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New Business Development Manager 22 October 2004

Isle of Man Finance, the promotional arm of the Isle of Man Government Treasury, is pleased to announce the appointment of Nick Boon as Business Development Manager dedicated to the banking industry. Nick joins the team at a very exciting time for the Island. Nick has lived on the Isle of Man for the last ten years and worked previously for Coutts as a Private Banking Manager dealing with high net worth clients. Prior to this he worked at Barclays Bank.

Not only is the Isle of Man an established location for major UK and international banks, but it has become increasingly attractive to niche private banks. With the zero rate corporate tax strategy on course for full implementation by 2006, the Treasury Minister was able to meet the target tax rate for banks of 10% two years ahead of schedule, providing certainty for the banking community. This led to Nick's timely appointment.

Nick's new role includes developing and managing Isle of Man Finance's banking sector marketing strategy in support of the banking industry to encourage further the development of the Island as an international business centre. The primary focus for Nick will be to support existing banks located on the Island and facilitate the opening of new markets, whilst encouraging new banking institutions to establish themselves in the Isle of Man.

Nick is looking forward to the challenges ahead and said:

"I am delighted to be joining the team and I am looking forward to working closely with the Island's banking community. The Isle of Man has consistently proved itself to be one of the most highly regarded international business centres in the world and I am excited at the prospect of playing a part in its continued development."

Welcoming Nick, Donald Gelling CBE, CP, MLC, Chairman of Isle of Man Finance said:

"Nick is a great addition to our team and we are very pleased to welcome him on board. His background experience in private and retail banking will be of great benefit and we are looking forward to drawing on his experience in our future activities and plans."

Commenting on Nick's appointment, Aidan Doherty, Deputy President of the Association of Licensed Banks added:

"With the introduction of the EU Savings Directive adding uncertainty in an already competitive international banking industry, Nick's appointment has to be welcomed, and is a clear and positive indication of Treasury's support for the banking sector on the Isle of Man."

Nick Boon took up his role as Business Development Manager on October 18th 2004.

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