At 1230 hours, Monday March 7, 2005 at the Tivoli Hotel, Lisbon, Jean-Claude Baumgarten, President of the World Travel & Tourism Council (WTTC) and Manuel Fernando Espirito Santo, Chairman, Espirito Santo Tourism will release WTTC's 2005 Portugal and European Union economic forecast for the Travel & Tourism sector, which represents over 10 per cent of global GDP and more than 200 million jobs across the world.

WTTC's annual forecast for 174 economies is eagerly awaited and viewed with particular interest by governments, leading economists and by sector specific analysts following the fortunes of Travel & Tourism businesses such as hotels, airlines, car hire and tour operators.

After recovering from several of the most difficult years in the industry's history, at the hands of war, terrorism, SARS and a significant economic downturn, the major question mark for the Travel & Tourism industry is how far and fast will demand in 2005 succeed the global recovery in 2004. WTTC's forecasts will answer these questions and will also identify the prospects for Portugal and which EU Travel & Tourism economies are best positioned for future growth.

Known as Tourism Satellite Accounting (TSA), WTTC's research covers 174 countries and over a dozen regions worldwide, focusing on several economic fundamentals, including Travel & Tourism demand, visitor exports, GDP contribution and employment.

TSA research quantifies all aspects of Travel & Tourism demand, from personal consumption to business purchases, capital investment, government spending and exports. This information is translated into economic concepts of production, such as gross domestic product (GDP) and employment, which can be compared with other industries and the economy as a whole to provide credible statistical information that will assist in policy and business decision-making.

The forecasts are prepared by Oxford Economic Forecasting following a methodology that is internationally endorsed by the United Nations.

At the Tivoli Hotel, WTTC will present the main numbers and will also identify significant economic trends and forecasts for Travel & Tourism's expected future performance in Portugal.

A panel of top executives will be present to comment on the data and the implications it has for their specific niches within Travel & Tourism. They include:

• Jean-Claude Baumgarten, President, World Travel & Tourism Council
• Manuel Fernando Espirito Santo, Chairman, Espirito Santo Tourism

These executives will be available for interview on the day by arrangement with WTTC.