LandSea Homes Investor Presentation

28 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®

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