BAYROCK GROUP, LLC
Trump Tower, 725 Fifth Avenue
New York, New York 10022

May 16, 2007

Mr. Donald J. Trump, Sr.
Trump Organization

725 Fifth Avenue

26??1 Floor

New York, New York 10022

Re: 551 North Fort Lauderdale, Beach Boulevard, Fort Lauderdale, Florida (the
?Project?) -

Dear Mr. Trump:

We are writing to announce that Bayrock Group, LLC (?Bayroc intends to enter into a
recapitalization transaction (the ?Transaction?) with FL Group, a major Icelandic institutional
investor. As an overview, FL Group or the ?Company? is an investment company
focusing on private equity, strategic investments and proprietary trading with total assets of
about $4.0 billion and equity of about $2.2 billion. In addition, FL is a publicly traded
investment company on the OMX Nordic Exchange in Reykjavik with a market capitalization of
Over $4.0 billion.

Pursuant to the Transaction, an af?liate of FL Lender?) will make a $50,000,000
loan (the to various a?iliates of Bayrock, including Bayrock Merrimac LLC, a Florida
limited liability company (?Bayrock Merrimac?). The Loan is to be evidenced. by a $50,000,000
Promissory Note executed by, among other entities, Bayrock Merrimac, and made payableto FL
Lender. The Loan will be secured by a Pledge and Security Agreement executed by Bayrock, in
favor of FL Lender, pursuant to which Bayrock shall grant to FL Lender a security interest in
49% of Bayrock?s economic interest in Bayrock Merrimac and other af?liated entities as more
particularly set forth therein. The Transaction will not cause the transfer of an ownership interest
in, or control of, any of Bayrock, Bayrock Merrimac or any of their af?liates, or the Project. The
Transaction will be evidenced only by the documents delivered at the closing of the Transaction 
which are set forth on Exhibit A hereto (collectively, the ?Transaction Documents?). 

In accordance with that certain License Agreement of June 30, 2004 between you, as
licensor, and Bayrock Merrimac as licensee, we request that you indicate your consent to
the Transaction as evidenced by the Transaction Documents by counterexecuting and returning
to the undersigned a copy of this letter at your earliest convenience.

C:\Documents and Seninngl?emporary lntemct licensouloc

We thank you in advance for your attention to this important matter and welcome any
questions you may have.

Sincerely, -

Bayroek Gr p, LL

By: 

Juli
Exec ice President

owledg without objection by:

  

cc: The Trump Organization
725 Fifth Avenue
26th Floor
New York, New York 10022
Attention: Bernard Diamond, Esq.

 

Exhibit A

1. Loan Agreement among FL Lender, Bayrock Merrimac and various other borrower entities
(collectively, the ?Borrower Entities?).

. 2. $50,000,000 Promissory Note made by the Borrower Entities to the order of FL Lender.

3. Guaranty Agreement executed by Bayrock for the bene?t of FL Lender.

4. Pledge and Security Agreement by Bayrock for the bene?t of FL Lender.