# EXHIBIT 48



## ECONOMIC DEVELOPMENT COMMISION ANNUAL REPORT

FiliCaliCalender Year Ending

47\$0,61414 Plea - Financial Trust Company. Inc.

| In Safes (Inetigthie gales) & Eligible for Tax Benefits | ( S )5 |
| ----------------------------------------------------------------------------------- | -------- |
| 011wr Income (Inelgibie)& Eligtile for Tax Benefits | ( S )S |
| Gross Wages Paid In the V.I. (Include vacation & PCk pay, bonuses. ovenrne. etc.) | S |
| Average No. ol Employees: Full Time a (Part Time'Other)... | 11 |
| Average No. ol Residents; Full Time & (Part Time/Other)... | 10 |
| Average No. of Non-Residents; Fill Time & (Pad Time-Other)... | 1 |

December 31. 2008

TAXES AND DUTIES (Provide dollar amount paid, and value of exemption/refund for each tax)

| **Gross Receipts:** | Amount Paid | \$ | - |
| -------------------------------------------------- | ------------------------------------------ | ---- | ------ |
|  | Dollar Value of Exemption | \$ | - |
| **Real Property Tax:** | Amount Paid | \$ | - |
|  | Dollar Value of Exemption | \$ | - |
| **Excise Taxes:** | Total Paid | \$ | - |
|  | Dollar Value of Exemption/Refund | \$ | - |
| **Income Taxes:** | Total Paid | \$ | - |
|  | Dollar Value of Exemption/Refund | \$ | - |
| **Customs Duties:** | Total Paid | \$ | - |
|  | Dollar Value of Exemption/Refund | \$ | - |
| **Other:** | Hotel room taxes paid | \$ | - |
|  | Other Taxes, Fee Paid to V.I. Government | \$ | 1447 |
| **TOTAL TAXES PAID:** |  | \$ | 1447 |
| **TOTAL VALUE OF EXEMPTIONS AND OR REFUNDS:** |  | \$ | - |

## EXPENDITURES FOR GOODS, SERVICES, PLANT & EQUIPMENT

| Goods and Services: Raw materials. components Food, beverage Freight Charges Insurance Legaii Account ig | Eligible Supplier 10992 | V.I. Suppliers 20404 2897 | Non-Local 3600 S 308983 \$ | Totals 24004 32287 |
| ---------------------------------------------------------------------------------------------------------- | ------------------------- | --------------------------- | ---------------------------- | -------------------- |
| Advertising / Promotion |  | 1501 |  | 150 |
| Utilities (let. water, eiect etc ) Interest & Other Bank Clog |  | 29671 | 12447 g | 4211 |
| SupPies | 5699 | 25798 | 5052 S | 3654 |
| Repairs:Maintenance | 1561 | 10 | 5006 | 657 |
| Other (List Separately) | 39000 | 121869 | 2238 \$ | 16310. |
| Subtotal, Goods and Svcs: | 57253 | 202149 | 337325 S | 59672 |
| Cepllel Expenditures |  |  | S |  |
| Banking a Improvements Leasehold Improvements |  |  | S |  |
| Machinery! Equipment |  | 0709 | 25774 \$ | 35483 |
| Furniture / Fixtures |  |  | 11398 \$ | 11398 |
| Vehicles Other (List Separately) |  |  | \$ |  |
| Subtotal. Capital Expend: |  | 9709 | 37172 S | 46881 |
| GRAND TOTALS | 57253 | 211858 | 374497 \$ | 643608 |

CUMULATIVE CAPITAL EX MURES UNDER EDC CERTIFICATE 694909

Name/Signature of Preparers ceomue•i Jeanne IPMINIkeify

Date: 9/ 3o/0 9 Telephone Plumber: 340-775-2625



FiscaUCidendar Year Ending Docombsr 31.2006

Company Name Financial mist Company. Inc.

### PLANT & EQUIPMENT -Other EXPENDITURES FOR GOODS, SERVICES,

| Goods and Sonless: Dues and subsottions | Eligible Supplier | Vi. Suppliers 1528 | Non-Local 634 \$ | Totals 2162 |
| ----------------------------------------- | ------------------- | -------------------- | ------------------ | ------------- |
| Seminars and education |  | 998 | 966 | 1964 |
| Postage and delivery |  | 7506 | \$ | 7506 |
| Travel |  | 8825 | 638 \$ | 9262 |
| Meals and transportaion |  | 6754 | 5 | 6754 |
| Co-op marketing leokonitykance lees | 39000 |  | 5 | 39000 |
| Rent |  | 98458 | \$ | 96458 |
| Subtotsl, Goods and Svcs: | 39000 | 121869 | 2238 \$ | 163106 |

## EXPENDITURES FOR CHARITABLE CONTRIBUTIONS

|  | VA. Educational | VA. Charity | V.I. Foundation Funding | Totals |
| ------------ | ----------------- | ------------- | ------------------------- | --------- |
| Company | 19000 | 21360 | 37500 | 77860 |
| Foundation | 57341 | 85164 |  | 142505 |
|  | 11111 | 106524 | 37500 \$ | 220365. |



*Investors Dream*

# EDC ANNUAL REPORT

## Value of Exemptions of Stockholders/Partners/Members

BENEFICIARY Financial Trust Company, Inc. Fiscal Year Ending December 31, 2008

07/15/11

Case 1:22-cv-10904-JSR Document 194-11 Filed 06/20/23 Page 4 of 4

| Stockholders, Partners or Members | Social Security No. | Physical Address | % Distributable Shares | EDC Income | Business Activity | Total Tax Due | EDC Credit | Balance Tax Due |
| ----------------------------------- | --------------------- | --------------------------------------------------------- | ------------------------ | ------------------------------------------------------------- | ------------------- | --------------- | ------------ | ----------------- |
| Jeffrey E. Epstein | | Little Saint James
St. Thomas U.S. Virgin
Islands | 100 | See page 1 of Economic Development Commission Annual Report | | | | |
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|  |  |  |  | **TOTAL:** \$ | \$ | \$ | \$ |  |

Note: Totals of EDC Credit and Balance Tax Due must be carried forward to the EDC Annual Report and reported under Taxes and Duties (See instructions).



VL-PM-00001337

HIGHLY CONFIDENTIAL SUBJECT TO PROTECTIVE ORDER