Lennar Corp (LEN) COM STK USD0.10

Lennar Corp plans to offer some of its shares in Millrose Properties Inc to shareholders via an exchange offer. You have the option to receive up to approximately USD106.38 worth of Millrose Properties Inc shares for every USD100.00 worth of Lennar Corp shares held.

The offer has been extended.

If you don’t want to exchange your shares, you don’t need to do anything. You’ll keep your existing shares.

Please see below for a breakdown of the exchange offer:

• If you choose to exchange your shares, it is expected that you’ll receive approximately USD106.38 worth of Millrose Properties Inc shares for each USD100 worth of Lennar Corp However the ratio of Millrose Properties Inc shares is subject to an upper limit of 4.1367 Millrose Properties Inc shares per Lennar Corp share exchanged, so the cash ratio mentioned above is not guaranteed.
• The value of the two stocks for the purpose of the exchange offer will be determined by reference to the average of the daily volume-weighted average prices (VWAP) of the stocks on the New York Stock Exchange during the three consecutive trading days ending on and including the second trading day preceding the expiration date of the Exchange offer.
• You can elect to exchange all or some of your Lennar Corp shares for Millrose Properties Inc shares. However, depending on the total number of elections, you may not be able to exchange all of the shares you ask to exchange.
• Shareholders holding 99 shares or less who exchange their entire holding will receive priority under the offer.
• The exchange offer is expected to be tax-free for U.S. Federal income tax purposes.
• If the exchange offer is not fully subscribed, Lennar Corp intends to dispose of its shares in Millrose Properties Inc by way of a subsequent demerger, split-off, public offering, private sale or any combination of these potential transactions.

Exchange your shares - Act by noon on Wednesday 19 November 2025.

Full details of this event will be sent to Qualifying Hargreaves Lansdown clients by post or secure message. Please note that any instruction you give must be based on the full details provided in the correspondence and not on the summary information outlined above.