Bluegreen Vacations : Q2 2021 Presentation

BLUEGREEN VACATIONS

INVESTOR PRESENTATION SECOND QUARTER 2021

October 2021

Forward-looking Statements

Certain statements in this presentation are "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. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements are based on current expectations of management and involve risks, uncertainties, and other factors, many of which are beyond our control, that may cause actual results or performance to differ from those set forth or implied in the forward-looking statements. These risks and uncertainties include, without limitation, the risk that the Bluegreen Vacations Holding Corporation (the "Company") is a holding company and, accordingly, will be largely dependent on dividends from Bluegreen Vacations Corporation ("Bluegreen") to fund its expenses and obligations in future periods, and Bluegreen's ability to pay dividends will depend on its results and may be limited by the terms of Bluegreen's indebtedness; risks relating to Bluegreen's business and operations; risks related to the COVID-19 pandemic and the recovery from the COVID-19 pandemic, including that the pandemic may be prolonged and any recovery from the pandemic may not favorably impact Bluegreen's results to the extent anticipated or at all; competitive conditions; risks relating to our and Bluegreen's liquidity and the availability of capital; risks that Bluegreen's default rates may increase and exceed expectations, including due to the impact on consumers of the COVID-19 pandemic; risks related to our and Bluegreen's indebtedness, including the potential for accelerated maturities and debt covenant violations; the impact of the COVID-19 pandemic on Bluegreen's consumers, including their income, their level of discretionary spending both during and after the pandemic, and their views towards travel and the vacation ownership industries; the risk that Bluegreen's resort management fees and finance operations may not continue to generate recurring sources of cash during or following the pandemic to the extent anticipated or at all; risks that Bluegreen's current or future marketing alliances and arrangements, including its marketing arrangement with Bass Pro and the Choice Hotels program, may not result in the benefits anticipated, including increased VOI sales, that sales from marketing alliances and other arrangements or otherwise may not return to pre-pandemic levels, and that expansion into additional Bass Pro or Cabela's stores may not meet Bluegreen's expectations or goals; the risk that vacation package sales may not convert to tours and/or VOI sales at anticipated or historical rates; the risk that Bluegreen's allowance for loan losses may not be adequate and, accordingly, may need to be further increased in the future; our and Bluegreen's ability to successfully implement strategic plans and initiatives, generate earnings and long-term growth; risks related to sales mix, including that the current mix may not support net owner growth in the future; and the additional risks and uncertainties described in the Company's filings with the SEC, including, without limitation, the Company's Annual Report on Form 10-K for the year ended December 31, 2020 (including the "Risk Factors" section thereof) and the Company's Quarterly Report on Form 10-Q for the three months ended June 30, 2021. In addition, past performance may not be indicative of future results. The Company cautions that the foregoing factors are not exclusive. You should not place undue reliance on any forward-looking statement, which speaks only as of the date made. The Company does not undertake, and specifically disclaims any obligation, to update or supplement any forward-looking statements.

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BLUEGREEN VACATIONS

Bluegreen Vacations Holding Corporation (NYSE: BVH; OTCQX: BVHBB) (the "Company") is a leading vacation ownership company that markets and sells vacation ownership interests and manages resorts in popular leisure and urban destinations. The Bluegreen Vacation Club is a flexible, points-based, deeded vacation ownership plan with 68 Club and Club Associate Resorts and access to nearly 11,300 other hotels and resorts through partnerships and exchange networks. The Company also offers, through its subsidiaries, a portfolio of comprehensive, fee-based resort management, financial, and sales and marketing services to, or on behalf of, third parties.

Second Quarter 2021 Commentary

• 2020 was originally expected to be Bluegreen's breakout year and we made bold steps to restructure our sales and marketing operations. In January and February of 2020, we achieved the highest monthly comparable sales in our history. In March 2020, the COVID-19 pandemic arrived negatively impacting the economy, our industry and Bluegreen. However, given the issues faced, we believe we performed well in 2020.
• In the second quarter of 2021, Bluegreen achieved substantially the same level of system-wide sales of VOIs as we did in the second quarter of 2019 prior to the pandemic.
• The sales mix between new customers and existing owners during the second quarter of 2021 approximated our 2019 levels, with sales to new customers representing approximately 45% of system-wide VOI sales, a mix which we expect will support net owner growth in the future.
• Bluegreen sold 56,256 vacation packages in the second quarter of 2021, compared to 8,129 in the second quarter of 2020 and 49,246 in the second quarter of 2019.
• At June 30, 2021, the total number of marketing kiosks at Bass Pro Shops and Cabela's stores had increased to 112, up from 98 at December 31, 2020, and 89 at June 30, 2020. We believe we are on track to achieve our previously stated goal of having at least a combined 120 Bass Pro and Cabela's marketing kiosks by year-end 2021.
• We are encouraged by the enthusiasm of our owners to travel to our resorts. All but one of our resorts are open, and the overall average occupancy rate was approximately 86% at resorts with sales centers during the second quarter of 2021.
• While we believe the achievements of the second quarter of 2021 are encouraging, we are concerned that there has recently been an increase in the reported number of new COVID-19 cases and that the States of Florida and Missouri, where Bluegreen has significant operations, have been hit particularly hard. The Company is continuing to monitor the situation but remains optimistic about our operating model and the industry in the long term.

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Second Quarter Highlights

1 Net income attributable to shareholders was $19.5 million.

2 Earnings Per Share ("EPS") from continuing operations of $0.93.

3 The Company's Adjusted EBITDA attributable to shareholders (1) was $35.8 million.

4 System-wide sales of vacation ownership interests ("VOIs") of $163.4 million.

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Resort Operations and Club Management Segment Adjusted EBITDA increased 17% to $43.1 million in the current year quarter from $36.9 million in the prior year quarter.

6 As of June 30, 2021, the Company had marketing operations at 112 Bass Pro Shops and

Cabela's stores, including six new Cabela's locations and one Bass Pro location.

7 Average salesvolume per guest ("VPG") of $2,811.

1. SeeAppendix for reconciliation.

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