BUSINESS DEVELOPMENT PLAN: 2014 EXECUTIVE SUMMARY

MARCH 2014

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1 Mission Statement

Gibraltar Finance aims to promote Gibraltar as the EU domicile of choice for financial services. In order to achieve this, we will proactively market the strengths and benefits of our proposition through the media, personal representation and corporate attendance at selected industry events. Gibraltar Finance offers a well-regulated, transparent and internationally cooperative jurisdiction with access to financial markets including the right to access the EU single market in financial services.

Together with our partner firms across the various disciplines in the Gibraltar Finance Centre, we have as our foundation three main virtues; regulation, reputation and speed to market.

Our proposition, offered in a modern environment, provides for competitive rates of personal and corporate tax, high quality infrastructure and a Mediterranean lifestyle that, combined, create a compelling combination.

The result of our mission is to deliver tangible results. This, simply defined, is increased revenue to our partner firms and ultimately the Gibraltar economy.

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2 Overview

2.1 James Tipping, Finance Centre Director who reports directly to Albert Isola

MP, Minister for Financial Services, heads up the Finance Centre Department

of HM Government of Gibraltar. The Finance Centre Department promotes

Gibraltar’s financial services centre internationally as ‘Gibraltar Finance’

although it retains responsibility for a number of other areas not directly

related to marketing and promotion.

2.2 Resources

2.2.1 Human - Gibraltar Finance has received a significant investment in resources,

front and back office, during 2013. The team now includes specialists across

all areas of business activity including a permanent cross-discipline

representative in Gibraltar House in London.

2.2.2 Budget - provided centrally, the marketing budget supports the marketing

activity of Gibraltar Finance. The budget has increased significantly from

previous years to finance the activity of the team and their efforts in the

implementation of the objectives of this business plan.

2.3 Objectives

2.3.1 Gibraltar Finance exists to fulfil a number of specific purposes, these include:

2.3.1.1 Increase significantly the external awareness of Gibraltar as a quality financial

services centre, primarily in our chosen markets; specifically, people and

institutions that materially influence the behaviour of target individuals and

businesses.

2.3.1.2 Increase revenue directly and indirectly for the private and public sectors in

Gibraltar by attracting new or increased business across the full range of

financial and support services that are provided from the jurisdiction.

2.4 Our Markets

2.4.1 Historically, London and Switzerland have been our main markets. This will

continue to be the case. However, a more concerted drive to develop

relationships with professional firms and advisers in other areas of the United

Kingdom will be initiated. In discussing this with Gibraltarian firms, the prime

areas would appear to be Bristol, Birmingham, Manchester, Edinburgh, Leeds

and Edinburgh.

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2.4.2 There are initiatives that will be undertaken outside of our core markets that

are industry segment-specific and, at times, at the specific request of industry

partners. Some of these are outlined in the subsequent sections of this

document.

3 Event Marketing

3.1 Gibraltar Finance has committed to attend a number of events for 2014 and

2015. These are detailed below and the list remains live as it is under constant

review; changes as they arise will be communicated to the relevant sector:

3.1.1 Insurance

Captive Live UK 2014, London

February 24th & 25th

Insurance & Risk Linked Securities, New York

March 4th & 5th

BIBA 2014, Manchester

May 14th & 15th

Bermuda Captive Insurance, Bermuda

June 2nd, 3rd & 4th

Airmic Conference 2014, Birmingham

June 16th & 17th

Insurance Conference Southern Africa, Johannesburg

July 27th, 28th, 29th & 30th

European Captive Forum '14, Luxembourg

November 11th & 12th

3.1.2 Funds

Fonds '14, Zurich

February 5th & 6th

Swiss Asset Managers Conference 2014, Gibraltar (arranged in conjunction with Voxia)

April 3rd & 4th

EuroHedge Summit 2014, Paris

April 29th & 30th

Hedge Fund Startup Forum 2014, London

May 7th

GAIM International 2014, Monaco

June 16th, 17th & 18th

Hedge Funds World Asia 2014, Hong Kong

September 2nd, 3rd & 4th

Invest '14, Geneva

September 17th & 18th

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3.1.3 Private Clients

Family Wealth Management Conference

April 8th & 9th

European City visit

March 24th, 25th & 26th

PayExpo 2014, London

June 11th & 12th

Transcontinental Trusts Conference, Geneva

June 18th & 19th

The European Family Office Conference, London

November 5th & 6th

4 Flagship Events

4.1 Flagship Events are targeted at increasing awareness in each of the

jurisdictions of the Gibraltar proposition. Media coverage will be in place in the

run up to and subsequent to the event. Partner firms are invited to join these

events and support these initiatives. The events, other than those to be held in

London and Geneva, are timed to coincide with major international

conferences at each of the venues.

4.2 The following scheduled events have also been organised by Gibraltar

Finance.

AIMA Annual Conference, London

October 7th

Fonds '15, Zurich

February 2015 4th & 5th

Gibraltar Day, Bermuda

June 2014 4th & 5th

Gibraltar Day, Johannesburg, South Africa

July 2014 30th & 31st

Gibraltar Day, Hong Kong

September 2014 4th

Gibraltar Day, Geneva, Switzerland

September 2014 16th

Gibraltar Day, London, UK

October 2014 20th

Gibraltar Day, Zurich, Switzerland

February 2015 3rd

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5 Direct Marketing

5.1 Each of the four senior executives is tasked with specific functions and

responsibilities. They work individually but also closely together, making best

use of their knowledge and available assets.

5.2 Victor Galliano: the Gibraltar Finance Senior Executive, based at Gibraltar

House, is effectively the multi-discipline permanent representative in London

engaging with the UK based finance industry. In essence, the UK market is the

primary target market for the Gibraltar Finance Centre, given its global

significance. In every area of interest to our financial services sector, the UK

market is often the leading player on the global stage. The synergy between

Gibraltar and the UK continues to be a major ingredient in our growing

commercial relationship.

5.2.1 The facilities at Gibraltar House are available to Gibraltar Finance, our senior

executives and to industry generally. These include three meeting rooms,

lounge, boardroom and presentation suite. Readily available for presentations

and meetings to market the attractiveness of the jurisdiction to targeted

industry and service providers, ideally, with the participation of the Gibraltar

based industry. The boardroom can accommodate up to 22 guests comfortably

around the table, and the presentation suite has capacity for up to 35. One

event a month will be held at Gibraltar House, rotating monthly across the

disciplines (funds, insurance, private clients); these are to be breakfast or

lunch events.

5.2.2 In each case, a theme in each discipline is to be presented by an industry

professional from Gibraltar and/or its association, to act as the key attraction;

where possible supported by conference organisers.

5.3 Philip Canessa is the Senior Executive – Funds and Asset Management, and

his aim is to raise awareness of Gibraltar as the EU finance centre of choice

for funds and asset management firms among decision makers and advisers.

The focus of the marketing effort will be on London and Switzerland but would

also include other jurisdictions at targeted events.

5.3.1 The objective will be achieved through focused meetings and presentations

with lawyers, consultants, accountants, advisers and individual asset

managers.

5.3.2 Our membership of the Alternative Investment Management Association

(AIMA) with its 1,375 members, of which 395 are in the UK, will assist us in

establishing contact with our potential targets.

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5.3.3 Visits to Geneva and Zurich will include meetings with independent asset

managers and lawyers. We will use our own database as well as contacts in

Swiss banks and asset managers in Gibraltar. In addition, we will host flagship

events in these two cities.

5.4 Michael Ashton: promotes the insurance and pensions sectors. Whilst the

strength of the motor sector and the increase from approx. 10% in 2011 to

approx. 16% in 2012 of the UK motor market is a great achievement, we have a

highly concentrated insurance industry. There is a need for diversification and

real focus will be given to exploring and accelerating growth in other areas of

the insurance market. Work has already commenced on the development of

insurance linked securities, the expansion of QROPS and the introduction of

QNUPS. Further new developments are expected and each of these will be

marketed directly in the market and indirectly via our media partners.

5.5 Paul Astengo: manages the private client proposition which focuses on a

number of areas including residence schemes, corporate and trust work,

banking and e-money institutions. Much work has been conducted in

identifying target areas for the development of philanthropy and the family

office. Direct contact in London is being made with professional service

providers to raise the profile of Gibraltar in those areas.

6 Media Marketing

6.1 Social Media

6.1.1 Creating and maintaining awareness (marketing activity) will be a constant

process throughout the period of this and future plans. The specific actions

undertaken to achieve this are listed below. Gibraltar Finance has made a

significant investment in creating a modern, standalone website. We will

continue to use existing methodology employed while, at the same time,

harness the significant benefits of evolving media.

Launched in October 2013 gibraltarfinance.gi/en/home

Launched April 2013 LinkedIn

Launched in July 2013 ISSUU.com

Launched in January 2012 Twitter

Launched in August Facebook

In use since June 2013 Mail Chimp

Created in November You Tube

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6.2 We continue to work with media partners targeting sector-specific material.

Once identified, we are creating a much wider community within which we

circulate information relevant to our proposition in the various markets in

which we are active. The creation of new relationships, alongside the nurturing

of existing ones with journalists, is a key element of the senior executives’

activity. We will leverage on this to promote the jurisdiction and new initiatives.

We will strongly encourage media participation in the flagship events so as to

drive maximum benefit. We will continuously base our activity in the media on

the three pillars of our proposition: reputation, regulation and quality.

7 Legislation

7.1 We will deliver on the following legislation that industry has identified as key

for the continued growth of the finance centre. Colleagues in other areas of

Government are also working on delivering significant pieces of legislation

which are very relevant to our area of business.

7.2 Financial Services-specific

Anti Forced Heirship

Capital Requirement Directive

Customer Safeguard Account

Private Trust Companies

Purpose Trusts

Foundations

Perpetuity Period (amendment)

Pensions – regulatory changes

Pensions – QNUPS legislation

7.3 Legislation – general

Companies Act

Insolvency Bill

Limited Liability Partnership

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8 Products & Services

8.1 We will continue to work closely with the private sector, focusing our efforts

on providing both the legislative and consultative support in order to continue

to develop new and improved products.

9 Conclusion

9.1 The Gibraltar Finance team is committed to making Gibraltar the EU finance

centre of choice. We understand that in order to maximise the benefits of this

challenge, we need to work in partnership with industry and embrace the

enormous potential that this brings. We ask that you engage us and work with

us in the further development of Gibraltar as a jurisdiction of choice.