audit committee charter current as of 1.12.2006

LENNAR CORPORATION AUDIT COMMITTEE CHARTER Purpose The Audit Committee (“Committee”) is appointed by the Board of Directors (“Board”) of Lennar Corporation (the “Company”). Its primary functions are to: • Assist Board oversight of (i) the integrity of the Company’s financial statements, (ii) the Company’s compliance with legal and regulatory requirements, (iii) the independent auditors’ qualifications and independence, (iv) the performance of the people responsible for the Company’s internal audit function and (v) the performance of the Company’s independent auditors; • Prepare the report that Securities and Exchange Commission (“SEC”) rules require be included in the Company’s annual proxy statement; and • Provide an open avenue of communication among the Company’s independent auditors, its internal auditors, its management and its Board of Directors. Organization • The Committee will be composed of at least three directors, each of whom is financially literate (i.e., able to read and understand financial statements and aware of the functions of auditors for a company) or, in the judgment of the Board, able to become financially literate within a reasonable period of time after his or her appointment to the Committee. • Beginning not later than August 1, 2003, at least one member of the Committee will be a person who meets the “financial expert” criteria as provided under Item 401 of Regulation S-K. • Committee Members shall be ...