Company: LEN
Filing Date: 2025-11-24
Form Type: SC TO-I/A
Source: 0001193125-25-293854
Chunk: 2

Company: LENNAR CORP /NEW/
Filing Date: 2025-11-24
Form: SC TO-I/A
Chunk 2
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 except as otherwise set forth below. Except as specifically provided herein, this Amendment does not modify any of the information previously reported on the Schedule TO.

Item 4. Terms of the Transaction.

Item 4(a) of the Schedule TO, which incorporates by reference the information included in the Exchange Offer Documents, is hereby amended and
supplemented by adding the following thereto:

(a) Material Terms.

The Exchange Offer expired at 12:00 midnight, New York City time, on November 21, 2025. The Exchange Offer was oversubscribed. Based on a
preliminary count by the exchange agent, Computershare Trust Company, N.A. (the “Exchange Agent”), 91,972,752 shares of Lennar Class A Common Stock were validly tendered and not validly withdrawn, including 31,341,148 shares of Lennar
Class A Common Stock that were validly tendered by notice of guaranteed delivery. Based on the Final Exchange Ratio, Lennar intends to accept 8,049,596 of the tendered shares in exchange for the 33,298,764 shares of Millrose Class A Common Stock
offered by Lennar in the Exchange Offer. Because the Exchange Offer was oversubscribed, Lennar is accepting only a portion of the shares of Lennar Class A Common Stock that were validly tendered and not validly withdrawn, on a pro rata basis in
proportion to the number of shares tendered.

Stockholders who owned fewer than 100 shares of Lennar Class A common stock, or an
“odd-lot,” who have validly tendered all of their shares, will not be subject to proration, in accordance with the terms of the Exchange Offer. Based on the total number of shares of Lennar Class A Common Stock reported to be tendered
prior to the Expiration Date, approximately 7.97% of the tendered shares of Lennar Class A Common Stock will be exchanged, assuming all shares tendered by guaranteed delivery procedures are delivered under the terms of the Exchange Offer.

Lennar expects to announce the final proration factor promptly following the expiration of the guaranteed delivery period. Shares of Lennar Class A Common
Stock tendered but not accepted for exchange will be returned to the tendering stockholders in book-entry form promptly after the final proration factor is announced. In addition, the Exchange Agent will promptly credit shares of Millrose Class A
Common Stock