1. Marcus Beveridge, Principal, Queen City Law August 2015 DO WE HAVE A SUSTAINABLE BUSINESS POLICY: Has the pendulum swung too far?

2. Topics Investor Category -What are the numbers? -How do we compare to other jurisdictions? -Ambiguous? -Sustainable? Entrepreneur Work Visa -What are the numbers? -How do we compare to other jurisdictions? -Ambiguous? -Sustainable? Comments OVERVIEW

3. WHAT DO THE NUMBERS TELL US? INVESTOR PROGRAMME

4. All CountriesApplication Criteria Financial YearDecision TypeInvestor 1Investor 2 2013/14 Approved80%2972%157 Declined 20%728%61 Total for 2013/14 36 218 2014/15**Approved69%2554%150 Declined 31%1136%129 Total for 2014/15** 36 279 China (inc HK, Taiwan)Application Criteria 2013/14 Approved75%976%116 Declined 25%324%37 Total for 2013/14 12 153 2014/2015Approved69%1654%130 Decline 31%746%112 Total for 2014/15** 23 242 **2014/15 only 11 months

5. TRENDS IN THE INVESTOR CATEGORY NUMBER OF INVESTORS 2001 - 1088 2002 – 1087 2006 - 39 2012 – 167 2014 - 570 2015 - 690

6. INVESTOR PROGRAMME KEY HIGHLIGHTS Still plenty of room for growth The significant increase shows there is interest in the investor category. However, the increase is specific to China. There is a significant drop in approval rate. This can either be attributed to the following: Low quality application; or The instructions is not being applied properly.

7. INVESTOR PROGRAMME HOW DO WE COMPARE TO OTHER JURISDICTION? CountryBasic requirement Number of application 2013 Australia - Investor and Significant Investor Stream AU $1.5 million to $5 million - $500k bond, $1.5 million (managed fund)545 United States - EB US $500,000 in targeted employment area: $1 million elsewhere (Business Entities and Creation of 10 Jobs)8600 Canada CAN $800,000 (Government Bond)2400 UK £2 million (Bond, share capital or loan capital in active and trading UK registered Companies)1600

8. KEY POINTS Based on the size of our country, we are doing well in terms of the number of applications coming through; Our immigration investor policy settings are quite attractive from an international perspective; We have more flexibility on where the applicants can invest; Our approval rate is very low. INVESTOR PROGRAMME

9. ARE THE IMMIGRATION INSTRUCTIONS AMBIGIOUS? Lawful Earnings How long is a piece of string? What is independent and verifiable? Business Experience How senior is senior? Management Level? IS THIS SUSTAINABLE? Certainty with EOI Processing time - Backlogs Approval rate - Declining

10. ENTREPRENEUR WORK VISA WHAT ARE THE NUMBERS? From 01 July 2014 – 30 June 2015 53 application have been approved 68 declines 25 withdrawal HOW DO WE COMPARE TO OTHER JURISDICTIONS? CountryBasic requirementNumber of application Australia - Business Innovation Stream a) Ownership of a business - turnover of AUD 500,000 b) Net asset AUD 800,000 (Point System) Around 5000 as at April 2015 United States - E2 "Substantial amount of Capital" - No minimum investment amount is specifiedAround 32,000 in 2012 Canada - Entrepreneur Program Minimum net worth of CDN $300,000114 as at 2013 UK - Tier 1 (Entreprneur) £50,000 investment fund (Point system)1387 as at 2013

11. ENTREPRENEUR WORK VISA ARE THE IMMIGRATION INSTRUCTIONS AMBIGIOUS? What business is acceptable? Objective of the instructions is yet to be amended. Definition of working capital Meeting forecasts and projections IS THIS SUSTAINABLE? The benchmark is too high and the instruction is too prescriptive Uncertainty with regards to pathway to residency Attractive policy? Commercially pragmatic?