#1VICHE August 2020 INVESTOR PRESENTATION LANDSEAⓇ HOMES Live in your elementⓇ#22 | DISCLAIMER This presentation is contemplates a business combination (the "Transaction") pursuant to an Agreement and Plan of Merger (the "Merger Agreement") by and among LF Capital Acquisition Corp., a Delaware corporation ("LF Capital"), LFCA Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of LF Capital, Landsea Holdings Corporation, a Delaware corporation, and Landsea Homes Incorporated, a Delaware corporation and wholly-owned subsidiary of Landsea Holdings Corporation ("Landsea", together with LF Capital, "we" or "us"), dated as of August 31, 2020. This presentation discusses a the Transaction and does not purport to be all-inclusive or to give you any legal, tax or financial advice. This presentation does not constitute or involve, and should not be taken as constituting or involving, the giving of any investment advice, or the making of any representation, warranty or covenant whatsoever by LF Capital, Landsea or any other person. This presentation does not constitute (i) a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Transaction or (ii) an offer to sell, a solicitation of an offer to buy, or a recommendation to buy any security of LF Capital, Landsea or any of their respective affiliates. You should not construe the contents of this presentation as legal, tax, accounting or investment advice or as a recommendation with respect to the voting, purchase or sale of any security or as to any other matter. The information presented herein is not a complete description and is not an offer to buy or sell any securities of any Company. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE PERFORMANCE. Forward-Looking Statements Certain statements in this presentation constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, conveying the expectations of management of LF Capital and/or Landsea as to the future based on plans, estimates and projections at the time LF Capital and/or Landsea makes the statements. Forward-looking statements involve inherent significant risks and uncertainties and we caution you that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statement. The forward-looking statements contained in this presentation include, but are not limited to, statements related to the Transaction between us and the proposed terms thereof, Landsea's business, industry, strategy and ability to grow, the anticipated future business and financial performance of the combined company following the Transaction, the anticipated timing of the transactions described herein, the ability to complete the transactions on the terms and within the timeframe contemplated herein, the ability to finance the Transaction and any investor redemptions, the ability of the parties to the transaction to satisfy the closing conditions to the transaction, and the potential impact the transactions contemplated hereby will have on LF Capital and the Company Group and their respective businesses. You can identify these statements by forward-looking words such as "may", "expect", "anticipate", "contemplate", "believe", "estimate", "plans," "intends", "targets," "will," "expects," "suggests," "anticipates," "outlook," "continues," "projects," "forecasts", "continue" or similar words. You should read statements that contain these words carefully because they: discuss future expectations; contain projections of future results of operations or financial condition; or state other "forward-looking" information. The forward-looking statements contained in this presentation are based on our current expectations about future events and trends that it believes may affect LF Capital's, Landsea's or the combined company's financial condition, results of operations, strategy, short-term and long-term business operations and objectives and financial needs. You should not place undue reliance upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements contained herein are reasonable, no guarantee can be made as to future results, performance or achievements. There may be events in the future that we are not able to predict accurately or over which we have no control. The cautionary language discussed in this presentation provides examples of risks, uncertainties and events that may cause actual results to differ materially from the expectations described by us in such forward-looking statements, including, among other things, claims by third parties against the Trust Account, un anticipated delays in the distribution of the funds from the Trust Account, our ability to finance and consummate the Transaction, the benefits of the Transaction, the business prospects of Landsea, expansion plans and opportunities, the impact of the COVID-19 pandemic and its effects on us, our respective businesses, vendors, customers and communities, U.S. and world financial markets, potential regulatory actions, changes in stakeholder behaviors, and impacts on and modifications to our operations, businesses, or financial condition relating thereto. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements included herein are expressly qualified in their entirety by the cautionary statements contained or referred to in this disclaimer. Except to the extent required by applicable laws and regulations, we undertake no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. Additional Information and Where to Find It In connection with the Transaction, LF Capital Acquisition Corp. intends to file with the SEC a proxy statement (the "Proxy Statement"). This presentation is not a substitute for the Proxy Statement or any other document that LF Capital Acquisition Corp. may file with the SEC in connection with the Transaction (collectively, including any amendments or supplements to any of the foregoing, the "Additional Documents"). This presentation is for informational purposes only and does not constitute an offer to sell or a solicitation to buy any securities and does not constitute any form of commitment or recommendation the pa of respective representatives and advisors, any of their respective subsidiaries, affiliates or associated companies, or any other person or entity. STOCKHOLDERS OF LF CAPITAL ACQUISITION CORP. ARE URGED TO READ THE PROXY STATEMENT AND ANY ADDITIONAL DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT US, THE TRANSACTION AND RELATED MATTERS. Stockholders of LF Capital Acquisition Corp. will be able to obtain free copies of the Proxy Statement and any Additional Documents containing important information about the Transaction once these documents are filed with the SEC by visiting a website maintained by the SEC at http://www.sec.gov or by contacting LF Capital Acquisition Corp. at 600 Madison Avenue, Suite 1802, New York, NY 10022, phone number (212) 319-6550. LANDSEAⓇ® HOMES Live in your elementⓇ#33 DISCLAIMER Participants in the Solicitation LF Capital Acquisition Corp., Landsea, their respective affiliates, and each of their respective directors, officers and employees may be deemed to be participants in the solicitation of proxies from the stockholders of LF Capital Acquisition Corp. in connection with the Transaction. Information regarding the identity of LF Capital Acquisition Corp.'s directors and executive officers and their ownership of its common stock is set forth in LF Capital Acquisition Corp.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the SEC on February 24, 2020, and in its prior proxy statements, including the proxy statement for its 2020 annual meeting of stockholders, filed with the SEC on October 30, 2019. Additional information regarding the interests of such participations in the Transaction will be available in the Proxy Statement and the Additional Documents. You may obtain free copies of these documents through the SEC's website or by contacting LF Capital Acquisition Corp., as described above. Non-GAAP Financial Metrics This presentation contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States ("GAAP"). Any non-GAAP financial measures and other non-GAAP financial information used in this presentation are in addition to, and should not be considered superior to, or a substitute for, financial measures prepared in accordance with GAAP. Non-GAAP financial measures and other non-GAAP financial information is subject to significant inherent limitations. We believe that the disclosure of these "non-GAAP" financial measures presents additional information which, when read in conjunction with our consolidated financial statements prepared in accordance with GAAP, assists in analyzing our operating performance and the Transaction. Additionally, we believe this financial information is utilized by regulators and market analysts to evaluate a company's financial condition, and therefore, such information is useful to investors. The non-GAAP financial measures should not be viewed as substitutes for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. A reconciliation of the non-GAAP financial measures used in this presentation to the most directly comparable GAAP measures is provided in Appendix B to this presentation. Market and Industry Data Market data and industry data used throughout this presentation is based on information derived from third party sources, each of our management's knowledge of their respective industries and businesses, and good faith estimates by our management teams. While we believe that the third party sources from which market and industry data has been derived are reputable, we have not independently verified such market and industry data, and you are cautioned not to give undue weight to such market and industry data. Use of Projections The projections included herein are forward-looking statements and are subject to risks and uncertainties that could cause actual results to differ materially from those statements and should be read with caution. They are subjective in many respects and thus susceptible to interpretations and periodic revisions based on actual experience and recent developments. While presented with numerical specificity, the projections were not prepared in the ordinary course and are based upon a variety of estimates and hypothetical assumptions made by management of the LF Capital and Landsea with respect to, among other things, general economic, market, interest rate and financial conditions, the availability and cost of capital for future developments, the timing of borrowers repaying developments, competition within Landsea's markets, real estate and market conditions. The projections were not prepared with a view toward compliance with published guidelines of the SEC, the guidelines established by the American Institute of Certified Public Accountants for prospective financial information or GAAP. None of the assumptions underlying the projections may be realized, and they are inherently subject to significant business, economic and competitive uncertainties and contingencies, all of which are difficult to predict and many of which are beyond our control. Accordingly, there can be no assurance that the assumptions made in preparing the projections will prove accurate, and actual results may materially differ. For these reasons, as well as the bases and assumptions on which the projections were compiled, the inclusion of the information set forth below should not be regarded as an indication that the projections will be an accurate prediction of future events, and they should not be relied on as such. We have not, nor any of our respective affiliates, advisors or other representatives has made, or makes, any representation to any stockholder regarding the information contained in the projections and, except as required by applicable securities laws, neither of us intends to update or otherwise revise the projections to reflect circumstances existing after the date when made or to reflect the occurrences of future events even in the event that any or all of the assumptions are shown to be in error. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY REGULATORY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. THIS PRESENTATION DOES NOT CONSTITUTE AN OFFER OR SOLICITATION OF ANY SECURITIES. THE COMPANY WILL MAKE ANY OFFER TO SELL SECURITIES ONLY PURSUANT TO A DEFINITIVE SUBSCRIPTION AGREEMENT. THE COMPANY RESERVES THE RIGHT TO WITHDRAW OR AMEND FOR ANY REASON ANY OFFERING AND TO REJECT ANY SUBSCRIPTION AGREEMENT IN WHOLE OR IN PART FOR ANY REASON. LANDSEAⓇ® HOMES Live in your elementⓇ#44 TODAY'S SPEAKERS Scott Reed CEO & President, LF Capital Founder of Bank Cap Partners, a bank-focused private equity firm Director at Silvergate Capital (public), InBankshares (public), Vista Bancshares (private), Uncommon Giving (private) Formerly with Swiss Bank/O'Connor (derivatives trading), Bain & Co (strategy consulting), Bear Stearns (investment banking) John Ho Chief Executive Officer, Landsea Homes Established Landsea Holdings Corporation in 2013, overseeing the significant growth of the business from its first land acquisition to most recent homebuilder acquisitions Former Director/VP at Jones Lang LaSalle Previously Director at Colliers International Michael Forsum President and Chief Operating Officer, Landsea Homes 30+ years of experience in the industry, key in expanding business into new markets and setting up strategy of growth by identifying potential opportunities in Texas and Florida Former Co-Founder of Starwood Land Ventures and Arcadia DMB Capital Previously Western Region President at Taylor Woodrow/Morrison LANDSEAⓇ HOMES Live in your elementⓇ#55 | LANDSEA HOMES TO MERGE WITH LF CAPITAL Transaction takes public a growth-oriented, well-capitalized homebuilder focused on High Performance Homes in desirable core markets of California and Arizona Illustrative Pro Forma Ownership4 Summary of Key Terms Total equity value of $510 million implies an investment entry point at 0.84x pro forma TBV Landsea Green ("Parent") to roll 100% of existing equity, with meaningful cash on balance sheet to fund future growth LF Capital sponsor has agreed to restructure its shareholdings to support the transaction: • Forfeit 2.26 million private warrants and 600k sponsor promote shares and place a further 500k sponsor promote shares into earnout with a $14/ share hurdle • Transfer 2.2 million private warrants and 500k sponsor promote shares to Parent (with the same $14/share hurdle as above) LF Capital has entered into forward purchase agreements with certain investors to purchase up to $35 million shares of common stock in the aftermarket Concurrent with the transaction, LF Capital intends to offer public warrant holders the right to receive $1.85 per warrant in exchange for a 90% reduction in the conversion ratio for the public warrants Transaction expected to close 4Q2020 Landsea Green Ownership 67.4% Total¹ Landsea Green Public SPAC Sponsor 28.3% 4.3% PF OWNERSHIP 32.6m 13.7m 2.1m 48.3m Public Ownership SPAC Sponsor Ownership $344 $144 $22 $510 PRO FORMA VALUATION AT CLOSE LFAC Estimated Trust Value at Closing Pro Forma Shares Outstanding Total Equity Value Pro Forma Net Debt Pro Forma Enterprise Value Valuation PF Tangible Book Value² 2021E Op. EBITDA 2022E Net Income Cash in Trust³ Seller Rollover Equity Total Sources SOURCES & USES ($m) $142 344 $486 $608.4 $86.9 $74.7 Cash to Balance Sheet Seller Rollover Equity Transaction Expenses5 Total Uses Rare opportunity to invest in a high-quality, fast-growing homebuilder at 0.84x tangible book value Source: Company information Notes: 1) Assumes no redemptions, warrant dilution, or amendment to the terms of the public warrants 2) Tangible book value of $484m at 6/30/20 plus $124m net proceeds from merger 3) Estimated trust value at closing 4) Ownership does not include achievement of earnouts, exercise of warrants, or amendment to the terms of the public warrants 5) Includes expected target company transaction fees and deferred IPO fees. $10.56 48.3m $509.8 $120.8 $630.5 0.84x 7.3x 6.8x $124 344 18 $486 LANDSEAⓇ HOMES Live in your elementⓇ#66 WHAT WE DO Driven by a pioneering commitment to sustainability, Landsea Homes designs and builds homes and communities throughout the nation that reflect modern living inspired spaces and features, built in vibrant, prime locations where they connect seamlessly with their surroundings and enhance the local lifestyle for living, working and playing. And the defining principle, "Live in Your Element®," creates the foundation for our customers to live where they want to live, how they want to live in a home created especially for them. - L/NOSEA HOMES Live in your element#77 WHY WE EXIST At Landsea Homes, we exist to make a positive impact on the lives of our employees, customers and all stakeholders by revolutionizing the industry. It starts. with the acknowledgment that incredible customer experiences begin with incredible employee experiences. That commitment extends to our financial and building partners, whom we strive to provide with consistency and predictability. And it's all manifested in homes and communities that are more than just structures and developments. Taken together, they are the single most important place in life. BRER LANDSEAⓇ HOMES Live in your element"#88 | LANDSEA SNAPSHOT Overview Landsea was founded in 2013 and commenced U.S. homebuilding operations in 2014 Headquartered in Newport Beach, CA Growth-oriented homebuilder focused on entry-level and move-up price points in desirable U.S. markets with a concentration in Arizona and California Completed acquisitions of Pinnacle West Homes in 2019 and Garrett Walker Homes in 2020 The High Performance Homes program, developed by Landsea Homes, is an industry-leading program that provides homebuyers with focus on home automation, sustainability and energy savings HPH High Performance Homes TM Unique product differentiation strategy through new home innovation and cutting-edge technology, including a strategic partnership with a "Big Five" technology company. Source: Landsea Homes Management Q2 - 2020 Operating Highlights Operating Metrics 1,302 LTM Orders 856 Backlog Units Financial Metrics $641m LTM Revenues CA 35 Active Communities $376m Backlog Value 20% LTM Adj. Homebuilding GM % AZ 932 LTM Deliveries $440k Backlog ASP $56 m LTM Adjusted EBITDA NY NJ $660k ASP of Deliveries 5,394 Lots Owned & Controlled $907m Total Assets LANDSEAⓇ HOMES Live in your element®#99 COMPANY HIGHLIGHTS Focused on entry-level and move-up homes in high-growth markets. Strategically desirable portfolio of land positions and communities, creating significant value Expertise in executing acquisitions and developing high-quality communities m FO OCHON Strong financial performance and solid. balance sheet provide firepower for growth. Differentiated platform rooted in innovation, energy efficiency and sustainability that attracts today's homebuyers Experienced leadership with entrepreneurial culture driving fundamental execution LANDSEAⓇ® HOMES Live in your element®#1010 DIFFERENTIATED PLATFORM ADDRESSING THE NEEDS OF TODAY'S HOMEBUYER The High Performance Homes program is an industry-leading program that provides homebuyers with a three-tiered approach that includes home automation, sustainability and energy savings. Designed to provide a superior living environment, the program is aimed at enhancing a home's comfort and durability, improving indoor air quality, delivering cutting- edge home automation solutions through a strategic partnership with a "Big Five" technology company, reducing energy costs and lessening the consumption of the earth's precious resources. Home Automation Live the Connected Life Sustainability To Live Lightly on the Land Energy Savings Modern Living Made Smarter HPH LANDSEA HOMES Live the High Performance Life HPH High Performance Homes TM HPH Digital Performance 2/10/20 - 6/30/20 66,825 Page Views 5,950 Total Page Engagement LANDSEAⓇ HOMES Live in your elementⓇ#1111 LEADING THE VIRTUAL SALES PROCESS Landsea Homes was well positioned to quickly adapt to the current conditions caused by COVID-19 and is an industry leader in the use of innovative technology to maximize the experience for future residents. Giving home shoppers a "you are here" experience with a variety of online tools, including videos, 360° virtual tours, photo galleries, interactive floor plans, site maps and local area maps. Dedicated Inside Sales Counselors support all division/ community web leads, phone calls and on-site appointments seven days a week. LANDBRUA A Personalized Digital Experience Virtually at Your Service KEN HEMNET Explore Our Virtual Tools PHOTOS FLOOR PLANS COMMUNITY MAPS AREA MAPS 360- HOME TOURS R [] Help | Terms Matterport 1/1/20 - 6/30/20 417,800 Unique Web Users 25,525 Direct Phone Calls to Inside Sales 1,350 Total On-Site Appointments 972 Net Orders LANDSEAⓇ HOMES Live in your elementⓇ#1212 STRONG FUNDAMENTALS UNDERPIN THE HOMEBUILDER MARKET Homebuilding Tailwinds Single-family homes are becoming a more meaningful component of lifestyle in a post-COVID world Low-interest rate environment for the foreseeable future Generational shift with millennials moving from dense, urban locations Underlying housing demand robust with supply lagging new household formations (a trend that is forecasted to continue) Low-Rate Environment and Generational Shift Are Facilitating Growth Homebuyer Demand Index - Seasonally Adjusted¹ 30-Year Mortgage Rate² 120 100 80 Woment 60 Jan-17 Jan-18 Source and Notes: 1) Redfin 2) Federal Reserve Bank of St. Louis as of 7/23/2020 3) Federal Reserve Bank of St. Louis as of April 2020. Jan-19 9.8 Jan-20 ¹82 8.2 July 23, 2020: +33% '91 3.8 17.3% Housing Supply Returning to '01 Levels Months Housing Supply³ ¹01 ¹82 9.6 10.1% '07 / '08 '91 4.7 7.1% Today '01 6.2% '07 / '08 3.0% Today LANDSEAⓇ HOMES Live in your element®#1313 FAVORABLE DYNAMICS ENTRY-LEVEL AND FIRST MOVE-UP HOMES Millennials The largest generation in the U.S. labor force (35%)¹ Have become the largest cohort of homebuyers at 37% of all homebuyers² From 2014 to 2018, U.S. household formations averaged 1.3m/year as compared to -740k from 2007 to 20134 Urgency & Convenience More homebuyers are entering the market due to COVID-related reasons, including better mortgage rates/prices, disliking home layout or needing a larger home Most recent buyers who purchased new homes were looking to avoid renovations and looked for customization ¹ 9% of Buyers Nationally Are Expediting Purchases from Their Shelter-in-Place Experiences³ 17% Northern Cal 11% Florida 11% Southeast 11% Texas 9% National 8% Midwest 7% Northwest 6% Southern Cal 6% Northeast 5% Southwest 51% of Builders Selling to First-Time Buyers Note Increased Buyer Urgency³ First-Time 12% Move-Up 5% Luxury 2% 13% Active Adult 4% 14% Empty Nester 11% 35% Source: National Association of Realtors, Pew Research, John Burns Real Estate Consulting survey, Federal Reserve of St. Louis Notes: 1) Pew Research 2) As of 8/16/2019 3) John Burns Real Estate Consulting - Independent survey data as of May 2020 4) Federal Reserve Household Estimates as of July 2020. 39% 20% 23% 35% 23% Significantly increased urgency No change Significantly decreased urgency 19% 38% 43% 20% 10% 26% 46% 27% 10% 23% Somewhat increased urgency Somewhat decreased urgency LANDSEAⓇ® HOMES Live in your element®#1414 FOCUSED ON ENTRY-LEVEL HOMES IN HIGH-GROWTH GEOGRAPHIES Entry-Level 89% 4,787 10% 523 Source: Landsea Homes Management Note: 1) As of June 30, 2020 1% 84 Lots Owned/Controlled¹ by Product Class Move-Up Other Arizona 72% 3,875 California 27% 1,469 1% 50 Supply of Lots¹ by State New York LANDSEAⓇ® HOMES Live in your element®#1515 FOCUSED ON ENTRY-LEVEL HOMES IN HIGH-GROWTH GEOGRAPHIES Entry-Level 66% $459m Source: Landsea Homes Management Move-Up 33% $233m 1% $5m 2020E Revenue by Product Class → Other California 53% $371m Arizona 47% $326m 2020E Revenue by Geography LANDSEAⓇ® HOMES Live in your element®#1616 IMPRESSIVE OPERATING RESULTS YEAR TO DATE DESPITE COVID SHUTDOWNS Landsea's strategic shift toward lower $ASP homes has driven strong performance in 2020 Rebound from March underpinned by Landsea's differentiated platform and target price points Net order momentum early in 2020 resulted in a record February for Landsea June net orders demonstrate resiliency in core markets of Arizona and California $451m YTD Contract Value 972 YTD Orders Absorption rate¹ Net Orders Value ($m) $69 Jan-20 118 Net Orders (Units) Jan-20 3.7 $91 Source: Landsea Homes Management Note: 1) Calculated as net orders divided by average active communities. Feb-20 215 Feb-20 7.7 $85 Mar-20 179 Mar-20 6.2 $37 Apr-20 84 Apr-20 2.5 $57 May-20 157 May-20 4.6 $111 Jun-20 219 Jun-20 6.2 LANDSEAⓇ HOMES Live in your element®#1717 | OUR CORE MARKETS: CALIFORNIA Most populous state in the U.S., benefiting from stable employment growth and supply- constrained housing markets Third-fastest growing state in the country in terms of numeric population growth¹ From 2012 to 2017, had median household income in the top 15 and rose 16.5% from 2014 to 2018² San Francisco metro area housing market median sale price growth of 11% since 2015³ Los Angeles metro area housing market median sale price growth of 15% since 2015³ Growing opportunity to service outside metro areas as demand increases for lower priced homes SOUTHERN CALIFORNIA Crestley, Chatsworth NORTHERN CALIFORNIA Neuhouse, Ontario Lido Villas, Newport Beach ShadeTree, Ontario The Westerly, Simi Valley Iron Ridge, Lake Forest Source: U.S. Census Bureau, Bureau of Economic Analysis Notes: 1) 2017 - 2018 2) In current dollars 3) LTM avg. as of May 20 vs. LTM avg. as of May 2015. NORTHERN CALIFORNIA Abigail Place, Danville Skylark, Newark NE Stoneyridge, Walnut Creek Relevae, Orinda SOUTHERN CALIFORNIA VOTED THE ORANGE COUNTY REGISTER 26TH ANNUAL PEOPLE'S CHOICE BEST OF ORANGE COUNTY 2019 The Vale, Sunnyvale Catalina, Santa Clara LANDSEAⓇ® HOMES Live in your element®#1818 CASE STUDY: THE VALE, SUNNYVALE, CA Project Overview Acquired 25 acres of entitled land (former AMD semiconductor plant) Master-planned community of 450 townhomes between three distinct communities Landsea was the master developer for all three communities Built out two communities for total of 314 attached row-style townhomes Sold one community consisting of 136 attached townhomes to TMHC Extremely successful sales, averaging 10 new homes sales per month 314 Homes Delivered 23% Home Sales GM % Source: Landsea Homes Management Note: 1) Adjusted home sales GM % excludes interest. APPELE BEH $423m Home Sales Revenue 30% Adj. Home Sales GM %1 Marian cy 136 Lots Delivered $67m Pretax Profit $63m Lot Sales Revenue 14% Pretax Margin % LANDSEAⓇ HOMES Live in your element®#1919 | OUR CORE MARKETS: ARIZONA High-growth market with strong underlying fundamentals Fourth-fastest growing state in the country in terms of percent population growth¹ Top 10 state for personal income growth² From 2014 to 2018, median household income in Arizona rose 26.5%, the eighth-fastest growth rate in the U.S.³ 25% decline in housing inventory growth since 2015, second-lowest in the U.S.4 PHOENIX/ SCOTTSDALE AREA Source: U.S. Census Bureau, Bureau of Economic Analysis Notes: 1) 2017 - 2018 2) % change Q4 19 - Q1 20 3) In current dollars 4) LTM avg. as of May 20 vs. LTM avg. as of May 2015. Centerra, Goodyear The Villages at North Copper Canyon, Surprise Verrrado, Buckeye Germann Country Garden Estates, Chandler Harvest, Queen Creek Olive Grove, Glendale Sundance, Buckeye Alamar, Avondale Sonora Crossing, Chandler LANDSEAⓇ® HOMES Live in your element®#2020 PROVEN ACQUISITION PLAYBOOK WITH EXPANSION INTO ARIZONA Disciplined Approach to Acquisitions Attractive target in high-value homebuilding markets Management team with deep experience in the regions it enters Targeting the "right markets" Utilize same discipline developed in California, following the three-step approach 1 Land acquisition in new markets 2 Develop relationships and sub-contractor list while pursuing accretive acquisitions 3 Builder acquisition Retain employees, further build out relationships and scale Acquirer of Choice Strategic focus on roll-up strategy, targeting undercapitalized players who have built up their businesses as far as they can with local capital Source: Landsea Homes Management Owners looking to sell to the right player who will take care of the employees Deep relationships and strong institutional knowledge across geographies LANDSEAⓇ® HOMES Live in your elementⓇ#2121 PROVEN ACQUISITION PLAYBOOK WITH EXPANSION INTO ARIZONA Entered the Arizona market with two acquisitions in the last 12 months Created a top 5 homebuilder in Arizona, as of YTD April 2020, with over 1,200 deliveries in 2020 Provides significant diversification outside the California market Gives Landsea land positions within best-selling master-planned communities and lots that are complementary to current portfolio PINNACLE WEST HOMES ELEVATE YOUR LIFE (Acquired in June 2019) $49m 2018 Revenue 16 Owned/Controlled Communities Source: Landsea Homes Management Notes: 1) Excludes an estimated 5% of selling costs. 180 2018 Homes Delivered 26% 2018 Adj. Homebuilding Gross Margin GARRETT-WALKER HOMES (Acquired in January 2020) $137m 2019 Revenue 18 Owned/Controlled Communities 510 2019 Homes Delivered 24%¹ 2019 Adj. Homebuilding Gross Margin LANDSEAⓇ® HOMES Live in your element®#2222 LANDSEA GROWTH STRATEGY Expand community count in our current operating divisions and grow market share California Arizona Maintain an appropriate supply of land in key markets for future buildout Diversification across product offerings with a focus on entry-level and first move-up homebuyers in desirable new markets Created a solid foundation of entry-level homes with select opportunistic infill locations Explore geographic expansion opportunities in desirable new markets (e.g., Texas and Florida) organically or via M&A Source: Landsea Homes Management Strengthen unique brand position through product differentiation The parent company is a pioneer in the use of green technology homebuilding with the global perspective providing a unique advantage Landsea High Performance Homes are designed to the highest standards in sustainable building technology, home automation, smart security, energy-saving efficiency and health-centric living Gain access to growth capital while keeping conservative leverage profile Diversify sources of capital by becoming a publicly traded homebuilder in the U.S. LANDSEAⓇ® HOMES Live in your element®#2323 SUBSTANTIAL GEOGRAPHIC RUNWAY FOR FUTURE GROWTH V San Francisco Rank (of top 20 largest new home markets) Signifies Landsea presence in market Signifies markets in which Landsea is currently targeting opportunities Signifies Landsea core market Source: Builder Magazine (2019) #19 Seattle #17 #16 Los Angeles Riverside *13 Las Vegas #4 Phoenix *10 Denver Austin #5 #1 Dallas #9 #2 Houston San Antonio #14 Nashville #3 *18 Tampa #11 NYC #8 *7 Washington, D.C. 15 Raleigh Charlotte Atlanta #20 Jacksonville *6 Orlando #12 Miami LANDSEAⓇ® HOMES Live in your element®#2424 ILLUSTRATIVE UPSIDE FROM ACQUISITIONS Acquisition Firepower Target Net Debt-to-Net Book Cap 40% 23.9% 16.1% Source: Landsea Homes Management -$419m Acquisition Firepower¹ Pro Forma Net Debt-to-Net Book Cap Criteria Homebuilders 18+% Adj. Home Gross Margin 15+% 5-Year IRR Target Target A Target B Key Financial Criteria 6x - 8x EBITDA Multiple 250k-500k ASP of Deliveries Geography Texas Florida Note: 1) Assumes no redemptions, no exercise of warrants and no amendment to the terms of the public warrants. Criteria Land 18+% IRR (Finished Lots) 22+% IRR (Raw Land) Target Land A Land B Land C Land D 20+% IRR (Entitled Lots) 18+% Gross Margin Geography Goodyear, AZ Surprise, AZ Anaheim, CA Tracy, CA LANDSEAⓇ® HOMES Live in your elementⓇ#2525 CAPITAL STRUCTURE WITH ROBUST LIQUIDITY Landsea has a conservative net debt-to-net book capitalization ratio and strong liquidity position with $204m of pro forma cash¹ $324m Total Debt $121m Pro Forma Net Debt $80m Cash 16.1% Pro Forma Net Debt/ Net Book Cap $124m Net Proceeds from Merger Conservative Capitalization Relative to Peers Median: 31.9% 16.1% 20.4% 23.2% Landsea Meritage MDC Homes¹ Homes 30.2% TRI Pointe Homes Significant Financial Flexibility to Execute Our Strategy 33.6% 44.9% 47.5% M/I Century Taylor Homes Communities Morrison Source: Landsea Homes Management, company filings as of August 26, 2020 Note: 1) Based on June 2020 balance sheet and pro forma for transaction assuming no redemptions, exercise of warrants, or amendment to the terms of the public warrants. LANDSEAⓇ® HOMES Live in your elementⓇ#2626 FINANCIAL PROJECTIONS Strong Backlog of $376m Anchors Forecasted Assumptions Deliveries (Units) CAGR '19'22: 64% 290 2018 $379 2018 597 1,462 $631 1,979 244 Revenue (Millions) CAGR '19 22: 23% $697 2019 2020E 2021E 2022E Source: Landsea Homes Management 2,657 1,735 1,725 932 $883 85 $1,183 326 798 857 2019 2020E 2021E 2022E ASP of Deliveries (Thousands) $1,204 2018 $953 $26 2019 $476 $446 $445 Adj. Net Income (Millions) CAGR '19'22: 27% $36 2020E 2021E 2022E $25 2018 2019 2020E Owned/Controlled Land & Future Land Acquisitions $44 36 $75 28 47 2021E 2022E Future Business Acquisition Medium-Term Target $1.2b - $1.3b Revenue 12% - 13% Operating EBITDA Margin 20% Net Debt to Net Book Capitalization 2018 6% 2019 30% - 40% Net Debt to Net Book Cap 6% 10% - 12% ROE 22% 2020E 2021E 29% 2022E LANDSEAⓇ HOMES Live in your elementⓇ#2727 ROBUST FINANCIAL PROFILE AND OPERATING MOMENTUM Revenue Growth Compared to Peers '19A - '21E 18% 14% Landsea TMHC MDC 22% 13% 21% 1 Landsea ΤΡΗ 22% 11% MTH MTH Fully Adj. Homebuilding GM Compared to Peers 2021E 21% MHO 11% Source: Management; Broker estimates as of August 26, 2020 CCS 20% 10% MDC 11% Peer Median MHO ΤΡΗ 20% 6% TMHC 21% Peer Median ΝΑ CCS Adjusted Net Income Growth Compared to Peers '19A - '21E ¹19A - '22E: 27% 10% Landsea 25% 10% MTH 21% 14% MHO CCS 21% 13% Landsea MTH ΤΡΗ 12% 21% Operating EBITDA Margin Compared to Peers 2021E MDC 14% 10% CCS MDC ΤΡΗ TMHC 21% 10% Peer Median TMHC NM 12% Peer Median NM MHO LANDSEAⓇ HOMES Live in your element®#2828 DESIRABLE VALUATION ENTRY POINT 0.84x¹ 1.93 Landsea MTH 11.7x 6.8x P/TBV 1.59x 1.32x 9.9x MDC TMHC CCS 2021E P/E 9.0x 8.6x 1.21x 1.21x 1.21x 8.2x 1.27x Peer Median Landsea Landsea MTH MHO ΤΡΗ MDC ¹21 '22 ΤΡΗ MHO 8.4x Peer Median 7.8x 7.6x CCS TMHC 0.86x Landsea 7.3x 1.62x MTH 10.1x EV/Inventories 1.40x MDC 7.3x 1.18x Landsea TMHC ΤΡΗ CCS 2021E EV/EBITDA 7.2x MTH 1.13x 1.09x Source: Management; Broker estimates as of August 26, 2020 Notes: 1) Based on PF TBV including $124m net proceeds from merger 2) EBITDA for Landsea Homes represents operating EBITDA. TMHC 7.1x MDC ΤΡΗ 6.9x CCS 1.16x Peer Median 1.04x MHO 7.2x Peer Median ΝΑ MHO LANDSEAⓇ HOMES Live in your element®#2929 COMPANY HIGHLIGHTS Focused on entry-level and move-up homes in high-growth markets. Strategically desirable portfolio of land positions and communities, creating significant value Expertise in executing acquisitions and developing high-quality communities m FO OCHON Strong financial performance and solid. balance sheet provide firepower for growth. Differentiated platform rooted in innovation, energy efficiency and sustainability that attracts today's homebuyers Experienced leadership with entrepreneurial culture driving fundamental execution LANDSEAⓇ® HOMES Live in your element®#30A APPENDIX#3131 HIGHLY EXPERIENCED EXECUTIVE MANAGEMENT TEAM Mike Cunningham SVP Accounting and FP&A John Ho Chief Executive Officer Industry Experience: 15 years Former Director/VP at Jones Lang LaSalle Previously Director at Colliers International Michelle Byrge Vice President Corporate Marketing Industry Experience: 18 years Former VP of Marketing at Oakwood Homes and Henry Walker Homes Previously worked for Richmond American Homes Michael Forsum President and Chief Operating Officer Industry Experience: 30 years Former Co-Founder of Starwood Land Ventures and Arcadia DMB Capital Previously Western Region President at Taylor Woodrow/Morrison Josh Santos Division President Northern California Industry Experience: 14 years Former VP of Sales at Richmond American Homes Previously worked for Shea Homes Franco Tenerelli Chief Legal Officer Industry Experience: 17 years Former Western Regional Counsel at Toll Brothers Previously an attorney at Holland & Knight LLP Tom Baine Division President Southern California Industry Experience: 28 years Former VP at Taylor Morrison Industry Experience: 15 years Former VP/Corporate Controller at The New Home Company Previously at John Laing Homes and E&Y Greg Balen Division President Arizona Industry Experience: 25+ years Former President of California Division at Starwood Land Ventures LANDSEAⓇ® HOMES Live in your element®#3232 PARENT OVERVIEW Landsea Group Co. is a top 100 real estate company in China and China's leading green technology residential property developer. Holdings include the following: 30 three-star green building residential projects 64% market share for building energy-efficient homes across China Leader in the use of comfortable energy-efficient products Landsea Group Co. has been developing property internationally since 2001 Fourth-largest multifamily developer in China Operates assisted living and memory care facilities in six cities Majority shareholder of Landsea Green Group Co. Ltd., Landsea's parent Supplies homes and related services to the following: Over 300,000 customers Over 20 cities China Total developed GFA over 18 million square miles Has a real estate investment management business with over $1 billion under management Note: 1) Landsea Green Group Co. Ltd. and Landsea Group Co. assumes 0.149 CNY-USD conversion rate. $268 Revenue ($m)¹ $723 $1.2 $927 2015 2016 2017 2018 2019 $1.6 $1,108 Real Estate Inventories ($b)¹ $1.1 $1,275 $1.4 $1.2 2015 2016 2017 2018 2019 Operating Profit ($m)¹ $110 $143 $2.1 $175 2015 2016 2017 2018 2019 $2.7 $311 Total Assets ($b)¹ $3.0 $272 $4.0 $3.9 2015 2016 2017 2018 2019 LANDSEAⓇ HOMES Live in your elementⓇ#33B APPENDIX 12 WINE#3434 FORECAST ASSUMPTIONS 1 Overall Theme and Strategy Focus on entry-level homes, utilizing SPAC proceeds ($124m net proceeds from merger) to: Initially paydown debt until new M&A target is identified/under control Appropriately increase scale within our current markets Manage to a 3- to 4-year lot supply based on LTM deliveries and expectation of no joint ventures Wind down existing NYC positions (two assets) and redeploy that capital into new markets 2020 P&L comes solely from current communities; 2021 P&L expected primarily from communities we own or control and $85m of revenue and $8m of adjusted net income from a New Co acquisition 2 New Markets Use large portion of transaction proceeds to acquire another builder in a new market Forecast assumes closing a transaction in 1Q2021 at a conservative multiple compared to Pinnacle West Homes and Garrett Walker Homes Forecast assumes closing on a second builder in 1Q2022 Source: Landsea Homes Management 3 Revenue No additional lot sales; however, depending on market conditions, we may find opportunities to buy a large master plan and sell lots as we've done in the past 4 Cost of Goods Sold Specific to each community based on current budgets 5 Expenses Selling expenses are projected at each community and will vary as a percentage revenue depending on internal commission rates, level of cobroker participation, local taxes and other marketing and advertising costs of each community G&A Expenses include expected costs to operate as a public company, including executive and board compensation 6 Liquidity Minimum cash balances between $50m - $60m Target debt-to-cap ratio of ~40%, but capacity to support a 50% debt-to-cap ratio We assumed a bond issuance to occur in 1Q2022 and the creation of an unsecured revolver to replace all existing debt LANDSEAⓇ® HOMES Live in your element®#3535 NEW YORK METRO ASSETS Operating Metrics $ in millions Financial Metrics¹ Community 14th and 6th Avora Community 14th and 6th Avora Source: Landsea Homes Management Location New York City Weehawken, NJ LHI's Contribution % 95% 51% Total Units 50 184 Total Assets $78.4 $62.4 Note: 1) Preliminary estimates as of June 30, 2020. Units Delivered LTD 0 130 Debt $44.5 $7.0 Backlog 0 3 Total Liability $46.9 $12.8 Unsold Units 50 51 Total Equity $31.5 $49.6 ASP $ $2.5 $1.2 LHI Equity $29.9 $25.3 Target Buyer Move-Up Move-Up Ptr Equity $1.6 $24.3 NY NJ Status of Construction Foundation Complete Type Consolidated JV Unconsolidated JV LANDSEAⓇ HOMES Live in your element®#3636 KEY OPERATING METRICS 59 New Home Orders (Units) 91 183 147 512 460 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Source: Landsea Homes Management Note: 1) Historicals not pro forma for acquisitions. Operating Metrics by Quarter 64 Q1 19 Home Deliveries (Units) 108 Q2 19 147 278 Q3 19 Q4 19 270 Q1 20 237 Q2 20 140 Q1 19 216 Q2 19 Backlog (Units) 252 Q3 19 121 Q4 19 640 Q1 20 856 Q2 20 LANDSEAⓇ HOMES Live in your element®#3737 SUMMARY P&L $ in millions Net Orders (Units) Home Deliveries (Units) Backlog (Units) ASP of Deliveries ($ Thousands) Home Sales Lot Sales Total Revenue Home Sales Margin Lot Sales Margin Total Gross Margin Fully Adj. Home GM% SG&A SG&A as a % of Home Sales Operating Income Income/(Loss) Expense¹ Pretax Income Pretax Income % Tax Provision Effective Tax Rate % Net Income Net Income % Profit (Loss) to Noncontrol Interests Net Income to Landsea Operating EBITDA Source: Landsea Homes Management Note: 1) Includes other expense (income) and JV income (loss). 2017 120 38 101 $757 $28.8 168.6 $197.3 1.6 20.3 $21.9 19.3% 25.3 87.9% ($3.4) 3.2 ($0.1) (0.1%) 0.2 NM ($0.3) (0.2%) 0.1 ($0.4) $5.1 FYE 12/31 2018 333 290 145 $1,199 $347.8 30.8 $378.6 68.9 3.5 $72.3 24.5% 42.6 12.2% $29.7 11.6 $41.3 10.9% 4.6 11.2% $36.7 9.7% 7.5 $29.2 $42.0 2019 480 597 121 $953 $568.9 62.1 $631.0 90.8 8.6 $99.5 23.6% 61.4 10.8% $38.1 (9.5) $28.6 4.5% 6.2 21.6% $22.4 3.5% 5.2 $17.2 $73.9 LANDSEAⓇ® HOMES Live in your element®#3838 HISTORICAL BALANCE SHEET DETAIL $480 2017A Book Value ($m) 9% $533 2018A Source: Landsea Homes Management $565 $554 2019A CAGR Q1 2020 $505 Q2 2020 $539 2017A Real Estate Inventories ($m) 5% $647 2018A $598 2019A CAGR $702 $730 Q1 2020 Q2 2020 LANDSEAⓇ® HOMES Live in your element®#3939 SUPPLEMENTAL FINANCIAL DISCLOSURE ($ in thousands) Home Sales Lot Sales Total Revenue % Growth Total Gross Margin Home Sales GM % Fully Adj. Home GM% Lot Sales GM % SG&A SG&A as a % of Home Sales Operating Income Net Income to Landsea EBITDA Operating EBITDA Adjusted Net Income to Landsea KPIs Net Orders (Units) Net Orders Value ASP of Net Orders. Deliveries (Units) ASP of Deliveries Average Active Communities Net Debt Debt-to-Cap Ratio Net Debt-to-Cap Ratio Fully Diluted EPS¹ Fully Diluted Adj. EPS¹ Absorption Rate Adjusted ROE² (Unaudited) Six Months Ended June 30 2019 $184,680 $37,172 $221,852 n.a. $37,352 17.6% 23.8% 13.1% $23,221 12.6% $14,130 $3,305 $21,574 $23,164 $11,537 150 $175,200 $1,168K 172 $ 1,074K 11 $143,579 21% 8% 2.3 2020 $231,353 $0 $231,353 4.3% $22,910 9.9% 17.2% 0.0% $37,568 16.2% ($14,658) ($22,483) ($20,148) $4,299 ($3,801) 972 $451,479 $ 464K 507 $ 456K 32 $243,439 39% 32% 5.0 2017A $28,753 $168,553 $197,306 n.a. $21,886 5.4% 19.3% 12.1% $25,261 87.9% ($3,375) ($413) $4,688 $5,146 $1,845 120 $148,000 $ 1,233K 38 $757K 3 $115,425 22% 19% n.m. $ 0.04 3.4 0.4% 2018A $347,828 $30,789 $378,617 92% $72,313 19.8% 24.5% 11.2% $42,579 12.2% $29,734 $29,184 $63,380 $41,967 $26,409 333 $376,000 $ 1,129K 289 $ 1,204K 8 $132,956 30% 17% $0.60 $ 0.55 3.7 5.0% Years Ended December 31 2019A $568,872 $62,116 $630,988 67% $99,459 16.0% 23.6% 13.9% $61,406 10.8% $38,053 $17,200 $73,851 $73,905 $36,223 480 $462,400 $ 963K 597 $ 953K 15 $35,921 25% 5% $ 0.36 $0.75 2.7 6.4% 2020E $696,601 $0 $696,601 10% $95,857 13.8% 20.4% 0.0% $85,431 12.3% $10,426 $845 $42,177 $61,934 $25,335 1,624 $701,204 $432K 1,462 $ 476K 32 $45,103 16% 6% $ 0.02 $0.52 3.9 4.8% 2021E $882,561 $0 $882,561 27% $148,602 16.8% 21.4% 0.0% $104,385 11.8% $44,218 $33,265 $80,362 $86,949 $43,546 2,072 $817,161 $ 394K 1,979 $446K 43 $188,164 26% 20% $0.69 $0.90 4.0 7.8% 2022E $1,183,485 $0 $1,183,485 34% $209,851 17.7% 22.1% 0.0% $121,001 10.2% $88,850 $63,892 $126,672 $138,276 $74,720 2,608 $986,435 $ 378K 2,657 $ 445K 52 $307,815 34% 27% $1.32 $ 1.55 4.2 12.0% Source: Landsea Homes Management Notes: 1) Assumes -48m shares at merger (assuming no redemptions, earnout, warrant dilution or amendment to the terms of the public warrants); adj. EPS calculated using adj. NI 2) Adj. ROE calculated using adj. NI. LANDSEAⓇ® HOMES Live in your element®#4040 RECONCILIATIONS OF ADJUSTED METRICS $ in millions Home Sales Home Sales COGS Home Sales Gross Margin Margin % Add: Intercompany Interest in COGS Add: Interest in COGS Add: Purch. Acctg. in COGS Fully Adj. Home Sales Gross Margin Margin % Source: Landsea Homes Management ADJUSTED HOMEBUILDING GROSS MARGIN 2017 $28.8 (27.2) $1.6 5% 2.7 1.3 $5.5 19% FYE 12/31 2018 $347.8 (279.0) $68.9 20% 9.2 7.1 $85.1 24% 2019 $568.9 (478.1) $90.8 16% 15.6 24.7 2.9 $134.1 24% LANDSEAⓇ® HOMES Live in your element®#4141 RECONCILIATIONS OF ADJUSTED METRICS CONT'D $ in millions Net Income Add: Tax Provision Pretax Income Add: Third-Party Interest in COGS Add: Interco. Interest in COGS Add: Interco. Int. Amort. to JVinc. Depreciation EBITDA Margin % Add: Purch. Acctg. In COGS Add: (Profit)/Loss from JVs Add: Transaction Costs Add: Impairment in COGS Less: Debt Forgiveness Income Less: Vale Imputed Int. in COGS¹ Operating EBITDA Margin % OPERATING EBITDA 2017 $(0.3) 0.2 (0.1) 2.0 2.7 0.2 $4.7 2% 0.5 $5.1 3% Source: Landsea Homes Management Notes: 1) Imputed interest related to a land banking transaction that was treated as a product financing arrangement. FYE 12/31 2018 $36.7 4.6 41.3 7.2 9.2 4.1 1.6 $63.4 17% (17.1) (4.3) $42.0 11% 2019 $22.4 6.2 28.6 24.7 15.6 1.9 3.0 $73.9 12% 2.9 6.0 1.2 (10.0) $73.9 12% LANDSEAⓇ® HOMES Live in your element®#4242 RECONCILIATIONS OF ADJUSTED METRICS CONT'D $ in millions Net Income (Loss) to Landsea Add: Interco. Interest in COGS¹ Add: Purch. Acctg. in COGS² Add: (Profit)/Loss from JV's Total Adjustments Normalized Effective Tax Rate Tax-Effected Adjustments Illustrative Adj. Net Income to Landsea ADJUSTED NET INCOME 2018 $29.2 9.2 0.0 (13.0) (3.9) 28% (2.8) $26.4 2019 $17.2 15.6 2.9 7.9 26.4 28% 19.0 $36.2 FYE 12/31 2020E $0.8 10.4 9.0 14.2 33.5 27% 24.5 $25.3 Source: Landsea Homes Management Notes: 1) Intercompany interest pushed down by our parent 2) Purchase accounting adjustments from business combinations and acquired inventory. 2021E $33.3 7.5 8.2 (1.6) 14.1 27% 10.3 $43.5 2022E $63.9 3.2 11.6 0.0 14.8 27% 10.8 $74.7 LANDSEAⓇ® HOMES Live in your element®#43LANDSEAⓇ HOMES Live in your element