Prepared for: Quantitative Research November 2009

1 Survey Overview Sample/Methodology ■Research.bm utilised Computer Assisted Telephone Interviewing (CATI) to interview a representative sample of 400 Bermuda residents aged 18+. The survey was conducted in October 2009 and lasted approximately 12 minutes. Weighting ■The total sample was weighted to be representative of Bermuda’s population on the following factors: gender, age, education and nationality. Margin of Error ■The margin of error for the study is +/- 5% at the 95% confidence level. Analysis Notes ■Some chart percentages may add to more than 100% due to multiple mentions (i.e., questions that allow respondents to select more than one response). ■The bases shown on each chart are not weighted. ■The results are directly compared to those obtained in March or May 2009.

2 Definitions Of International Business ■Compared to the March results, there was a 6 point increase in the percentage of residents who offered a definition of International Business (85% vs. 79%). ■Younger residents were less likely to give a definition of International Business. Total (400) Male (115) Female (285) (105) (151) 55+ (141) How would you define International Business? Gave a definition Don’t Know 79% 21% March 2009 Results

3 Definitions Of International Business (Continued) ■The most popular definitions for International Business are shown in the table below. How would you define International Business? A business that is owned by a foreign company but has a presence in Bermuda.30% International Business is "Very Important" / "Necessary" for Bermuda.21% International Business is a "big part of Bermuda's Economy" / "Creates income/revenue” for Bermuda.15% International Business is a global company/companies that do business in multiples countries.13% "Insurance"/ "Reinsurance Companies"9% An "exempt company" with its headquarters in Bermuda for taxation purposes.9% International Business is "International Business“.2% International Businesses are "Non-Bermudian organizations“.1%

4 Drivers of Bermuda’s Economy ■Up by 16 points from the March results, 87% of residents said that International Business is the main driver of Bermuda’s economy followed by Tourism (8%). What is the most important driver of Bermuda’s economy? International Business Tourism Banking Other Don’t Know 71% 4% March 2009 Results 16% Total (400) Male (115) Female (285) (105) (151) 55+ (141)

5 Sustainability of Tourism ■Consistent with the March results, 90% of residents are concerned about the sustainability of the Tourism industry over the next 10 years. ■Up by 9 points, 61% of residents are very concerned about the sustainability of Tourism. Please indicate whether you are Very Concerned, Somewhat Concerned, Neither Concerned or Unconcerned, Somewhat Unconcerned, or Not At All Concerned for the Tourism industry’s sustainability over the next 10 years. Not at all Concerned Somewhat Concerned Don’t Know Somewhat Unconcerned Very Concerned Neither Concerned or Unconcerned 41% 52% March 2009 Results Total (400) Male (115) Female (285) (105) (151) 55+ (141)

6 Sustainability of International Business ■Consistent with the March results, 84% of residents said that they are concerned about the sustainability of International Business over the next 10 years. Please indicate whether you are Very Concerned, Somewhat Concerned, Neither Concerned or Unconcerned, Somewhat Unconcerned, or Not At All Concerned for the International Business industry’s sustainability over the next 10 years. Not at all Concerned Somewhat Concerned Don’t Know Somewhat Unconcerned Very Concerned Neither Concerned or Unconcerned 36% 49% March 2009 Results Total (400) Male (115) Female (285) (105) (151) 55+ (141)

7 Sustainability of Banking ■Down by 6 points from the March results, 58% of residents are concerned about the sustainability of the Banking industry over the next 10 years. Please indicate whether you are Very Concerned, Somewhat Concerned, Neither Concerned or Unconcerned, Somewhat Unconcerned, or Not At All Concerned for the Banking industry’s sustainability over the next 10 years. Not at all Concerned Somewhat Concerned Don’t Know Somewhat Unconcerned Very Concerned Neither Concerned or Unconcerned 36% 28% March 2009 Results Total (400) Male (115) Female (285) (105) (151) 55+ (141)

8 Feelings about International Business ■Compared with the March results there was a 4 point increase in the percentage of residents who felt that International Business has a positive impact on Bermuda’s local community (92% vs. 87%). Which of the following best reflects your feelings about International Business? Positive Effect Somewhat Positive Effect No Contribution in Some Ways No Contribution in Most Ways Don’t Know None of the Above 22% 65% March 2009 Results Total (400) Male (115) Female (285) (105) (151) 55+ (141)

9 Why do you say that you feel that way? ■The most popular reasons given by residents who felt that International Business has a positive or negative effect on Bermuda are shown below. Feelings about International Business (Continued) A Positive ImpactA Negative Impact It provides jobs for Bermudians.40% International Business could do more for Bermudians. 3 mentions Positively impacts the "economy" and provides "income" or "revenue" to the community.34%Its sometimes good/ sometimes bad. 2 mentions It contributes positively to Bermuda (e.g. Provides scholarships for students, rent for locals).11% International Businesses do not distribute jobs fairly. 1 mention It provides support to charities.7% International Business increases the cost of living in Bermuda (i.e., apartment rental). 1 mention Bermuda /Bermuda's economy is reliant on International Business.6% Gives Bermudians global employment exposure/ training.2%

10 Employment Opportunities for Bermudians ■Compared to March 2009, there was a 3 point increase in the percentage of residents who agreed that International Business offers attractive employment opportunities to Bermudians (85% vs. 88%). International Business offers attractive employment opportunities to Bermudians. Strongly Disagree Neither Agree nor Disagree Don’t Know Somewhat Disagree Somewhat Agree Strongly Agree 34% 51% March 2009 Results Total (400) Male (115) Female (285) (105) (151) 55+ (141)

11 Overseas Employment Opportunities for Bermudians ■Down by 4 points from the March 2009 results, 75% of residents agreed that International Business offers Bermudians the opportunity to work overseas. International Business gives Bermudian employees the opportunity to work overseas. Strongly Disagree Neither Agree nor Disagree Don’t Know Somewhat Disagree Somewhat Agree Strongly Agree 40% 39% March 2009 Results Total (400) Male (115) Female (285) (105) (151) 55+ (141)

12 Educational Opportunities for Bermudians ■Down by 4 points from the March 2009 results, 86% of residents agreed that International Business provides useful educational opportunities for Bermudians. International Business provides useful educational opportunities for Bermudians. Strongly Disagree Neither Agree nor Disagree Don’t Know Somewhat Disagree Somewhat Agree Strongly Agree 38% 52% March 2009 Results Total (400) Male (115) Female (285) (105) (151) 55+ (141)

13 Familiarity With Bermuda International Business Association ■Up by 2 points from the last quarter, 22% of residents said that they were familiar with the Bermuda International Business Association. Familiarity With Bermuda International Business Association (BIBA). 5 – Very Familiar – Not at all Familiar Don’t know 8% 12% 34% 17% 29% March 2009 Results Total (400) Male (115) Female (285) (105) (151) 55+ (141)

14 Impression Of Bermuda International Business Association Advertisements ■Down significantly from the last quarter, 40% of residents had recently seen a Bermuda International Business Association advertisement. ■The majority of residents who had seen an ad had a positive impression of it (83%). If you have recently seen or heard BIBA advertisements in the media, what type of impression did the advertisements give you? Positive Somewhat positive Neither positive or negative Negative I have not seen BIBA Ads recently Somewhat negative Don’t know 22% 38% 22% March 2009 Results Total (400) Male (115) Female (285) (105) (151) 55+ (141) 5%

15 Types Of Services Offered By Bermuda International Business Association ■Thirty-two percent of residents gave their opinion about the types of services that BIBA offers, a 14 point decrease over the March results. To your knowledge what types of services does Bermuda International Business Association offer? Gave their opinion about the services offered by BIBA I don’t know anything about BIBA I have only heard the name Don’t Know 46% 24% 15% March 2009 Results Total (400) Male (115) Female (285) (105) (151) 55+ (141)

16 Types Of Services Offered By BIBA (Continued) ■The most common responses for the types of services that the Bermuda International Business Association offers are shown in the table below. To your knowledge what types of services does BIBA offer? Offers "networking", "job placements" and "educational opportunities"48% Promotes International Business in Bermuda35% Deals with matters relating to Insurance and Finance industries7% Provides information to Businesses in Bermuda6% Represents International Businesses (by acting as their voice to the Government and the local community)4%

17 International Businesses Leaving Bermuda ■Forty-nine percent of residents agreed that International Businesses are leaving Bermuda (a 7 point increase from the May 2009 results). ■Twenty-nine percent of residents disagreed with this statement. Strongly Disagree Neither Agree or Disagree Disagree Please tell me how much you agree with the following statement: International Businesses are leaving Bermuda. Agree Strongly Agree Don’t Know 23% 19% 17% 16% May 2009 Results Total (400) Male (115) Female (285) (105) (151) 55+ (141)

18 Reasons Why International Businesses Are Leaving Bermuda ■The most frequent mentions for why residents felt that international businesses are leaving Bermuda are shown in the table below. Why do you think that International Businesses are/ are not leaving Bermuda? [open-ended] Governments attitude toward international businesses/ guest workers/ political instability.32% The downturn of the economy and recession - businesses are downsizing.22% Competition from other jurisdictions which are perceived to be more stable, less expensive and have more relaxed policies.13% Information through various media such as the newspaper, local news, word of mouth and personal observation.13% Pressure from the US Government to return 'home' (e.g., "President Obama", "Tax threats")10% Immigration policies /attitude toward guest workers /6 year work permit rule9%

19 ■Forty-two percent of residents feel that Government policies promote International Business in Bermuda (a 13 point decline from the May results. ■Identical to May, 17% feel that Government policies discourage International Business in Bermuda. Govt. policies promote International Business Govt. policies discourage International Business Govt. policies neither promote or discourage IB Don't Know/Refused Which of the following best reflects your opinion about Government policies toward International Business (IB)? Opinions on Government Policy Toward International Business 17% 20% 55% May 2009 Results 8% Total (400) Male (115) Female (285) (105) (151) 55+ (141)

20 ■The reasons given by residents who feel that Government Policies promote or discourage International Business are listed below. Opinions on Government Policy Toward International Business Why do you think that Government Policies promote / discourage International Business. Government Policies Promote IB Because Govt. realizes that Bermuda's economy relies on International Business.35% Government policies are in place to maintain relationships with businesses/ jurisdictions to maintain and attract businesses to Bermuda.33% Government relaxes their policies for international businesses (e.g., work permit rules, tries to accommodate individual company needs).10% Because of the opportunities it provides to Bermudians.9% Because there are so many International Businesses in Bermuda.6% Government does everything it can to promote International Business.4% Government provides low /limited taxes for International Businesses.3% Government Policies Discourage IB Inflexible Government /Immigration policies (e.g. 6 year work permit rule, Work force equity bill)57% Government places too many restrictions / imposes to many fees on International Businesses.20% Government is not doing enough to support International Businesses.16% Government sometimes has a negative attitude toward International Businesses (e.g., racist, disrespectful)7%

21 ■Up by 5 points from the May results, 93% of residents said that the impact of International Businesses leaving Bermuda would be negative. A very negative impact A somewhat negative impact No impact A somewhat positive impact A very positive impact Impact of International Businesses Leaving Bermuda If International Businesses were to leave Bermuda, what impact if any would this have on the local community? Don’t know 5% 3% 66% 22% May 2009 Results Total (400) Male (115) Female (285) (105) (151) 55+ (141)

22 ■The majority of residents commented on the negative impact International Businesses leaving Bermuda would have on the local community. Impact of International Businesses Leaving Bermuda Why would you say that it would have a positive or negative impact? It would results in a loss of jobs.45% It would result in a loss of income and revenue for Bermuda /Bermuda's economy (e.g. Economy would crash, poverty, Tourism cannot sustain us)38% Bermuda relies on International Business and it contributes to the community (i.e., scholarships, charitable donations etc)9% Local businesses would lose business from this segment.5% It would effect the cost of living, rents would go down.2% It would lead to an increase in crime.2%