Monthly Update - Aruba s Tourism Industry: October 2017 and 2017 YTD. MONTHLY UPDATE - ARUBA S TOURISM INDUSTRY October 2017 and Year to Date 2017.

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1 MONTHLY UPDATE - ARUBA S TOURISM INDUSTRY October 2017 and Year to Date Summary Highlights. Total stopovers grew by 6.5% in October. The total number of stopovers visiting Aruba grew by 6.5% in October 2017 compared with October The number of stopover visitors was 81,483 in October 2017 and 76,491 in October In the first ten months of 2017 the number of stopover visitors decreased by 5.1% from 926,290 in 2016 to 878,940 in Stopovers from the USA were up by 13.5% in October. Traffic from the USA was up by 13.5%, from 45,080 stopovers in October 2016 to 51,166 stopovers in October Traffic was up by 13.5% from New York State, up by 16.8% from Pennsylvania, and up 8.5% from Massachusetts. Arrivals from Florida showed a 28.4% increase linked to the new daily JetBlue service from Fort Lauderdale which was introduced in January In the first ten months of 2017 the number of stopover visitors from the USA increased by 9.6% from 523,448 in 2016 to 573,491 in Stopovers from Venezuela were down 24.2% in October. Traffic from Venezuela was down by 24.2% in October from 9,412 stopovers in October 2016 to 7,133 stopovers in October In the first ten months of 2017 the number of stopover visitors from Venezuela fell by 57.9%, from 185,740 in 2016 to 78,146 in Tourism receipts were up 6.3% in the second quarter of Tourism receipts grew by 6.3% in the second quarter of 2017 compared to second quarter Stopover arrivals fell by 1.2% in the same second quarter of In the first half of 2017 the volume of tourism receipts grew by 5.2% while the volume of visitor arrivals declined by 8.7% compared with the first half of Page 1 of 46

2 Total visitor nights grew by 7.4% in October. The total number of visitor nights grew by 7.4% in October, from 556,985 in October 2016 to 598,114 in October The overall average length of stay grew by 0.8% from 7.28 nights in October 2016 to 7.34 nights in October The total number of visitor nights declined by 1.7% in the first ten months of 2017, from 6,610,589 in 2016 to 6,500,097 in The overall average length of stay grew by 3.6% from 7.14 nights in 2016 to 7.40 nights in Visitors to the Dominican Republic were up 4.9% in the first nine months of In the first nine months of 2017 The Dominican Republic saw a 4.9% increase in stopover traffic, while Jamaica saw a 6.3% increase in stopovers in the same period. The U.S. Virgin Islands saw a 3.4% increase in air arrivals in the first six months of Outbound travel by US citizens grew by 8.1% in calendar year 2016 compared to the same period for 2015 but was up by just 3.0% to the Caribbean. The Caribbean s share of total trips taken by US citizens to international destinations fell from 10.3% in calendar year 2015 to 9.8% in calendar year Cruise Visitor traffic to Aruba was up by 36.4% in October. The number of cruise passengers visiting Aruba in October grew by 36.4%, from 38,349 in October 2016 to 52,293 in October In the first ten months of 2017 the number of cruise visitors to Aruba grew by 23.4% from 477,575 in 2016 to 583,367 in The number of hotel visitors grew by 10.0% in October. As reported by Immigration card data the number of stopover visitors staying in hotels in October 2017 grew by 10.0%, and staying in timeshare resorts fell by 0.8%. The number staying in other accommodation grew by 7.5%. This latter category comprised 19.5% of all visitors in October 2017, up from 19.3% in October In the first ten months of 2017 the number of visitors staying in hotels grew by 4.4% compared with the same ten months of 2016, the number staying in timeshare resorts grew by 0.9% and the number staying in other accommodation fell by 28.4%. Page 2 of 46

3 In October 2017 hotels saw a 10.1% increase in the overall number of visitor nights compared with October The USA generated 15.4% more hotel nights in October 2017 than in October In the first ten months of 2017 the USA has generated a 9.2% increase in the number of hotel nights. The number of nights spent in apartments/guesthouses grew by 65.2% in October. The number of nights spent by visitors staying in apartments or guesthouses grew by 65.2% in October, from 14,063 nights in October 2016 to 23,236 nights in October The number of nights spent by visitors staying in private homes grew by 8.6% from 108,086 in October 2016 to 117,331 in October In the first ten months of 2017 the number of nights spent by visitors staying in apartments or guesthouses grew by 8.1% from 237,023 nights in 2016 to 256,237 nights in The number of nights spent in private homes fell by 16.8% in the first ten months, from 1,636,763 in 2016 to 1,362,463 nights in The number of Venezuelan stopovers using other accommodation fell by 10.6% in October 2017 and comprised 61.4% of all Venezuelan visitors in October 2017 up from 52.0% in October The number of Venezuelans staying in hotel accommodation in October 2017 fell by 36.8% compared with October Average hotel occupancy grew by 6.5 percentage points to 84.7% in October. Numbers provided to AHATA show that for a sample of 14 hotels average room occupancy grew by 6.5 percentage points in October from 78.2% in October 2016 to 84.7% in October The average daily room rate grew by 8.4% to $ and the average RevPar grew by 17.4% to $ In the first ten months of 2017 average room occupancy grew by 4.4 percentage points to 84.5%. The average daily room rate grew by 4.0% to $ and the average RevPar grew by 9.8% to $ Performance of the hotels by category for October 2017 shows that the brand name beach front hotels saw their average room occupancies grow by 12.4 percentage points to 77.5%, with their RevPar growing by 26.2% to $ The all-inclusive resorts saw their average room occupancies grow by 2.5 percentage points to 93.6% and their RevPar grow by 9.7% to $ The smaller independent beach front hotels saw their average room occupancy grow by 3.8 percentage points to 95.1% and their RevPar grow by 11.5% to $ The nonbeach front hotels saw their average room occupancies improve by 4.3 percentage points to 78.0% and saw their RevPar grow by 16.1% to $ In the first ten months of 2017 Smith Travel Research (STR) reported that hotels in four of seven Caribbean destinations saw higher average room occupancies. Page 3 of 46

4 Four of seven saw a higher average RevPar. The impact of Hurricanes Irma and Maria resulted in fewer countries reporting hotel performance data for October JetBlue was the number one carrier in October JetBlue was the number one carrier in October 2017 and brought in 16,258 nonresident visitors, up 32.8% compared with October American Airlines was the number two carrier, (13,843 non-residents) with Delta Air Lines number three (10,127 non-residents). In the first ten months of 2017 JetBlue brought in 40.2% more non-resident passengers than in the same period of 2016, growing from 117,992 visitors to 165,381 in The additional 47,389 passengers accounted for 86% of the overall increase in non-resident passengers carried by the six main US airlines in the first ten months of % of Venezuelan stopovers arrived on an American scheduled airline. Of the 7,133 Venezuelans who visited Aruba in October % (770) arrived in Aruba on a US scheduled carrier. In total 1,025 Venezuelans (14.4% of all Venezuelans) arrived in Aruba on a carrier other than one based in Venezuela or in Aruba. These are thought to be persons visiting Aruba in transit to another country and returning to Venezuela via Aruba. 3.2% of non-residents carried to Aruba by American Airlines in October 2017 were residents of Venezuela. 0.4% of non-residents carried to Aruba by Delta Air Lines in October were residents of Venezuela. The number of visitors 70 years old or older, grew by 12.7% in October. There was a 12.7% increase in October of the number of visitors 70 years old or older. However, the number in the 0 11 years category fell by 1.8%. The number of visitors from the USA years old (up 22.0%), between years (up 21.6%), and years old (up 19.5%), grew substantially in October. Page 4 of 46

5 43.4% of our visitors in October were visiting for the first time. In October % of our visitors reported they were visiting for the first time and 42.8% reported they had visited before. 13.8% of our visitors did not report how many times they visited. Distributing the number who did not report on a pro rata basis results in an overall percentage of 50% first time and 50% repeat. In the first ten months of 2017 the pro rata numbers are 52% first time and 48% repeat. Aruba scored 4.50 on the TripAdvisor ratings in October Trip Advisor ratings for October 2017 show that Aruba received a total of 5,003 reviews and achieved an average rating of 4.50 out of 5. The Cayman Islands achieved an average rating of The USVI achieved a 4.40 rating with Puerto Rico and Curacao receiving a 4.30 rating. The ATA forecasts a 1% growth in stopovers for The Aruba Tourism Authority has set a forecast of 1.0% more stopover visitors for 2017 compared to As well they have targeted a 1% increase in tourism receipts and an increase of cruise visitors of 5%. It is currently forecasted by AHATA that there will be little change in the number of available hotel room nights in 2017 due on the one hand the addition of 74 renovated rooms at the Tropicana Aruba but there being one less day in 2017 than in Please note that the Bucuti and Tara Beach Resort underwent substantial renovations during mid 2017 which resulted in the closure of some rooms. The Aruba Marriott is undergoing similar renovations in the last quarter of 2017 also resulting in the closure of rooms for brief periods of time. AHATA is currently projecting a 4.1 percentage point increase in overall average hotel room occupancy in 2017 and a 3% change in the overall ADR. RevPar is projected to grow by 8.6%. The Aruba Airport Authority (AAA) is forecasting that Aruba will receive 1.8% fewer airline seats in the winter of 2017/2018 (from November through Match ) compared with the same period of 2016/2017. The USA will generate 6.8% more air seats however. The AAA is projecting that Aruba will receive 2% more air seats in calendar year 2018 compared with CY 2017 with the USA generating 4% more seats. Projections for cruise traffic for 2017 suggest that, based on existing schedules, the number of cruise passengers will increase by about 10% compared with Page 5 of 46

6 The ATA is targeting a 3.7% increase in stopover arrivals for The Aruba Tourism Authority has published the following targets for Total stopover arrivals to increase by 3.7% compared with 2017 final total. Tourism Receipts to increase by between 2% - 3.5% compared with 2017 final. RevPar to grow by 0.8% compared with final RevPar for Cruise visitor arrivals to grow by 7.0% compared with 2017 final total. The ATA is targeting a 3.6% in stopover arrivals from the USA in 2018, a 3.0% increase in traffic from Canada, a 23.5% increase from Argentina, a 20% increase from Brazil, a 7.2% increase from the Netherlands but a 44.6% drop in traffic from the UK due to the loss of charter flights. Page 6 of 46

7 Index Page Stopover Arrivals 8 Tourism Receipts 11 Arrivals from the USA 12 Visitor Nights 14 Competitive Performance 16 Cruise Traffic 20 Place of Stay 22 Hotel Nights 24 Apartments/Guest Houses/Private Homes 25 Place of Stay - Venezuela 26 Hotel Performance 28 Regional Hotel Performance 32 Airline Performance 33 Age of Visitors 39 First Time/Repeat 41 Trip Advisor Ratings 42 Targets/Forecast Targets Page 7 of 46

8 Visitor Arrivals October 2017 Aruba: Total Visitors October % 2016 % % change USA 51, % 45, % 13.5% Canada 2, % 2, % 13.4% Venezuela 7, % 9, % -24.2% Brazil 1, % 1, % 29.8% Colombia 2, % 2, % 7.9% Argentina 1, % 1, % 30.5% Chile % % 3.5% Netherlands 3, % 3, % -2.0% Germany % % 21.2% Italy % % 4.6% UK 2, % 2, % 9.8% Sweden % % -6.3% Other 6, % 6, % -5.7% Total 81, % 76, % 6.5% Total stopover arrivals (persons staying 24 hours or more) for October 2017 showed a 6.5% increase compared with October Traffic from the USA was up by 13.5%, was up by 13.4% from Canada, down 24.2% from Venezuela, up 7.9% from Colombia, up 30.5% from Argentina and was up 29.8% from Brazil. Arrivals were down 2.0% from The Netherlands. Page 8 of 46

9 Aruba: Total Visitors October 2017 YTD 2017 % 2016 % % change USA 573, % 523, % 9.6% Canada 36, % 32, % 11.7% Venezuela 78, % 185, % -57.9% Brazil 11, % 10, % 8.4% Colombia 25, % 22, % 14.4% Argentina 24, % 15, % 51.9% Chile 9, % 9, % -5.6% Netherlands 30, % 29, % 3.2% Germany 4, % 3, % 29.1% Italy 6, % 6, % -0.7% UK 18, % 17, % 5.7% Sweden 3, % 4, % -7.9% Other 56, % 64, % -12.7% Total 878, % 926, % -5.1% Page 9 of 46

10 Total stopover arrivals by month % change Jan 89, , % Feb 84,163 96, % Mar 90, , % Apr 96,915 98, % May 80,975 80, % Jun 85,288 86, % Jul 102,272 99, % Aug 90,798 96, % Sep 77,644 77, % Oct 81,483 76, % YTD 878, , % % Month on Month change in Total Stopover Arrivals 2017/ % 5.0% 0.0% -5.0% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec -10.0% -15.0% -20.0% Page 10 of 46

11 Expenditures Tourism Receipts (In Millions of AFL) YEAR 1st 2nd 3rd 4th TOTAL , , , , , , , Source: Central Bank of Aruba In the second quarter of 2017 the volume of visitor arrivals declined by 1.2% while the volume of tourism receipts grew by 6.3% compared with second quarter In the first half of 2017 the volume of visitor arrivals declined by 8.7% while the volume of tourism receipts grew by 5.2% compared with the first half of Page 11 of 46

12 Top Producing US States. Aruba: Total Visitors: US States: October % 2016 % % change New York 10, % 9, % 13.5% Massachusetts 6, % 6, % 8.5% New Jersey 5, % 5, % 6.4% Pennsylvania 3, % 2, % 16.8% Illinois 1, % 1, % 21.7% Florida 3, % 2, % 28.4% Connecticut 1, % 1, % 5.6% Maryland 1, % 1, % 18.4% Ohio 1, % 1, % 7.4% Michigan % % 17.8% Virginia 1, % % 30.3% Texas 1, % 1, % 10.1% California 1, % % 12.8% Other 10, % 9, % 15.0% Total 51, % 45, % 13.5% Page 12 of 46

13 Aruba: Total Visitors: US States: October 2017 YTD 2017 % 2016 % % change New York 116, % 108, % 7.4% Massachusetts 66, % 59, % 12.6% New Jersey 71, % 66, % 7.1% Pennsylvania 34, % 31, % 10.2% Illinois 17, % 16, % 6.7% Florida 36, % 28, % 31.1% Connecticut 19, % 19, % 2.7% Maryland 20, % 18, % 7.7% Ohio 16, % 15, % 10.8% Michigan 11, % 11, % 5.4% Virginia 14, % 13, % 7.6% Texas 18, % 18, % -4.5% California 13, % 12, % 7.4% Other 115, % 104, % 11.1% Total 573, % 523, % 9.6% USA Stopover Arrivals by Month 2017 USA % change Jan 55,383 51, % Feb 56,849 52, % Mar 64,947 60, % Apr 66,110 58, % May 55,387 50, % Jun 57,903 54, % Jul 66,833 61, % Aug 55,284 50, % Sep 43,629 38, % Oct 51,166 45, % YTD 573, , % Page 13 of 46

14 Stopover Visitors by Number of Nights Stayed. Aruba: Total Nights October % 2016 % % change USA 356, % 325, % 9.7% Canada 23, % 20, % 11.5% Venezuela 44, % 48, % -8.1% Brazil 9, % 6, % 34.6% Colombia 18, % 16, % 7.2% Argentina 15, % 11, % 30.9% Chile 6, % 6, % 4.6% Netherlands 34, % 35, % -3.4% Germany 5, % 5, % 13.6% Italy 4, % 4, % 6.5% UK 27, % 25, % 4.9% Sweden 6, % 7, % -6.7% Other 45, % 42, % 6.9% Total 598, % 556, % 7.4% Aruba: Average Length of Stay in Nights: October % change USA % Canada % Venezuela % Brazil % Colombia % Argentina % Chile % Netherlands % Germany % Italy % UK % Sweden % Other % Total % Page 14 of 46

15 Aruba: Total Nights October 2017 YTD 2017 % 2016 % % change USA 3,954, % 3,669, % 7.8% Canada 315, % 283, % 11.1% Venezuela 520, % 978, % -46.8% Brazil 74, % 67, % 10.9% Colombia 195, % 210, % -7.1% Argentina 219, % 140, % 56.2% Chile 70, % 73, % -3.9% Netherlands 382, % 368, % 3.8% Germany 44, % 36, % 22.2% Italy 50, % 49, % 3.2% UK 207, % 203, % 2.0% Sweden 43, % 48, % -11.0% Other 420, % 480, % -12.5% Total 6,500, % 6,610, % -1.7% Aruba: Average Length of Stay in Nights: October 2017 YTD % change USA % Canada % Venezuela % Brazil % Colombia % Argentina % Chile % Netherlands % Germany % Italy % UK % Sweden % Other % Total % Page 15 of 46

16 Competing Destination performance. The Caribbean Tourism Organization collects data from across the region. Their most recently published figures are from November 2017 which show a limited set of data for Total Stopover Visitors % change Period Antigua 200, , % Jan-Oct Aruba 878, , % Jan-Oct Bahamas NA NA NA NA Barbados 453, , % Jan-Aug Belize 341, , % Jan-Oct British Virgin Islands 243, , % Jan-Jun Cayman Islands 334, , % Jan-Oct Cuba 2,688,446 2,147, % Jan-Jun Curacao 293, , % Jan-Sep Dominican Republic 4,120,362 3,926, % Jan- Sep Jamaica 1,756,673 1,652, % Jan-Sep Puerto Rico* 989, , % Jan-Jun Saint Lucia 317, , % Jan-Oct Turks & Caicos Islands 255, , % Jan-Jun US Virgin Islands 453, , % Jan-Jun * Hotel Non-Resident Registrations Source CTO Page 16 of 46

17 The same CTO report also shows data for stopover visitor arrivals for 2017 from the USA to certain destinations. Total US Stopover Visitors % change Period Antigua 79,700 90, % Jan-Oct Aruba 573, , % Jan-Oct Bahamas NA NA NA NA Barbados 133, , % Jan-Aug Belize 224, , % Jan-Oct British Virgin Islands NA NA NA NA Cayman Islands 274, , % Jan-Oct Cuba NA NA NA NA Curacao 44,985 45, % Jan-Sep Dominican Republic 1,772,237 1,779, % Jan- Oct Jamaica 1,141,001 1,083, % Jan-Sep Puerto Rico* 911, , % Jan-Jun Saint Lucia 140, , % Jan-Oct Turks & Caicos Islands 208, , % Jan-Jun US Virgin Islands NA NA NA NA * Hotel Non-Resident Registrations Source CTO Page 17 of 46

18 The US Government s Department of Commerce, International Trade Administration, National Travel and Tourism Office keeps track of U.S. citizens travel to International Regions. The most current data are for full year 2016 shown below. U.S. Citizens Outbound Travel - Caribbean % change Jan 588, , % Feb 643, , % Mar 809, , % Apr 687, , % May 641, , % Jun 803, , % Jul 890, , % Aug 640, , % Sep 416, , % Oct 451, , % Nov 547, , % Dec 751, , % YTD 7,878,885 7,648, % Source: ITA: National Travel & Tourism Office U.S. Citizens Outbound Travel - Total % change Jan 5,374,945 4,905, % Feb 5,253,191 4,744, % Mar 6,596,701 5,856, % Apr 5,882,169 5,540, % May 6,771,961 6,395, % Jun 8,275,983 7,789, % Jul 9,122,195 8,310, % Aug 7,420,570 7,085, % Sep 6,276,564 5,799, % Oct 6,042,845 5,518, % Nov 5,766,891 5,419, % Dec 7,442,151 6,825, % YTD 80,226,167 74,191, % Source: ITA: National Travel & Tourism Office Page 18 of 46

19 U.S. Citizens Outbound Travel - Caribbean Share % pt change Jan 11.0% 11.4% -0.5% Feb 12.2% 12.9% -0.6% Mar 12.3% 12.9% -0.6% Apr 11.7% 12.1% -0.4% May 9.5% 10.1% -0.7% Jun 9.7% 10.1% -0.3% Jul 9.8% 10.3% -0.5% Aug 8.6% 9.3% -0.6% Sep 6.6% 7.0% -0.3% Oct 7.5% 8.6% -1.2% Nov 9.5% 9.7% -0.2% Dec 10.1% 10.3% -0.2% YTD 9.8% 10.3% -0.5% Source: ITA: National Travel & Tourism Office U.S. Citizens Outbound Travel - January - December 2016 YTD 2016 % share 2015 % share % change Europe 13,614, % 12,598, % 8.1% Caribbean 7,878, % 7,648, % 3.0% Asia 5,382, % 4,842, % 11.2% South America 2,010, % 1,869, % 7.5% Central America 2,984, % 2,790, % 6.9% Oceania 724, % 643, % 12.6% Middle East 2,176, % 2,045, % 6.4% Africa 364, % 350, % 4.1% Mexico (Air) 8,933, % 7,993, % 11.8% Mexico (Other) 22,260, % 20,739, % 7.3% Canada 13,894, % 12,668, % 9.7% Total 80,226, % 74,191, % 8.1% Source: ITA: National Travel & Tourism Office Travel to the Caribbean by US citizens in calendar year 2016 showed the slowest rate of growth of all destinations, with a 3% increase, compared with an overall increase of 8.1%. Consequently, the Caribbean s share of such travel has fallen from 10.3% in 2015 to 9.8% in Page 19 of 46

20 Cruise Traffic. Cruise Visitors: Aruba Per cent change Calls Passengers Calls Passengers Calls Passengers October 25 52, , % 36.4% YTD , , % 23.4% Source: Aruba Port Authority. In October 2017 Aruba saw a 36.4% increase in the number of cruise passengers compared with October In October 2016 Aruba received 17 calls: - 3 Carnival calls 2 Royal Caribbean International calls 1 call from Holland America 4 Pullmantur calls 1 Celebrity Cruises call 4 Princess Cruises calls 2 Freewinds calls In August 2017 Aruba received 25 calls: - 3 Carnival calls 4 Royal Caribbean International calls 5 Pullmantur calls 2 Celebrity Cruises calls 2 Holland America calls 4 Freewinds calls. 5 Princess Cruises calls Thus, the main difference between October 2016 and October 2017 was one more Pullmantur call, one more Princess call, one more Holland America call, two more RCI calls, one more Celebrity Cruises call, and two more Freewinds calls. Year to date through October the volume of cruise traffic has grown by 23.4% compared with the same period for Page 20 of 46

21 The CTO numbers for 2017 for cruise visitor traffic show: - Total Cruise Visitors % change Period Antigua 448, , % Jan-Sep Aruba 589, , % Jan-Oct Bahamas 3,159,040 3,207, % Jan-Aug Barbados 453, , % Jan-Aug Belize 802, , % Jan-Oct British Virgin Islands 367, , % Jan-Jun Cayman Islands 1,298,115 1,361, % Jan-Oct Cozumel 3,254,447 2,852, % Jan-Oct Curacao 410, , % Jan-Sep Dominican Republic 737, , % Jan-Sep Jamaica 1,330,343 1,223, % Jan-Sep Puerto Rico 782, , % Jan-Jun Saint Lucia 468, , % Jan-Oct St. Maarten 1,011, , % Jan-Jun Turks & Caicos Islands 498, , % Jan-Jun US Virgin Islands 1,062,958 1,226, % Jan-Aug sub total 16,675,526 15,701, % Source CTO Page 21 of 46

22 Place of Stay The following numbers are from the ATA data base and derived from the information entered on the immigration card by all visitors. Place of Stay: Visitors 2017 Oct 2017 Oct 2016 Visitors % Visitors % % change Hotels 44, % 40, % 10.0% Timeshare 21, % 21, % -0.8% Apts/Priv Homes 15, % 14, % 7.5% Total 81, % 76, % 6.5% The hotels category includes High Rise hotels, Low Rise hotels and the Tropicana. As shown above in October 2017 the number of visitors staying in hotel accommodation grew by 10.0%, those staying in a timeshare resort decreased by 0.8% and those staying in apartments, guest houses or private homes grew by 7.5%. Place of Stay: Visitor Nights 2017 Oct 2017 Oct 2016 Nights % Nights % % change Hotels 281, % 256, % 10.1% Timeshare 175, % 178, % -1.8% Apts/Priv Homes 140, % 122, % 15.0% Total 598, % 557, % 7.4% Average Length of Stay in Nights 2017 Oct 2017 Oct 2016 Nights Nights % change Hotels % Timeshare % Apts/Priv Homes % Total % Page 22 of 46

23 Visitors 2017 Oct 2017 YTD Oct 2016 YTD Visitors % Visitors % % change Hotels 475, % 454, % 4.4% Timeshare 228, % 226, % 0.9% Apts/Priv Homes 175, % 245, % -28.4% Total 878, % 926, % -5.1% Visitor Nights Full Year 2017 Oct 2017 YTD Oct 2016 YTD Nights % Nights % % change Hotels 2,989, % 2,853, % 4.7% Timeshare 1,891, % 1,877, % 0.8% Apts/Priv Homes 1,619, % 1,879, % -13.9% Total 6,500, % 6,610, % -1.7% Average Length of Stay in Nights 2017 Oct 2017 YTD Oct 2016 YTD Nights Nights % change Hotels % Timeshare % Apts/Priv Homes % Total % Page 23 of 46

24 Hotel Nights by Market. The following numbers are from the ATA data base and are derived from the information entered on the immigration card by all visitors as to the length of their intended stay. The USA has shown good growth in hotel nights so far this year (up 9.2%) and accounted for 60.8% of all hotel nights in October 2017 and 64.9% for the first ten months of Aruba: Total Hotel Nights October % 2016 % % change USA 171, % 148, % 15.4% Canada 12, % 12, % -0.2% Venezuela 10, % 14, % -28.9% Brazil 7, % 5, % 34.7% Colombia 6, % 6, % -0.5% Argentina 12, % 9, % 28.3% Netherlands 9, % 9, % -1.5% Germany 2, % 2, % 11.7% Italy 3, % 3, % 9.2% UK 22, % 21, % 4.5% Other 24, % 23, % 5.2% Total 281, % 256, % 10.1% Aruba: Total Hotel Nights October YTD % 2016 % % change USA 1,941, % 1,777, % 9.2% Canada 162, % 157, % 3.2% Venezuela 110, % 181, % -38.9% Brazil 57, % 51, % 11.5% Colombia 60, % 51, % 16.9% Argentina 154, % 106, % 45.7% Netherlands 75, % 78, % -4.6% Germany 18, % 16, % 10.6% Italy 31, % 32, % -2.2% UK 163, % 168, % -2.7% Other 213, % 232, % -8.0% Total 2,989, % 2,853, % 4.7% Page 24 of 46

25 Visitor Nights in Apartments/Guest Houses and Private Homes. The number of nights spent by visitors staying in apartments or guesthouses grew by 65.2% in October, from 14,063 nights in October 2016 to 23,236 nights in October The number of nights spent by visitors staying in private homes grew by 8.6% from 108,086 in October 2016 to 117,331 in October October 2017 October Per Cent Change Nights Apt/GH % shr Priv Home % shr Apt/GH % shr Priv Home % shr Apt/GH Priv Home USA 4, % 26, % 1, % 21, % 164.9% 24.2% Canada 1, % 4, % % 3, % 384.1% 24.0% Venezuela 2, % 29, % 2, % 26, % -5.3% 10.2% Brazil % % % % 345.6% 29.5% Colombia % 9, % % 8, % 82.6% 11.2% Argentina % 1, % % % -44.2% 52.7% Netherlands 4, % 19, % 3, % 21, % 47.2% -8.3% Germany % 2, % % 2, % 48.2% 11.3% U.K % 1, % % 1, % 230.0% 23.4% Italy % % % % 186.3% -21.6% Other 7, % 20, % 5, % 20, % 51.3% 0.7% Total 23, % 117, % 14, % 108, % 65.2% 8.6% Year to Date. October 2017 YTD Per Cent Change Nights Apt/GH % shr Priv Home % shr Apt/GH % shr Priv Home % shr Apt/GH Priv Home USA 59, % 348, % 40, % 306, % 48.6% 13.9% Canada 11, % 80, % 5, % 65, % 108.0% 23.1% Venezuela 26, % 296, % 38, % 620, % -32.0% -52.2% Brazil 2, % 9, % 2, % 9, % -4.7% 3.7% Colombia 5, % 105, % 4, % 132, % 34.5% -20.3% Argentina 7, % 33, % 2, % 15, % 188.0% 122.0% Netherlands 56, % 236, % 32, % 240, % 73.0% -1.5% Germany 5, % 17, % 2, % 14, % 113.9% 20.9% U.K. 8, % 14, % 3, % 12, % 131.8% 13.7% Italy 3, % 12, % 2, % 12, % 88.1% 1.9% Other 70, % 206, % 103, % 208, % -31.8% -0.9% Total 256, % 1,362, % 237, % 1,636, % 8.1% -16.8% Page 25 of 46

26 Use of Accommodation by visitors from Venezuela. The number of visitors from Venezuela using hotel accommodation in October fell by 36.8%. The number of visitors using private homes/apartments and condominiums fell by 10.6% and comprised 61.4% of all Venezuelan visitors in October 2017, up from 52.0% in October Visitors from Venezuela 2017 Oct 2017 Oct 2016 Visitors % Visitors % % change Hotels 2, % 3, % -36.8% Timeshare % % -48.5% Apts/Priv Homes 4, % 4, % -10.6% Total 7, % 9, % -24.2% Visitor Nights from Venezuela 2017 Oct 2017 Oct 2016 Nights % Nights % % change Hotels 10, % 14, % -28.9% Timeshare 2, % 4, % -49.5% Apts/Priv Homes 31, % 29, % 8.8% Total 44, % 48, % -8.1% Average Length of Stay Venezuela 2017 Oct 2017 Oct 2016 Nights Nights % change Hotels 4.39 nts 3.90 nts 12.4% Timeshare 5.42 nts 5.52 nts -1.9% Apts/Priv Homes 7.23 nts 5.94 nts 21.7% Total 6.20 nts 5.11 nts 21.2% Page 26 of 46

27 Year to Date. Visitors from Venezuela 2017 Oct 2017 YTD Oct 2016 YTD Visitors % Visitors % % change Hotels 24, % 41, % -40.2% Timeshare 10, % 18, % -39.4% Apts/Priv Homes 42, % 126, % -66.3% Total 78, % 185, % -57.9% Visitor Nights from Venezuela 2017 Oct 2017 YTD Oct 2016 YTD Nights % Nights % % change Hotels 110, % 181, % -38.9% Timeshare 86, % 133, % -35.0% Apts/Priv Homes 322, % 663, % -51.4% Total 520, % 978, % -46.8% Average Length of Stay Venezuela 2017 Oct 2017 YTD Oct 2016 YTD Nights Nights % change Hotels 4.50 nts 4.40 nts 2.2% Timeshare 7.91 nts 7.37 nts 7.4% Apts/Priv Homes 7.58 nts 5.25 nts 44.5% Total 6.66 nts 5.27 nts 26.4% Page 27 of 46

28 Hotel Performance Aruba /2016 October % change Rooms 4,620 4, % ARN 143, , % ORN 121, , % % occupancy 84.7% 78.2% 6.5% points ADR $ $ % Rev Par $ $ % Based on data from 14 properties. Total transient hotel room inventory for Aruba in October 2017 stood at 5,275 rooms. In addition to the transient hotel room inventory there was an estimated total of 3,440 timeshare units. The above numbers reflect a sample of 14 hotels. The sample includes all major hotels except the Hilton Aruba. In October 2017, the hotel sector saw a 6.5 percentage point increase in average room occupancy, from 78.2% to 84.7%, and an 8.4% increase in the average daily room rate (ADR) from $ to $ With the higher average room occupancy and higher ADR revenue per available room (RevPar) grew by 17.4% compared with October Year to Date 2017/2016 October 2017 YTD % change Rooms 4,622 4, % ARN 1,406,882 1,391, % ORN 1,189,503 1,113, % % occupancy 84.5% 80.1% 4.4% points ADR $ $ % Rev Par $ $ % Based on data from 14 properties. Page 28 of 46

29 2017 Avg Occupancy ADR RevPar % pt chng % chng % chng Jan 84.9% 79.2% 5.7% $ $ % $ $ % Feb 87.9% 83.5% 4.4% $ $ % $ $ % Mar 84.5% 77.7% 6.8% $ $ % $ $ % Apr 86.1% 79.3% 6.8% $ $ % $ $ % May 83.5% 75.8% 7.7% $ $ % $ $ % Jun 78.7% 76.5% 2.2% $ $ % $ $ % Jul 86.7% 84.0% 2.7% $ $ % $ $ % Aug 85.0% 85.4% -0.4% $ $ % $ $ % Sep 83.6% 81.0% 2.6% $ $ % $ $ % Oct 84.7% 78.2% 6.5% $ $ % $ $ % YTD 84.5% 80.1% 4.4% $ $ % $ $ % Page 29 of 46

30 Performance by Category October October Rooms ARN ORN %opy Revenue $ADR $RevPar Brand Name Beach Front 1,678 52,018 40, % $10,507, $ $ All Inclusives 1,844 57,164 53, % $7,776, $ $ Small Independent Beach Front 176 5,456 5, % $1,552, $ $ Non-Beach Front ,597 22, % $3,111, $ $ Total 4, , , % $22,948, $ $ Rooms ARN ORN %opy Revenue $ADR $RevPar Brand Name Beach Front 1,678 52,018 33, % $8,325, $ $ All Inclusives 1,841 57,071 51, % $7,074, $ $ Small Independent Beach Front 176 5,456 4, % $1,392, $ $ Non-Beach Front ,094 19, % $2,538, $ $93.68 Total 4, , , % $19,331, $ $ Percentage Change Rooms ARN ORN % pt change Revenue $ADR $RevPar Brand Name Beach Front 0.0% 0.0% 19.1% 12.4% 26.2% 5.9% 26.2% All Inclusives 0.2% 0.2% 2.9% 2.5% 9.9% 6.8% 9.7% Small Independent Beach Front 0.0% 0.0% 4.1% 3.8% 11.5% 7.1% 11.5% Non-Beach Front 5.5% 5.5% 11.7% 4.3% 22.6% 9.8% 16.1% Total 1.1% 1.1% 9.5% 6.5% 18.7% 8.4% 17.4% Brand Name Beachfront Hotels The Aruba Marriott, the Holiday Inn, the Hyatt Regency Aruba, and the Ritz Carlton Aruba. All Inclusives Resorts. Divi Tamarijn and Divi All Inclusive, the Barcelo Aruba, the Riu Palace and the Riu Palace Antillas. Small Independent Beach Front Hotels. Bucuti & Tara Beach Resort, the Manchebo Beach Resort Non-Beachfront Hotels. Page 30 of 46

31 The Mill Resort, the Talk of the Town, the Renaissance Aruba, the Tropicana Aruba Resort & Casino. Year to Date. October 2017 YTD YTD 2017 Rooms ARN ORN %opy Revenue $ADR $RevPar Brand Name Beach Front 1, , , % $142,992, $ $ All Inclusives 1, , , % $81,980, $ $ Small Independent Beach Front ,504 47, % $16,193, $ $ Non-Beach Front , , % $35,422, $ $ Total 4,634 1,406,882 1,189, % $276,589, $ $ YTD 2016 Rooms ARN ORN %opy Revenue $ADR $RevPar Brand Name Beach Front 1, , , % $129,177, $ $ All Inclusives 1, , , % $74,996, $ $ Small Independent Beach Front ,680 48, % $15,485, $ $ Non-Beach Front , , % $29,510, $ $ Total 4,583 1,391,544 1,113, % $249,163, $ $ Percentage Change Rooms ARN ORN % pt change Revenue $ADR $RevPar Brand Name Beach Front 0.0% -0.4% 7.2% 5.8% 10.7% 3.3% 11.1% All Inclusives 0.2% 0.2% 4.3% 3.6% 9.3% 4.8% 9.1% Small Independent Beach Front 0.0% -0.3% -3.0% -2.4% 4.6% 7.8% 4.9% Non-Beach Front 5.4% 6.2% 14.7% 5.6% 20.0% 4.6% 13.0% Total 1.1% 1.1% 6.8% 4.5% 11.0% 4.0% 9.8% Page 31 of 46

32 Competing Destination performance. Smith Travel Research (STR) collects data from hotels across the Caribbean on behalf of the CHTA. The following numbers are based on this STR report and show the performance figures for hotels in various Caribbean countries for October 2017 compared with October The impact of Hurricanes Irma and Maria in 2017 resulted in some data being unavailable for certain destinations. October 2017 Average Room Occupancy Average Daily Rate RevPar #Hotels in % pt change % change % change Sample Aruba 84.7% 78.2% 6.5% $ $ % $ $ % 14 Barbados 59.2% 59.5% -0.3% $ $ % $ $ % 33 Cancun na na na na na na na na na na Cayman Islands 47.0% 48.6% -1.6% $ $ % $ $ % 9 Curacao 66.0% 68.7% -2.7% $ $ % $90.26 $ % 13 Dominican Republic 61.4% 63.5% -2.1% $ $ % $68.37 $ % 32 Jamaica 61.8% 58.2% 3.6% $ $ % $ $ % 12 Puerto Rico 70.1% 54.9% 15.2% $ $ % $ $ % 30 USVI na 64.9% na na $ na na $ na 3 Caribbean 57.2% 55.2% 2.0% $ $ % $92.11 $ % 216 Source: STR. October YTD 2017 Average Room Occupancy Average Daily Rate RevPar #Hotels in % pt change % change % change Sample Aruba 84.5% 80.1% 4.4% $ $ % $ $ % 14 Barbados 67.3% 66.2% 1.1% $ $ % $ $ % 33 Cancun na na na na na na na na na na Cayman Islands 62.8% 68.0% -5.2% $ $ % $ $ % 9 Curacao 68.5% 66.9% 1.6% $ $ % $97.23 $ % 13 Dominican Republic 74.1% 74.2% -0.1% $ $ % $ $ % 32 Jamaica 72.3% 69.9% 2.4% $ $ % $ $ % 12 Puerto Rico 70.6% 70.8% -0.2% $ $ % $ $ % 30 USVI na 78.6% na na $ na na $ na 3 Caribbean 66.9% 67.4% -0.5% $ $ % $ $ % 216 Source: STR. Page 32 of 46

33 Visitors by Carrier. The table below shows the number of non-resident visitors brought in by various airline carriers during October It does not show the number of passengers in transit (for example from The Netherlands through to Bonaire) nor does it show the number of returning residents of Aruba which used any one of the carriers. Stopovers: By Airline: October 2017 (Non-resident stopover Arrivals) 2017 % share 2016 % share % change 1 JetBlue 16, % 12, % 32.8% 2 American Airlines 13, % 12, % 14.0% 3 United Airlines 8, % 7, % 18.2% 4 Delta Air Lines 10, % 10, % -0.7% 5 Southwest 4, % 3, % 13.4% 6 Copa 3, % 2, % 23.8% 7 Insel Air 2, % 4, % -37.4% 8 KLM 2, % 2, % 19.1% 9 Avianca 2, % 1, % 59.6% 10 Sunwing % % -4.4% 11 Laser 1, % 4, % -72.2% 12 Aruba Airlines 2, % 1, % 139.0% 13 WestJet % % 401.7% 14 Air Canada % % 47.4% 15 ArkeFly 1, % 1, % -17.0% 16 Aserca % 2, % -69.0% 17 Surinam Airways % % -4.6% 18 Thomas Cook % % -0.6% 19 Spirit Airlines % % -23.2% 20 Pawa % % 48.5% 21 Avior % % 185.1% 22 Venezolana - 0.0% % % 23 GOL - 0.0% - 0.0% 0.0% 24 Private % % 27.2% Charter 1, % 2, % -44.7% Other 4, % 3, % 11.7% TOTAL 81, % 76, % 6.5% Page 33 of 46

34 Year to Date. Stopovers: By Airline: October 2017 YTD (Non-resident stopover Arrivals) 2017 YTD % share 2016 YTD % share % change 1 JetBlue 165, % 117, % 40.2% 2 American Airlines 133, % 134, % -1.4% 3 United Airlines 124, % 114, % 8.8% 4 Delta Air Lines 103, % 95, % 7.7% 5 Southwest 57, % 64, % -11.4% 6 Copa 30, % 26, % 16.1% 7 Insel Air 26, % 42, % -37.0% 8 KLM 25, % 20, % 24.3% 9 Avianca 27, % 23, % 13.9% 10 Sunwing 13, % 12, % 3.9% 11 Laser 19, % 105, % -81.8% 12 Aruba Airlines 24, % 20, % 17.5% 13 WestJet 6, % 6, % -0.3% 14 Air Canada 11, % 6, % 65.5% 15 ArkeFly 10, % 11, % -11.4% 16 Aserca 8, % 23, % -62.2% 17 Surinam Airways 6, % 6, % -1.9% 18 Thomas Cook 1, % 2, % -15.1% 19 Spirit Airlines 4, % 5, % -8.8% 20 Pawa 3, % 1, % 255.0% 21 Avior 4, % 16, % -73.5% 22 Venezolana - 0.0% 5, % % 23 GOL - 0.0% % % 24 Private 12, % 9, % 34.7% Charter 21, % 21, % 3.5% Other 37, % 31, % 18.5% TOTAL 878, % 926, % -5.1% Page 34 of 46

35 Carriers Used by Venezuelans. Venezuelan Stopovers: By Airline: October 2017 (Non-resident stopover Arrivals) Oct 2017 % share Oct 2016 % share % change US Carriers American Airlines % % 33.2% Delta Air Lines % % -45.7% United Airlines % % 591.7% Southwest % % 19.1% JetBlue % % 209.5% Spirit Airlines % % -63.6% Total US Carriers % % 40.3% Canada Air Canada % % 237.5% WestJet % 7 0.1% 200.0% Total Canada % % 226.1% Europe KLM % % 88.9% Arke Fly % % 5.3% Total Europe % % 60.0% Other Non-Venezuelan Copa % % 17.1% Surinam Airlines % % 27.5% Total Other Non Venez % % 22.7% Total (Non-Aruba/Non-Venezuelan) 1, % % 46.0% Other (Aruban/Venezuelan) 6, % 8, % -29.9% Total 7, % 9, % -24.2% Page 35 of 46

36 A portion of Venezuelan business to Aruba in October 2017 was thought to be residents of Venezuela travelling via Aruba to other countries, notably the United States, and returning through Aruba to Venezuela. The above table shows the number of residents of Venezuela who arrived in Aruba using a non-venezuelan (or Aruban) airline. This is a good indicator of the number of Venezuelans who travelled to and from other countries via Aruba. The table shows that 770 residents of Venezuela (10.8% of all Venezuelans visiting Aruba) arrived in Aruba by a scheduled US carrier (i.e. they were returning to Venezuela via Aruba) so were probably visiting the USA. This was up by 40.3% compared to October In total 1,025 residents of Venezuela (14.4% of all Venezuelans visiting Aruba) arrived in Aruba by a scheduled carrier other than one based in Venezuela or Aruba. Page 36 of 46

37 Venezuelan Stopovers: By Airline: October 2017 (Non-resident stopover Arrivals) Inbound to Aruba by Carrier Used Carriers Total Venezuelans % US Carriers American Airlines 13, % Delta Air Lines 10, % United Airlines 8, % Southwest 4, % JetBlue 16, % Spirit Airlines % Total US Carriers 53, % Canada Air Canada % WestJet % Total Canada 1, % Europe KLM 2, % Arke Fly 1, % Total Europe 3, % Other Non-Venezuelan Copa 3, % Surinam Airlines % Total Other Non Venez 3, % Total (Non-Aruba/Non-Venezuelan) 62,902 1, % Other (Aruban/Venezuelan) 18,581 6, % Total 81,483 7, % Source ATA The above table shows the number of Venezuelan residents who arrived in Aruba as a percentage of the total non-residents carried by an airline. Thus 3.2% of all non-residents arriving in Aruba on American Airlines in October 2017 were residents of Venezuela and 0.4% of all non-residents arriving in Aruba on Delta Air Lines in October 2017 were residents of Venezuela. Page 37 of 46

38 Venezuelans arriving on American Airlines. In October % of all non-resident passengers arriving in Aruba on an American Airlines flight were residents of Venezuela. Percentage of all Non-Resident Passengers arriving in Aruba on American Airlines who were residents of Venezuela 2017 Jan 14.5% Feb 1.6% Mar 1.1% Apr 1.7% May 1.0% Jun 1.3% Jul 1.6% Aug 4.9% Sep 11.1% Oct 3.2% Page 38 of 46

39 Age of Visitors. The biggest changes in age demographics in October 2017 came in the 70 years old and older category (up 12.7%) and in the 0 11 years category (down by 1.8%). Age of All Stopover Visitors October % share 2016 % share % change 0-11 yrs 3, % 3, % -1.8% yrs 2, % 1, % 4.0% yrs 9, % 9, % 7.3% yrs 14, % 13, % 8.4% yrs 13, % 12, % 4.8% yrs 17, % 16, % 5.9% yrs 14, % 13, % 6.6% 70 yrs or more 6, % 5, % 12.7% Not Stated 9 0.0% 3 0.0% 200.0% Total 81, % 76, % 6.5% Age of All Stopover Visitors October 2017 YTD 2017 % share 2016 % share % change 0-11 yrs 65, % 76, % -14.4% yrs 59, % 60, % -2.0% yrs 110, % 125, % -11.8% yrs 138, % 158, % -12.6% yrs 152, % 162, % -5.8% yrs 173, % 174, % -0.3% yrs 122, % 119, % 2.9% 70 yrs or more 56, % 50, % 11.8% Not Stated % % 158.3% Total 878, % 926, % -5.1% Page 39 of 46

40 Age of Visitors from the USA. The biggest changes in age demographics in October 2017 for visitors from the USA came in the years old (up by 22.0%), the years old (up by 21.6%) and the years (up by 19.5%) categories. Age of All US Stopover Visitors October % share 2016 % share % change 0-11 yrs 1, % 1, % 14.5% yrs % % 21.6% yrs 5, % 4, % 19.5% yrs 7, % 6, % 22.0% yrs 7, % 6, % 13.5% yrs 12, % 11, % 9.8% yrs 10, % 9, % 8.7% 70 yrs or more 5, % 4, % 13.7% Not Stated 5 0.0% 1 0.0% 400.0% Total 51, % 45, % 13.5% Age of All US Stopover Visitors October YTD % share 2016 % share % change 0-11 yrs 38, % 34, % 10.3% yrs 39, % 35, % 11.1% yrs 65, % 59, % 10.1% yrs 78, % 71, % 9.2% yrs 98, % 90, % 8.4% yrs 121, % 111, % 8.2% yrs 90, % 83, % 8.5% 70 yrs or more 41, % 35, % 16.7% Not Stated % % 141.2% Total 573, % 523, % 9.6% Page 40 of 46

41 First Time/Repeat Visitors. In October % of our visitors reported they were visiting for the first time and 42.8% reported they had visited before. 13.8% of our visitors did not report how many times they visited. Assigning the number who did not report on a pro rata basis results in an overall percentage of 50.3% first time and 49.7% repeat. Number of visits to Aruba: October 2017 Number of Times Visited 2017 % share 2016 % share % change First Time 35, % 31, % 11.9% 2-5 times 18, % 18, % 0.5% 6-9 times 5, % 5, % -1.7% 10 or more 10, % 10, % 0.4% Not Stated 11, % 10, % 12.0% Total 81, % 76, % 6.5% : Self-reported by visitors Year to date % of our visitors reported they were visiting for the first time and 41.0% reported they had visited before. 13.7% of our visitors did not report how many times they visited. Assigning the number who did not report on a pro rata basis results in an overall percentage of 52.4% first time and 47.6% repeat. Number of visits to Aruba: October 2017 YTD Number of Times Visited 2017 % share 2016 % share % change First Time 397, % 394, % 0.9% 2-5 times 203, % 235, % -13.5% 6-9 times 59, % 61, % -4.1% 10 or more 98, % 99, % -1.0% Not Stated 120, % 136, % -11.5% Total 878, % 926, % -5.1% : Self-reported by visitors Page 41 of 46

42 Trip Advisor Ratings. Trip Advisor has made data available to us which shows the total number of reviews received for the overall Caribbean and for five of our competitors (that is all reviews of hotels, restaurants, attractions and the destination) for October The number of ratings received from Puerto Rico and the USVI were sharply reduced in October as a result of the impact of Hurricanes Irma and Maria. The ratings are out of 5. TripAdvisor Ratings for October 2017 Number of Reviews Aruba 5,003 Bahamas 2,019 Cayman Islands 1,751 Curacao 2,366 Puerto Rico 761 USVI 236 Average Rating Cayman 4.60 Aruba 4.50 USVI 4.40 Puerto Rico 4.30 Curacao 4.30 Bahamas 4.20 Page 42 of 46

43 Overall Destination Targets for The ATA has set the following targets for To increase stopover arrivals by 1.0% compared with To increase tourism receipts by 1.0% compared with To increase cruise arrivals by 5% compared with Targets in Stopover Visitation for The Aruba Tourism Authority has set as a target an increase of 1.0% more stopover visitors in 2017 compared to By market the ATA is targeting a growth in stopover visitors from the USA of 5% in 2017 over the 2016 total, and a growth of 3% from Canada. Latin America has traditionally been very difficult to forecast and the ATA has not forecast a total from the Venezuelan market for However, they have forecast 10% growth from the Brazilian market, 25% growth from Colombia and 10% from Argentina. Chile is projected to show a 5% increase in traffic over the 2016 total. From Europe, the Netherlands is projected to show 7% growth over 2016, Germany 36%, Italy 5% and the UK 8%. Change in Currency Exchange Rates. October 2017 October 2016 as of 10/16/ /14/2016 % change Euro $1.181 $ % UK Pound $1.328 $ % Canadian Dollar $0.797 $ % Colombian Peso* % Brazilian Real** % * Pesos per $1.00 ** Reals per $1.00 Inventory. It is currently forecasted by AHATA that there will be little change in the number of available hotel room nights in 2017 due on the one hand the addition of 74 renovated rooms at the Tropicana Aruba but there being one less day in 2017 than in 2016 Page 43 of 46