Lennar Corporation one of the<br /> nation's leading homebuilding companies, announced that Lennar's Board of<br /> Directors has approved the following senior management changes in the wake of<br /> the merger with Pacific Greystone.<br />     Bruce Gross, formerly Pacific Greystone's Sr. Vice President, Treasurer<br /> and Controller, has been named Chief Financial Officer of Lennar Corporation.<br /> "We are delighted to welcome Bruce to Lennar," commented Stuart Miller,<br /> President and Chief Executive Officer of the Company.  "The Company benefits<br /> from Mr. Gross' 18 years of related homebuilding experience, as well as his<br /> intimate knowledge of Pacific Greystone's operations.  His experience will<br /> greatly benefit the Company achieving a successful integration."<br />     Cory J. Boydston, former Chief Financial Officer, will continue as Vice<br /> President -Administration for Lennar.  Mrs. Boydston, who has been with Lennar<br /> in different executive capacities for over ten years, has previously served as<br /> Chief Financial Officer for Lennar's Investment Division in Atlanta, Georgia<br /> and as Lennar's Corporate Controller.<br />     "It was Cory's choice to transition to her new role to allow her to spend<br /> more time with her young family.  We fully support her decision,"  Mr. Miller<br /> said.  "The Company has benefited from her leadership and contribution for<br /> many years and will continue to do so now and in the future."<br />     Lenna's Board also approved the appointment of Waynewright Malcolm as<br /> Lennar's new Treasurer.  Mr. Malcolm recently joined Lennar with a combined 12<br /> years experience in Treasury and Financial Analysis.<br />     Lennar merged its homebuilding operations with Pacific Greystone, a<br /> builder of high quality, single family homes in Northern and Southern<br /> California, Las Vegas and Phoenix, on October 31, 1997, subsequent to the<br /> spin-off of Lennar's real estate investment and management business.  The<br /> merger made Lennar the country's fifth-largest homebuilder based on 1996<br /> homebuilding revenues and homes closed.