2. TOURISM IS THE BIGGEST INDUSTRY IN THE WORLD! BIGGER THAN AUTOMOBILES, DEFENCE, AGRO AND MANUFACTURING

3. Presentation Overview * WTTC * Global Travel & Tourism *A Changing World *Summary

4. WTTC Purpose ‘To raise awareness of the importance of Travel & Tourism and to work with governments to realise the full potential of the industry in creating sustainable wealth and jobs’

5. In Economic Terms... Visitor arrivals vs. Economic impact

6. Raising Awareness WTTC introduction of Travel & Tourism Economy Concept

7. Global Travel & Tourism: Where We Stand

8. World Economy* GDP * Travel & Tourism GDP associated with T&T Demand (Direct and Indirect) * US$ 5.4 Trillion in 2007 (up 9.4% in current terms) * 10.4% of Total Gross Domestic Product in 2007 (vs. 10.3% in 2006) 2007

9. Travel & Tourism Economy by Region North America European Union Northeast Asia Latin America Central and Eastern Europe Oceania Southeast Asia Middle East South Asia North Africa Caribbean Sub-Saharan Africa T&T Economy GDP Growth 2007-2016 (Percent Annualized) 2006 T&T Economy GDP (Percent of Total) Other Western Europe World Average

10. 2007 saw continued broad-based strength in the tourism economy, though generally below 2006 growth rates. In 2008, growth is expected to remain healthy despite economic conditions.

11. Results in 2007 better than forecast

12. Revision of 2008 Forecast Real T&T GDP Economy Last Year’s 2008 Forecast (annual % growth) 2008 likely forecast Revision (Direction) Africa 5.0Up Asia/Pacific 5.6Constant Europe 3.1Down Middle East 5.0Up North America 3.3Down Latin America 4.3Up World 4.2Down Source: WTTC/Oxford Economics

13. International air travel rose at a record 9.3% y-y in November

14. Encouraging tourism growth - particularly in developing countries

15. Most developed economies have also seen a sustained rise in inbound flows

16. Total Pipeline: Global Regions Under Const. Start Next 12 Mos. Early Planning Total Projects Total Rooms United States223,977315,995178,4155,438718,387 Americas-Other69,66644,22830,212864144,106 Europe74,06338,24833,325854145,636 Middle East63,82246,19235,493501145,507 Africa15,1648,0095,07614228,249 Asia Pacific272,75480,73672,5341,833426,024 Source: Lodging Econometrics

17. A Relative Picture Of total rooms constructed, 45% will be built in the United States

18. 2007 - 2017

19. A Changing World: Macro Drivers

20. * Credit crunch continues to be a worry on outlook * High oil prices may become a major constraint on global growth * Fear of US Recession dragging down the world * Increasing Deficit * Housing market in trouble * Weaker dollar

22. Stock Markets Feel the Pressure...

25. * Rapidly expanding economic growth in Emerging Markets, create a new and dynamic source of visitors  China  India  Russia  Middle East * Responsive monetary policy – Quick and decisive response by central banks to economic situations * Strong corporate profitability outside of the financial sector 2008 will see further slowdown but not as sharp as period between 2001 and 2003

31. Summary

32. * WTTC forecasts that the United States is and will remain the largest Travel & Tourism industry in the world * A changing world, requires a new mind frame. A global slowdown is anticipated, sparked by a US recession. However this will be partially offset by today's changing world * The lodging Industry is still showing great strength and is growing at an impressive pace, despite the anticipated economic slowdown.

33. It appears that this saying no longer holds: “When America sneezes, Europe catches a cold and the rest of the world dies of pneumonia”

34. “Today, the United States sneezes and the rest of the world goes shopping”

35. BUT YOUR FUTURE IS ASSURED JUST STEP UP TO CLAIM YOUR PART OF IT!