Company: LEN
Filing Date: 2025-10-10
Form Type: 425
Source: 0001193125-25-236399
Chunk: 1

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-10
Form: 425
Chunk 1
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2025). The final exchange ratio, when announced, and a daily indicative exchange ratio beginning on the third trading day of the Exchange Offer period, will also be available at www.envisionreports.com/lennarexchange.

The Exchange Offer is being registered under the Securities Act of 1933 in a registration statement on Form S-4 (the
“Registration Statement”) filed by Millrose with the Securities and Exchange Commission (“SEC”) today. The terms and conditions of the Exchange Offer are contained in the prospectus included in that Registration Statement
(the “Prospectus”) and a tender offer statement on Schedule TO filed by Lennar with the SEC today. Copies of the Prospectus, together with documents with which to tender shares, are being sent or made available to all Lennar Class A
stockholders.

The Exchange Offer cannot be completed until the Registration Statement becomes effective. The SEC has announced that during the current
U.S. federal government shutdown, the SEC will not declare registration statements effective. If the shutdown does not end by the anticipated November 7, 2025 expiration date, Lennar will either have to extend the expiration date or withdraw
the Exchange Offer. If the shutdown is still in effect at midnight on October 31, 2025, Lennar will announce by 11:59 pm on October 31, 2025 whether it will (1) extend the Exchange Offer and, if so, the extended expiration date, or
(2) terminate the Exchange Offer.

The completion of the Exchange Offer is subject to certain conditions. Lennar can withdraw the Exchange
Offer at any time before it accepts tendered shares.

Lennar currently owns 33,298,764 shares of Millrose Class A common stock as of October 7,
2025, representing approximately 20% of the outstanding shares of Millrose Class A common stock. Lennar is offering to exchange up to all of these shares for outstanding shares of Lennar Class A common stock. If the Exchange Offer is
consummated but not fully subscribed, Lennar intends to dispose of the shares of Millrose Class A common stock that were not exchanged through a subsequent spin-off, split-off, public offering, private sale or any combination of these potential transactions. If Lennar stockholders tender shares that would entitle them to receive more shares of Millrose Class A common
stock than Lennar owns, Lennar will accept only a pro-rata portion of the shares that are