Bluegreen Vacations : Fourth Quarter 2020 Results Presentation

BLUEGREEN VACATIONS FOURTH QUARTER 2020 RESULTS

March 1, 2021

Forward‐ looking Statements

Certain statements in this press release 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 can be identified by the use of words such as "believe", "may", "could", "should", "plans", "anticipates", "intends", "estimates", "expects", and other words and phrases of similar impact. Forward‐looking statements involve a number of 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, risks relating to public health issues, including in particular the COVID‐19 pandemic and the effects of the pandemic, including resort closures, travel and business restrictions, volatility in the international and national economy and credit markets, worker absenteeism, quarantines and other health related restrictions; the length and severity of the COVID‐19 pandemic and our ability to successfully resume full business operations thereafter; governmental and agency orders, mandates and guidance in response to the COVID‐19 pandemic and the duration thereof, which is uncertain and will impact our ability to fully utilize resorts and operate sales centers and other marketing activities; the pace of recovery following the COVID‐19 pandemic; the risk that resorts and sales operations, including those at Bass Pro and Cabela's store locations, may be subject to additional closures in the future, particularly in locations where COVID‐ 19 cases have increased; competitive conditions; our liquidity and the availability of capital; our ability to successfully implement our strategic plans and initiatives to navigate the COVID‐19 pandemic; risks that default rates may increase and exceed the Company's expectations, including due to the impact on consumers of the COVID‐ 19 pandemic and if our efforts to address the actions of timeshare exit firms and the increase in default rates associated therewith are not successful; risks related to our indebtedness, including the potential for accelerated maturities and debt covenant violations; the risk of heightened litigation as a result of actions taken in response to the COVID‐19 pandemic; the impact of the COVID‐19 pandemic on our operations and our payment of regular or special dividends in the future, including that we have suspended the payment of regular quarterly cash dividends due to the impact of the COVID‐19 pandemic, and the payment of dividends may not be resumed (or, if resumed, the amounts thereof may not be consistent with historical rates); the impact of the COVID‐19 pandemic on 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 our strategic alliances and arrangements, including our marketing arrangements with Bass Pro and the Choice Hotels program, may not result in the benefits anticipated, including increased VOI sales and that sales from the Choice Hotels program may not return to pre‐pandemic levels; the risk that the improvement in operating results in the fourth quarter of 2020 compared to the third quarter of 2020 may not be maintained or continue; the risk that vacation package sales may not convert to tours and/or VOI sales at anticipated or historical rates; the risk that our allowance for loan losses may not be adequate and, accordingly, may need to be further increased in the future; our ability to successfully implement our strategic plans and initiatives, generate earnings and long‐term growth; and the additional risks and uncertainties described in Bluegreen's filings with the Securities and Exchange Commission, including, without limitation, those described in the "Risk Factors" section of Bluegreen's Annual Report on Form 10‐K for the year ended December 31, 2020, which is expected to be filed on or about March 1, 2021. Bluegreen 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. Bluegreen does not undertake, and specifically disclaims any obligation, to update or supplement any forward‐looking statements. In addition, past performance may not be indicative of future results.

.

2

Bluegreen Vacations Overview

• (1) Data as of December 31, 2020

  ~121,000(2)

  GuestTours

• (2) For the year ended December 31, 2020. Note that all sales and marketing operations were closed during April and May 2020 in response to the COVID-19 pandemic. See the Company's disclosures in its Annual Report on Form 10-K for the year ended December 31, 2020. "Capital-light" includes the sales of VOIs under fee-based sales and marketing arrangements, just-in-time inventory acquisition arrangements and secondary market arrangements, as well as other fee-based services revenue and cost reimbursements revenue.

• (3) See appendix for a reconciliation of Adjusted EBITDA attributable to shareholders to Net Income attributable to shareholders of $8.2 million for the year ended December 31, 2020.

3

Fourth Quarter Highlights

Net income attributable to shareholders was $7.0 million in the current year fourth quarter,

1

compared to $10.6 million in the prior year quarter.

Earnings Per Share ("EPS") of $0.10 in the current year fourth quarter, compared 2 to $0.14 in the prior year quarter.

Adjusted EBITDA attributable to shareholders (1) decreased to $19.8 million in the 3 current year fourth quarter, compared to $30.0 million in the prior year quarter.

System‐wide sales of vacation ownership interests ("VOIs") increased to $112.2

4

million in the current year fourth quarter from $104.3 million in the third quarter of 2020, but decreased from $155.5 million in the prior year quarter.

5

Resort Management and Club Operations segment Adjusted EBITDA increased 7% to $16.0 million in the current year quarter from $14.9 million in the prior year quarter.

6

As of December 31, 2020, the Company had marketing operations at 98 Bass Pro Shops and Cabela's stores, including 10 new Cabela's locations, reactivated the Choice Hotels call transfer program, reopened all of its resorts (resort occupancy rates for the fourth quarter of 2020 at resorts with sales centers was approximately 71% compared to 80% in the fourth quarter of 2019) and reopened all but two of its VOI sales centers.

7

Average sales volume per guest ("VPG) increased 8% in the current year quarter compared to the fourth quarter of 2019.

(1)Seeappendix for reconciliation.

4