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<br />. <br /> <br />ATTENDANCE POTENTIAL <br /> <br />Based on the available markets, the competitive environment, the school year schedule and <br />location, we project the attendance potential for the proposed aquarium to be in the range of 445 <br />thousand in 2012 (the assumed first year of operation), increasing to 500 thousand. To <br />accommodate second year attendance, the proposed aquarium should be designed to comfortably <br />hold 1,500 guests on the peak days of the week in 2013. <br /> <br />REVENUE PROJECTIONS <br /> <br />Based on projected attendance and estimated per capita expenditures, revenue for the <br />proposed aquarium is projected at $30.7 million in 2012, $3 1.9 million in 2013. <br /> <br />OPERATING EXPENSES <br /> <br />Our projections of operating expenses are derived as a percent of projected revenue. These <br />projections should be considered preliminary and subject to refinement during the planning process. <br />Operating expenses are projected at $19.1 million in 2012, $19.2 million in 2013. <br /> <br />NET OPERATING INCOME <br /> <br />. <br /> <br />Net operating income, the difference between revenue and operating expenses, is projected <br />at $1 1.7million in 2012, $12.7 million in 2013. <br /> <br />VENUE AND ATTRACTION <br /> <br />In order to meet the projection outlined above, the following exhibits and attractions would <br />need to be developed: <br /> <br />Shark Reef Tank <br />Penguin Encounter <br />Sea Ray Experience <br />Sea Bob Exploration <br />Jelly Fish Exhibit <br />Sea Horse Exhibit <br />IMAX Theater <br />Bird Show <br />Shell Fish Touch <br />Trolley System <br />Ocean Catamaran <br />Intracoastal Tour Boat <br /> <br />Tidal Pool <br />Sea Lion / Seal Encounter <br />Sea Trek <br />Interactive Spray Deck <br />Gift Shop <br />Photo Shop <br />Snack Bar/Restaurant <br />Banquet Facility <br />Everglades Exhibit <br />Multi Aquarium Tanks <br />Etc <br /> <br />. <br /> <br />Feasibility Study for a Proposed Aquarium at Sunny Isles, Florida <br /> <br />Page 3 <br />