UNITED STATES VIRGIN ISI.ANDL ECONOMIC DEVELOPMENT COMMISSION INDUSTRIAL. PARK DEVELOPMENT CORPORATION Tau Dteetat January 31, 2013 Erika Kellerhals, Esq. Kellerhals Ferguson, LLP RE: Southern Trust Company, Inc. - Recommendation for Economic Development Benefits Dear Attorney Kellerhals: This serves as a formal notification of actions taken by the Governing Board of the Economic Development Commission ("EDC") regarding the Southern Trust Company, Inc., application for Economic Development Benefits. The Governing Board of the EDC considered the application of Southern Trust Company, Inc. (the "Applicant") during its Decision Meeting on January 23, 2013. The "grant of benefits", as described in Item A of Attachment No. 1, is being recommended to the Governor. The "grant of benefits" will require the Applicant to employ a minimum of five (5) full-time employees within one year from the date the Chairman signs its Certificate, and an additional five (5) full- time employees by the end of the sixth (6th) year of operation. The Applicant was granted a 50% resident employment waiver for the first five (5) years of operation and to require the following: The Applicant will contribute Two Thousand Five Hundred U.S. Dollars ($2,500) annually to the Territorial Scholarship Fund, administered by the Board of Education, for each non-resident that causes it not to meet the 80% requirement. The Applicant will also exhaust all requirement options available but not limited to the University of the Virgin Islands and the Department of Labor. The Applicant will invest at least Four Hundred Thousand U.S. Dollars ($400,000) in the benefited business upon commencement of benefits and completing one (1) year thereafter. The Applicant will, of course, be required to comply with the Provisions of Title 29, Chapter 12, V.I. Code; Section 934 of the U.S. Internal Revenue Code; the EDC Rules & Regulations; and such special conditions as specified in Item C of Attac