CHART 20 | 33 ADVISOR PROFILE For the first time in three years, agencies are accounting for over 40% of the respondents—a sign the agency-IC share is stabilizing. Most of the ICs (79%) are still those who have less than five years of experience in the industry. Does aligning with an agency help in the long-term? The last few years have seen a rise in entrepreneurship in the industry, but the industry is still being dominated by agencies who have been in business for over 20 years (62%). Perhaps veterans in the industry could offer some knowledge sharing courses that the younger advisors— and therefore the industry—could benefit from. BUSINESS CLASSIFICATION Upto 5 years 6 - 20 years More than 20 years Total Years in Business Retail travel agency with a storefront location IC/advisor working with a host agency/franchise/consortium Retail travel agency with an office/non-storefront location IC/advisor working on your own 12% 10% 34% 22% 5% 12% 28% 19% 4% 7% 6% 7% 79% 71% 32% 52%

It is hardly surprising that those with more years in the business—consequently also those who are older—enjoy a larger share of the pie. Nearly 6 out of 10 advisors said that they work in an agency which made more than $1 million in annual gross sales. Less than one-third of the advisors said that they were ICs making more than $1 million a year in gross sales. The good news is that the share of those (agencies and ICs) making more than $1 million a year has been rising. In the TMR Cruise Trends Outlook 2023, only 28% said that they were making more than $1 million, but this year that share is up by 12%. 34 | CHART 23 ADVISOR PROFILE ANNUAL GROSS SALES BY BUSINESS TYPE, YEARS IN BUSINESS & ADVISOR AGE 59% 41% 72% 83% 81% 63% 47% 42% 68% 58% 61% 60% 28% 17% 37% 19% 53% 58% 32% 42% 39% 40% Agency Advisor/IC Up to 5 years 6-10 years 11-20 years 20-30 years 30+ years 18-44 years 45-64 years 65+ years Total Business Type Years in Business Advisor Age More than $1m Up to $1m