LandSea Homes Investor Presentation

34 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®

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