I N V E S T O R P R E S E N TAT I O N N O V E M B E R U P D AT E A STRATEGY OF DYNAMIC GROWTH

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1 I N V E S T O R P R E S E N TAT I O N N O V E M B E R U P D AT E A STRATEGY OF DYNAMIC GROWTH

2 FORWARD-LOOKING STATEMENTS Certain statements in this Investor Presentation may be regarded as "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Certain forwardlooking statements discuss the Company s plans, strategies and intentions, and may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as expects, may, will, believes, should, would, could, approximately, anticipates, estimates, targets, intends, likely, projects, positioned, strategy, future, and plans. In addition, these words may use the positive or negative or other variations of those terms. All statements other than statements of historical fact are forward looking statements for purposes of federal and state securities laws. There is no guarantee that any of the events anticipated by these forward-looking statements will occur. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ from those expressed or implied by the forward-looking statement. These forward-looking statements are based on various assumptions and the current expectations of the management of the Company, and may not be accurate because of risks and uncertainties surrounding these assumptions and expectations. Certain factors may cause actual results to differ significantly from these forward-looking statements. If any of the events occur, there is no guarantee what effect they will have on the operations or financial condition of the Company. Major risks, uncertainties and assumptions include, but are not limited to, risks relating to: the Company s capital and financing needs and availability; any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, synergies, indebtedness, financial condition, losses and future prospects; the Company s ability to integrate and operate assets successfully after the closing of an acquisition; the effect of general economic conditions, including employment rates, housing starts, interest rate levels, availability of financing for home mortgages, and the strength of the U.S. dollar; and other factors. However, it is not possible to predict or identify all such factors. In addition, the Company has disclosed under the heading Risk Factors in its Annual Report on Form 10-K for the fiscal year ended December 31, 2016 (the Annual Report ), filed with the U.S. Securities and Exchange Commission (the SEC ) on February 15, 2017, the risk factors which materially affect its business, financial condition and operating results. Investors are encouraged to review the Annual Report for additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement. Forward-looking statements included herein are made as of the date hereof, and the Company undertakes no obligation to publicly update or revise any forward-looking statement to reflect future events, developments or otherwise, except as may be required by applicable law. Non-GAAP Financial Information This Investor Presentation includes certain non-gaap financial measures as defined by SEC rules. Such non-gaap financial measures are presented as a supplemental financial measurements in the evaluation of our business. We believe the presentation of these financial measures helps investors to assess our operating performance from period to period and enhances understanding of our financial performance and highlights operational trends. This measure is widely used by investors in the valuation, comparison, rating and investment recommendations of companies. However, such measurements may not be comparable to those of other companies in our industry, which limits their usefulness as a comparative measures. Such measures are not required by or calculated in accordance with GAAP and should not be considered as a substitutes for net income or any other measure of financial performance reported in accordance with GAAP or as a measure of operating cash flow or liquidity. Non-Solicitation The information in this Investor Presentation is for informational purposes only and is neither an offer to sell, nor a solicitation of an offer to subscribe for or buy any securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. 2

3 PREMIER NATIONAL BUILDER OF QUALITY HOMES Ranked #1 fastest growing company by Fortune based on annual revenue growth 14 consecutive years of profitability, since founding in 2002 Attractive land positions in 107 open communities 31,996 lots at September 30, ,846 owned / 17,150 controlled lots 9/30/17 LTM financial snapshot (1) : - $1.5b revenues, 4,297 net new home contracts and 3,963 homes delivered (1) Pro forma, giving effect to the UCP Merger as of September 30,

4 S E A S O N E D A N D A L I G N E D EXECUTIVE MANAGEMENT TEAM DALE FRANCESCON CHAIRMAN AND CO-CHIEF EXECUTIVE OFFICER ROBERT FRANCESCON PRESIDENT AND CO-CHIEF EXECUTIVE OFFICER DAVID MESSENGER CHIEF FINANCIAL OFFICER Co-Founder of CCS Co-Largest Shareholder 25+ years of homebuilding Co-Founder of CCS Co-Largest Shareholder 25+ years of homebuilding Former CFO of UDR 25+ years of real estate and finance experience 4

5 KEY INVESTMENT HIGHLIGHTS Strong Financial Performance Attractive Returns on Premium Assets Growth Oriented Business Model Diverse and Scalable Operating Strategy Strong National Geographical Footprint Attractive and Well-Located Land Positions 5

6 CONSISTENT RECORD OF PROFITABLE GROWTH TOTAL REVENUE ($MM) +1,509% 994 1,544 HOME DELIVERIES +1,079% 2,401 2,825 3,963 ADJUSTED PRETAX NET INCOME ($MM) +1,076% , LTM (2) LTM (2) LTM NET NEW HOME CONTRACTS +935% 2,356 2,860 4,297 TOTAL BACKLOG DOLLARS ($MM) +1,237% ADJUSTED EBITDA (1) ($MM) +1,158% , LTM (2) Q17 (2) LTM Expanded Revenue, Deliveries, Backlog and Adjusted EBITDA (1) over 10x from (1) See Adjusted EBITDA Reconciliation on page 15 of this Investor Presentation. (2) Pro forma, giving effect to the UCP Merger as of September 30,

7 HISTORY OF ATTRACTIVE RETURNS ON PREMIUM ASSETS Established operation producing strong homebuilding growth, margins and returns on equity in excess of peers Homebuilding Revenue Growth (LTM 6/30/17) (1) Pre-tax Return on Equity (LTM 6/30/17) Note: Values for Small Cap Builders and Mid Cap Builders represent average values for each group. Small Cap Builders include AVHI, BZH, LGIH, NWHM and WLH. Mid Cap Builders include KBH, MDC, MHO, MTH, TMHC and TPH. Source: S&P Global Market Intelligence. (1) Pro forma, giving effect to the UCP Merger as of June 30,

8 D E MO N S T R A T E D L O N G T E R M T R A C K R E C O R D O F P R O F I T A B I L I T Y T H R O U G H MU L T I P L E H O U S I N G C Y C L E S GROWTH ORIENTED BUSINESS MODEL Raised $241.5m through 144A equity offering Acquired LVLH in Las Vegas for $165m Raised $60m through offering of senior unsecured notes Entered the Salt Lake City market Expanded unsecured line of credit to $400m Acquired Jimmy Jacobs Homes in Central Texas for $15.7m Raised $200m through offering of senior unsecured notes Successfully completed IPO Acquired Grand View Builders in Houston for $13m Acquired Peachtree Communities in Atlanta for $57m Expanded unsecured line of credit to $300m with $100m accordion feature Integrated all previously completed acquisitions Acquired 50% of Wade Jurney Homes for $18m Formed financial services company to provide title and mortgage services Entered the Charlotte, NC market Raised $525m through offering of senior unsecured notes Entered West Coast and strengthened Southeast presence through the $356m acquisition of UCP, Inc. Expanded Seattle through the acquisition of Sundquist Homes for $52m 2013 Operating Highlights Net New Home Orders:406 Deliveries: 448 ASP: $382k 2014 Operating Highlights Net New Home Orders: 1,042 Deliveries: 1,046 ASP: $336k 2015 Operating Highlights Net New Home Orders: 2,356 Deliveries: 2,401 ASP: $302k 2016 Operating Highlights Net New Home Orders: 2,860 Deliveries: 2,825 ASP: $360k Q317 LTM PF Operating Highlights (1) Net New Home Orders: 4,297 Deliveries: 3,963 ASP: $388k Revenues: Net Income: Inventories: Owned/Controlled Lots: $171.1m $12.4m $184.1m 8,341 Revenues: $362.4m Net Income: $20.0m Inventories: $556.3m Owned/Controlled Lots: 11,463 Revenues: $734.5m Net Income: $39.9m Inventories: $810.1m Owned/Controlled Lots: 13,160 Revenues: $994.4m Net Income: $49.5m Inventories: $857.9m Owned/Controlled Lots: 18,296 Revenues: Net Income Inventories: $1.5b N/A $1.4b Owned/Controlled Lots: 31,996 (1) Pro forma, giving effect to the UCP Merger as of September 30,

9 MERGER WITH UCP AND RATIONALE Transaction Overview Transaction Rationale On August 4, 2017, Century and UCP, Inc. (NYSE: UCP) closed the previously announced strategic business combination National footprint with expansion into California and Pacific Northwest markets and enhanced Southeast presence (2) Purchase price comprised of of a share of CCS stock and $5.32 of cash for each share of UCP Acquisition of large, high quality land portfolio Total value of consideration of cash and equity (including repayment of UCP debt) of $358m (1) CCS stockholders represent ~84% of combined company Wide range of product capabilities, including first-time through active adult Enhanced growth trajectory from build-out of current inventory and platform for future growth Synergies from reduced corporate and operational costs Increased scale and public equity float (1) Total consideration represents $206.6 million of total consideration in cash and equity to UCP stockholders plus $151.9 million of UCP debt that was repaid. (2) Sold Myrtle Beach division on August 17,

10 BEST- IN- C L A S S D I V E R S I F I E D P R O D U C T O F F E R I NG T A R G E T IN G W I D E R A N G E O F C U S T O ME R D E MO G R A P H I C S DIVERSE AND SCALABLE OPERATING STRATEGY Diverse & Growing Economies Broadly Targeted Customers Scalable Operating Model Focus on metros with robust economic, job, and population growth Markets characterized by strong demand, constrained supply, and healthy projected price appreciation First time homebuyer, first and second move-up, lifestyle buyer Multiple price points allow for maximized profitability Broad product offering with market leading designs Proven ability to enter new markets through acquisitions and greenfields with limited G&A investment Strict return hurdles and underwriting requirements on land 10

11 A MP L E S U P P L Y O F L A N D A N D W E L L - L O C A T E D L O T S STRONG LOT INVENTORY WITH LAND SOURCING AND EVALUATION CAPABILITIES Cycle-tested land acquisition strategy based on contribution to overall profitability Local sourcing and centralized land acquisition approvals ensure effective capital deployment Balanced use of land option contracts enhances flexibility of land strategy 23% Owns 4 years supply of lots and controls an additional 5 years of lots as of September 30, 2017 (1) LOT INVENTORY Owned Controlled Total West 3,542 2,630 6,172 Mountain 4,291 5,068 9,359 Texas 2,223 4,795 7,018 Southeast 4,790 4,657 9,447 Total Consolidation 14,846 17,150 31,996 (1) Represents total lots owned and controlled as of September 30, 2017 divided by the midpoint of closing guidance reaffirmed on November 2,

12 R A P I D L Y G R OW IN G B A C K L O G R E F L E C T S C O N T I N U E D E X P A N S I O N I N N E W A N D E X I S T I N G MA R K E T S GROWING BACKLOG POSITIONS COMPANY TO CONTINUE PROFITABLE EXPANSION 1,664 homes in backlog with a total dollar value of $689.3 million Increased backlog dollar value 81% since September 30, 2016 Increased backlog number of homes 68% since September 30,

13 STRONG BALANCE SHEET WITH CAPACITY TO EXECUTE GROWTH STRATEGY $385.0 million senior unsecured notes 6.875% coupon Matures May, 2022 $400.0 million senior unsecured notes 5.875% coupon Matures July, 2025 SUMMARY BALANCE SHEET / CAPITALIZATION $ MILLIONS 09/30/17 Cash $ 58.5 Cash held in Escrow 42.3 Inventories 1,353.0 Total Assets 1,631.0 Moody s and S&P ratings of B3 / B, respectively (2) $400 million unsecured revolver, matures October 2019 Full availability at September 30, 2017 Debt: Revolving Line of Credit Facility and Mortgage Repurchase Facility 27.5 Senior Unsecured Notes Payable and Other Total Debt Total Liabilities Total Equity Credit Metrics Available Liquidity (1) $ Net Debt / Net Book Capitalization 51.8% Cash + Inventories / Debt 1.8x (1) Available liquidity calculated as cash plus cash held in escrow and availability on the revolving credit facility (2) Reaffirmed April

14 HISTORICAL FINANCIAL PERFORMANCE 14

15 HISTORICAL FINANCIALS QTD Sep 30, YTD Sep 30, Year ended December 31, $ 000s (except EPS) Home Sales Revenue $ 374,935 $ 888,942 $ 978,733 $ 725,437 $ 351,814 $ 171,133 $ 96,030 Land Sales and Other Revenue 1,826 6,215 15,707 9,052 10, Financial Services Revenue 2,955 4, Total Revenue 379, , , , , ,133 96,030 Cost of Home Sales 311, , , , , ,722 75,530 Cost of Land Sales and Other Revenue 2,104 4,994 14,113 8,433 8, Financial Services Costs 2,450 4, Selling, general, and administrative 46, , ,224 87,840 46,795 23,565 13,414 Total Costs and Expenses 362, , , , , ,287 88,943 Operating Income 17,632 49,039 71,872 59,013 31,102 17,846 7,086 Consolidated Net Income $ 9,470 $ 33,100 $ 49,540 $ 39,890 $ 20,022 $ 12,431 $ 7,439 Income before income tax expesnse $ 15,156 $ 50,316 $ 73,149 $ 60,305 $ 30,959 $ 18,074 $ 7,439 PPA for acquired work in process 6,214 6, ,673 4, Acquisition expense 7,205 8, , Adjusted income before income tax expense $ 28,575 $ 65,292 $ 74,028 $ 63,469 $ 37,069 $ 19,240 $ 7,439 Income tax expense (9,801) (21,350) (23,893) (21,486) (13,095) (6,007) - Adjusted net income $ 18,774 $ 43,942 $ 50,135 $ 41,983 $ 23,974 $ 13,233 $ 7,439 EPS $ 0.37 $ 1.42 $ 2.33 $ 1.88 $ 1.03 $ Adjusted EPS $ 0.73 $ 1.87 $ 2.36 $ 1.97 $ 1.23 $ EBITDA Reconciliation Net Income $ 9,470 $ 33,100 $ 49,540 $ 39,890 $ 20,022 $ 12,431 $ 7,439 Income tax expense 5,686 17,216 23,609 20,415 10,937 5,015 - Interest amortized to cost of closings 8,793 20,625 19,502 10,082 2,366 1,521 1,429 Interest Expense Depreciation and Amortization 2,256 5,073 5,580 4,713 2, EBITDA 26,206 76,017 98,236 75,110 36,292 20,531 9,061 Purchase price accounting (1) 6,244 7,216 1,617 2,673 4, Adjusted EBITDA $ 32,450 $ 83,233 $ 99,853 $ 77,783 $ 40,989 $ 21,164 $ 9,061 Balance Sheet Data Total Assets $ 1,631,008 $ 1,631,008 $ 1,007,528 $ 917,741 $ 670,616 $ 312,639 $ 90,673 Total Debt 977, , , , ,247 1,500 33,206 Total Equity 653, , , , , ,556 24,561 (1) Purchase price accounting for acquired work in process inventory. 15

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