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TABLE4 ESTIMATES OF INTERNATIONAL VISITORS BY REGION REGION 1998 1999 2000 2002 EUROPEAN COUNTRIES 25.8% 25.6% 25.1% 23.0% CARIBBEAN COUNTRIES 13.9% 13.6% 12.9% 13.2% CENTRAL AMERICAN COUNTRIES 7.5% 7.4% 7.4% 8.0% SOUTH AMERICAN COUNTRIES 38.7% 39.4% 40.5% 42.1% CANADA 11.0% 11.1% 11.2% 10.9% OTHER COUNTRIES 3.1% 2.9% 2.9% 2.8% TOTAL 100% 100% 100% 100% Source: Greater Miami Convention and Visitors Bureau, Tourism Facts and Figures There are approximately 60,000 motel and hotel rooms in Greater Miami and the Beaches. The hotel-motel occupancy rate for 2002 of 62.2% was below the rate for 200 I of 64.4% and significantly below the 1998 to 2000 rates of 70 to 71 %. The occupancy rate for the first three quarters of2003 was up 5.3% over the previous period in 2002. The average room rate in 2002 was $122.00. The first in a series of new luxury properties opened in September 2000 when the 21-story, 300-room 1. W. Marriott debuted on Brickell A venue. In November of 2000, a 330-room Mandarin Oriental opened on Brickell Key. A Four Seasons hotel and tower opened in November of2003 on Brickell Avenue at South 14th Terrace. The 66-story tower features 220 guest rooms plus 56 extended-stay units. The property also includes 200,000 square feet of office space. In addition to the new properties mentioned above, a 350-room Ritz Carlton beachfront hotel opened in Key Biscayne during 200 I and a I SO-room Ritz Carlton opened in September of 2002 in Coconut Grove. Miami-Dade Financial Resources Over the course of the last decade, Greater Miami has evolved into a major international financial center. Domestic and international businesses find convenient access to a full array of services provided by locally-based state and national commercial banks, savings and loan associations, foreign banks, non-depository credit institutions, securities and commodities brokers and insurance companies. QUINLIVAN APPRAISAL 13