bih 2012

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The Authority on World Travel & Tourism

Travel& Tourism Economicimpact2012

BosnIa-HEzEgoIna

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For more information please contact:

Olivia Ruggles-BriseDirector,policy&Research

[email protected]

Eva Aimablemaager,policy&Research

[email protected]

2012Worldravel&ourisoucil

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For more than 20 ears the World Travel & Tourism Council (WTTC)

has been investing in economic impact research, which assesses

the Travel & Tourism industrs contribution to GDP and jobs. Our

ten-ear forecasts are unique in the information the provide to

assist governments and private companies plan for the future.

Travel & Tourism continues to be one of the worlds largest industries. The total impact of the industry means

that, in 2011, it contributed 9% of global GDP, or a value of over US$6 trillion, and accounted for 255 millionjobs. Over the next ten years this industry is expected to grow by an average of 4% annually, taking it to

10% of global GDP, or some US$10 trillion. By 2022, it is anticipated that it will account for 328 million jobs,

or 1 in every 10 jobs on the planet.

2011 was one of the most challenging years ever experienced by the global Travel & Tourism industry.

However, our latest research suggests that, despite political upheaval, economic uncertainty and natural

disasters, the industrys direct contribution to world GDP grew by nearly 3% to US$2 trillion and directly

generated 1.2 million new jobs. This was supported by a 3% increase in visitor exports to US$1.2 trillion,

with almost 3% growth in capital investment, which rose to over US$0.7 trillion.

Moreover, while the macroeconomic environment remains very challenging, our latest projections point to

continuous growth in the contribution of Travel & Tourism to global GDP and employment. Rising household

incomes in emerging economies not only the BRICs (Brazil, Russia, India and China) but increasingly across

the rest of Southeast Asia and Latin America will continue to fuel increased leisure demand. Similarly,

growing international trade particularly from emerging markets will sustain business travel demand.

In developed economies, consumers are likely to remain cautious, especially in European countries where

austerity programmes are being implemented.

This means that we expect growth in Travel & Tourisms direct contribution to GDP to remain stable at 3% in

2012. We expect the industry to generate directly over 2 million new jobs, with a 2% increase in visitor exports

and 3.5% growth in investment over the year.

Rarely over the past 20 years have we been challenged by such economic and political uncertainty as we areseeing now. Our ongoing research underlines the importance of Travel & Tourism as a stabilising force globally

providing jobs, generating prosperity, and facilitating international trade and investment.

David Scowsill

President & CEOWorld Travel & Tourism Council

Foreword

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Contents2012 Annual Research: Key Facts .......................................................................................................1

Defning the Economic Contribution o Travel & Tourism .............................2

Travel & Tourisms Contribution to GDP .....................................................................................3

Travel & Tourisms Contribution to Employment ..........................................................4

Visitor Exports and Investment ..................................................................................................................5

Dierent Components o Travel & Tourism ............................................................................6

Country Rankings: Absolute Contribution, 2012 ........................................................7

Country Rankings: Relative Contribution, 2011 ...........................................................8

Country Rankings: Real Growth, 2012 .........................................................................................9

Country Rankings: Long Term Growth, 2012 - 2022 ......................................10

Summary Tables: Estimates and Forecasts....................................................................11

The Economic Contribution o Travel & Tourism:

Real 2011 Prices.............................................................................................................................................................12

The Economic Contribution o Travel & Tourism:

Nominal Prices ...................................................................................................................................................................13

The Economic Contribution o Travel & Tourism: Growth ......................14

Glossary.........................................................................................................................................................................................15

Methodological Note...............................................................................................................................................16

Regions, Sub-regions, Countries ......................................................................................................17

USEFmERLSUHRSED,pRVDEDSURESKnWLEDGED

1-2QueeVictoriaerrace,Sovereigourt,LodoE1W3H,UK

2el:+44(0)2074818007.Fax:+44(0)2074881008.Eail:[email protected]

The Economic Impact o Travel & Tourism 2012

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= Total contribution of Travel & Tourism

Bosnia-Herzegovina

2012 ANNUAL RESEARCH: KEY FACTS 2012forecast

EMPLOYMENT: DIRECT CONTRIBUTION

EMPLOYMENT: TOTAL CONTRIBUTION

VISITOR EXPORTS

INVESTMENT

WORLD RANKING (OUT OF 181 COUNTRIES):Relative importance of Travel & Tourism's total contribution to GDP

124ABSOLUTE

Size in 2011

111

Contribution to GDP in 2011

RELATIVE

126GROWTH2012 forecast

Total Contribution of

Travel & Tourism to GDP

Breakdown of Travel & Tourism's Total

Contribution to GDP and Employment 2011

2011 BAMmn GDP (2011 BAMmn)

Direct Indirect Induced

0

500

1,000

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2011 BAMmn2011 BAMmn

329

1083

533

21

41

14E

mployment

('000)

WTTC Travel & Tourism Economic Impact 2012 1

The direct contribution of Travel & Tourism to GDP was BAM533.4mn (2.0% of total GDP) in2011, and is forecast to rise by 1.8% in 2012, and to rise by 5.9% pa, from 2012-2022, toBAM963.7mn in 2022 (in constant 2011 prices).

The total contribution of Travel & Tourism to GDP was BAM1,945.1mn (7.4% of GDP) in 2011,and is forecast to rise by 1.0% in 2012, and to rise by 6.2% pa to BAM3,587.7mn in 2022.

In 2011 Travel & Tourism directly supported 21,000 jobs (1.8% of total employment). This isexpected to remain unchanged in 2012 and rise by 1.9% pa to 25,000 jobs (2.1% of total

employment) in 2022.

In 2011, the total contribution of Travel & Tourism to employment, including jobs indirectly

Visitor exports generated BAM952.4mn (9.6% of total exports) in 2011. This is forecast to growby 2.8% in 2012, and grow by 6.2% pa, from 2012-2022, to BAM1,785.3mn in 2022 (10.2% of

total).

Travel & Tourism investment in 2011 was BAM188.0mn, or 4.9% of total investment. It shouldrise by 1.9% in 2012, and rise by 7.2% pa over the next ten years to BAM383.7mn in 2022 (5.7%

of total).

2022

GDP: DIRECT CONTRIBUTION

GDP: TOTAL CONTRIBUTION

supported by the industry, was 6.7% of total employment (76,500 jobs). This is expected to fallby 0.5% in 2012 to 76,000 jobs and rise by 2.0% pa to 93,000 jobs in 2022 (7.7% of total).

18LONG-TERM GROWTH

Forecast 2012-2022

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WTTC Travel & Tourism Economic Impact 20122

Defining the economiccontribution of Travel & Tourism

Travel & Tourism is an important economic activity in most countries around the world. As well as its direct economic

impact, the industry has significant indirect and induced impacts. The UN Statistics Division-approved Tourism Satellite

Accounting methodology (TSA:RMF 2008) quantifies only the direct contribution of Travel & Tourism. But WTTCrecognises that Travel & Tourism's total contribution is much greater, and aims to capture its indirect and inducedimpacts through its annual research.

DIRECT CONTRIBUTION

The direct contribution of Travel & Tourism to GDP reflects the internal spending on Travel & Tourism (total spending

within a particular country on Travel & Tourism by residents and non-residents for business and leisure purposes) as

well as government 'individual' spending - spending by government on Travel & Tourism services directly linked to

visitors, such as cultural (eg museums) or recreational (eg national parks).

The direct contribution of Travel & Tourism to GDP is calculated to be consistent with the output, as expressed in

National Accounting, of tourism-characteristic sectors such as hotels, airlines, airports, travel agents and leisureand recreation services that deal directly with tourists.The direct contribution of Travel & Tourism to GDP is calculatedfrom total internal spending by netting out the purchases made by the different tourism sectors. This measure is

consistent with the definition of Tourism GDP, specified in the 2008 Tourism Satellite Account: Recommended

Methodological Framework (TSA: RMF 2008).

TOTAL CONTRIBUTION

The total contribution of Travel & Tourism includes its wider impacts (ie the indirect and induced impacts) on the economy.

The indirect contribution includes the GDP and jobs supported by:

Travel & Tourism investment spending an important aspect of both current and future activity that includesinvestment activity such as the purchase of new aircraft and construction of new hotels;

Government 'collective' spending, which helps Travel & Tourism activity in many different ways as it is made on

behalf of the community at large eg tourism marketing and promotion, aviation,administration, security services, resort area security services, resort area sanitation services, etc;

Domestic purchases of goods and services by the sectors dealing directly with tourists - including, for example,purchases of food and cleaning services by hotels, of fuel and catering services by airlines, and IT services bytravel agents.

The induced contribution measures the GDP and jobs supported by the spending of those who are directly or indirectlyemployed by the Travel & Tourism industry.

PLEASE NOTE THAT DUE TO CHANGES IN METHODOLOGY BETWEEN 2010 AND 2011, IT IS NOT POSSIBLE TO COMPARE FIGURES

PUBLISHED BY WTTC FROM 2011 ONWARDS WITH THE SERIES PUBLISHED IN PREVIOUS YEARS.

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BOSNIA-HERZEGOVINA: DIRECT CONTRIBUTION OF TRAVEL & TOURISM TO GDP

BOSNIA-HERZEGOVINA:TOTAL CONTRIBUTION OF TRAVEL & TOURISM TO GDP

1All values are in constant 2011 prices & exchange rates

3

Travel & Tourism'scontribution to GDP

1

The direct contribution of Travel & Tourism to GDP in 2011 was BAM533.4mn (2.0% of GDP). This is forecast to

rise by 1.8% to BAM542.9mn in 2012.This primarily reflects the economic activity generated by industriessuch as hotels, travel agents, airlines and other passenger transportation services (excluding commuter

services). But it also includes, for example, the activities of the restaurant and leisure industries directly

supported by tourists.

The direct contribution of Travel & Tourism to GDP is expected to grow by 5.9% pa to BAM963.7mn (2.2% of GDP)by 2022.

0

200

400

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2022

Constant 2011 BAMmn % of whole economy GDP

0.0

0.5

1.0

1.5

2.0

2.5

3.0

200

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induced income impacts, see page 2) was BAM1,945.1mn in 2011 (7.4% of GDP) and is expected to grow by1.0% to BAM1,964.5mn (7.4% of GDP) in 2012.

It is forecast to rise by 6.2% pa to BAM3,587.7mn by 2022 (8.2% of GDP).

Constant 2011 BAMmn


0

500

1,000

1,500

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4,000

2011 2012 2022202220220.0

1.0

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2011 2012 20222022

% of whole economy GDP



The total contribution of Travel & Tourism to GDP (including wider effects from investment, the supply chain and

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BOSNIA-HERZEGOVINA: DIRECT CONTRIBUTION OF TRAVEL & TOURISM TO EMPLOYMENT

BOSNIA-HERZEGOVINA:TOTAL CONTRIBUTION OF TRAVEL & TOURISM TO EMPLOYMENT

4

Travel & Tourism generated 21,000 jobs directly in 2011 (1.8% of total employment) and this is forecast toremain the same in 2012 at 21,000 (1.8% of total employment).

This includes employment by hotels, travel agents, airlines and other passenger transportation services(excluding commuter services). It also includes, for example, the activities of the restaurant and leisure

industries directly supported by tourists.

By 2022, Travel & Tourism will account for 25,000 jobs directly, an increase of 1.9% pa over the next ten years.

0.0

5.0

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'000 jobs % of whole economy employment

0.0

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2

The total contribution of Travel & Tourism to employment (including wider effects from investment, the supply

By 2022, Travel & Tourism is forecast to support 93,000 jobs (7.7% of total employment), an increase of 2.0%

pa over the period.

'000 jobs


0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

2011 2012 202220222022

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2011 2012 20222022

% of whole economy employment



Travel & Tourism'scontribution to employment

chain and induced income impacts, see page 2) was 76,500 jobs in 2011 (6.7% of total employment). This isforecast to fall by 0.5% in 2012 to 76,000 jobs (6.6% of total employment).

2022 2

022

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ISITOR EXPORTS

BOSNIA-HERZEGOVINA:VISITOR EXPORTS AND INTERNATIONAL TOURIST ARRIVALS

INVESTMENT

BOSNIA-HERZEGOVINA:CAPITAL INVESTMENT IN TRAVEL & TOURISM

1All values are in constant 2011 prices & exchange rates

5

Visitor Exports and Investment1

Visitor exports are a key component of the direct contribution of Travel & Tourism. In 2011,

Bosnia-Herzegovina generated BAM952.4mn in visitor exports. In 2012, this is expected to grow by 2.8%, andthe country is expected to attract 380,000 international tourist arrivals.

By 2022, international tourist arrivals are forecast to total 523,000, generating expenditure of BAM1,785.3mn, an

increase of 6.2% pa.

Constant 2011 BAMmn Foreign visitor exports as % of total exports

0.0

2.0

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202

2

Travel & Tourism is expected to have attracted capital investment of BAM188.0mn in 2011. This is expected torise by 1.9% in 2012, and rise by 7.2% pa over the next ten years to BAM383.7mn in 2022.

Travel & Tourisms share of total national investment will rise from 4.8% in 2012 to 5.7% in 2022.

Constant 2011 BAMmn

0

50

100

150

200

250

300

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2022

% of whole economy GDP


mn

Foreign tourist arrivals (RHS)

0

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2022

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Leisure spending

Business spending

Foreign visitor spending

Domestic spending

Direct

Induced

Indirect

43.4%

9.4%

2.9%1All values are in constant 2011 prices & exchange rates

55.7%

(c) Government collective

Indirect is the sum of:

(a) Supply chain

(b) Investment

27.4%

16.9%

62.5%

37.5%

76.3%

23.7%

6 WTTC Travel & Tourism Economic Impact 2012

Different components ofTravel & Tourism

1

Bosnia-HerzegovinaTravel & Tourism's Contribution to GDP:

Business vs Leisure, 2011 Leisure travel spending (inbound and domestic)generated 76.3% of direct Travel & Tourism GDPin 2011 (BAM1,168.3mn) compared with 23.7%

for business travel spending (BAM363.1mn).

Business travel spending is expected to grow by1.2% in 2012 to BAM367.4mn, and rise by 5.1%

pa to BAM603.2mn in 2022.

Leisure travel spending is expected to grow by2.9% in 2012 to BAM1,202.7mn, and rise by 5.8%pa to BAM2,111.9mn in 2022.

Bosnia-Herzegovina

Domestic vs Foreign, 2011

Travel & Tourism's Contribution to GDP:

Domestic travel spending generated 37.5% ofdirect Travel & Tourism GDP in 2011 compared

with 62.5% for visitor exports (ie foreign visitorspending or international tourism receipts).

Domestic travel spending is expected to grow by2.0% in 2012 to BAM582.2mn, and rise by 4.6%pa to BAM918.0mn in 2022.

Visitor exports are expected to grow by 2.8% in

2012 to BAM979.3mn, and rise by 6.2% pa toBAM1,785.3mn in 2022.

cb

a

Bosnia-Herzegovina

Breakdown of Travel & Tourism's Total Contribution to GDP, 2011 The Travel & Tourism industry contributes to GDP

and employment in many ways as detailed onpage 2.

The total contribution of Travel & Tourism to

GDP is nearly four times greater than its direct

contribution.

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2011 2011

(US$bn) (US$bn)

7 Italy 71.6 7 Italy 189.5

13 Turkey 33.0 14 Turkey 84.8

22 Greece 17.3 World Average 49.6

World Average 16.6 24 Greece 44.8

46 Croatia 6.1 46 Czech Republic 18.3

48 Czech Republic 6.0 53 Croatia 14.7

73 Bulgaria 2.0 66 Bulgaria 7.0

81 Cyprus 1.4 78 Cyprus 4.5

103 Albania 0.8 95 Albania 2.8

129 Bosnia-Herzegovina 0.4 124 Bosnia-Herzegovina 1.4

132 Montenegro 0.4 140 Montenegro 0.7

2011 2011

'000 jobs '000 jobs

17 Italy 868.7 19 Italy 2231.4

World Average 782.4 World Average 1959.2

27 Turkey 509.6 21 Turkey 1938.8

39 Greece 349.3 42 Greece 758.4

46 Czech Republic 239.4 56 Czech Republic 506.868 Croatia 135.5 70 Bulgaria 364.0

80 Bulgaria 100.9 72 Croatia 311.2


128 Cyprus 25.3 122 Bosnia-Herzegovina 76.5

134 Bosnia-Herzegovina 20.8 124 Cyprus 74.3


2011 2011

(US$bn) (US$bn)

12 Italy 17.5 6 Italy 42.514 Turkey 14.3 11 Turkey 27.6

23 Greece 5.5 19 Greece 17.7

World Average 4.1 31 Croatia 10.6

46 Czech Republic 2.3 39 Czech Republic 7.8

56 Croatia 1.4 World Average 6.5


96 Cyprus 0.3 62 Cyprus 2.7

108 Montenegro 0.2 74 Albania 1.8

111 Albania 0.2 105 Montenegro 0.7


Capital Investment

Visitor

Exports

The competing destinations selected are those that offer a similar tourism product and compete for tourists from the same set of origin markets.These tend to be, but are not exclusively, geographical neighbours.

The tables on pages 7-10 provide provide brief extracts from the full WTTC Country League Table Rankings, highlighting comparisons withcompeting destinations as well as with the world average.

Travel & Tourism's Direct

Contribution to GDP Contribution to GDP

Travel & Tourism's Total


Contribution to Employment



Travel & Tourism

Country rankings:Absolute contribution, 2011

7WTTC Travel & Tourism Economic Impact 2012

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2011 2011

% share % share

20 Croatia 11.0 23 Croatia 26.5

27 Montenegro 7.5 29 Albania 21.8

40 Greece 6.4 35 Cyprus 17.7

42 Albania 6.2 37 Greece 16.5

47 Cyprus 5.7 40 Montenegro 15.4


71 Turkey 4.3 61 Bulgaria 12.9

81 Bulgaria 3.6 72 Turkey 10.9

94 Italy 3.3 95 Italy 8.6



2011 2011

% share % share


24 Greece 8.5 29 Albania 19.8

36 Montenegro 6.5 31 Cyprus 19.1

37 Cyprus 6.5 33 Greece 18.4

47 Albania 5.5 46 Montenegro 13.7World Average 5.3 World Average 13.6

55 Czech Republic 4.9 60 Bulgaria 11.8

79 Italy 3.8 77 Czech Republic 10.3

90 Bulgaria 3.3 83 Italy 9.7



2011 2011

% share % share

14 Montenegro 23.6 14 Montenegro 50.429 Greece 14.0 23 Albania 41.8


55 Turkey 8.6 35 Greece 28.5

World Average 8.3 36 Cyprus 28.3

73 Cyprus 6.8 World Average 15.9

83 Bulgaria 6.1 60 Turkey 15.0

102 Bosnia-Herzegovina 4.9 70 Bulgaria 11.9

103 Albania 4.8 83 Bosnia-Herzegovina 9.6

114 Czech Republic 4.4 99 Italy 6.7

122 Italy 4.0 118 Czech Republic 4.9








Travel & Tourism Investment

Contribution to Total Capital Investment

Visitor Exports

Contribution to Total Exports


Country rankings:Relative contribution,2011

8

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2012 2012

% growth % growth


48 Albania 5.6 51 Croatia 5.3

53 Croatia 5.3 55 Albania 5.1


117 Bosnia-Herzegovina 1.8 111 Turkey 1.9

118 Turkey 1.7 126 Bosnia-Herzegovina 1.0

154 Bulgaria -1.0 156 Cyprus -1.0

155 Cyprus -1.0 157 Czech Republic -1.1

157 Czech Republic -1.1 165 Bulgaria -2.0

162 Italy -1.6 167 Italy -2.2

168 Greece -2.1 179 Greece -4.5

2012 2012

% growth % growth



57 Turkey 4.4 49 Albania 3.7

51 Albania 4.3 61 Turkey 3.4

World Average 2.2 World Average 1.992 Bosnia-Herzegovina 0.5 126 Cyprus -0.3

70 Greece 0.2 131 Bosnia-Herzegovina -0.5

96 Cyprus -0.2 139 Czech Republic -1.3

166 Czech Republic -1.2 154 Greece -2.3

114 Italy -1.3 156 Italy -2.5

179 Bulgaria -3.4 178 Bulgaria -4.6

2012 2012

% growth % growth

6 Croatia 14.2 8 Montenegro 13.617 Cyprus 12.0 17 Croatia 10.2


60 Montenegro 6.4 90 Bosnia-Herzegovina 2.8

85 Turkey 4.9 World Average 1.6

World Average 3.1 111 Bulgaria 1.0

123 Bosnia-Herzegovina 1.9 114 Greece 0.9

147 Czech Republic -0.4 146 Italy -0.9

161 Bulgaria -2.5 149 Cyprus -1.1

171 Italy -6.2 153 Turkey -1.6

178 Greece -12.6 159 Czech Republic -2.6








Travel & Tourism

Investment

Visitor

Exports

Country rankings:Real growth, 2012

9WTTC Travel & Tourism Economic Impact 2012

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2012 - 2022 2012 - 2022

% growth pa % growth pa






World Average 4.1 99 Cyprus 4.0

125 Greece 3.3 128 Greece 3.2




169 Italy 1.9 173 Italy 1.6

2012 - 2022 2012 - 2022



51 Albania 2.7 51 Greece 2.7

57 Turkey 2.6 65 Albania 2.4

70 Greece 2.4 World Average 2.4

92 Bosnia-Herzegovina 1.9 87 Bosnia-Herzegovina 2.0World Average 1.8 107 Cyprus 1.6

96 Cyprus 1.8 110 Turkey 1.4

114 Italy 1.5 115 Croatia 1.3

132 Croatia 1.1 137 Italy 0.9

166 Czech Republic -0.2 168 Czech Republic -0.5

179 Bulgaria -2.0 179 Bulgaria -2.2

2012 - 2022 2012 - 2022


1 Montenegro 13.2 2 Montenegro 9.018 Bosnia-Herzegovina 7.2 15 Bosnia-Herzegovina 6.2

61 Bulgaria 5.4 34 Albania 5.3

World Average 5.3 56 Croatia 4.6

65 Croatia 5.2 60 Greece 4.5

75 Turkey 4.9 62 Cyprus 4.5


90 Albania 4.6 147 Bulgaria 2.1


163 Italy 2.0 172 Italy 0.8

164 Greece 2.0 173 Turkey 0.7

Contribution to Capital Investment

Visitor Exports

Contribution to Exports








Travel & Tourism Investment


Country rankings:Long term growth, 2012 - 2022

0

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2012

Bosnia-Herzegovina BAMmn % of total Growth2 BAMmn % of total Growth3

Direct contribution to GDP 533.4 2.0 1.8 963.7 2.2 5.9

Total contribution to GDP 1,945.1 7.4 1.0 3,587.7 8.2 6.2

Direct contribution to employment4

21 1.8 0.5 25 2.1 1.9

Total contribution to employment4

76 6.7 -0.5 93 7.7 2.0

Visitor exports 952.4 9.6 2.8 1,785.3 10.2 6.2

Domestic spending 570.5 2.2 2.0 918.0 2.1 4.7

Leisure spending 1,168.3 4.5 2.9 2,111.9 4.8 5.8

Business spending 363.1 1.4 1.2 603.2 1.4 5.1

Capital investment 188.0 4.9 1.9 383.7 5.7 7.2

12011 constant prices & exchange rates;

22012 real growth adjusted for inflation (%);

32012-2022 annualised real growth adjusted for inflation (%);

4'000 jobs

2012

Europe US$bn % of total Growth2 US$bn % of total Growth

3

Direct contribution to GDP 612.8 2.8 0.2 791.9 2.8 2.6

Total contribution to GDP 1,720.1 7.9 -0.3 2,177.5 7.8 2.4


9,937 2.7 0.4 11,262 3.0 1.2

Total contribution to employment

4

28,378 7.7 -0.3 30,599 8.1 0.8

Visitor exports 518.7 5.6 0.4 674.9 4.6 2.6

Domestic spending 734.5 3.4 0.4 970.8 3.5 2.8

Leisure spending 996.7 4.6 0.6 1,319.7 4.7 2.8

Business spending 275.6 1.3 -0.5 348.5 1.3 2.4

Capital investment 187.3 4.5 0.1 271.9 4.7 3.8

12011 constant prices & exchange rates;



4'000 jobs

2012

Worldwide US$bn % of total Growth2 US$bn % of total Growth3

Direct contribution to GDP 1,972.8 2.8 2.8 3,056.2 3.0 4.2

Total contribution to GDP 6,346.1 9.1 2.8 9,939.5 9.8 4.3


98,031 3.3 2.3 120,470 3.6 1.9

Total contribution to employment4

254,941 8.7 2.0 327,922 9.8 2.3

Visitor exports 1,170.6 5.3 1.7 1,694.7 4.3 3.6

Domestic spending 2,791.2 4.0 3.5 4,547.6 4.6 4.6

Leisure spending 3,056.9 4.4 3.1 4,853.8 4.8 4.4

Business spending 968.4 1.4 2.5 1,476.2 1.5 4.0

Capital investment 743.0 4.9 3.5 1,320.4 5.1 5.612011 constant prices & exchange rates;



4'000 jobs

2011

2011

2011 2011 2022

2011 2022

2011 2022


Summary tables:Estimates & Forecasts

1

1

1

1

1

1

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2006 2007 2008 2009 2010 2011 2012E 2022F

3. Internal tourism consumption

(= 1 + 2 + government individual spending)

4. Purchases by tourism providers,

including imported goods

(supply chain)

5. Direct contribution ofTravel & Tourism to GDP

(= 3 + 4)

Other final impacts

(indirect & induced)

6. Domestic supply chain

11. Total contribution of


(= 5 + 6 + 7 + 8 + 9 + 10)

Employment impacts ('000)

12.

Other indicators

14. Expenditure on outbound travel

658.4 702.3 533.4 542.9

-1752.6

689.5 622.8 564.2

-1038.4 -997.9 -1027.8

1025.7 952.4 979.3

-1199.6 -1280.2 -1128.8-1272.8

1246.6 1319.4 1311.2

Bosnia-Herzegovina

(BAMmn, real 2011 prices)

1. Visitor exports 1153.4 1785.3

2. Domestic expenditure 603.8 655.8 643.5 590.0 568.1 570.5 582.2

-43.9

918.0

1858.0 1982.5 1962.3 1751.7 1602.7 1531.3 1570.7 2716.2

76.1

963.7

93.0

3587.7

20.9 25.2

1964.5

883.6 1568.3

26.6 27.7 27.4 25.0

Induced

2391.0 2594.8 2528.5

396.6 423.6 410.7

9.

2319.1 2089.9

7. Capital investment

8. Government collective spending

1071.5 1143.0

419.7 374.0 372.2 409.2 528.4

Direct contribution of Travel & Tourism toemployment

Imported goods from indirect spending

10.

-25.1 -30.3 -35.5 -27.9 -29.2 -30.8

1122.2 1013.6 918.2 868.1

242.4 306.6 286.7 248.0 219.6 188.0 191.5 383.7

47.1 49.6 55.0 56.8

93.8 83.1 76.5

80.257.8 57.5 58.3

-34.7

322.9405.7 359.4 328.9

22.3 20.8

1945.1

635.7

13.

398.5 420.3 478.9

Total contribution of Travel & Tourism

to employment97.8 103.2 101.2


The economic contribution ofTravel & Tourism: Real 2011 prices

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2006 2007 2008 2009 2010 2011 2012E 2022F





(supply chain)


(= 3 + 4)

Other final impacts





(= 5 + 6 + 7 + 8 + 9 + 10)


12.

Other indicators


Historical data for concepts has been benchmarked to match reported TSA data where available.

542.0 615.3 533.4 554.9

-2225.2

648.8 586.8 542.5

-998.1 -998.0 -1049.7

986.3 952.4 1000.9

-986.8 -1121.5 -1063.6-1197.9

1026.2 1155.9 1233.7

Bosnia-Herzegovina

(BAMmn, nominal prices)

1. Visitor exports 1086.8 2268.3

2. Domestic expenditure 497.0 574.6 605.4 555.9 546.2 570.5 595.0

-55.7

1166.3

1528.8 1736.8 1846.7 1650.4 1540.6 1531.3 1604.5 3449.4

76.1

1224.4

93.0

4558.2

20.9 25.2

2007.8

903.0 1992.6

-35.5

26.6 27.7 27.4 25.0

330.0Induced

1968.2 2273.3 2379.0

326.4 371.2 386.4

9.

2185.2 2009.6



882.1 1001.4

395.5 359.6 372.2 418.2 671.4



10.

-20.6 -26.6 -33.4 -26.2 -28.0 -30.8

1055.8 955.0 882.9 868.1

199.6 268.7 269.7 233.7 211.1 188.0 195.7 487.4

101.938.8 43.4 51.7 53.5 55.5 57.5 59.6

101.2

382.3 345.5 328.9

22.3 20.8

1945.1

93.8 83.1 76.5

*Concepts shown in this table align with the standard table totals as described in the 2008Tourism Satellite Account: RecommendedMethodological Framework (TSA: RMF 2008) developed by the United Nations Statistical Division (UNSD), the Statistical Office

of the European Communities (EUROSTAT), the Organisation for Economic Co-operation and Development (OECD) and the World TourismOrganization (UNWTO).

807.7

13.

328.0 368.3 450.6


to employment97.8 103.2


The economic contribution of

Travel & Tourism: Nominal prices

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2006 2007 2008 2009 2010 2011 2012E 2022F





(supply chain)


(= 3 + 4)

Other final impacts





(= 5 + 6 + 7 + 8 + 9 + 10)


12.

Other indicators


12005-2011 real annual growth adjusted for inflation (%);

22011-2021 annualised real growth adjusted for inflation (%)

7.0

13.

23.8 5.5 13.9


to employment1.0 5.6 -1.9

-1.2 -11.4 -8.5

-10.9 -6.4

-6.9

-7.4 -11.4 -7.9

3.23.3 5.3 10.8 3.3 1.7 -0.4 1.4

-11.5 -14.4 1.9 7.2-19.7 26.5 -6.5 -13.5

-1.8 -9.7 -9.4 -5.5

2.6



10.

6.7 7.3 -0.3 -9.9 -8.1 -4.5

-12.4 -10.9 -0.5 10.0

9.

-8.3 -9.9



9.6 6.7

Induced

6.1 8.5 -2.6

9.6 6.8 -3.1

2.5

4.2 4.0 -1.0 -8.9

-1.8

5.6

-0.5

5.9

2.0

6.2

0.5 1.9

1.0

1.8 5.9

2.0

5.5

4.7

8.7 6.7 -1.0 -10.8 -8.5 -4.4 2.5

-12.0 6.2

2. Domestic expenditure 5.1 8.6 -1.9 -8.3 -3.7 0.4

Bosnia-Herzegovina

Growth1

(%)

1. Visitor exports -11.1 -7.1 2.8

8.6 7.5 -11.5-0.2

10.5 5.8 -0.6

5.6

-1.8 -9.7 -9.4

-8.7 -3.8 1.7

9.6 6.7 -5.5 1.8


The economic contribution ofTravel & Tourism: Growth

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Glossary

KEy DEFINITIONSTravel & Tourism relates to the activity of travellers ontrips outside their usual environment with a duration of less

than one year. Economic activity related to all aspects of

such trips is measured within the research.

Direct contribution to GDP GDP generated by

industries that deal directly with tourists, including hotels,

travel agents, airlines and other passenger transport

services, as well as the activities of restaurant and leisure

industries that deal directly with tourists. It is equivalent to

total internal Travel & Tourism spending (see below) within

a country less the purchases made by those industries

(including imports). In terms of the UNs Tourism Satellite

Account methodology it is consistent with total GDP

calculated in table 6 of the TSA: RMF 2008.

Direct contribution to emploment the number

of direct jobs within the Travel & Tourism industry. This is

consistent with total employment calculated in table 7 of the

TSA: RMF 2008.

Total contribution to GDP GDP generated directly by

the Travel & Tourism industry plus its indirect and induced

impacts (see below). Total contribution to employment

the number of jobs generated directly in the Travel &

Tourism industry plus the indirect and induced contributions

(see below).

DIRECT SPENDING IMPACTSVisitor exports spending within the country by international

tourists for both business and leisure trips, including

spending on transport. This is consistent with total inbound

tourism expenditure in table 1 of the TSA: RMF 2008.

Domestic Travel & Tourism spending spending within

a country by that countrys residents for both business and

leisure trips. Multi-use consumer durables are not included

since they are not purchased solely for tourism purposes.

This is consistent with total domestic tourism expenditure

in table 2 of the TSA: RMF 2008. Outbound spending by

residents abroad is not included here, but is separately

identied according to the TSA: RMF 2008 (see below).

Government individual spending government spending

on individual non-market services for which beneficiaries

can be separately identified. These social transfers are

directly comparable to consumer spending and, in certain

cases, may represent public provision of consumer

services. For example, it includes provision of services in

national parks and museums.

Internal tourism consumption total revenue generated

within a country by industries that deal directly with

tourists including visitor exports, domestic spending and

government individual spending. This does not include

spending abroad by residents. This is consistent with

total internal tourism expenditure in table 4 of the TSA:

RMF 2008.

Business Travel & Tourism spending spending

on business travel within a country by residents and

international visitors.

Leisure Travel & Tourism spending spending on leisure

travel within a country by residents and international visitors.

INDIRECT AND INDCED IMPACTS

Indirect contribution the contribution to GDP and

jobs of the following three factors:

Capital investment includes capital investment spending

by all sectors directly involved in the Travel & Tourism

industry. This also constitutes investment spending by other

industries on specic tourism assets such as new visitor

accommodation and passenger transport equipment, as

well as restaurants and leisure facilities for specic tourism

use. This is consistent with total tourism gross xed capital

formation in table 8 of the TSA: RMF 2008.

Government collective spending general government

spending in support of general tourism activity. This can

include national as well as regional and local government

spending. For example, it includes tourism promotion, visitor

information services, administrative services and other public

services. This is consistent with total collective tourism

consumption in table 9 of TSA: RMF 2008.

Supply-chain effects purchases of domestic goods

and services directly by different sectors of the Travel &

Tourism industry as inputs to their nal tourism output.

Induced contribution the broader contribution to

GDP and employment of spending by those who are

directly or indirectly employed by Travel & Tourism.

OTER INDICATORSOutbound expenditure spending outside the country by

residents on all trips abroad. This is fully aligned with total

outbound tourism expenditure in table 3 of the TSA:

RMF 2008.

Foreign visitor arrivals the number of arrivals of foreign

visitors, including same-day and overnight visitors (tourists)

to the country.

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In 2011, WTTC rened its methodology for estimating the direct contribution of Travel & Tourism to befully consistent with the UN Statistics Division-approved 2008 Tourism Satellite Account: Recommended

Methodological Framework(TSA:RMF 2008). Some further revisions to the research have been made

in 2012 as part of WTTCs ongoing commitment to align the research with the TSA:RMF 2008. This has

involved further benchmarking of country reports to ofcial, published TSAs, including for countries which

are reporting data for the rst time as well as updates to earlier years. As part of the alignment process we

are now also able to isolate and exclude international travel ows related to education.

In addition to 181 individual country reports, one world report and 17 covering world regions and

sub-regions, we also provide reports with combined results for special economic groupings including,

for the rst time in 2012, the G20 and SADC.

Special economic groups

G20

Argentina, Australia, Brazil, Canada, China, European Union, France, Germany, India, Indonesia,

Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea,Turkey, UK, USA.

SADC (Southern African Development Communit)

Angola, Botswana, Democratic Republic of Congo (DRC), Lesotho, Madagascar, Malawi, Mauritius,

Mozambique, Namibia, Seychelles, South Africa, Swaziland, United Republic of Tanzania, Zambia,

Zimbabwe.

BRIC

Brazil, Russia, India, China.

APEC (Asia-Pacic Economic Cooperation)

Australia, Brunei, Canada, Chi le, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia,

Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russian Federation, Singapore,

Taiwan, Thailand, USA, Vietnam.

OECD (Organisation for Economic Co-operation and Development)

Australia, Austr ia, Belgium, Canada, Czech Republic, Denmark, Finland, France, Germany, Greece,

Hungary, Iceland, Ireland, Italy, Japan, South Korea, Luxembourg, Mexico, Netherlands,

New Zealand, Norway, Poland, Portugal, Slovakia, Spain, Sweden, Switzerland, Turkey, UK, USA.

Methodological note

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WORLD

Economic impact reports:Regions, sub-regions and countries

RegionSub-

RegionCountRy Region

Sub-


Sub-


Sub-

RegionCountRy

AfRiCA

noRthAfRiCA Algeria

AmeRiCAS

CARibbeAn

Anguilla

ASiA

noRtheAStASiA

Japan

euRope

euRopeAn

union

Lithuania

EgyptAntigua &Barbuda

China Luxembourg

Libya Aruba Hong Kong Malta

Morocco Bahamas South Korea Netherlands

Tunisia Barbados Macau Poland

Sub-SAhARAn

Angola Bermuda Taiwan Portugal

Benin Cayman Islands Mongolia Romania

Botswana Cuba

oCeAniA

Australia Slovakia

Burkina FasoFormerNetherlandsAntilles

New Zealand Slovenia

Burundi Dominica Fiji Spain

CameroonDominicanRepublic

Kiribati Sweden

Cape Verde Grenada Other Oceania UK

Central AfricanRepublic

Guadeloupe Solomon Islands

otheR

euRope

Albania

Chad Haiti Tonga Armenia

Comoros Jamaica Vanuatu Azerbaijan

DemocraticRepublic of Congo

Martinique

S

outhASiA

Bangladesh Belarus

Ethiopia Puerto Rico IndiaBosniaHerzegovina

Gabon St Kitts & Nevis Nepal Croatia

Gambia St Lucia Pakistan Iceland

GhanaSt Vincent & theGrenadines Sri Lanka Kazakhstan

GuineaTrinidad &Tobago

Maldives Kyrgyzstan

Ivory Coast UK Virgin Islands

SoutheAStASiA

Brunei Macedonia

Kenya US Virgin Islands Cambodia Moldova

Lesotho

LAtinAmeR

iCA

Argentina Indonesia Montenegro

Madagascar Belize Laos Norway

Malawi Bolivia Malaysia Russia

Mali Brazil Myanmar Serbia

Mauritius ChilePapua NewGuinea

Switzerland

Mozambique Colombia Philippines Turkey

Namibia Costa Rica Singapore Ukraine

Niger El Salvador Thailand

middLeeASt

Bahrain

Nigeria Ecuador Vietnam Iran

Republic of Congo Guatemala

euRope

euRopeAn

union

Austria Israel

Reunion Guyana Belgium Jordan

Rwanda Honduras Bulgaria Kuwait

Sao Tome &Principe

Nicaragua Cyprus Lebanon

Senegal Panama Czech Republic Oman

Seychelles Paraguay Denmark Qatar

Sierra Leone Peru Estonia Saudi Arabia

South Africa Suriname Finland Syria

Sudan Uruguay France UAE

Swaziland Venezuela Germany Yemen

Tanzania

no

Rth

Am

eRiCA Canada Greece

Togo Mexico Hungary

Uganda USA Ireland

Zambia Italy

Zimbabwe Latvia

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22/24WTTC Travel & TourismEconomic Impact 201218

TE WORLD TRAVEL & TORISM CONCILIS TE FORM FOR BSINESS LEADERS IN TETRAVEL & TORISM INDSTRy.

With the Chairs and Chief Executives of the 100 foremost Travel & Tourism companies as its

Members, WTTC has a unique mandate and overview on all matters related to Travel & Tourism.

WTTC works to raise awareness of Travel & Tourism as one of the worlds largest industries,

supporting some 255 million jobs and generating 9% of global GDP in 2011.

Together with its research partner, Oxford Economics, WTTC produces comprehensive reports

on an annual basis with updates whenever required to quantify, compare and forecast the

economic impact of Travel & Tourism on 181 economies around the world. It also publishes aWorld report highlighting global trends, as well as reports on regions, sub-regions and special

economic groupings.

To download one-page summaries, the ful l reports or spreadsheets, visit www.wttc.org

ASSISTING WTTC TO PROVIDE TOOLS FOR ANALySIS,BENCMARKING, FORECASTING AND PLANNING.

Over the last 30 years Oxford Economics has built a diverse and loyal client base of over 300

organisations worldwide, including international organisations, governments, central banks,

and both large and small businesses. Headquartered in Oxford, England, with ofces in

London, Belfast, Paris, the UAE, Singapore, Philadelphia, New York and San Francisco,

Oxford Economics employs over 70 full-time, highly qualied economists and data specialists,

while maintaining links with a network of economists in universities worldwide.

For more information please take advantage of a free trial on our website,www.oxfordeconomics.com, or contact John Gaster, Oxford Economics, Abbey House,

121 St Aldates, Oxford, OX1 1HB, UK.

Tel: +44 (0) 1865 268 900; email: [email protected]

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CHAIRMAN

ABERCROMBIE & KENTGeoffrey J W Kent

Founder, Chairman & CEO

PRESIDENT & CEO

WORLD TRAVEL &TOURISM COUNCILDavid Scowsill

VICE CHAIRMEN

GLOBAL LEISURE PARTNERSMark Harms

Chairman & CEO

MANDARIN ORIENTALEdouard Ettedgui

Group Chief Executive

SILVERSEA CRUISESManfredi Lefebvre dOvidio di

Balsorano de Clunieres

Chairman

THE TRAVEL CORPORATIONBrett Tollman

President & Chief Executive

TUI AGDr Michael Frenzel

Chairman of the Executive Board

WORLD TRAVEL & TOURISMCOUNCILJean-Claude Baumgarten

WYNDHAM WORLDWIDEStephen P Holmes

Chairman & CEO

EXECUTIVE COMMITTEE

ACCORDenis Hennequin

Chairman & CEO

AMERICAN EXPRESSCOMPANYWilliam Glenn

President, Global MerchantNetwork Group

BEIJING TOURISM GROUPQiang Duan

Chairman

BHARAT HOTELSJyotsna Suri

Chairperson & Managing Director

CARLSONHubert Joly

President, CEO & Director

EMIRATESGary Chapman

President Group Services &

Dnata, Emirates Group

ETIHAD AIRWAYSJames Hogan

CEO

HILTON WORLDWIDEChristopher J Nassetta

President & CEO

INTERCONTINENTAL HOTELSGROUP PLCRichard Solomons

Chief Executive

JUMEIRAH GROUPGerald Lawless

Executive Chairman

MARRIOTT INTERNATIONAL

JW Marriott, JrChairman & CEO

Arne M Sorenson

President & CEO

MELI HOTELSINTERNATIONALSebastin Escarrer

Vice Chairman

OUTRIGGER ENTERPRISESGROUPDr Richard R Kelley

Chairman Emeritus

RIOFORTE INVESTMENTS SAManuel Fernando Esprito Santo

Chairman

SABRE HOLDINGSTom Klein

President

SHUN TAK HOLDINGSPansy Ho

Managing Director

TRAVEL GUARD WORLDWIDEJeffrey C Rutledge

Chairman & CEO

TRAVELPORTGordon Wilson

President & CEO

TSOGO SUN GROUPJabu Mabuza

Deputy Chairman

VISITBRITAINChristopher Rodrigues, CBE

Chairman

GLOBAL MEMBERS

ALTOURAlexandre Chemla

President

AMADEUS IT GROUP SALuis Maroto

President & CEO

Jose Antonio Tazn

Chairman of the Board

AVIS BUDGET GROUPRonald L Nelson

Chairman & CEO

BEIJING CAPITALINTERNATIONAL AIRPORT COZhiyi Dong

ChairmanGuanghui Zhang

President & CEO

BEIJING TOURISM GROUPYi Liu

President

BOSCOLO GROUPGiorgio Boscolo

CEO

CANNERY ROW COMPANYTed J Balestreri

Chairman & CEO

CHINA INTERNATIONALTRAVEL SERVICE, HEADOFFICE (CITS)

Rong ChenCEO

CHOICE HOTELSINTERNATIONALStephen P Joyce

President & CEO

COSTA CRUISESPier Luigi Foschi

Chairman & CEO

CTRIP.COM INTERNATIONALMin Fan

CEO

DEPARTMENT OF TOURISM &COMMERCE MARKETING,GOVERNMENT OF DUBAI

Khalid A bin SulayemDirector General

DIAMOND RESORTSStephen J Cloobeck

Chairman & CEO

DLA PIPERSir Nigel Knowles

Co-CEO

DOLPHIN CAPITALINVESTORSMiltos Kambourides

Managing Partner

DUBAILANDMohammed Al Habbai

CEO

DUBAI AIRPORTSINTERNATIONALPaul Denis Griffiths

CEO

EAST JAPAN RAILWAY

COMPANYSatoshi SeinoPresident & CEO

EXPEDIA INCDara Khosrowshahi

President & CEO

FAIRMONT RAFFLES HOTELSINTERNATIONALChris J Cahill

COO

GLOBAL BLUE GROUPPer Setterberg

President & CEO

HERTZ CORPORATIONMark Frissora

Chairman & CEO, HertzCorporation

Michel Taride

President, Hertz International &Executive Vice President, HertzCorporation

HNA GROUPFeng Chen

Chairman of the Board

HOGG ROBINSON GROUPDavid Radcliffe

Chief Executive

HONG KONG & SHANGHAIHOTELSClement Kwok

CEO & MD

HOTELPLAN HOLDINGHans Lerch

Vice Chairman & CEO

HUANGSHAN TOURISMGROUPJiwei Xu

Chairman

HYATT HOTELS CORPORATIONMark S Hoplamazian

President and CEO

IBMMarty Salfen

General Manager, Global Travel &Transportation Industry

INDIAN HOTELS COMPANY LTDRK Krishna Kumar

Vice Chairman

JONES LANG LASALLEHOTELS

Arthur de Haast

Global CEO

JTB CORPHiromi Tagawa

President & CEO

LEBUA HOTELS & RESORTSCO LTDRattawadee Bualert

President

Deepak Ohri

CEO

LOEWS HOTELSJonathan M Tisch

Chairman & CEO

LOS ANGELES WORLDAIRPORTSGina Marie Lindsey

Executive Director

LOTTEDong-Bin Shin

Chairman

MESSE BERLIN GMBHRaimund Hosch

President & CEO

MGM RESORTSINTERNATIONALJim Murren

CEO

MISSION HILLS GROUPDr Ken Chu

Chairman & CEO

MVENPICK HOTELS &RESORTSJean Gabriel Prs

President & CEO

NH HOTELSMariano Prez Claver

Chairman

ORBITZ WORLDWIDEBarney Harford

CEO

PAN PACIFIC HOTEL GROUPPatrick Imbardelli

President & CEO

PHOCUSWRIGHTPhilip C Wolf

President & CEO

QUNARChenchao Zhuang

Co-Founder & CEO

RADISSON EDWARDIANHOTELSJasminder Singh

Chairman & CEO

REED TRAVEL EXHIBITIONSRichard Mortimore

Managing Director

RELAIS & CHTEAUXJaume Tpies

President

R TAUCK & PARTNERSRobin Tauck

President

S-GROUP CAPITALMANAGEMENT

Vladimir Yakushev

Managing Partner

SHANGRI-LAINTERNATIONAL HOTELMANAGEMENTGreg Dogan

President & CEO

SOUTH AFRICAN AIRWAYSSizakele Mzimela

CEO

SPENCER STUARTJerry Noonan

Co-leader, Global Hospitality &Leisure Practice

STARWOOD HOTELS &RESORTS WORLDWIDE, INCFrits D van Paasschen

President & CEO

TAJ HOTELS RESORTS &PALACESRaymond Bickson

Managing Director & CEO

TAP PORTUGALFernando Pinto

CEO

TRANSAERO AIRLINESAlexander Pleshakov

CEO

UNITED AIRLINESJeff Smisek

President & CEO

Jim Compton

Executive Vice President & CEO

VIRTUOSOMatthew D Upchurch CTC

CEO

WILDERNESS SAFARISAndy Payne

CEO

ZAGAT SURVEY LLCTim Zagat

Co-Founder, Co-Chair & CEO

INDUSTRY PARTNERS

DELOITTEAdam Weissenberg

Global Segment Lead - Travel

Hospitality and Leisure

REGIONAL MEMBERS

DOURO AZULMario Ferreira

CEO

HONORARY MEMBERS

ACCORGrard Plisson

Co-Chairman, Supervisory Board

AMERICAN EXPRESSCOMPANYJonathan S Linen

Adviser to Chairman

ANDR JORDAN GROUPAndr Jordan

Chairman

FT MOORE P/LSir Frank Moore, AO

Chairman

THE HERTZ CORPORATIONFrank Olsen

Retired Chairman of the Board

NOMURA INTERNATIONALLord Colin Marshall of

Knightsbridge

Chairman

TZ ASSOCIATESTommaso Zanzotto

President

UNIVERSAL MEDIACarl Ruderman

Chairman

CHAIRMAN EMERITUS

RRE VENTURESJames D Robinson III

General PartnerWTTC Chairman (1990-1994)

IMMEDIATE PASTCHAIRMAN

GLOBAL ALLIANCE ADVISORSLLC

Vincent A Wolfington

Chairman

WTTC Chairman (2004-2007)

FORMER CHAIRMEN

INTERCONTINENTAL HOTELSGROUP PLCSir Ian Prosser

Retired Chairman

WTTC Chairman (2001-2003)

AIG INCHarvey GolubNon-Executive ChairmanWTTC Chairman (1996-2001)

ROBERT H BURNS HOLDINGSLTDRobert H Burns

ChairmanWTTC Chairman (1994-1996)

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1-2 Queen Victoria Terrace,

Sovereign Court,

London E1W 3HA

United Kingdom

Telephone: +44 (0) 20 7481 8007

Fax: +44 (0) 20 7488 1008

Email: [email protected]

tt

Documents

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