12% 17% 16% 18% 0% 5% 10% 15% 20% 25% 30% Q1 '05 Q2 '05 Q3 '05 Q4 '05 Q1 '06 Q2 '06 Q3 '06 Q4 '06 Q1' 07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Significant Operating Profitability Progress Focus on Rebuilding Gross Margin Lennar was ahead of the curve in recording impairments by pricing to market early and selling portfolio of land to Morgan Stanley land venture Construction cost reductions of 15% per sq. ft. (Pre-impairment GM%)

19 2,991 1,700 1,331 773 2006 2007 2008P 2009P Significant Operating Profitability Progress Aggressive Reduction of Floor Plans Total Floor Plan Count Will Be Reduced Approximately 75%

20 20 1,200 21 20 85 344 1,000+ 1,000+ 1,500 Faucets Interior Paint Appliances Lighting 2007 2008P Significant Operating Profitability Progress Materially Simplified Offerings Comprehensive SKU Reductions

21 S,G&A Expenses ($) Associate Headcount Significant Operating Profitability Progress Focus on S,G&A Reduction $484 $156 Peak 2006 Q3 2008 5,404 14,045 Peak 2006 Q3 2008 (Dollars in Millions) 68% 62%

22 2% 1% -1% -3% 0% -1% 2% 2% 9% 12% 12% 17% 15% 13% 13% -5% 0% 5% 10% 15% 20% 25% Q1 '05 Q2 '05 Q3 '05 Q4 '05 Q1 '06 Q2 '06 Q3 '06 Q4 '06 Q1' 07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Significant Operating Profitability Progress Focus on Positive Operating Margins (Pre-impairment OM%)

23 Conclusion

24 Conclusion “Moving From Defense to Offense” Lennar has traditionally maintained expertise in both homebuilding manufacturing and land acquisition and management The Company has been working for years on separately leveraging the expertise in these respective disciplines Lennar has been “incubating” a Fund program to take advantage of Lennar’s asset management expertise and ability to create value Evaluating and taking advantage of distressed opportunities is in Lennar’s “DNA” and history Ability to utilize more efficient capital to create value from distressed and long- term land opportunities and benefit from positive results Move land “machine” to a separate, focused, off-balance sheet program Lennar’s balance sheet will be defined by a homebuilding manufacturing model with a cash flow focus Lennar will benefit from earnings and cash flows by employing its unique land/asset management franchise in a lower risk and more efficiently capitalized structure

25 Conclusion “Moving From Defense to Offense” Lennar Homebuilding Manufacturing Plant Product simplification & offering Cost reduction Cycle time reduction Customer experience Land Asset Manager Due diligence focused Evaluate & underwrite distressed opportunities Ability to manage assets to effectively realize long- term value Homebuilding machine will continue to manage existing assets No legacy assets moving over to fund Fund Fund The Road Ahead

26 $- $200 $400 $600 $800 $1,000 $1,200 $1,400 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 - 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 1,800,000 2,000,000 Net Earnings Before Impairments National Single Unit Starts Lennar Will The Cycle Be Our Ally? Acquired Texas Operations Acquired Amerifirst Portfolio Acquired California Operations Acquired Greystone; Spun-off LNR Repurchase 9.8 Million Shares; Acquired U.S. Homes Acquired Private Builders Military Base Redevelopment Acquired Newhall Roseland Infill JVs (Dollars in Millions) Starts Starts * Excludes income tax benefit. * Excludes income tax benefit. * * Morgan Stanley Land Venture