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APR-b- ear BAYROCK GROUP, LLC “Tromp Tower, 725 Fiflh Avenue ‘New York, New York 10022 Apeil 19, 2007 ‘Trump Soho Member LLC cfg Trump Organization 725 Fifth Avenuie, 26" Floor New-York, New Yark 10022 ‘Attention: Donald J! Trump, St. Re: 246 Spring Street, New York, New York (the “Projest”) Dear Mr. Trump: We are writing to announce thet Bayrock Group, LLC (“Baytock") intends to enter into 8 recapitalization wansaction (the “Tansiction") with FL Group, 2 major Icelandic iomiiona) eter As en overview, FL Group (*EL” ot the “Company” is an investinent company focusing on private equity, strategic investments and proprictary trading, with tral nvsts of eae gD Ulion and equity of about $2.2 billion. In addition, FL is a publicly traded favestment company on the OMX Nordic Exchange in Reykjavik with a market capitalization of over $4.0 billion. Pursuant to the Transaction, Bayrock will transfer a profit participation interest of up to 49% in cenain of its existing investments, including Bayrock Spring Street, LLC, although it will not be transferring an ownership interest in ot control of Bayrock Spring Street, LLC pursuant 10 the Transaction, ‘Teviik Asf shall at alltimes maintain direct or indirect contol of Bayrock Spring Street, LLC. ‘Although ‘such a transfer is clearly: permitted under Seetion 2 of the Amended and Restated Limited Linbility Company Agreement of Bayrock/Sepis Organization Realty LLC and no formal consent thereto is required from you or-any other porty, we aré informing you of the ‘Transattion in ndvence es both a courtesy to you as our partner in the Project es well as in consideration for the interests of our prospective recapitalization partner, who will understandably apprecin knowing hat all of Buyrock’s existing partners in the Project are aware of its anticipated. involvement. ‘Accordingly, we request that you indicate your acknowledgement of the Transaction by counterexecuting and returning to the undersigned a copy ofthis lotr at your earliest convenience. _CAbeuments ad SennglLoca Seis Tempore Ines Fils! OLKBATeump Sabo Member? tor epo-37-9007 1015, spipseaseat sex P.22 questions you may fave. ‘Vice President co: The Teump Organization 75 Fifth Avenue 26" Floor ‘New York, New York 10022 ‘Atteotion: Jason D. Greenblet, Esq. Bz voTeL P.0s eaanecarit 96% Pes