Company: LEN
Filing Date: 2025-10-15
Form Type: 425
Source: 0001193125-25-240377
Chunk: 4

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-15
Form: 425
Chunk 4
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 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 Lennar press release announcing the Exchange Offer are available through the links below.

| Date:                                   |     | 10/15/2025 |
| Lennar Class A Common Stock Daily VWAP: |     | $ 122.4554 |
| Millrose Class A Common Stock Daily     
 VWAP:                                   |     |  $ 32.1033 |
| Indicative Exchange Ratio:              |     |     4.0868 |
| Upper Limit:                            |     |     4.1367 |
| Upper Limit in Effect:                  |     |         No |

Table of Historical Indicative Calculated Per-ShareValues The table below shows VWAPs and historical indicative calculated per-sharevalues on a given day for shares of Lennar Class A Common Stock and shares of Millrose Class A Common Stock, and the corresponding indicative exchange ratio, commencing on the third trading day of the Exchange Offer period, calculated as though that day were the last day of the Averaging Period. On each day prior to the Averaging Period, the information in the table will be updated by 4:30 p.m., New York City time, except that no indicative calculated per-sharevalues or indicative exchange ratios will be provided for the first two trading days of the Exchange Offer period, as such values require daily VWAP data for three trading days. 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 L.P. (or any other recognized quotation source selected by Lennar in its sole discretion if such source is not available or is manifestly erroneous). This website will not provide 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 indicative exchange ratio will 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