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Prepared for: MASTERCARD ADVISORS DESTINATION INSIGHTS Destination Market: Caribbean October 2017 © 2016 Master.

Prepared for: MASTERCARD ADVISORS DESTINATION INSIGHTS Destination Market: Caribbean October 2017 © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

Report Specifications and Summary 2 • Report is based on Master. Card’s anonymized cardholder

Report Specifications and Summary 2 • Report is based on Master. Card’s anonymized cardholder data • Client Name: Caribbean Hotel & Tourism Association • Market: Caribbean • Peer Markets: Aruba, Bahamas, Dominican Republic, Jamaica, and Puerto Rico • Time Period for Analysis: 24 months – Period 1: September 1, 2015 to August 31, 2016 – Period 2: September 1, 2016 to August 31, 2017 • Product Type: Corporate and Consumer • Disclaimers: – All analysis is subject to applicable Data Usage and Privacy laws and Benchmarking Requirements © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

3 Country Codes The following standard country codes are used in this report: Code

3 Country Codes The following standard country codes are used in this report: Code Country AUSTRALIA GBR UNITED KINGDOM BELGIUM ARGENTINA LBN LEBANON VNM VIETNAM BRAZIL MEXICO CANADA ARE UNITED ARAB EMIRATES CHL CHILE ITALY CYPRUS RUSSIA COLOMBIA MUS MAURITIUS CHE SWITZERLAND NLD NETHERLANDS DEU GERMANY PANAMA LUXEMBOURG ESP SPAIN HKG HONG KONG USA UNITED STATES SURINAME VENEZUELA MYS MALAYSIA SGP SINGAPORE NORWAY FRANCE © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

4 Executive Summary Origination Market Dynamics Spend Indexes and Yo. Y Trends per Stay,

4 Executive Summary Origination Market Dynamics Spend Indexes and Yo. Y Trends per Stay, by Origination Market § While international travel to the Caribbean remains steady throughout the year, spend data reveals that most visitors pick December – April. March is the peak month. § The top origination markets for spend are the US, Netherlands, UK, Canada, Germany, France, Switzerland, Panama, Chile, and Italy; dominated by the US which spends about 76 times the average origination market. The Netherlands and UK are a distant second and third, spending 5. 4 and 5. 1 times the average respectively. § Among the rest of the top ten, other spend dynamics: - By account, visitors from Vietnam spend more than visitors from any other origination market. - All of the top ten origination markets show roughly similar spend behavior on major categories. § The Netherlands experienced the highest Yo. Y spend, transaction, and visits growth, along with being at the upper end of the spend and transaction indexes. § All remaining origination countries showed scattered growth, with the exception of the US and the UK, which showed slight negative growth and Panama which had negative growth of about -5%. § Length of stay in this period does seem to generally correlate with amount spent per account. For example, among the top ten origination markets, visitors from Panama stayed the longest and also had the highest average spend per account among the ten. © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

SECTION: Origination Market Dynamics © 2016 Master. Card - No reproduction or sharing without

SECTION: Origination Market Dynamics © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

6 Origination Market Dynamics Contents: • Seasonality • Ranking of Top Origination Markets by

6 Origination Market Dynamics Contents: • Seasonality • Ranking of Top Origination Markets by Spend and Transactions • Average Spend per Account by Origination Market • Yo. Y Growth for Top Origination Markets by Spend, Transactions, and Unique Visits © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

7 Seasonality International spend in the Caribbean peaks during the winter and early spring.

7 Seasonality International spend in the Caribbean peaks during the winter and early spring. It is at its lowest in September, and lower overall throughout hurricane season. % of International Customers’ Spend per Month Analyzed for the Past 24 Months (September 1, 2015 – August 31, 2017) 9. 3% 7. 6% 5. 7% 10. 2% 9. 1% 8. 0% June 9. 4% May 9. 5% 8. 7% 8. 2% A 6. 3% August July April March February January December November October September B Key Insights: • Monthly international spend in the Caribbean has large variance over a twelve month period • A Peak international spend occurs December - April. The peak month, March, accounts for 10. 2% of spending for the year, and is 450 bps higher than the lowest month. B • September is the month with the lowest overall international spend and represents 5. 7% of yearly spending. Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

8 Origination Market Dynamics Contents: • Seasonality • Ranking of Top Origination Markets by

8 Origination Market Dynamics Contents: • Seasonality • Ranking of Top Origination Markets by Spend and Transaction Index • Average Spend per Account by Origination Market • Yo. Y Growth for Top Origination Markets by Spend, Transactions, and Unique Visits © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

Top 10 Origination Markets based on Spend Index 9 Overall Destination Market In aggregate,

Top 10 Origination Markets based on Spend Index 9 Overall Destination Market In aggregate, visitors from the US spent ~74 x as much in the Caribbean as the global spend average over the past 24 months. However, the spend index does not correlate directly with average spend by account. 8, 000 7, 000 6, 000 5, 000 4, 000 3, 000 2, 000 1, 000 0 7, 3247, 609 Top International Origination Markets By Spend Index and Average Spend by Account September 1, 2015 – August 31, 2016 vs. September 1, 2016 – August 31, 2017 B $2, 000 A $1, 500 $1, 000 468 540 488 512 347 387 131 143 85 93 75 84 83 $500 83 73 80 75 71 $0 USA NLD GBR CAN DEU FRA CHE PAN CHL ITA September 1, 2015 - August 31, 2016 Index September 1, 2016 - August 31, 2017 Index September 1, 2015 - August 31, 2016 Average Spend per Account September 1, 2016 - August 31, 2017 Average Spend per Account Key Insights: • The global spend index average is 100; five of the top ten origination markets by spend show above average spend. • In the most recent period, the average spend per account for visitors from the top 10 origination markets is ~ $1, 069. This number is calculated for visitors who have stayed at least 2 days to reflect more accurate tourist behavior. A • Spending index for the Netherlands is the second highest (~5. 4 x the average), but spend per account is the sixth highest. B • Compared to the global average, Panama has a below average spend index; however, Panamanian visitors have the highest average spend by account (~1. 8 x the average) among the top ten. Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

Top 10 Origination Markets based on Spend Index 10 Peer Destination Market: Aruba The

Top 10 Origination Markets based on Spend Index 10 Peer Destination Market: Aruba The vast majority of international spend in Aruba continued to come from the US, with additional contribution from the Netherlands, Canada, Chile, and the United Kingdom. Top International Origination Markets By Spend Index September 1, 2015 – August 31, 2016 vs. September 1, 2016 – August 31, 2017 A 5, 000 4, 500 Note: The global spend index average is 100. 4, 453 4, 013 4, 000 3, 500 3, 000 2, 500 2, 000 1, 500 678 1, 000 876 145 186 500 146 151 98 126 58 84 56 72 58 63 51 49 36 48 0 USA NLD CAN CHL GBR Sep 1, 2015 - Aug 31, 2016 Index BRA COL DEU CHE ARG Sep 1, 2016 - Aug 31, 2017 Index 2 Key Insights: The US tops the origination market spend index, spending ~45 x the global average. US spend grew between the two time periods. • The peer market top ten spender list includes origination markets that are not on the list of top ten spenders for the Caribbean market overall: Brazil, Colombia, and Argentina. A • Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

Top 10 Origination Markets based on Spend Index 11 Peer Destination Market: Bahamas The

Top 10 Origination Markets based on Spend Index 11 Peer Destination Market: Bahamas The vast majority of international spend in the Bahamas continues to come from the US with additional contribution from Canada, the UK, Germany, and Switzerland. Top International Origination Markets By Spend Index September 1, 2015 – August 31, 2016 vs. September 1, 2016 – August 31, 2017 A 6, 000 5, 444 Note: The global spend index average is 100. 5, 295 5, 000 4, 000 3, 000 2, 000 1, 000 0 USA CAN GBR DEU CHE Sep 1, 2015 - Aug 31, 2016 Index ITA BRA AUS PAN NLD Sep 1, 2016 - Aug 31, 2017 Index 2 Key Insights: The US tops the origination market spend index, with visitors spending ~53 x the average global origination market. • The peer market top ten spender list includes origination markets that are not on the list of top ten spenders for the Caribbean market overall: Italy, Brazil, and Australia. A • Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

Top 10 Origination Markets based on Spend Index 12 Peer Destination Market: Dominican Republic

Top 10 Origination Markets based on Spend Index 12 Peer Destination Market: Dominican Republic The vast majority of international spend in the Dominican Republic continues to come from the US, with significant contribution from Canada, Panama, Chile, and Germany. Top International Origination Markets September 1, 2015 – August 31, 2016 vs. September 1, 2016 – August 31, 2017 Note: The global spend index average is 100. A 4, 500 3, 900 4, 141 4, 000 3, 500 3, 000 2, 500 2, 000 1, 500 1, 000 549 500 506 455 290 318 249 261 257 B 255 214 225 188 218 193 205 115 192 0 USA CAN PAN CHL DEU Sep 1, 2015 - Aug 31, 2016 Index ITA ESP GBR FRA RUS Sep 1, 2016 - Aug 31, 2017 Index 2 Key Insights: A • The US tops the origination market spend index, spending ~40 x as much as the average global origination market. • Spend by visitors from Russia is significantly increasing and shows the highest growth. B • The peer market top ten spender list includes origination markets such as Spain and Russia that are not on the list of top ten spenders for the Caribbean market overall. Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

Top 10 Origination Markets based on Spend Index 13 Peer Destination Market: Jamaica The

Top 10 Origination Markets based on Spend Index 13 Peer Destination Market: Jamaica The vast majority of international spend in Jamaica continues to come from the US with significant contribution from Canada and the UK. A 5, 000 4, 500 Note: The global spend index average is 100. Top International Origination Markets By Spend Index September 1, 2015 – August 31, 2016 vs. September 1, 2016 – August 31, 2017 4, 537 4, 342 4, 000 3, 500 3, 000 2, 500 2, 000 1, 500 833 1, 000 860 687 660 500 151 197 68 75 47 57 43 51 44 51 46 44 26 33 0 USA CAN GBR DEU NLD Sep 1, 2015 - Aug 31, 2016 Index ITA CHE BEL CHL MEX Sep 1, 2016 - Aug 31, 2017 Index Key Insights: The US tops the origination market spend index, spending ~44 x the average global origination market. • The peer market top ten spender list includes Mexico as an origination market that is not on the list of top ten spenders for the Caribbean market overall. A • Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

Top 10 Origination Markets based on Spend Index 14 Peer Destination Market: Puerto Rico

Top 10 Origination Markets based on Spend Index 14 Peer Destination Market: Puerto Rico Over 95% of international spending in Puerto Rico is by US visitors. Canada, the UK, and Mexico are the next top three sources of spending but pale in relation to the US. A 8, 000 7, 216 Note: The global spend index average is 100. Top International Origination Markets By Spend Index September 1, 2015 – August 31, 2016 vs. September 1, 2016 – August 31, 2017 7, 595 7, 000 6, 000 5, 000 4, 000 3, 000 2, 000 1, 000 30 29 22 24 19 21 19 20 20 17 14 16 14 15 14 0 USA CAN GBR MEX DEU Sep 1, 2015 - Aug 31, 2016 Index ARE ESP FRA NOR PAN Sep 1, 2016 - Aug 31, 2017 Index Key Insights: • The US tops the origination market spend index, spending ~73 x the average global origination market. Overall spend has A increased slightly as driven primarily by the US. • The peer market top ten spender list includes origination markets that are not on the list of top ten spenders for the Caribbean market overall: Mexico, Norway, and Spain. Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

Top 10 Origination Markets based on Transaction Index 15 Overall Destination Market The transaction

Top 10 Origination Markets based on Transaction Index 15 Overall Destination Market The transaction index does not directly correlate to the average number of transactions per account; visitors from the US transact the most overall, but Panama has the highest average number of transactions per account, followed by the Netherlands Top International Origination Markets By Transaction Index and Average Transactions per Account September 1, 2015 – August 31, 2016 vs. September 1, 2016 – August 31, 2017 10, 000 8, 000 7, 609 Note: The global transaction index average is 100. 25. 0 B 7, 797 20. 0 A 6, 000 15. 0 4, 000 10. 0 673 2, 000 840 267 307 256 303 95 111 77 88 83 85 68 77 49 59 39 0 46 5. 0 0. 0 USA NLD CAN GBR DEU FRA PAN ITA ESP CHE Sep 1, 2015 - Aug 31, 2016 Index Sep 1, 2016 - Aug 31, 2017 Index Sep 1, 2015 - Aug 31, 2016 Average Transactions Per Account Key Insights: • The top ten origination markets by transactions is slightly different from that by spending. However, the difference between the US and the next origination market (Netherlands) by transaction index is not as vast as the spend index. A • The Netherlands has the second highest transaction index and the second highest average number of transactions by account. B Panama has a high average number of transactions per account relative to its transaction index (~20 transactions per account and index of 85 which is below average). • Spain appears among the top origination markets based on transaction Index, but not for spend. Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

16 Origination Market Dynamics Contents: • Seasonality • Ranking of Top Origination Markets by

16 Origination Market Dynamics Contents: • Seasonality • Ranking of Top Origination Markets by Spend and Transaction Index • Average Spend per Account by Origination Market • Yo. Y Growth for Top Origination Markets by Spend, Transactions, and Unique Visits © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

Origination Markets Ranked by Average Spend per Account 17 Visitors from Vietnam spend on

Origination Markets Ranked by Average Spend per Account 17 Visitors from Vietnam spend on average more per account than visitors from any other origination market but their visitor count is comparatively very low. Average Spend per Account for Top 10 Origination Markets VNM $ 3, 641 MUS $ 2, 445 $ 2, 241 LBN $ 1, 913 HKG PAN $ 1, 878 CYP $ 1, 874 SGP $ 1, 843 LUX $ 1, 790 SUR $ 1, 769 MYS International Average $ 1, 518 $ 1, 050 Key Insights: • Many of the origination markets in the top ten ranking of spend per account are not included in the list of top origination markets by spend and transaction: Vietnam, Mauritius, Lebanon, Hong Kong, Cyprus, Singapore, Luxembourg, Surinam, and Malaysia. • There is not a very direct correlation between total spending and spending per account, as total spending is driven more by the number of visitors rather than spending per visitor. Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

18 Origination Market Dynamics Contents: • Seasonality • Ranking of Top Origination Markets by

18 Origination Market Dynamics Contents: • Seasonality • Ranking of Top Origination Markets by Spend and Transaction Index • Average Spend per Account by Origination Market • Yo. Y Growth for Top Origination Markets by Spend, Transactions, and Unique Visits © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

Yo. Y Spend Growth for Top 10 Origination Markets 19 Overall Destination Market The

Yo. Y Spend Growth for Top 10 Origination Markets 19 Overall Destination Market The US, while remaining the international spend leader in the Caribbean, shows comparatively flat spend growth compared to other countries. Yo. Y Growth for Top 10 Origination Markets By Spend September 1, 2015 – August 31, 2016 vs. September 1, 2016 – August 31, 2017 10. 4% 6. 7% 4. 8% 4. 6% 5. 8% 5. 4% 1. 7% 0. 5% -0. 6% USA NLD GBR A CAN DEU FRA CHE PAN CHL ITA B -5. 4% Key Insights: • Average Yo. Y spend growth among top origination markets based on spend is 8. 7%. • A Panama shows single digit decline in spending growth of the top ten origination markets. • B The Netherlands shows the highest spending growth as both a spend leader and a spending growth leader. Note: All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

Yo. Y Spend Growth for Top 10 Origination Markets 20 Peer Destination Market: Aruba

Yo. Y Spend Growth for Top 10 Origination Markets 20 Peer Destination Market: Aruba Brazil shows the highest Yo. Y spend growth rate within the peer market top ten spender list for Aruba, followed by the Argentina and the UK. Yo. Y Growth for Top 10 Origination Markets By Spend September 1, 2015 – August 31, 2016 vs. September 1, 2016 – August 31, 2017 A 38. 3% 22. 9% 26. 3% 23. 4% 23. 0% 21. 3% B 5. 5% USA 3. 2% NLD CAN CHL GBR BRA COL -1. 6% DEU CHE ARG -9. 1% Key Insights: • Average Yo. Y spend growth among top origination markets based on spend is 8. 8%. A • Brazil shows the highest Yo. Y growth at 38. 3% and there are multiple other countries with growth in excess of 20%. • Although the US’ Yo. Y growth rate is only 5. 5%, it translates into the highest absolute increase in spending due to the B large amount of spending that it generates. Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

Yo. Y Spend Growth for Top 10 Origination Markets 21 Peer Destination Market: Bahamas

Yo. Y Spend Growth for Top 10 Origination Markets 21 Peer Destination Market: Bahamas Brazil again shows the highest Yo. Y spend growth relative to top ten origination markets, but there are several countries with declining spending. Yo. Y Growth for Top 10 Origination Markets By Spend September 1, 2015 – August 31, 2016 vs. September 1, 2016 – August 31, 2017 27. 7% 21. 7% 13. 5% B USA -2. 7% 7. 2% CAN GBR -7. 6% -6. 9% DEU CHE -8. 1% ITA BRA -5. 5% A AUS PAN NLD Key Insights: -17. 4% • Overall Yo. Y spend growth among the top origination markets based on spend is slightly negative at -2. 9%. A • Brazil shows the greatest Yo. Y spend growth of ~28% among origination markets, in spite of the overall decline of spending in the market. • The US, despite being the international spend leader throughout the Caribbean, shows a modest decline in the rate B of spending which nonetheless translates into a substantial number of dollars lost. Note: All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

Yo. Y Spend Growth for Top 10 Origination Markets 22 Peer Destination Market: Dominican

Yo. Y Spend Growth for Top 10 Origination Markets 22 Peer Destination Market: Dominican Republic Eight out of the top ten origination markets show double digit positive Yo. Y growth in spend in the Dominican Republic. Yo. Y Growth for Top 10 Origination Markets By Spend September 1, 2015 – August 31, 2016 vs. September 1, 2016 – August 31, 2017 80. 4% A 14. 7% 18. 5% 25. 3% 18. 4% 13. 4% -2. 9% USA CAN PAN CHL DEU 7. 3% ITA 14. 9% 13. 6% ESP GBR FRA RUS Key Insights: • Average Yo. Y spend growth among top origination markets based on spend is a healthy 15%. A • Panama is the only origination country which experienced negative Yo. Y growth, although it had no substantial impact. • Russia’s extreme growth in the Dominican market is notable in rate terms though the US growth is basically driving the overall growth in the market. Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements 2. Increasing acceptance of payment cards in the Dominican Republic may be skewing spend growth rates. © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

Yo. Y Spend Growth for Top 10 Origination Markets 23 Peer Destination Market: Jamaica

Yo. Y Spend Growth for Top 10 Origination Markets 23 Peer Destination Market: Jamaica is the only market which shows positive growth for all top ten origination markets. Chile and France demonstrated significant Yo. Y spend growth among top origination markets in Jamaica, while the US fell below average growth. Yo. Y Growth for Top 10 Origination Markets By Spend September 1, 2015 – August 31, 2016 vs. September 1, 2016 – August 31, 2017 A A 40. 2% 38. 8% 30. 3% 10. 8% 2. 7% USA CAN 18. 8% 26. 3% 24. 0% 3. 1% 3. 0% GBR DEU NLD ITA CHE BEL CHL MEX Key Insights: • Average Yo. Y spend growth among top origination markets based on spend is 5. 5%. A • Germany and Mexico show much higher than average growth, although they began from a smaller base. Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

Yo. Y Spend Growth for Top 10 Origination Markets 24 Peer Destination Market: Puerto

Yo. Y Spend Growth for Top 10 Origination Markets 24 Peer Destination Market: Puerto Rico is a mixed combination of positive and negative growth although the overwhelming contribution of the US to the market dwarfs all the effects from changes attributable to the other countries. Yo. Y Growth for Top 10 Origination Markets By Spend September 1, 2015 – August 31, 2016 vs. September 1, 2016 – August 31, 2017 8. 9% 7. 4% 4. 3% A A 0. 2% USA CAN GBR MEX B DEU ARE ESP B 0. 4% FRA NOR PAN -0. 2% -7. 3% -12. 6% -11. 1% -18. 7% Key Insights: • Average Yo. Y spend growth among top origination markets based on spend is flat at 0. 1%. • Notable origination markets like Canada and the Emirates which do not typically show decline in spending do show such A decline in Puerto Rico. B • Spain and Mexico, perhaps driven by similarity of language are some of the strong contributors to spending in the country outside of the US. Note: All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

Yo. Y Transaction Growth for Top 10 Origination Markets 25 Overall Destination Market Panama

Yo. Y Transaction Growth for Top 10 Origination Markets 25 Overall Destination Market Panama is the only top ten source country which experienced Yo. Y decline in transaction growth. The other top ten spend countries show relatively healthy transactions growth. Yo. Y Growth for Top 10 Origination Markets By Transactions September 1, 2015 – August 31, 2016 vs. September 1, 2016 – August 31, 2017 13. 6% 9. 8% 8. 4% 7. 8% 7. 5% 4. 6% 3. 4% 2. 2% -2. 7% USA NLD GBR CAN DEU FRA CHE B PAN CHL ITA A Key Insights: A • Panama’s Yo. Y transactions decline growth was accompanied by a YOY decline in spending as well. Similarly, the transactions growth from The Netherlands was accompanied by a double digit Yo. Y spend growth as well. B • Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

Yo. Y Growth in Unique Visits for Top Ten Origination Markets 26 Overall Destination

Yo. Y Growth in Unique Visits for Top Ten Origination Markets 26 Overall Destination Market Yo. Y growth in unique visits aligns with the Yo. Y growth for spend and transactions; although Panama shows a small increase in unique visits contrary to the decline in spending and transactions. Yo. Y Growth for Top 10 Origination Markets By Unique Visits September 1, 2015 – August 31, 2016 vs. September 1, 2016 – August 31, 2017 13. 9% 11. 8% 11. 6% 12. 9% 12. 5% 9. 6% 7. 2% 6. 1% 0. 9% USA NLD GBR CAN DEU FRA CHE PAN CHL ITA A Key Insights: Panama only registers a small growth in unique visits in contrast to all the other source countries. A • Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements. In particular, The Netherlands and Italy prohibit tracking individual accounts and thus the visits metric are assigned an average value based on the other countries. © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

SECTION: Characteristics of Stay by Origination Market © 2016 Master. Card - No reproduction

SECTION: Characteristics of Stay by Origination Market © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

Characteristics of Stays by Origination Market 28 Contents: • Average Length of Stay •

Characteristics of Stays by Origination Market 28 Contents: • Average Length of Stay • Spending by Category © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

Average Length of Stay for Top Ten Origination Markets 29 Overall Destination Market §

Average Length of Stay for Top Ten Origination Markets 29 Overall Destination Market § Length of stay here seems to correlate with spend per account, but not necessarily to total spending index which is driven more by the number of visitors. § Panama, the US, and Switzerland have the longest average length of stay and also high spending per account. Average Length of Stay* & Average Spend per Account By Origination Market 10. 0 9. 0 8. 0 7. 0 6. 0 5. 0 4. 0 3. 0 2. 0 1. 0 0. 0 $1, 878 B A 9. 1 8. 4 7. 1 7. 7 7. 3 6. 2 $1, 134 $836 $1, 189 $677 USA NLD GBR 6. 7 7. 1 $1, 298 6. 0 5. 8 $779 CAN DEU Average Length of Stay $619 $1, 021 FRA CHE PAN Average Spend Per Account CHL $672 $2, 000 $1, 800 $1, 600 $1, 400 $1, 200 $1, 000 $800 $600 $400 $200 $0 ITA Key Insights: • Average length of stay among the top origination markets by spend is 8. 2 days and average spend by account is $1, 069. • The US is the top origination market by total spend and transactions, but comes in second for length of stay (on par with A the average) and fourth in spend per account (just $65 above average among top origination countries). Visitors from Panama stay almost a full day longer than the average international visitor, but spend over $800 per account B • compared to the per account average. Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements. In particular, The Netherlands and Italy prohibit tracking individual accounts and thus the visits metric are assigned an average value based on the other countries. *Length of stay based on transaction data. Single day visitors were excluded from this formula. © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

Characteristics of Stays by Origination Market 30 Contents: • Average Length of Stay •

Characteristics of Stays by Origination Market 30 Contents: • Average Length of Stay • Spending by Category © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

Cross Category Spend by Origination Market 31 Overall Destination Market § Car rentals &

Cross Category Spend by Origination Market 31 Overall Destination Market § Car rentals & restaurants have steadily lower percent of spend among top origination markets. § Hotels are a consistently significant component of travel spend across most countries with visitors from Chile spending the highest percentage of their wallet on lodging. Travel-Related Cross Spend Categories for Top origination Markets in Destination Market 32. 2% 47. 7% 47. 1% 40. 8% 31. 0% 39. 7% 49. 9% 41. 2% 46. 1% 59. 5% 13. 2% 14. 3% 14. 5% 9. 0% 15. 0% 18. 9% 4% 24. 6% 11. 9% 4% 11. 4% 10. 1% 12. 0% 12. 4% 9. 4% 4% 4% 31% 7% 20% USA 16. 8% 5% 28% 31% CAN DEU 13% NLD GBR Hotels Car Rental 21. 9% 3. 9% 2% 12. 3% 5% FRA Restaurants 42% 2% 20% 11. 4% 4% 9. 7% 32% 11. 0% With the exception of Chile, the top origination countries spend the most in the ‘other’ spend category. A deeper dive into spending in that category may prove useful. 27% 17% CHE PAN Retail CHL ITA Other Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

SECTION: Origination Markets - Profiles © 2016 Master. Card - No reproduction or sharing

SECTION: Origination Markets - Profiles © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

33 Origination Market Profile: United States The US is the dominant spend and transaction

33 Origination Market Profile: United States The US is the dominant spend and transaction leader across the Caribbean destination market; however, spending and transactions growth were relatively flat YOY and average length of stay is on par with the average top ten country. Top origination Markets (by Sept 1, 2016 – Aug 31, 2017 Index) Yo. Y Growth (Spend) Yo. Y Growth (Transactions) Yo. Y Growth (Unique Stays) Avg. Length of Stay (Days) Average Spend per Account Average Transaction Value -0. 6% 2. 2% 6. 1% 8. 4 $1, 134 $103 USA – 7, 609 NLD – 540 8. 8% 8. 9% 10. 2% 9. 4% 8. 5% 8. 8% 9. 2% 8. 4% February March April May June July August 9. 0% December November FRA - 93 7. 1% October DEU – 143 6. 1% September CAN – 387 5. 6% January Seasonality: % of origination Market Spend Month GBR – 512 CHE – 83 CHL– 80 47. 7% Category Spend PAN – 83 19. 8% ITA – 75 14. 5% 14. 3% Restaurants Retail 3. 7% Hotels Car Rental Other © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

34 Origination Market Profile: Netherlands Visitors from The Netherlands show Yo. Y growth across

34 Origination Market Profile: Netherlands Visitors from The Netherlands show Yo. Y growth across all measures though their length of stay is about a day below average. Top origination Markets (by Sept 1, 2016 – Aug 31, 2017 Index) Yo. Y Growth (Spend) Yo. Y Growth (Transactions) Yo. Y Growth (Unique Stays) Avg. Length of Stay (Days) Average Spend per Account Average Transaction Value 10. 4% 13. 6% 17. 8% 7. 1 $836 $61 USA – 7, 609 NLD – 540 8. 3% 8. 4% 8. 1% 8. 3% 7. 4% February March April May June CHE – 83 9. 2% 10. 1% August 9. 2% July 9. 2% January November FRA - 93 7. 6% October DEU – 143 7. 5% September CAN – 387 6. 7% December Seasonality: % of origination Market Spend Month GBR – 512 47. 1% Category Spend PAN – 83 24. 6% CHL– 80 12. 7% 9. 0% 6. 7% ITA – 75 Hotels Car Rental Restaurants Retail Other © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

35 Origination Market Profile: United Kingdom Visitors from the United Kingdom show healthy spending

35 Origination Market Profile: United Kingdom Visitors from the United Kingdom show healthy spending per account although they stay a bit shorter than average. Interestingly, their spending on Lodging is almost a third of their travel wallet in contrast to visitors from the US who stay longer. Top origination Markets (by Sept 1, 2016 – Aug 31, 2017 Index) Yo. Y Growth (Spend) Yo. Y Growth (Transactions) Yo. Y Growth (Unique Stays) Avg. Length of Stay (Days) Average Spend per Account Average Transaction Value 0. 5% 3. 4% 7. 2% 7. 3 $1, 189 $161 USA – 7, 609 NLD – 540 9. 1% April March 6. 5% 5. 4% 6. 7% 7. 2% August 11. 0% July 11. 5% February January December November FRA - 93 11. 6% 6. 1% October DEU – 143 4. 2% September CAN – 387 11. 3% June 9. 4% May Seasonality: % of origination Market Spend Month GBR – 512 CHE – 83 PAN – 83 31. 3% 32. 2% Category Spend 18. 9% CHL– 80 13. 2% 4. 4% ITA – 75 Hotels Car Rental Restaurants Retail Other © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

36 Origination Market Profile: Canada Canadian visitors show a pronounced peak of spending in

36 Origination Market Profile: Canada Canadian visitors show a pronounced peak of spending in the market during the Canadian winter months of January and February which bleeds into March as well. Their average length of stay is somewhat low however. Top origination Markets (by Sept 1, 2016 – Aug 31, 2017 Index) Yo. Y Growth (Spend) Yo. Y Growth (Transactions) Yo. Y Growth (Unique Stays) Avg. Length of Stay (Days) Average Spend per Account Average Transaction Value 6. 7% 9. 8% 13. 9% 6. 2 $677 $120 USA – 7, 609 NLD – 540 Seasonality: % of origination Market Spend Month 3. 7% 14. 0% 14. 2% 9. 7% 6. 2% 5. 1% 3. 8% 5. 0% 5. 2% August 8. 3% 13. 6% July CAN – 387 11. 1% June GBR – 512 40. 8% Category Spend PAN – 83 May April March February January December November CHE – 83 October FRA - 93 September DEU – 143 27. 9% CHL– 80 11. 9% ITA – 75 15. 0% 4. 3% Hotels Car Rental Restaurants Retail Other © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

37 Origination Market Profile: Germany shows fairly positive performance across all growth metrics and

37 Origination Market Profile: Germany shows fairly positive performance across all growth metrics and allocate almost a third of their spending to Lodging although their length of stay is below average. Top origination Markets (by Sept 1, 2016 – Aug 31, 2017 Index) Yo. Y Growth (Spend) Yo. Y Growth (Transactions) Yo. Y Growth (Unique Stays) Avg. Length of Stay (Days) Average Spend per Account Average Transaction Value 4. 8% 7. 8% 11. 8% 6. 7 $779 $124 USA – 7, 609 NLD – 540 Seasonality: % of origination Market Spend Month 5. 5% 5. 8% July 7. 4% August 6. 8% June 10. 0% May 11. 9% April 9. 5% March 11. 2% February 10. 0% January November FRA - 93 October DEU – 143 5. 3% September CAN – 387 6. 8% 9. 7% December GBR – 512 CHE – 83 PAN – 83 39. 7% Category Spend 31. 4% CHL– 80 12. 0% 11. 4% Restaurants Retail 5. 5% ITA – 75 Hotels Car Rental Other © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

38 Origination Market Profile: France French visitors have very short length of stay and

38 Origination Market Profile: France French visitors have very short length of stay and a corresponding low percentage of spending in Lodging. Unlike other source countries, their peak month of spending is August although there is a secondary but smaller peak in February. Top origination Markets (by Sept 1, 2016 – Aug 31, 2017 Index) Yo. Y Growth (Spend) Yo. Y Growth (Transactions) Yo. Y Growth (Unique Stays) Avg. Length of Stay (Days) Average Spend per Account Average Transaction Value 4. 6% 7. 5% 11. 6% 6. 0 $619 $101 USA – 7, 609 NLD – 540 Seasonality: % of origination Market Spend Month 12. 4% August 8. 4% July 5. 5% June 7. 4% May 8. 8% April 9. 6% March 10. 2% February 9. 2% January 7. 4% 9. 9% December FRA - 93 6. 6% November DEU – 143 4. 6% September CAN – 387 October GBR – 512 CHE – 83 CHL– 80 49. 9% Category Spend PAN – 83 20. 4% ITA – 75 16. 8% 3. 6% Hotels Car Rental 9. 4% Restaurants Retail Other © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

39 Origination Market Profile: Switzerland Swiss visitors show positive growth performance across all metrics

39 Origination Market Profile: Switzerland Swiss visitors show positive growth performance across all metrics and have one of the highest spending per account compared to other top ten countries. They also allocate almost a third of their spending to Lodging. Top origination Markets (by Sept 1, 2016 – Aug 31, 2017 Index) Yo. Y Growth (Spend) Yo. Y Growth (Transactions) Yo. Y Growth (Unique Stays) Avg. Length of Stay (Days) Average Spend per Account Average Transaction Value 5. 4% 8. 4% 12. 5% 7. 7 $1, 298 $173 USA – 7, 609 NLD – 540 Seasonality: % of origination Market Spend Month 7. 3% August 8. 7% 5. 1% July 7. 2% June 10. 2% May 8. 8% April January 9. 4% March 12. 3% December November FRA - 93 6. 3% October DEU – 143 4. 1% September CAN – 387 12. 0% 8. 5% February GBR – 512 CHE – 83 PAN – 83 41. 2% Category Spend 31. 7% CHL– 80 ITA – 75 12. 4% 10. 1% Restaurants Retail 4. 6% Hotels Car Rental Other © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

40 Origination Market Profile: Panama As should be expected from proximity to the market,

40 Origination Market Profile: Panama As should be expected from proximity to the market, seasonality of spending from Panama is fairly flat but with a modest peak in December. Surprisingly, they have the longest length of stay metric among the top ten countries while allocating a fairly low percentage of spending to Lodging. Top origination Markets (by Sept 1, 2016 – Aug 31, 2017 Index) Yo. Y Growth (Spend) Yo. Y Growth (Transactions) Yo. Y Growth (Unique Stays) Avg. Length of Stay (Days) Average Spend per Account Average Transaction Value -5. 4% -2. 7% 0. 9% 9. 1 $1, 878 $93 USA – 7, 609 NLD – 540 8. 1% 8. 5% 8. 1% 8. 0% 8. 4% 8. 6% 8. 5% April May June July August December 7. 7% March 10. 2% February 9. 1% November FRA - 93 October DEU – 143 7. 4% September CAN – 387 7. 5% January Seasonality: % of origination Market Spend Month GBR – 512 CHE – 83 Category Spend PAN – 83 59. 5% CHL– 80 ITA – 75 16. 8% 1. 7% Hotels Car Rental 9. 7% 12. 3% Restaurants Retail Other © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

41 Origination Market Profile: Chilean seasonality shows an interesting double peak, the highest one

41 Origination Market Profile: Chilean seasonality shows an interesting double peak, the highest one in February (summer in Chile) and the second in July (winter in Chile). Although they have short stays, they allocate almost 42% of their spending to Lodging, which is the highest among all top ten countries. They also spend in retail at a higher rate than other countries. Top origination Markets (by Sept 1, 2016 – Aug 31, 2017 Index) Yo. Y Growth (Spend) Yo. Y Growth (Transactions) Yo. Y Growth (Unique Stays) Avg. Length of Stay (Days) Average Spend per Account Average Transaction Value 5. 8% 8. 8% 12. 9% 5. 8 $1, 021 $169 USA – 7, 609 NLD – 540 Seasonality: % of origination Market Spend Month 12. 0% 7. 7% 7. 5% August April 9. 6% June 6. 1% May 6. 1% March December February 6. 3% 9. 0% January 5. 9% November FRA - 93 6. 5% October DEU – 143 September CAN – 387 14. 4% 8. 8% July GBR – 512 CHE – 83 PAN – 83 41. 6% Category Spend 31. 0% 21. 9% CHL– 80 ITA – 75 Hotels 1. 6% 3. 9% Car Rental Restaurants Retail Other © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

42 Origination Market Profile: Italy is another source market with a double peak of

42 Origination Market Profile: Italy is another source market with a double peak of seasonality, the highest one in August, and the second one in January. Their length of stay is about a day below average but they still allocate a fair percentage of spending to Lodging. Top origination Markets (by Sept 1, 2016 – Aug 31, 2017 Index) Yo. Y Growth (Spend) Yo. Y Growth (Transactions) Yo. Y Growth (Unique Stays) Avg. Length of Stay (Days) Average Spend per Account Average Transaction Value 1. 7% 4. 6% 8. 5% 7. 1 $672 $93 USA – 7, 609 NLD – 540 Seasonality: % of origination Market Spend Month April 6% 7% August March CHE – 83 5% July 7% June 9% May 9% February December 6% November FRA - 93 5% October DEU – 143 10% 5% September CAN – 387 17% 14% January GBR – 512 46. 1% Category Spend PAN – 83 27. 2% CHL– 80 ITA – 75 11. 4% 11. 0% Restaurants Retail 4. 3% Hotels Car Rental Other © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

SECTION: Next Steps © 2016 Master. Card - No reproduction or sharing without express

SECTION: Next Steps © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card

Learn more at: 44 www. mastercardadvisors. com/solutions Contact: John Munoz John. Munoz@Mastercard. com ©

Learn more at: 44 www. mastercardadvisors. com/solutions Contact: John Munoz John. Munoz@Mastercard. com © 2016 Master. Card - No reproduction or sharing without express written consent of Master. Card