Company: LEN
Filing Date: 2025-10-14
Form Type: 425
Source: 0001193125-25-237365
Chunk: 4

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-14
Form: 425
Chunk 4
---
 completkM1 of the Exchange Offer is subject to certain conditkM1s as specified In the Prospectus. Lennar may waive any or all of the conditions to the Exchange Offer, subject to limited exceptions. The Information on this website is being provided solely in connection with the E exchange Offer and should not be used for any other purpose. You should refer to the Prospectus for additional information about the Exchange Offer. A copy of the Prospectus, forms of a letter of Transmittal, Notice of Guaranteed Delivery and Notice of Withdrawal, the Instruction Booklet to the letter of Transmittal and the l near press release announcing the Exchange Offer are available through the links being.

Date: 10/10/2025 Lennar Class a Common Stock Daily VWAP: $119.2876 Millrose Class a Common Stock Daily VWAP: $ 30.9701 Indicative Exchange Ratio: #N/A Upper limit: 4.1367 Upper in NIA Table of Historical Indicative Calculated Per-Share Values shows VWAPs and rhetorical value on a given day for share of Class a Common Stock and share of a Common Stock. And ponding indicative Exchange ratio, on third trading day of Offer calculated though that day ‘ the’ last day of the’ Averaging Period. On Each day prior to the’ Period, the information in the’ table’ will updated by 4:30 p.m., NEW York City time’, that no calculated or ludic Exchange” ratio will be’ for the’ first two trading days of the’ Exchange’ Offer period, quire daily VWAP data for three trading days. During the’ first two days of Period, the website’ will provide’ indicative’ exchange’ ratios that will be’ calculated based on the’ Lennar Price’ and Millrose’ Price, calculated by based on data L P. (Of any other recognized quotation selected by Lennar in it sole discretion if such ‘ is not available or is manifold). This website will not provide a ratio on the third day of the Period. The indicative ratios will be calculated as follows: (1) on the first day of the indicative exchange ratio will be calculated based on the VWAPs of Lennar Class A Common Stock and Millrose Class A Common Stock for that first day of the Averaging Period and (l) on the se: day of the Averaging the indicative exchange ratio will be to on the simple arithmetic overage of the VW