Company: LEN
Filing Date: 2025-10-14
Form Type: 425
Source: 0001193125-25-237365
Chunk: 2

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-14
Form: 425
Chunk 2
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 words, assuming that a given day is a trading day, the indicative exchange rate will be calculated based on the simple arithmetic average of the daily VWAPs of Lennar Class a Common Stock and Millrose Class a Common Stock for that day and the immediately preceding two trading days. The Indicative exchange ratio wilt also reflect Muleteer the upper limit would have been In effect had such day been the last day of the Averaging Pel1od. During the first two days of the Averaging Period, this website will provide indicative exchange ratios that will be calculated based on the Average Lennar Price and Average Millrose Price, as calculated by Lennar based on data reported by Bloomberg lap (or any other recognized quotatkM1 source selected by Lennar in its sole dlscretkM1 if such source Is not available or is manifestly erroneous). This website will not provoke an indicative exchange ratio on the third day of the Averaging Period. The indicative exchange ratios will be calculated as follows: {1) on the first day of the Averaging Period, the lnd~tlve exchange ratio wit be calculated based on the daily VWAPs of Lennar Class A Common Stock and Millrose Class A Common Stock for that first day of the Averaging Period and (2) on the second day of the Averaging Period, the indicative exchange ratio will be calculated based on the simple arithmeUc average of the daily VWAPs of Lennar Class A Common S tock and Mill rose Class A Common Stock for the first and second days of the Averaging Period. During the first two days of the Averaging Period, the indicative exchange ratios will be updated on this website each day by 4:30p.m., New YOO; City time. The final exchange ratio, including whether the upper limit on the number of shares of Millrose Class A Common Stock that can be received for each share of Lennar Class A Common Stock validly tendered is in effect, Infill be announced by press release and be available on this website by 9:00a.m ., New York City time, on the trading day Immediately preceding the expiration date of the Exchange Offer (which expiration date, if the Exchange Offer is not extended or terminated, would be November 7, 2025). The Exchange Offer and withdrawal rights will expire at 12:00 midnight, New York City time, on November 7, 2025