Visitor spending and air arrivals increased in Q1 2015 compared to 2014. Average spending per visitor rose 29% to $1,227 while estimated economic impact grew 21% to $35.5 million. Average length of stay increased slightly to 6.72 days. Total air arrivals decreased 6.7% but purpose of visits remained mostly unchanged with vacations accounting for 55% of visits. Available airline seats to Bermuda dropped 14.5% in Q1 2015 leading to decreases in air arrivals. Hotel occupancy rates rose to 46% in March but ADR and RevPAR both declined in Q1 2015 compared to the previous year.

1. Q1 Arrival Statistics
January-March 2015

2. Q1 Visitor Spending

3. Q1 Visitor Air Arrivals – Visitor Expenditure
2013 2014 2015 % CHG YOY # CHG YOY
Average per Person
Spend
$1,054 $949 $1,227 29.29% $278
Estimated
Economic Impact
$33 M $29.5 M $35.5 M 20.69% $6.1 M
$501
$272
$148
$58 $73
$2
$486
$269
$104
$30 $57
$2
$623
$330
$129
$68 $73
$2
$0.00
$100.00
$200.00
$300.00
$400.00
$500.00
$600.00
$700.00
2013 2014 2015

4. Q1 Visitor Air Arrivals – Average Length of Stay
2013 2014 2015
% CHG
YOY
# CHG
YOY
TOTAL AVERAGE DAYS 6.36 6.55 6.72 2.60% 0.17
6.36
6.55
6.72
4
4.5
5
5.5
6
6.5
7
2013 2014 2015

5. Q1 Total Visitor Arrivals
2012 2013 2014 2015
YOY %
Change
YOY #
Change
Air 31,619 31,300 31,032 28,966 -6.7% (2,336)
Cruise 2,719 1,484 - 319 319
Yacht 233 472 255 324 27.1% 69
Total 34,571 33,256 31,287 29,609 -5.3% (1,678)
34,571
33,256
31,287
29,609
20,000
25,000
30,000
35,000
40,000
Q1 2012 Q1 2013 Q1 2014 Q1 2015
Air Cruise Yacht
YOY = year over year

6. Q1 Visitor Air Arrivals – by Country of Origin
2012 2013 2014 2015
% CHG
YOY
# CHG
YOY
USA 19,787 19,992 19,727 18,283 -7.3% (1,444)
Canada 7,292 6,273 6,272 5,316 -15.2% (956)
UK 2,872 3,260 3,141 3,267 4.0% 126
Europe 609 667 612 811 32.5% 199
Rest of the
World
1,059 1,108 1,280 1,289 0.7% 9
Total 31,619 31,300 31,032 28,966 -6.7% (2,066)
USA
63%
Canada
18%
UK
11%
Europe
3%
Rest of
the
World
5%

7. Q1 Visitor Air Arrivals – by Region in the US
2014 2015
% CHG
YOY
# CHG
YOY
Middle Atlantic 8,829 7,978 -9.6% (851)
North East 4,366 4,205 -3.7% (161)
South East 3,482 3,249 -6.7% (233)
Mid-west 1,758 1,592 -9.4% (166)
West 1,212 1,172 -3.3% (40)
Middle
Atlantic
44%
North
East
23%
South
East
18%
Mid-
west
9%
West
6%
Share of US Visitor
Arrivals by Region

8. Q1 Total Air Arrivals – Purpose of Visit
16,612 16,006
4,399 3,772
8,969 8,467
-
5,000
10,000
15,000
20,000
2014 2015
Vacation Friend/Relative Business
Vacation
55%
Friend/
Relative
13%
Business
29%
Convention
2%
Other
1%
2012 2013 2014 2015
% CHG
YOY
# CHG
YOY
Vacation 16,854 17,032 16,612 16,006 -3.6% (606)
Friend/
Relative
4,469 4,565 4,399 3,772 -14.3% (627)
Business 9,627 9,212 8,969 8,467 -5.6% (502)

9. Q1 Air Service
Capacity
(Available
Seats) 2012 2013 2014 2015
% CHG
YOY # CHG YOY
January 36,460 35,636 36,980 32,460 -12.2% (4,520)
February 35,140 32,132 32,206 28,352 -12.0% (3,854)
March 41,802 38,376 41,640 33,974 -18.4% (7,666)
Q1 Total 113,402 106,144 110,826 94,786 -14.5% (16,040)
New York
20%
Philadelphia
13%Newark
53%
Toronto
14%
Capacity decrease by Airport
Air
Capacity
14.5%
Vacation
Air
Arrivals
3.6%

10. Q1 Cruise Arrivals
1,340
761
-
300
103
-
143
269
-
890
332
319
2,719
1,484
-
319
-
500
1,000
1,500
2,000
2,500
3,000
2012 2013 2014 2015
USA Canada UK Europe Rest of the World Total

11. Q1 Yacht Arrivals
233
472
255
324
-
100
200
300
400
500
2012 2013 2014 2015
Jan Feb Mar
7%
1%
12%
70%
10%
Share of Yacht Arrivals by Country
USA
Canada
UK
Europe
Rest of the World

12. Q1 Bermuda Hotel Occupancy
28%
34%
46%
36%
29%
34%
44%
36%
32%
34%
46%
37%
26%
29%
43%
33%
20%
25%
30%
35%
40%
45%
50%
January February March Q1 Total
2012 2013 2014 2015
Source: STR representing 10 of Bermuda’s hotels or 68% of hotel inventory.

13. Q1 Bermuda Hotel ADR & RevPAR
Source: STR representing 10 of Bermuda’s hotels or 68% of hotel inventory.
ADR = Average Daily Rate
ADR (Average Daily Rate) % CHG YOY # CHG YOY
January +10% $20.41
February -0.5% ($1.28)
March +8% $18.92
Q1 Total +6.3% $14.34
RevPAR (Revenue Per
Available Room) % CHG YOY # CHG YOY
January -10% ($6.46)
February -14.4% ($11.47)
March +2.4% $2.64
Q1 Total -6.1% ($5.14)

14. Hotel Room Nights on the Books for Next 12 Months
VARIANCE
VS. LAST YEAR INDIVIDUAL GROUP TOTAL % CHG
May 2,263 (2,961) (764) -2.8%
June 926 (514) 152 0.6%
July 1,506 (5,046) (3,505) -18.0%
August 1,114 (103) 842 8.4%
September 505 520 1,162 16.0%
October 184 329 460 4.3%
November 400 (334) 128 2.2%
December 408 (2,450) (1,941) -40.1%
January 113 1,165 1,278 113.4%
February 95 60 167 15.8%
March - (411) (411) -23.6%
TOTAL VARIANCE
7,432
10.5%
(8,871)
-15.4%
(1,813) -1.3%

15. Q1 Summary

16. Thank You