From: Cecile de Jongh To: JEE <jeevacation®gmail.com> Cc: Jeanne Brennan Date: Tue, 25 Mar 2014 14:55:16 +0000 Hi Jeffrey, Your assistance would be greatly appreciated. Jeanne and I are trying to finalize the required business plan for FSG (the IBE). Can you tell us what, out of the list below, FSG will be doing? We need to come up with projected income from lines of business. The following is what we sent to the Division of Banking and Insurance which covers everything one can do under a VI IBE permit: Upon the Director's approval, FSG will engage in the allowable activities as provided for under section 726 of Title 29, chapter 12 of the Virgin Islands statute, including but not limited to: • make, arrange, guarantee, secure, bond or service loans or other financial undertakings provided that none of the loans or financial undertakings may be granted to a domestic person and in the case of financial securities for debt, issue transactions in the U.S. Virgin Islands; • issue, confirm, give notice, negotiate or refinance letters of credit if the client and the beneficiary requesting the letter of credit is not a domestic person; • issue confirm, give notice, negotiate, or refinance letters of credit in transactions for financing of exports, even if the beneficiary is a domestic person; • engage in financial and business management services; • make commercial loans in excess of $1,000,000 to U.S. Virgin Islands borrowers that (i) have been rejected, or not approved within 30 days from submission, by any U.S. Virgin Islands financial institution; or (ii) bear interest at an interest rate of not less than five percentage points above the Federal Home Loan Mortgage Corporation's posted yield on the last business day of the month on a thirty-year standard conventional fixed rate mortgage; • make capital contributions in excess of $1,000,000 to U.S. Virgin Islands business entities in the U.S. Virgin Islands; • carry out banking transactions perm