Island Capital Group Chairman And CEO Andrew L. Farkas Reinforces Its Proposed Transaction As Being In The Best Interests Of MarineMax And Its Shareholders

Today, Island Capital Group LLC issued an updated letter to the shareholders of MarineMax, Inc. (NYSE:HZO). The full text of the letter follows:

July 12, 2024

Dear MarineMax Shareholders,

I am disappointed to report that we have not heard from any member of the management team or the board of directors of MarineMax, Inc. (NYSE:HZO) ("MarineMax" or the "Company") since we published our open letter to you earlier this week. We have not heard from any of the Company's financial or other advisors either. I assume that must be disappointing to you as well.

I am humbly encouraged by your support of our proposal to acquire the YMRS Business from MarineMax, as evidenced by recent trading activity in the Company's stock. The closing share price on July 9 (the day I sent my initial letter) was $30.36, and yesterday's closing price was $36.07 – a 19% increase. The market clearly recognizes that our proposal would unlock material value for MarineMax's shareholders.

As noted in my original letter, Island Capital and its affiliates have a material stake in MarineMax given the earnout payment due to us in less than a year, which is carried at $67.7 million on the Company's balance sheet as of its most recent 10-K (dated September 30, 2023). At this valuation, our interest approximates 8% of the Company's equity market capitalization (10% before the increase in the Company's stock price over the past two days) – which makes us one of MarineMax's largest stakeholders. In comparison, the Company's board of directors and management team (16 people in total) collectively own only 4% of MarineMax's equity. The simple reality is that the value of the ongoing (status quo) compensation prospects for the Company's management team significantly exceeds the value of their equity stakes (which makes them misaligned with you, the Company's owners).

In sum, our proposed transaction is in the best interests of MarineMax and its shareholders, as it would provide the Company with liquidity to deploy for debt reduction, growth opportunities and/or or stock repurchases. I urge you to reach out to the board and management of MarineMax to let them know that you support this proposal and request that they engage with us immediately.

Thank you,

Andrew L. Farkas

Managing Member, Chairman & CEO