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Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

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Page 1: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

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Page 2: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

Information contained in this presentation, other than historical information, should beconsidered forward-looking and subject to various risks, uncertainties and assumptions. Shouldone or more of these risks or uncertainties materialize, or should underlying assumptions proveincorrect, actual results may vary materially from those anticipated, estimated or expected.Among the key factors that may have a direct bearing on the operating results, performance andfinancial condition of the Company are the general economic environment, which has and cangreatly impact the marine industry; the availability and cost of borrowed funds; the level ofconsumer spending and available financing; continued availability of key products; and otherfactors discussed in MarineMax's filings with the Securities and Exchange Commission.

Disclaimer

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Page 3: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

Investment Highlights

Largest Retailer in a Highly Fragmented Industry

Industry Recovery is Broadening

Customer Service Strategy Producing Leading Market Share

Exclusive Agreements with Premier Manufacturers

Experienced and Proven Management Team

Considerable Financial Strength

3

Page 4: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

Company Snapshot

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World’s Largest Boat and Yacht Retailer

63 Locations Operating in 16 States and the British Virgin Islands

Premium Brands – Spanning 11 Feet to Over 200 Feet

Broad, Protected Territories

Unparalleled Approach To Customer Service

Passionate Customers & Team –Committed to the Boating Lifestyle

Page 5: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

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19’ – 40’

Page 6: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

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20’ – 25’

Page 7: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

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Boston Whaler 11–

42FT

11’ – 42’

Page 8: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

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50’ – 155’

Page 9: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

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40’ – 125’

Page 10: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

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20 ‘ – 25’

Page 11: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

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• Added 2016• European built• Highly innovative (i.e., folding sides/rotating rear seat)• High quality - compliments existing brands

30’ – 78’

Page 12: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

30’- 68’

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Developed by MarineMax – For Charter Worldwide Distribution Rights (excluding China) – Private sales - accelerating

Page 13: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

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18’ – 45’

Page 14: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

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17.5’ – 42’

Page 15: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

Differentiated Approach

“Teach Me” Sales team are boaters Demo rides Captains Women On Water Children in Boating

“Service Me” Proactive Mobile Emergency

“Show me how to Have Fun” Getaways! Trips Customer Events (over 1,000 events last year)

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Page 16: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

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MarineMax Getaways!

Page 17: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

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Significant Brand/Segment Expansion –Driving Growth

Azimut (Yachts) 2008 – Florida 2009 – Carolina’s, Georgia, Tennessee 2011 – California 2012 – Entire United States

Meridian (Yachts) 2009 – Chesapeake, San Diego

Boston Whaler (Premium Fish) 2009 – Southwest Florida 2011 – Ft. Lauderdale 2014 – Minnesota

Harris (Pontoon) 2010 – Minnesota, New Jersey 2011 – West Central Florida 2012 – Alabama, North and Southwest

Florida, North Carolina, Texas

Nautique (Ski, Wake, Wakesurf) 2010 – Minnesota 2011 – Missouri 2012 – Tampa Bay Florida

Scout (Premium Fish) 2012 – Southeast Florida 2012 – New Jersey/Maryland 2014 – Texas & New York

Sailfish (Value Fish) 2013 – All Saltwater Markets

Scarab (Jet boat) 2013 – All Our Markets

Aquila (Catamaran) 2013 – Worldwide (excluding China)

Ocean Alexander (Yachts) 2014 – From Texas East

Galeon Yachts (Value Yachts) 2016 – North, Central, South America

Grady White2017 – Dade County, Florida

NauticStar2018 – Select Midwest and Southeast Markets

Tige'2018 – Oklahoma, Florida, Georgia

Page 18: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

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50,000

100,000

150,000

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250,000

300,000

350,000

400,000

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Industry Volume

1990 - 2006Average 309,000

2017199,100

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

U.S. Industry Retail Powerboats (1990 – 2017)

Steady recovery driven by new models

Page 19: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

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Potential Market Size –Based on Replacement Demand

Pro Forma Annual(Obsolescence)

Replacement Demand

Average LifeExpectancyRegistered Boats

9,500,000 Units 271,000 – 317,00030 – 35 Years

Implies 60% unit upside over time

Modest growth provides significant earnings growth potential

Page 20: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

Market Expansion Opportunities

$700MM

$900MM

$460MM

$1.7B

$750MM

$500MM

$650MM

$900MM

Original CompanyAcquisitions/New Stores

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Russo MarineApril 2016

Hall Marine GroupJanuary 2017

Island MarineJanuary 2018

Bay Pointe MarinaSeptember 2018

Page 21: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

Multiple Growth Opportunities

Capitalize on improving industry conditions - grow same-store sales

Continue with brand expansions within our markets

Focus on growing our higher margin businesses - F&I, Service, Storage etc.

Adjust to changing consumer desires

Growth in outboard, jet, pontoon

Acquisitions

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Page 22: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

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Financial Overview

Page 23: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

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Significant tangible net worth, despite industry downturn- Approximately $326 million - $14.14/Share

No long-term debt- Only debt is inventory financing

Own many of our locations debt free (mostly waterfront or highway)- Fair value exceeds carrying amount

Significant growth in earnings from recent industry recovery

Financial Highlights

Page 24: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

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September Quarter Recap

September 2018 September 2017

Revenue $308.6M $250.6M

Gross Margin 25.6% 26.5%

SG&A* $63.5M $55.7M

Adjusted Pretax* $13.5M $8.6M

Per Diluted Share** $0.45 $0.22

Strong revenue growth 22% same-store-sales growth

Mix shift to larger product 57% increase in pretax earnings Adjusted EPS grew 105% to $0.45

* Excluding unusual items** Removes unusual items and proforma’s 2017 tax provisions

Page 25: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

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Fiscal Year Recap

September 2018 September 2017

Revenue $1,117.4M $1,052.3M

Gross Margin 25.3% 25.2%

SG&A* $235.3M $217.2M

Adjusted Pretax* $53.0M $40.7M

Per Diluted Share** $1.70 $1.00

Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased 58% to $39.1 million Adjusted EPS grew over 70% to $1.70

* Excluding unusual items** Removes unusual items and proforma’s 2017 tax provision

Page 26: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

$450,000

$550,000

$650,000

$750,000

$850,000

$950,000

$1,050,000

$1,150,000

$1,250,000

2012 2013 2014 2015 2016 2017 2018

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Great Growth As Recovery Takes Hold

$524,456

$584,497$624,692

$751,366

$942,050

Growth Through: Brand Expansions Market Share Gaines New Models $1,052,320

$1,177,371

Page 27: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

2012 2013 2014 2015 2016 2017 2018

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Note: Unusual gains and expenses removed from 2014, 2015 and 2018, and Hurricane Irma expenses from 2017

Fiscal Year Pretax Growth

Profits increased over 30% from 2017 With potential for industry growth, outlook

is very encouraging

$9,805

$2,330$923

$19,250

$34,790

$40,670

$53,040

Page 28: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

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Used Boat Sales

14.8%New Boat Sales

71.2%

Parts &

Accessories

3.6%

Service, Repairs & Storage

6.2%

Finance &

Insurance Fees

2.4% Brokerage Fees1.8%

Fiscal Year 2018 Revenue Mix

Mix has shifted to greater % of higher margin business; 12.9% in 2007 and 14.0% in 2018

Page 29: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

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Industry Leading Balance Sheet-Highlights

September 2018 September 2017

Cash $48.8M $42.0M

Inventories, net $377.1M $401.3M

Property and Equipment, net $138.7M $127.2M

Short-Term Borrowings $212.9M $254.2M

Stockholders’ Equity ($326M Tangible Net Worth) $353.1M $302.2M

Current Ratio 1.63 1.42

Total Liabilities / Total Net Worth 0.88 1.22

Inventory in good shape – fresh product No debt other than traditional inventory floor plan financing Strong level of TNW – $14.14 per diluted share Financial strength provides competitive advantage and allows us to

take advantage of opportunities as they arise

Page 30: Disclaimer · Per Diluted Share** $1.70 $1.00 Revenue grew 12% - same-store sales up 10% Gross margins expand for third year Adjusted Pretax earnings grew 30% Net income increased

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Investment Highlights

Largest Retailer in a Highly Fragmented Industry

Industry Recovery is Broadening

Ability To Increase Profits Thru Improved Gross Margins and Leverage

Exclusive Agreements with Premier Manufacturers

Experienced and Proven Management Team

Considerable Financial Strength