Economic Development Authority COPY WWW.USVITOA ORG 1877 432-8784 February 20, 2014 Erika Kellerhals, Esq. Kellerhals Ferguson Kroblin PLLC 9100 Port of Sale Mall Suite 15 St. Thomas, U.S. Virgin Islands 00802 Re: Southern Trust Company, Inc. Dear Attorney Kellerhals: This letter serves as a formal notification relative to the actions taken by the Governing Board ("Board") of the Economic Development Commission ("EDC") on Southern Trust Company, Inc. The Board voted at its January 24, 2014 decision meeting to approve the petition by Southern Trust Company, Inc. in accordance with EDC Rules and Regulations §§ 708-203 and 718-4(c)(2), to grant an extension of time for Southern Trust Company, Inc. to meet its capital investment requirement by February 1, 2015. Upon your review of the Board's recommendation it is requested that you sign below indicating whether you accept said recommendations, and return to the EDC by March 6, 2014 for further processing. Sincerely, ennif Assis cc: 01../6' ugent-Hi t Chief Executive Officer Percival E. Clouden, Chief Executive Officer Tracy Lynch Bhola, Esq., Legal Counsel Margarita Greenidge-Benjamin, Director of Applications ACCEPT Southern Trust Company, Inc. *DECLINE: Southern Trust Company, Inc. Signature Date Signature Date *Explanation: Economic Development Commission Enterprise Zone Commission Government Development Bank Industrial Park Development Corporation Small Business Development Agency ST. CROIX 116 King Street, Frederiksted, VI 00840 (340)773-6499 FAX (340) 773.7701 ST. THOMAS 8000 Nitky Shopping Center, Suite 620, St. Thomas, VI 00802 (340) 714-1700 FAX (340) 715-2753 EFTA01100317