Millrose Properties, Inc.

Our Objectives and Strategies Investment Guidelines. Applicable Rate Adjustment Right means Lennar’s right under the Founder’s Rights Agreement to adjust the option rate for any future property assets proposed to be added pursuant to the Master Program Agreement to any lower rate agreed upon between Millrose and any Lennar Related Ventures or Other Counterparties with respect to any homesite option platform arrangements, as described in Part I, Item 1. Business Operational Agreements with Lennar Founder’s Rights Agreement. Board means the Board of Directors of Millrose. Bylaws means the Amended and Restated Bylaws of Millrose. Capital Priority Right means the evergreen right Lennar has under the Founder’s Rights Agreement to reserve a certain amount of Millrose’s available capital exclusively for acquisitions of future property assets designated by Lennar and the completion of Horizontal Development of such future property assets for Lennar within any given period. See Part I, Item 1. Business Operational Agreements with Lennar Founder’s Rights Agreement for more information. Charter means the Articles of Amendment and Restatement, as the same may be amended or supplemented from time to time, of Millrose. Class A Common Stock means our Class A common stock, par value $0.01 per share, each with one vote per share, listed on the NYSE under the ticker symbol MRP.