Stuart Miller, Executive Chairman, Lennar Corp.
March 19^th Conference Call

“But as you all consider framing your questions, please remember that the national landscape continues to evolve and the economy is stretching to find a way to pause in order to flatten the COVID-19 curve. Businesses across the country like ours are searching for playbooks and institutional memory to help guide the way forward. Those simply do not exist. There are no financial models to populate and no views around dark corners to illuminate. There is only management, hands-on management, working day by day and making adjustments looking for signals and making decisions in an imperfect environment that will have to be considered and reconsidered as the landscape evolves. This time is different. Change has been sudden and unexpected and immediate and the changing has not subsided. It continues.”