We are disappointed in ProPublica?s decision to proceed with publishing this story given your
admission that your reporting is based almost exclusively on the recollections of unnamed sources
concerning events which you allege occurred nearly 40 years ago and principally involve individuals who
have long since deceased; and (ii) your acknowledgement that you do not possess a single document to
corroborate the allegations of any of your sources. Indeed, when I asked you to send me documents
corroborating the allegations you responded by sending me the assessed value history reports for two
properties, both of which are publically available.

To be clear, at no time did the Trump Organization or any of its employees or principals ever pay anyone
for the purpose of unlawfully obtaining a lower tax valuation. This was corroborated by multiple
investigations which found no evidence of any wrongdoing by the company or any of its principals. It is
also supported by the information we have provided you explaining the basis for the assessed values of
certain properties. If anything, the Trump Organization was a victim of the scandal as reflected by the
company?s lawsuit against the city based on statements by a former assessor that he would artificially
raise values on those developers who refused to participate in the scheme. Tellingly, the city agreed to
settle that suit.

Given these undisputed facts, we believe that ProPublica?s reporting is reckless, irresponsible and
violates the most basic principles of ethical journalism. We would urge you to proceed with caution
before making any unsubstantiated allegations against the company or any of its current or former employees or principals.

Editor's Note: The Trump Organization mischaracterized several statements made by ProPublica's reporter.