A trend that started in 2019, namely, an increase in annual sales for expedition sales, seems to continue in the

2021 forecast after skipping 2020. Gross sales in 2019 increased by over 50% for 16% of advisors. And while only

9% expect it to increase in 2021, it is still a heartening number given the year tourism is having (see Chart 5). 2020

being what it is, advisors might also be having a difficult time forecasting what their numbers might look like next

year with so many uncertainties and variables still up in the air. It is important to note that 53% of advisors believe

there is going to be at least a 10-25% increase their sales for expedition in 2021, and an overwhelming 71% expect

some level of increase regardless.

12

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CHART 5

ADVISOR DEMOGRAPHICS

16%

9%

Increase

over 50%

Increased

over 50%

Increased

26-50%

Increased

11-25%

Increased

under 10%

No change

Decreased

Increase

26-50%

Increase

11-25%

Increase

under 10%

No change

Decrease

9%

23%

30%

17%

13%

7%

14%

14%

45%

4%

CHANGE IN EXPEDITION CRUISE

ANNUAL

GROSS SALES, 2019 vs. 2018

OUTLOOK FOR EXPEDITION CRUISE

GROSS SALES, 2021

I already have 2021 and 2022 bookings, if COVID-19 clears up there may be room for

growth in 2021.