JTB ANNUAL REPORT 2021-22

CONTENTS 04 04 SECTION 1 05 06 Our Mission 07 Our Vision 08 About Us 10 Minister of Tourism’s Message Chairman’s Message Director of Tourism’s Message Overview 2021-2022 SECTION 2 13 20 Board of Directors 20 Board Officer Board Sub-Committees SECTION 3 Management Team - Local 23 Management Team - The Americas 27 Management Team - UK/Europe & Canada 28 Tourism Performance Summary 2021 29

SECTION 4 33 Audited Financial Statements 79 82 SECTION 5 93 104 Advertising Activities Worldwide 105 Public Relations & Communications 111 Sales Activities 113 Marketing Representation Performance In The Marketplace 139 Highlights From The Marketplace 140 On The Homefront 141 SECTION 6 147 158 Product/Licensing 160 Awards & Recognition Statistics SECTION 7 Appendix I Appendix II Jamaica Tourist Board Worldwide

SECTION 1 04 04 Our Mission 05 Our Vision 06 About Us 07 Minister of Tourism’s Message 08 Chairman’s Message 10 Director of Tourism’s Message Overview 2021-2022

“Jamaica remains agile and able, to do what is necessary to adapt to what has become our new normal in travel and tourism.” ANNUAL REPORT 2021-2022 | 02

JAMAICA TOURIST BOARD ANNUAL REPORT 2021/2022 03 | JAMAICA TOURIST BOARD

OUR MISSION To always position Desination JAMAICA as the pre-eminent Caribbean tourist destination that delivers value for the People and Government of Jamaica and the tourism industry stakeholders. OUR VISION To be the most efficient public sector agency, committed to the creation of sustainable tourism development to provide a modern and fair regulatory framework and a great place to work. ANNUAL REPORT 2021-2022 | 04

ABOUT US Founded in 1955, the Jamaica Tourist Board (JTB) is Jamaica’s national tourism agency, with corporate offices in Kingston. JTB Regional Offices are located in Montego Bay, Miami, Toronto, London, and Berlin. Representational services in Europe are offered for BENELUX (Belgium, The Netherlands, Luxemburg), Germany, France, Spain and Italy through a marketing representation agency based in The Netherlands. There is also a representative office in Tokyo, Japan. 05 | JAMAICA TOURIST BOARD

MESSAGE FROM THE MINISTER OF TOURISM The Honourable Edmund Bartlett, CD, MP The COVID-19 pandemic altered the entire way of In the midst of uncertainty, we worked hard and kept life for humanity. As a unique and potent health our shoulders to the wheel to ensure that the lifeblood disruption, it forced us to find new and innovative of this country’s economy – tourism – survived. I ways to live and co-exist. This is where the tourism would like to thank all our stakeholders, tourism sector with private and public sector stakeholders, workers, partners, and the board of management forged meaningful partnerships to get back on the of the Jamaica Tourist Board for all their effort and road to recovery quickly. dedication. Without your support and dedication, we would not have been able to begin our road to We were able to reopen our borders soon after the recovery. pandemic hit but more importantly, we were able to keep our borders open to continue welcoming As we continue our path to recovery, building the visitors safely and seamlessly. Through our robust resilience of our tourism sector will become a critical and internationally recognized health and safety component in our overall operational framework if protocols and resilient corridors, we were able to we are to not only survive, but thrive. create a safe space to ensure the continuation of our valued tourism activities. Slowly we brought jobs back into the sector and Edmund Bartlett, CD, MP pumped life back into the tourism value chain as Minister of Tourism airports, hotels and restaurants began to bustle again. In 2021, while still in the heights of managing the pandemic, we welcomed over 1.5 million visitors and earned over US$2 billion. This is a huge achievement following on the heels of a complete shutdown at the onset of the pandemic. ANNUAL REPORT 2021-2022 | 06

MESSAGE FROM THE CHAIRMAN, BOARD OF DIRECTORS John D. Lynch, CD The past year demonstrated what we can achieve The industry has remained the driver of our economy as a team. Coming out of the brutal effects of in the most uncertain of times. There are many the pandemic, 2021 saw us building on the lessons learned and many successes gained. Pivotal strategies and successes we established in 2020. In to all of these accomplishments is the dedicated and the midst of the greatest uncertainty that the world exceptional team at the Jamaica Tourist Board. I use has ever experienced, tourism once again showed this opportunity to salute every team member and itself to be adaptable and unyielding. acknowledge your ingenious spirit and tenacity. Jamaica maintains high attention not just among As we go forward, we do so with confidence that we travellers, but also among investors who continue to will bounce back stronger. show interest in the Destination. With demand for our product, there will be growth in room stock and earnings, a manifestation of confidence in Jamaica. The trajectory is that the sector should begin to John D. Lynch, CD rebound at an even faster rate than anticipated as Chairman, Board of Directors the Jamaican economy continues to open up, steadily returning to a path of growth and recovery. 07 | JAMAICA TOURIST BOARD

MESSAGE FROM THE DIRECTOR OF TOURISM Donovan White Much progress has been made since we Interviews and features with leading media houses experienced the full brunt of the pandemic. and publication companies, were strategically So much of what we have had to execute was employed to reach audiences in niche markets. We driven by connecting to our audiences, remaining earned global organization and destination awards for relevant and maintaining currency in the marketplace. the stellar work we continue to do in the marketing Persistence has kept the island positioned in the midst and promotion of the Destination. of the global health crisis. The Jamaica Tourist Board Our hard work is bearing fruit and we are well on our proved to be a trusted perspective for travellers to way to recovery and growth fueled by the hard working interact with authentic content from the Destination, team that I get the privilege to lead. which gave us a unique selling proposition. With the island’s high visability on social platforms Donovan White and in traditional media, Jamaica occupied a place of Director of Tourism prominence among the top options to book for well- needed getaways. Engagements in the marketplace across all our source markets built on the ground swell of the previous year. Digital marketing, public relations, research and marketing intelligence and sales operated at optimal levels keeping Jamaica top of mind. ANNUAL REPORT 2021-2022 | 08

OVERVIEW 2021-2022 09 | JAMAICA TOURIST BOARD

Jamaica’s resilience kept the island relevant and top-of-mind in the midst of the global economic and health crisis which led to the successful resumption of international travel. The work done continued to make the island shine and keep Desination JAMAICA in demand. The sector is rebounding with all partners and stakeholders fully engaged. Jamaica’s global leadership navigating crises. • Safe and seamless travel experiences for our international visitors remained our highest priority. • The organization engaged influencers and travel agents in trips to the island to experience the Destination’s health and safety protocols, providing a trusted perspective for travellers to interact with authentic content from the island. • The first-ever virtual product showcase which provided an exclusive one-day- only destination immersion experience was hosted on the Zoom platform. • The Jamaica Pavillion at the World Epo, Expo 2020 Dubai was named as one of the “coolest” pavilions at the global event providing exponential visibility to very diverse and receptive audiences. • The Jamaica Tourist Board was influential in Jamaica being nominated to host the World Free Zones Organization’s 8th Annual International Conference & Exhibition (AICE) 2022, the first to be held in the Caribbean. • Total visitor arrivals for the year 2021 reached a total of 1,535,165, which was 15.5% above the 1,329,675 arrivals recorded in 2020. This figure represents 205,490 more arrivals than in 2020. Gross Foreign Exchange earnings equalled US$2,095 million. • Based on PIOJ data for January-February 2022, total visitor expenditure increased to US$485.6 million, compared to US$169.2 million in the 2021 corresponding period. • Several main source markets reopened for international travel including: Canada, Germany and the United Kingdom to add to the US which was previously opened. • Seaports also experienced an uptick in cruise ship arrivals. • Following the reopening of the country’s borders on June 15, 2020, the arrival of the Destination’s millionth visitor on August 15, 2021, was a significant milestone. • The tourism sector is rebounding - Travel Agent Central acknowledged that Jamaica was leading the world for being in demand and for capacity. Demand (searches for the Destination), for the island was ahead of the rest of the world by 18%; capacity (air seats flown or scheduled), for Jamaica stood at 65% when compared to 44% for the rest of the world. • The prediction is for a surge in visitor arrivals based on pent-up travel demand in the coming months - and Jamaica is ready. ANNUAL REPORT 2021-2022 | 10

SECTION 2 13 20 Board of Directors 20 Board Officer Board Sub-Committees 11 | JAMAICA TOURIST BOARD

“The Jamaica Tourist Board proved to be a trusted perspective for travellers to interact with authentic content from the Destination.” ANNUAL REPORT 2021-2022 | 12

THE BOARD OF DIRECTORS APRIL 1, 2021 – MARCH 31, 2022 Mr. John Lynch, CD - Chairman of the Board Deputy Chairman of the Board Mr. John Byles, CD - CEO, Chukka Caribbean Adventures Director of Tourism Mr. Donovan White - President, Jamaica Hotel & Tourist Association Mr. Clifton Reader - CEO, Sandals Resorts International Mr. Adam Stewart, CD - Hotelier, The Courtleigh Hospitality Group Mrs. Nicola Madden-Greig, OD - Hotelier, Round Hill Hotel & Villas Mr. Josef Forstmayr, OD - Hotelier, Iberostar Hotels & Resorts Mr. Philipp Hofer - Ground Transportation Executive Mr. Fred Smith, JP - Ground Transportation Executive Mr. Bertram Wright, CD - Attorney-at-Law Ms. Hyacinth Lightbourne - Public Affairs Professional Mrs. Tanikie McClarthy Allen - 13 | JAMAICA TOURIST BOARD

Mr. John Lynch, CD Chairman of the Board Mr. Donovan White, Director of Tourism John Lynch is one of the Caribbean’s most influential and Mr. Donovan White was appointed Director of Tourism in sought-after experts, bringing worldwide attention, and February 2018, bringing to the Jamaica Tourist Board ultimately visitors, to the region. For more than 30 years he (JTB) over 20 years’ experience as a senior executive in has been a steady force for many of the Caribbean’s most marketing and business development. visible travel brands, including Jamaica; its former national Since taking the helm, Mr. White has led the JTB in airline, Air Jamaica, Ltd.; Sandals Resorts; Beaches Resorts; strategic positioning, to ensure that Jamaica continued and the Royal Plantation group of luxury boutique resorts. on its growth trajectory for arrivals, exceeding the four Mr. Lynch has held several senior management roles at the million mark for total visitor arrivals in 2018 and 2019. Jamaica Tourist Board, including Regional Manager and White has guided the implementation of several award- Deputy Director of Tourism. He subsequently assumed the winning digital activations, including Join Me in Jamaica post of President and CEO of Luxury Resorts Marketing, and Escape to Jamaica. He spearheaded the launch of Ciboney Ocho Rios-A Radisson Resort, and Executive Vice- the Destination’s ‘JAMAICA: Heartbeat of the World’ President of Sandals Resorts. Mr. Lynch also served as a campaign, strengthening Jamaica’s position as a global, member of the Board of Directors of Air Jamaica, Ltd., culturally relevant brand. Third Vice-President of the Caribbean Hotel and Tourism Before joining the JTB, Mr. White was the Vice-President Association (CHTA), and as Chairman of the influential of Cable & Wireless Business, Jamaica. He also served marketing committee of the Caribbean Tourism Organisation. as Vice-President, Marketing, Sales, & Media Services at In October 2007, he was appointed Chairman of the Board, Columbus Communications Jamaica Limited (FLOW). and in 2008, he was appointed Director of Tourism and He serves on several public and private sector boards, served in that capacity until May 2014. including the Tourism Enhancement Fund, the Tourism In August 2017, Mr. Lynch was invested with the Order Linkages Network, and the School of Computing & of Distinction in the Rank of Commander, for sterling Information Technology (The University of Technology), contribution to the development of the tourism industry in and is the current Chairman of the Consumer Affairs the Caribbean. He is currently the Chairman of the Montego Commission. Bay Convention Centre and serves on the Board of Jamaica Mr. White is a graduate of the University of New Orleans, Vacations Limited. where he earned an undergraduate degree in Marketing, followed by an Executive MBA from the Telecoms Academy in the United Kingdom. ANNUAL REPORT 2021-2022 | 14

THE BOARD OF DIRECTORS John Byles, CD Deputy Chairman of the Board Josef Forstmayr, OD The name John Byles, while synonymous with tourism, is Josef Forstmayr began welcoming guests to Round Hill also known for hard work, professionalism, and dedication Hotel and Villas as Managing Director in 1989. Prior to to serving his country. joining Round Hill, Josef held managerial positions at As Executive Deputy Chairman for Chukka Caribbean Coconut Cove in Negril and Tryall Golf and Beach Hotel, Adventures, John now has over 30 years of experience in before assuming the post of General Manager at the Trident the tourism sector and 15 years in Banking and Finance. Villas and Hotel in Port Antonio. For more than 20 years, the Montego Bay native has given Mr. Forstmayr was appointed President of the Caribbean yeoman contribution to tourism, serving on various boards Hotel & Tourism Association (CHTA) in April 2010. During and committees charged with advancing the sector. his tenure from 2010 - 2012, Josef was an advocate for the A goal-oriented, dedicated Tourism Development leader with importance of tourism throughout the Caribbean through experience in business development and Strategic Planning, the CHTA’s Tourism is Key campaign. He also advocates and over 21 years focused on development of experiential for the industry to support local economies and to promote tourism, his proven skills and experience include market the Caribbean as the best warm weather destination in the analysis, budgeting, marketing, and developing new western hemisphere. concepts for the enhancement of overall guest satisfaction He currently serves as Chairman of the Montego Bay Arts and retention. Council Limited (Montego Bay Cultural Centre). In 2005, In addition to serving as Deputy Chairman of the Jamaica he received The Order of Distinction in the Rank of Officer Tourist Board, he is a Director at Jamaica Vacations (JAMVAC) for his contribution to Jamaica’s tourism industry. He and serves as Chairman of the Destination Assurance Council was named Hotelier of the Year by the JHTA in 1993 and – Montego Bay Chapter. He is also a member of the Cruise 1996, and Caribbean Hotelier of the Year by the Caribbean Council of Jamaica Hotel Association in 2007. Mr. Forstmayr attended He presides as Chairman of the COVID-19 Resilient Corridor the University of Salzburg, where he studied Economic and is a member of the COVID-19 Economic Recovery Task Sciences and Tourism. He is the Honorary Consul-General Force. His exceptional leadership abilities and dedication for the Republic of Austria in Jamaica. to sustainable tourism have established him as a highly sought-after figure in the Caribbean tourism domain. 15 | JAMAICA TOURIST BOARD

Philipp Hofer Hyacinth Lightbourne Philipp Hofer has over 25 years in the hospitality industry, Hyacinth “Cindy” Lightbourne specialises in complex including 18 years with IBEROSTAR. commercial litigation matters (including banking and A native of Austria, Mr. Hofer studied at the School of finance, and insolvency), defamation, personal injury, and Tourism and Business Administration in Klessheim and has intellectual property litigation. She has appeared both continuously updated his education throughout his career. as Counsel and as an Instructing Attorney, instructing His first roles at IBEROSTAR were in the Guest Services Queen’s Counsel in complex litigation matters before the department at IBEROSTAR Quetzal and IBEROSTAR Supreme Court of Judicature of Jamaica and the Court of Tucan in Mexico. Since then, he has held management Appeal of Jamaica. positions in eight IBEROSTAR resorts throughout Mexico Experienced in conducting complex fraud litigation and Cuba. involving international organisations, she has also For the past ten years, Mr. Hofer has had a key role in appeared in various court-ordered mediations and advised IBEROSTAR’s expansion into Jamaica, where he now serves and prepared opinions for major Jamaican financial and as the Director of Operations for IBEROSTAR properties manufacturing institutions, media houses, insurers, in Jamaica and Aruba. His warm managerial style, statutory bodies, and hoteliers. She practised in Florida proactive approach, and commitment to exceeding guests’ for 5 years as an Assistant State Attorney before joining expectations have contributed greatly to IBEROSTAR’s DunnCox, for which she is now a Consultant. success. Ms. Lightbourne also holds the position of Chairman of Mr. Hofer is also a member of the JTB’s Human Resources the Board of Caledonia Medical Laboratory, a Trustee Board Sub-committee. of the Caledonia Medial Pension Fund and the Tourism Workers Pension Fund, and Chairman of the JTB Events Sub-Committee. ANNUAL REPORT 2021-2022 | 16

THE BOARD OF DIRECTORS Nicola Madden-Greig, OD Tanikie McClarthy Allen Nicola Madden-Greig has over 20 years’ experience in the Tanikie McClarthy Allen is the Senior Director for Public hospitality business. She has held various management Affairs & Sustainability at J. Wray and Nephew Ltd., part positions and is currently Group Director of Marketing and of the Campari Group. Sales for the Courtleigh Hotel and Suites, the Knutsford Since joining J. Wray and Nephew Ltd. in 2016, she Court Hotel, the Courtleigh Corporate Centre, the Jamaica has led the restructuring of the J. Wray and Nephew Pegasus Hotel, and the Holiday Inn Resort, Montego Bay Public Affairs and Sustainability Department, raising the All-Inclusive. corporate profile of the company. She also oversees the Mrs. Madden-Greig holds a bachelor’s degree in hospitality operations of the J. Wray and Nephew Foundation, for and Tourism Management (Honours) from Florida which she acts as Chief Executive Officer. International University, and an Executive Masters in Tanikie is an experienced business professional with Business Administration (Distinction) from the University almost a decade of executive experience in both the of the West Indies (Mona School of Business). She public and private sectors. Tanikie has served as Director has served as Past President, Jamaica Hotel & Tourist for Government (Caribbean), Cable and Wireless (C&W) Association (JHTA); Director and 5th Vice President of the Business; Corporate Affairs Manager, Columbus Business Caribbean Hotel & Tourism Association (CHTA), Chairman Solutions; Director of Investment, Ministry of Industry, of the Membership Sub-committee, JHTA; Chairman of the Investment and Commerce; Advisor to the Minister of Fundraising and PR Sub-committee, JHTA; Area Chairman Industry, Investment and Commerce; and Director of Field of the JHTA Kingston Chapter, and Chairman of the Finance Operations, Consumer Affairs Commission (CAC). and Development Sub-committee of the Tourism Product and Development Company (TPDCo). Mrs. Madden-Greig is also a member of the Tourism Linkages Council and Chair of the Gastronomy Network. Mrs. Madden-Greig is a member of the Joint JTB/JHTA Marketing Sub-committee, and a member of the JTB Events Sub-committee. 17 | JAMAICA TOURIST BOARD

Clifton Reader Fred Smith, JP Clifton George Reader’s impressive hospitality career spans Fred Junior Smith, a graduate of the Stanford University over three decades among various local and international Graduate School of Business Executive Programme for hotels. He was promoted to Managing Director of Moon Growing Companies, holds a Master of Management Palace Jamaica, Palace Resort’s first property outside of degree and brings over 40 years diverse experience in the Mexico, in November 2016. Prior to his post as Director of tourism industry, having served on various industry related Moon Palace Jamaica, Reader served as General Manager boards and committees. of Sunset Jamaica Grande Resort & Spa, as General Mr. Smith is the Managing Director and CEO of Tropical Manager of Beaches Negril Resort & Spa and Beaches Tours Ltd., a Destination Management Company, and the Sandy Bay. holder of the Thrifty Car Rental franchise in Jamaica. He In his role as Managing Director, Reader oversees the is a member of the St. James Police Civic Committee and overall operation of the resort including staff development, the University of the West Indies (UWI) Ambassador Corps; budgeting, and guest satisfaction. He is also tasked with Chairman of the Spot Valley High School Board since the overseeing the new projects of the resort. school’s inception in 2005; and Chairman of the Montego Reader also serves as the President of the Moon Palace Bay/Atlanta Sister City Committee. Foundation, the social and welfare arm of Moon Palace Jamaica. The five areas of focus are: Health, Wellness, Education, Environment and Dreams. The Foundation provides assistance, referral or financial support to enhance the health, welfare, education and happiness of staff and their families and the community in which the resort does business, as well as to raise environmental awareness. Reader brings a deep-rooted understanding of the local market and region, valuable experience and great enthusiasm to his post at Moon Palace Jamaica. The President of the Jamaica Hotel and Tourist Association (JHTA) 2020-2022, he also serves as a Councilor for the Ocho Rios Runaway Bay Chapter of the JHTA. Mr. Reader is a member of the Jamaica Tourist Board’s Marketing Committee. ANNUAL REPORT 2021-2022 | 18

THE BOARD OF DIRECTORS Adam Stewart, CD Bertram Wright, CD Adam Stewart is one of the Caribbean’s most dynamic and Bertram Wright holds a bachelor’s degree in Hotel accomplished business executives. Stewart is Executive Administration and has over 50 years of expertise Chairman of Sandals Resorts International, one of the worlds in tourism. During his career, he has held numerous most recognised hospitality brands and the Caribbean’s management positions in hotel management over 25 leading luxury all-inclusive resort company. He also serves years, working for international hotel brands in Europe, as Executive Chairman and Chief Executive Officer for the the United States, and Jamaica. He was bestowed family owned ATL Group. He is president of the company’s with the Order of Distinction Commander Class for his philanthropic arm, the Sandals Foundation, and is the contribution to the industry in 2016. Caribbean Patron for Canada’s SickKids Foundation. Mr. Wright has served the industry in various leadership In 2012, Stewart founded the Sandals Corporate University, capacities as past Chapter Chairman and 1st Vice- formalizing and expanding the company’s training division. President of Jamaica Hotel and Tourist Association, past Stewart is also the founder of Island Routes Caribbean Chairman of Jamaica Attractions Development Company Adventures, offering the ultimate in Caribbean destination and past 1st Vice-President of Jamaica Association of experiences and encouraging visitors to live funnier. Attractions. Adam Stewart is a member of the Board of Directors of He is currently the Executive Vice-President of Jamaica the Jamaica Tourist Board and a member of its Marketing Tours Limited, one of Jamaica’s largest destination Committee. He is the Chairman of Jamaica’s Tourism management companies, and has held this post for Linkages Council under the Ministry of Tourism and served the last 31 years. Mr. Wright is a board member of the three terms as 1st Vice President of the Jamaica Hotel & Jamaica Tourist Board, and Chairman of the Human Tourist Association. He also currently sits on the Board of Resources Committee. He also serves as a board member Directors for the WISYNCO Group Limited. of the Montego Bay Convention Centre, as a member of For his years of service, Stewart has received numerous the Tourism Linkages Council, and is the Chairman of the awards and accolades. These include recognition as the Boards of Jamaica Vacations (JAMVAC) and Chairman of Jamaica Hotel and Tourist Association’s Hotelier of the Year, Barrett Town All-Age School. Caribbean Hotel and Tourism Association’s Hotelier of the Year 2015 as well as World Travel Awards Rising Star. He has also received the Distinguished Alumni Torch Award from FIU and The Gleaner Company’s Jamaica 50 under 50 Award. In 2016, Stewart received the Order of Distinction (Commander Class) for outstanding contribution to tourism and the hotel industry. 19 | JAMAICA TOURIST BOARD

BOARD OFFICER THE BOARD OF DIRECTORS 2021/2022 Carol Samuel-Johnson John Lynch, CD - Chairman John Byles, CD – Deputy Chairman Carol Samuel-Johnson joined the Jamaica Tourist Board Donovan White – Ex Officio in 1974 as a Secretary/ Stenographer in the Sales Clifton Reader Department. Josef Forstmayr, OD In 1978, she was transferred to the Jamaica Tourist Board’s Philipp Hofer office in Frankfurt, Germany, where she was posted until Nicola Madden-Greig, OD 1982, becoming fluent in German. Bertram Wright, CD Mrs. Samuel-Johnson was promoted to Executive Secretary Fred Smith, JP in 1979, then Senior Executive Secretary in 1982, prior Hyacinth Lightbourne to returning to Jamaica that year, having been appointed Adam Stewart, CD Special Assistant to the Director of Tourism. She was Tanikie McClarthy Allen subsequently appointed to the post of Secretary to the Board of Directors in 1982. EVENTS COMMITTEE Hyacinth Lightbourne - Chairman Donovan White – Ex Officio Nicola Madden-Greig, OD Tanikie McClarthy-Allen Delano Seiveright (Co-opted member) FINANCE COMMITTEE Fred Smith, JP – Chairman John Byles, CD Josef Forstmayr, OD Donovan White – Ex Officio AUDIT COMMITTEE John Byles, CD – Chairman Josef Forstmayr, OD Nicola Madden-Greig, OD Donovan White – Ex Officio HUMAN RESOURCE COMMITTEE Bertram Wright, CD – Chairman Hyacinth Lightbourne Tanikie McClarthy-Allen Donovan White – Ex Officio ANNUAL REPORT 2021-2022 | 20

SECTION 3 Management Team - Local 23 Management Team - The Americas 27 Management Team - UK/Europe & Canada 28 Tourism Performance Summary 2021 29 21 | JAMAICA TOURIST BOARD

“The industry has remained the driver of our economy in the most uncertain of times. There are many lessons learned and many successes gained.” ANNUAL REPORT 2021-2022 | 22

MANAGEMENT TEAM - LOCAL DIRECTOR’S OFFICE KINGSTON OFFICE Mr. Donovan White Director of Tourism Mrs. Carol Samuel-Johnson Mrs. Helen Minott Board Secretary Senior Assistant to the Director of Tourism Mrs. Beth-Ann Barrett Internal Audit Manager 23 | JAMAICA TOURIST BOARD

MANAGEMENT TEAM - LOCAL MARKETING Mrs. Camile Glenister Ms. Fiona Fennell Ms. Essie Gardner Deputy Director of Tourism, Marketing Public Relations & Communications Tourism Information Centre Manager Manager Mrs. Safi James-Barrow Mrs. Antoinette Lyn Ms. Lorna Robinson Destination Marketing Manager Research & Market Intelligence Promotions & Events Manager Manager Mrs. Shelley Sykes-Coley Mr. Kristopher DaCosta Snr. Special Projects Manager Digital Marketing Manager* *Based in the Miami Office ANNUAL REPORT 2021-2022 | 24

MANAGEMENT TEAM - LOCAL KINGSTON OFFICE CORPORATE SERVICES Mr. Peter Mullings Mrs. Marshalee Johnson Spencer Head, Technology & Administration Senior Manager, Human Resources Development Ms. Judith Leslie Mrs. Yvonne Purcell Personnel Manager Manager, Public Procurement Mr. Amal George Duval Mr. Ray Wong Senior Manager, Information Systems Office Manager 25 | JAMAICA TOURIST BOARD

MANAGEMENT TEAM - LOCAL FINANCE Mr. Errol Jones Ms. Cheryl McKenzie Chief Financial Officer Manager, Finance & Accounting MONTEGO BAY OFFICE Mrs. Odette Soberam Dyer Ms. Andrea Savizon Regional Director, Jamaica Visitor Relations Manager Mr. Jerron Britton Business Development Manager ANNUAL REPORT 2021-2022 | 26

MANAGEMENT TEAM - THE AMERICAS USA Mr. Donald Dawson Mrs. Francine Carter-Henry Deputy Director of Tourism Manager, Tour Operators & Airlines Sales/USA Mr. Christopher Dobson Ms. Karlene Shakes District Sales Manager (Midwest USA) National Sales Manager Mr. Philip Rose Mr. John Woolcock Regional Director (Northeast USA) Manager, Groups & Conventions Ms. Trudy Dixon Caribbean Sales Manager *Based in the Jamaica Office 27 | JAMAICA TOURIST BOARD

MANAGEMENT TEAM - UK & EUROPE UNITED KINGDOM Ms. Elizabeth Fox Mr. Torrance Lewis Regional Director District Sales Manager GERMANY Mr. Gregory Shervington Regional Director MANAGEMENT TEAM - CANADA Ms. Angella Bennett Mr. Daniel Hamilton Regional Director District Sales Manager ANNUAL REPORT 2021-2022 | 28

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ANNUAL REPORT 2021-2022 | 30

SECTION 4 33 Audited Financial Statements 31 | JAMAICA TOURIST BOARD

“We earned global organization and destination awards for the stellar work we continue to do in the marketing and promotion of the Destination.” ANNUAL REPORT 2021-2022 | 32

Charlton Hylton F.C.C.A., F.C.A., Hayseworth Hylton F.C.C.A., F.C.A., MBA, Dwayne Lindsay F.C.C.A.,, MBA, Paula Thorpe F.C.C.A., C.A., MMBA. 10 Holborn Road, Kgn. 5, Ja., W.I. Tel: (876) 926-4546, 926-6310, 631-8533 - Cell: (876) 386-2618 TeleFax: (876) 631-7555 - E-mail: [email protected] JAMAICA REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF JAMAICA TOURIST BOARD (A COMPANY LIMITED BY STATUTE) Opinion We have audited the financial statements of Jamaica Tourist Board, which comprise the statement of financial position as at March 31, 2022, the statement of comprehensive income, statements of changes in equity and cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Board as at March 31, 2022, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) and the Jamaican Companies Act. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Agency, in accordance with the International Ethics Standards Board for Accountants Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other information Management is responsible for the other information. The other information comprises the information included in the Annual Report, but does not include the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated If, based on the work we have performed, we conclude that there is no material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 33 | JAMAICA TOURIST BOARD

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF JAMAICA TOURIST BOARD (A COMPANY LIMITED BY STATUTE) Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRSs and the Jamaican Companies Act, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Board's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Board or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Board's financial reporting process. Auditors' Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA's will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Agency's internal control.  Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. 2 ANNUAL REPORT 2021-2022 | 34

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF JAMAICA TOURIST BOARD (A COMPANY LIMITED BY STATUTE) Auditors' Responsibilities for the Audit of the Financial Statements (continued) As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also, conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Agency's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Agency's to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Report on additional requirements of the Jamaican Companies Act We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of our audit. In our opinion, proper accounting records have been maintained, so far as appears from our examination of those records, and the financial statements, which are in agreement therewith, give the information required by the Jamaican Companies Act in the manner required. Other Matter The financial statements of the Board for the financial year ended 31 March 2021 were audited by another auditor who expressed an unmodified opinion on those financial statements. Chartered Accountants June 20, 2023 3 35 | JAMAICA TOURIST BOARD

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JAMAICA TOURIST BOARD STATEMENT OF COMPREHENSIVE INCOME YEAR ENDED MARCH 31, 2022 (Expressed in Jamaican Dollars unless otherwise indicated) Revenue: Notes 2022 2021 Ministry of Tourism - Subvention 12 $’000 $’000 Caribbean Tourism Organisation Overseas Marketing - Ministry of Tourism 13 1,641,601 1,777,590 19 34,140 34,140 Grants used for Capital Expenditure 19 Grants used for Miscellaneous Loans 3,395,874 3,029,088 Grants used for Motor Vehicle Revolving Fund Subvention returned to consolidated fund 5,071,615 4,840,818 (Loss) Gain on Foreign Exchange (8,312) (3,823) Other income - (10,042) - Operational Expenditure (6,500) (566,436) - Finance Cost (Deficit) Surplus for the year 4,496,867 4,820,452 (71,769) 36,849 140,079 69,596 4,565,177 4,926,898 (5,393,982) (3,997,750) (828,805) 929,148 (2,012) (786) (830,817) 928,362 The accompanying notes form an integral part of the financial statements. 5 37 | JAMAICA TOURIST BOARD

JAMAICA TOURIST BOARD STATEMENT OF CHANGES IN RESERVE FUNDS AS AT MARCH 31, 2022 (Expressed in Jamaican Dollars unless otherwise indicated) Surplus from Capital Motor vehicle Miscellaneous Accumulated Total Tourism Trade Expenditure Revolving Loan Surplus Development Fund (Deficit) $’000 Fund Revolving $’000 Board $’000 Fund {875,116) 876 $’000 $’000 $’000 928,362 Balance at March 31, 2020 19 29,647 19,296 - (924,078) Net Capital expenditure 8,923 - 54,122 Surplus for the year - (8,197) 150 (5,420) - 928,362 (830,817) --- (782,115) Balance at March 31, 2021 19 21,450 19,446 8,923 4,284 Net Capital expenditure 1,144 - Deficit for the year - (3,357) (3,207) - (830,817) --- Balance at March 31, 2022 19 18,093 16,239 10,067 (826,533) The accompanying notes form an integral part of the financial statements. 6 ANNUAL REPORT 2021-2022 | 38

JAMAICA TOURIST BOARD 2022 2021 $’000 $’000 STATEMENT OF CASH FLOWS YEAR ENDED MARCH 31, 2022 (830,817) 928,362 (Expressed in Jamaican Dollars unless otherwise indicated) 11,668 12,020 CASH FLOWS FROM OPERATING ACTIVITIES 71,769 (36,849) (Deficit) Surplus for the year (1,044) (748,424) (1,280) Adjustments to reconcile Surplus/(Deficit) for the year to (36,699) 902,253 Net cash Provided by Operating activities Depreciation 546,227 15,051 Exchange (loss) gain (238,896) Interest income (217,762) (8,278) 699,542 Decrease/(Increase) in current assets: 1,044 Accounts receivable (7,234) (3,857) 1,280 (Decrease)/Increase in current liabilities: (3,357) (2,577) Accounts payables 1,144 (3,207) (8,197) Net Cash (Used in) Provided by Operating activities (5,420) 8,923 Cash flows from investing activities: (251,550) 150 Acquisition of property, plant and equipment (71,769) 876 Interest received 817,551 697,841 494,232 36,849 Net Cash used in investing activities 82,861 817,551 Cash Flows from Financing Activities: Capital expenditure fund, Net Miscellaneous revolving fund Motor vehicle revolving fund, Net Net Cash (Used in) Provided by Financing Activities Net (Decrease)/Increase in Cash and Cash Equivalents Effect on Foreign Exchange Rates Cash and Cash Equivalents at beginning of year Cash and Cash Equivalents at end of year (Note 7) 7 39 | JAMAICA TOURIST BOARD

JAMAICA TOURIST BOARD NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2022 (Expressed in Jamaican Dollars unless otherwise indicated) 1 IDENTIFICATION The Jamaica Tourist Board (“the Board”) is a statutory body set up to promote and develop tourism in Jamaica. The Board's operations are mainly financed by cash grants from the Government of Jamaica. The registered office of the Board is located at 64 Knutsford Boulevard, Kingston 5. The Board's employees aggregated persons at March 31, 2022 is 159 (2021: 158). The financial statements are prepared in accordance with International Financial Reporting Standards {IFRS) and their interpretations, as issued by the International Accounting Standards Board. 2. STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION 2.1 Statement of compliance These financial statements are prepared in accordance and comply with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), and comply with the relevant provisions of the Jamaican Companies Act. 2.2 Basis of preparation These financial statements are prepared on the historical cost basis modified for the inclusion of equity investments at fair value through profit or loss which are stated at fair value. Historical cost is generally based on the fair value of consideration given in exchange for assets. The principal accounting policies are set out below. The preparation of financial statements in conformity with IFRSs requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying t h e B o a r d ’ s accounting policies. Although these estimates are based on management’s best knowledge of current events and action, actual results could differ from those estimates. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 5. 2.3 Reporting currency Items included in the financial statements of the Board are measured using the currency of the primary economic environment in which the Board operates (the functional currency). These financial statements are presented in Jamaican dollars, which is considered the Board’s functional and presentation currency. 2.4 Amendments to IFRS that are mandatorily effective for the current year In the current year the Board has applied a number of amendments to IFRS issued by the International Accounting Standards Board (IASB) that are mandatorily effective for the accounting period that begins on or after 1 January 2021. The application of these amendments has not had any impact on the amounts reported or the presentation and disclosures in these financial statements but may impact the accounting for future transactions and arrangements. 8 ANNUAL REPORT 2021-2022 | 40

JAMAICA TOURIST BOARD NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2022 (Expressed in Jamaican Dollars unless otherwise indicated) 2. STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION (CONTINUED) 2.4 Amendments to IFRS that are mandatorily effective for the current year (Continued) Amendments to Standards Effective for annual periods IFRS 16 Leases beginning on or - Amendment to extend the exemption from assessing after whether a COVID-19-related rent concession is a 1 April 2021 lease modification 1 January 2021 IFRS 4, 7, 9,16, - Interest Rate Benchmark Reform – Phase 2 IAS 39 :Amendments regarding replacement issues in the context of the IBOR reform 2.5 New and revised IFRS in issue but not yet effective At the date of authorisation of these financial statements, the following Standards, Interpretations and amendments thereto were in issue but were not effective or early adopted for the financial period being reported on: New Standards Insurance Contracts Effective for annual IFRS 17 Amendments to address concerns and implementation periods challenges that were identified after IFRS 17 was Revised Standards published beginning on or after IFRS 3 1 January 2023 IFRS 1, 9, 16 IAS Business Combinations 1 January 2023 41 - Amendments updating a reference to the 1 January 2022 IFRS 4 Conceptual Framework 1 January 2022 IAS 1 - Amendments arising from 2018 – 2020 Annual 1 January 2023 Improvements to IFRS : Subsidiary as a first-time 1 January 2023 adopter; Fees in the 10% test for derecognition of a financial liability; Amendment to IFRS 16 lease example; Taxation in fair value measurements (agriculture) Insurance Contracts - Fixed expiry date for the temporary exemption in IFRS 4 from applying IFRS 9 is now revised to 1 January 2023 Presentation of Financial statements - Amendments regarding the classification of liabilities as current or non-current - Disclosure of Accounting policies and amendments also to IFRS Practice Statement 2 9 41 | JAMAICA TOURIST BOARD

JAMAICA TOURIST BOARD NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2022 (Expressed in Jamaican Dollars unless otherwise indicated) 2. STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION (CONTINUED) 2.5 New and revised IFRS in issue but not yet effective (continued) Effective for annual periods beginning on or after Revised Standards (continued) IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors - Amendments regarding the definition of accounting 1 January 2023 estimate IAS 12 Income Taxes - Amendment regarding deferred tax related to 1 January 2023 assets and liabilities arising from a single IAS 16 transaction Property, Plant and Equipment - Amendment prohibiting deducting from cost of 1 January 2022 PP&E, amounts received from selling items IAS 37 produced while the entity is preparing the asset for its intended use Provisions, Contingent Liabilities and Contingent - Amendments regarding the cost to include when 1 January 2022 assessing whether a contract is onerous The Board has assessed the relevance of all such new standards, interpretations and amendments, and has determined that the following may be relevant to its operations, and has concluded as follows:  Amendments to IAS 1: Classification of Liabilities as Current or Non-current In January 20210, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: - What is meant by a right to defer settlement - That a right to defer must exist at the end of the reporting period - That classification is unaffected by the likelihood that an entity will exercise its deferral right - That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and must be applied retrospectively. The Board is assessing the impact that these amendments will have on its future financial statements.  Amendments to IAS 1: Disclosure of Accounting Policies In February 2021, the IASB issued amendments to IAS1 and IFRS Practice Statement 2 Making Materiality Judgements with the aim of assisting entities to provide accounting policy disclosures that are more useful by: (1) Replacing the requirement to disclose ‘significant’ accounting policies with a requirement to disclose ‘material’ accounting policies (2) Adding guidance on how to apply the concept of materiality in making decisions about accounting policy disclosures. Guidance and examples are provided to assist the process of application. Entities will need to consider the size of transactions, other events or conditions and their nature in making the assessment. 10 ANNUAL REPORT 2021-2022 | 42

JAMAICA TOURIST BOARD NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2022 (Expressed in Jamaican Dollars unless otherwise indicated) 2. STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION (CONTINUED) 2.5 New and revised IFRS in issue but not yet effective (Continued)  Amendments to IAS 1: Disclosure of Accounting Policies (continued) The amendments may impact the accounting policy disclosures of entities as judgment is required to determine if accounting policy disclosures are material or not. Careful consideration will have to be given to standardized information or those that only duplicate or summarises the requirements of IFRSs in deciding whether to remove or retain these as material in enhancing the usefulness of the financial statements. The amendments are effective for annual reporting period beginning on or after January 1, 2023 with earlier adoption permitted. The Board has not yet performed a detailed review of its accounting policies in light of the amendment.  Amendments to IAS 8: Definition of Accounting Estimates In February 2021, the IASB issued amendments to IAS 8 introducing a new definition of accounting estimates. The amendment clarifies the distinction between changes in accounting estimates, changes in accounting policy and the correction of errors. Clarification is also given on how entities use measurement techniques and inputs to develop accounting estimates The amendments apply to changes in accounting policies and changes in accounting estimates are effective for annual reporting period beginning on or after January 1, 2023 with earlier adoption permitted. The amendments are not expected to have a material impact on the Board’s financial statement.  Property, Plant and Equipment: Proceeds before Intended Use – Amendments to IAS 16 In May 2020, the IASB issued Property, Plant and Equipment — Proceeds before Intended Use, which prohibits entities deducting from the cost of an item of property, plant and equipment, any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss. The amendment is effective for annual reporting periods beginning on or after January 1, 2022 and must be applied retrospectively to items of property, plant and equipment made available for use on or after the beginning of the earliest period presented when the entity first applies the amendment. The amendments are not expected to have an impact on the Board. 11 43 | JAMAICA TOURIST BOARD

JAMAICA TOURIST BOARD NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2022 (Expressed in Jamaican Dollars unless otherwise indicated) 2. STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION (CONTINUED) 2.5 New and revised IFRS in issue but not yet effective (Continued)  Amendments to IAS 8: definition of accounting estimated The changes to IAS 8 focus entirely on accounting estimates and clarify the following: - The definition of a change in accounting estimates is replaced with a definition of accounting estimates. Under the new definition, accounting estimates are “monetary amounts in financial statements that are subject to measurement uncertainty”. - Entities develop accounting estimates if accounting policies require items in financial statements to be measured in a way that involves measurement uncertainty. - Clarifies that a change in accounting estimate that results from new information or new developments is not the correction of an error. In addition, the effects of a change in an input or a measurement technique used to develop an accounting estimate are changes in accounting estimates if they do not result from the correction of prior period errors. - A change in an accounting estimate may affect only the current period’s profit or loss, or the profit or loss of both the current period and future periods. The effect of the change relating to the current period is recognised as income or expense in the current period. The effect, if any, on future periods is recognised as income or expense in those future periods. The amendments are effective for annual periods beginning on or after 1 January 2023 and changes in accounting policies and changes in accounting estimates that occur on or after the start of that period. Earlier application is permitted. The Board does not expect any significant impact on its financial statements on implementing the amendments on the effective date. 3. Summary of significant accounting policies 3.1 Revenue recognition Revenue, which arises from subvention from the Government of Jamaica is recognised on the accrual basis at a point in time when it is contractually due. Grants and other revenue are recognised at the point in time when received. 3.2 Finance income and finance costs (i) Finance income Finance income comprises interest income and foreign currency gains. Interest income is recognised in profit or loss for all interest-earning instruments using the effective interest method. Interest income includes coupons earned on fixed income investments and amortisation of any relevant discounts. (ii) Finance costs Finance costs comprise interest expense and foreign exchange losses. 12 ANNUAL REPORT 2021-2022 | 44

JAMAICA TOURIST BOARD NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2022 (Expressed in Jamaican Dollars unless otherwise indicated) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.3 Employee benefits Employee benefits are all forms of consideration given by the Board in exchange for service rendered by employees. These include current or short-term benefits such as salaries, NIS contributions and vacation leave; as well as long-term employee benefits such as gratuity and termination benefits. Employee benefits that are earned as a result of past or current service are recognised in the following manner: Short-term employee benefits are recognised as a liability, net of payments made, and charged as expense. The expected cost of vacation leave that accumulates is recognised when the employee becomes entitled to the leave. Long-term benefits are not considered material and are charged off when incurred. 3.4 Foreign currency translation Foreign currency transactions are converted at the exchange rates prevailing at the dates of the transactions. At the reporting date, monetary assets and liabilities denominated in foreign currencies are translated using the closing exchange rates. Exchange differences arising from the settlement of transactions at rates different from those at the dates of the transactions and unrealised foreign exchange differences on unsettled foreign currency monetary assets and liabilities are generally recognised in profit or loss. 3.5 Property and equipment Recognition Property and equipment are measured at historical cost less accumulated depreciation and, if any, impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Board and the cost of the item can be measured reliably. The carrying amount of replaced parts is derecognised. All other repair and maintenance expenditure is charged to profit or loss when the expenditure is incurred. Improvement expenditure is included in the cost of the related asset or in leasehold improvement, as appropriate. Depreciation Land is not depreciated. Depreciation of other assets is calculated, using the straight-line method, to write down their costs to their estimated residual values over their expected useful lives, as follows: Office furniture, fixtures and equipment 5-10 years Computer equipment 4 years Motor vehicles 5 years Leasehold improvements Shorter of lease term and useful life The assets, residual values and useful lives are reviewed and adjusted if appropriate, at the end of each reporting period. 13 45 | JAMAICA TOURIST BOARD