Risk Factors Update Summary

• Integration of the acquired Diamond business may be challenging, with potential delays and difficulties.
• Added risks related to cyber-security attacks and failures, with potential regulatory fines and reputational damage.
• Failure to meet rebranding targets for Diamond properties could lead to escalated royalty fees.
• Bluegreen Acquisition may result in substantial expenses beyond anticipated costs, impacting financial condition.
• Potential liabilities from Bluegreen's operations pre-acquisition could exceed estimates, impacting financial results.
• Increased consumer loan portfolio balance from approximately $2.5 billion to $2.9 billion.
• Bluegreen Acquisition may not achieve anticipated benefits, including operating efficiencies and revenue synergies.
• Increased compliance and regulatory risks due to the expanded size of the business post-acquisition.
• Issued $850 million in 5.000% senior notes due 2029 and $500 million in 4.875% senior notes due 2031.
• Issued $900 million in 6.625% senior notes due 2032 and borrowed term loans of $900 million due 2031.
• Difficulty in managing expanded operations post-Bluegreen Acquisition, including challenges in non-US jurisdictions.
• Total indebtedness increased from approximately $3.4 billion to $3.85 billion.
• Notional variable rate debt increased from approximately $1.428 billion to $2.2 billion.
• Downgrades in ratings could adversely affect business operations and ability to raise additional capital.