(1) Lennar Homebuilding costs and expenses include $51.3 million, $373.5 million
and $340.5 million, respectively, of valuation adjustments and write-offs of option deposits and
pre-acquisition costs for the years ended November 30, 2010, 2009 and 2008.
(2) Lennar Financial Services costs and expenses for the year ended November 30,
2008 include a $27.2 million impairment of goodwill.
(3) Lennar Homebuilding equity in loss from unconsolidated entities includes the
Company's share of valuation adjustments related to assets of unconsolidated entities in which
the Company has investments of $10.5 million, $101.9 million and $32.2 million, respectively, for
the years ended November 30, 2010, 2009 and 2008.
(4) Lennar Homebuilding other income (expense), net includes valuation adjustments
to investments in Lennar Homebuilding unconsolidated entities of $1.7 million, $89.0 million and
$172.8 million, respectively, for the years ended November 30, 2010, 2009 and 2008.
(5) Benefit (provision) for income taxes for the year ended November 30, 2010
primarily related to settlements with various taxing authorities. For the year ended November 30,
2009, benefit (provision) for income taxes includes a reversal of the Company's deferred tax
asset valuation allowance of $351.8 million. For the year ended November 30, 2008, benefit
(provision) for income taxes includes a $730.8 million valuation allowance recorded against the
Company's deferred tax assets.
(6) Net earnings (loss) attributable to noncontrolling interests for the year ended
November 30, 2010 includes $33.2 million related to the FDIC's interest in the portfolio of real
estate loans that the Company acquired in partnership with the FDIC. Net earnings (loss)
attributable to noncontrolling interests for the year ended November 30, 2009 includes ($13.6)
million recorded as a result of $27.2 million of valuation adjustments to inventories of 50%-owned
consolidated joint ventures.
Required