1. Why is Bermuda Still The Leading Domicile? September 18, 2006

2. Why is Bermuda Still The Leading Domicile? Moderator: David Ezekiel, President and Managing Director, International Advisory Services, Ltd.David Ezekiel Panelists: Lanette Frostestad, Director of Analysis and Risk Management, McKesson Corporation Keith J. Ryan, Vice President and Chief Finance Officer, Lincoln Reinsurance Company of Bermuda Limited William H. Baxley, Vice President, Treasurer and Assistant Secretary, FreemanLanette FrostestadKeith J. RyanWilliam H. Baxley

3. Why is Bermuda Still The Leading Domicile? THE NUMBERS Bermuda 987** Cayman733 Vermont542 BVI383 Guernsey382 Barbados301 Hawaii158 South Carolina122 ** Bermudas growth over the last 2 years is lagging behind its main competitors--- cause for concern?

4. Why is Bermuda Still The Leading Domicile? WHAT MAKES A GOOD DOMICILE ? PRIMARY ? Regulatory Framework - mature environmemt / regulatory pragmatism Tax Environment Infrastructure - Broad Range of Service Providers / High level of expertise Industry Support - Brokers, Reinsurers One-stop shopping Political Stability SUPPLEMENTARY? Legal Framework Safety/Quality of Life Vital Business environment Proximity to U.S. Markets A pleasant destination

5. Why is Bermuda Still The Leading Domicile? ROOM FOR IMPROVEMENT ? Control on Costs Speed of Incorporation Airport Immigration Lines Hotel Availability Maintain Service Standards/Infrastructure Try and minimise Bad Publicity; Respond suitably when it occurs

6. Why is Bermuda Still The Leading Domicile? WHAT LIES AHEAD ? More Domiciles ? Onshore Challenges The impact of Rent A Captives Greater use of Bermuda Reinsurers?

7. Why is Bermuda Still The Leading Domicile? September 18, 2006