LENNAR CORPORATION 2014 TARGET BONUS OPPORTUNITY CHIEF EXECUTIVE OFFICER NAMETARGET AWARD OPPORTUNITY [1]Stuart Miller1.25% of Lennar Corporation Pretax Income [2]

[1] The 2014 Target Bonus Opportunity program, under the 2012 Incentive Compensation Plan, is intended to encourage superior performance and achievement of the Company’s strategic business objectives. The bonus (if any) awarded under this plan may be adjusted downward at the sole discretion of the Compensation Committee of the Board of Directors, based on its assessment of the quantitative and qualitative performance of the CEO. Factors that may cause an adjustment include, but are not limited to, a comparison of the Company’s actual results (sales, closings, starts, etc) to budget, inventory management, corporate governance, customer satisfaction, and peer/competitor comparisons.

[1] The 2014 Target Bonus Opportunity program, under the 2012 Incentive Compensation Plan, is intended to encourage superior performance and achievement of the Company’s strategic business objectives. The bonus (if any) awarded under this plan may be adjusted downward at the sole discretion of the Compensation Committee of the Board of Directors, based on its assessment of the quantitative and qualitative performance of the Associate. Factors that may cause an adjustment include, but are not limited to, a comparison of the Company’s actual results (sales, closings, starts, etc) to budget, inventory management, corporate governance, customer satisfaction, and peer/competitor comparisons.

[1] The 2014 Target Bonus Opportunity program, under the 2012 Incentive Compensation Plan, is intended to encourage superior performance and achievement of the Company’s strategic business objectives. The bonus (if any) awarded under this plan may be adjusted downward at the sole discretion of the Compensation Committee of the Board of Directors, based on its assessment of the quantitative and qualitative performance of the Associate. Factors that may cause an adjustment include, but are not limited to, a comparison of the Company’s actual results (sales, closings, starts, etc) to budget, inventory management, corporate governance, customer satisfaction, and peer/competitor comparisons.

[2] % of Target earned will be adjusted pro-rata from 0% up to 150% of Target (i.e. 50% Business Plan Achievement would result in 50% of Target Earned, 150% Business Plan Achievement would result in 150% of Target Earned, etc.). Per our 2012 Incentive Compensation Plan (the “Plan”), Pretax income shall take into account and adjust for goodwill charges, losses or expenses on early retirement of debt, and impairment charges, in accordance with the Plan. Pretax Income is calculated as Net Earnings attributable to Lennar plus/minus income tax expense/benefit.

[2] % of Target earned will be adjusted pro-rata from 0% up to 150% of Target (i.e. 50% Business Plan Achievement would result in 50% of Target Earned, 150% Business Plan Achievement would result in 150% of Target Earned, etc.). Per our 2012 Incentive Compensation Plan (the “Plan”), Pretax income shall take into account and adjust for goodwill charges, losses or expenses on early retirement of debt, and impairment charges, in accordance with the Plan. Pretax Income is calculated as Net Earnings attributable to Lennar plus/minus income tax expense/benefit.