Trump Panama CONSTRUCTION STATUS REPORT

1.         Highlights:  In the month of January 2010, the project's staff was
reinforced by additional professionals, and the labor force increased to a
new peak.  As you will read in the upcoming text, the concrete structure is
reaching its final phase, and interior work on all public areas has begun.
Trump Ocean Club is very close to becoming a reality, and turn into one of
the most cherished landmark of Panama, and the whole region.         

2.         Construction Progress:

Concrete Structure:  Construction in Trump Panama on the concrete structure is reaching its
final stage.  Our Trump team is currently working on level 58, 201 meters (660
feet) above the ground floor, and the building can know claim to be the
highest in Punta Pacifica.  At this level, the arcs are quickly approaching
the main elevator shaft, the surface area of the "wings" is reducing, and
therefore the labor resources required to maintain the expected progress is
starting to decrease.   By the end of February, we are expected to be on
level 61, and by the end of March we should be working on the roof level. In
the month of April, we plan to complete the connection between the concrete
arcs, main elevator shaft, and the main building mast, and proceed to
dismantle the three tower cranes.  At that point, we will officially declare
the completion of the concrete structure.    On a different note, structural
work on the Ocean Deck is advancing as planned, and is expected to be
completed by the end of February.   

Technical Systems and Finished Work:  The construction of the mechanical and
electrical systems, as well as the construction of all finished work, is
well underway up to level 50.  Construction of the exterior emergency
staircase, located in the concrete arcs of the building, is advancing as
planned, and programmed for completion by April 2010. Work on critical
activities, such as the installation of HVAC equipment, conveying systems,
and electric bussbars, is also in full force.  

Upcoming activities include work on Hotel and Condominium public areas on
the ground level (Main Lobby), and between levels 12 to 15 (Pool Deck,
Restaurants, Sky Lobby, Ball Room). Also, in the upcoming months, the
exterior look of the building will dramatically change, as the envelope of
the building will be completed, work on balcony window glazing rapidly
continues in the high tower, and touch-up work on all the visible concrete
element advances.

Labor Force and Staff:  Our labor force continues to grow, and it has now
reached approximately 2.100 people.  We expect this number to remain
constant in the upcoming months, as personnel currently working on the
concrete structure leaves, and new personnel working on finished work is
hired.   

Equipment and Material:  All elevators and mechanical equipment is on site
and readily available.  Our purchasing agents are currently in the process
of acquiring pending material for all public areas and FF&E.  This material
is required and expected on site between the months of May and July 2010.


Safety and HSE:  No news is good news, when it comes to safety in the
working environment.  As always, we continue to maintain our extraordinary
safety record.  Nevertheless, we realize that as the completion date
approaches, and the pressure to finish work increases, laborers tend to pay
less attention to safety.  We are committed to maintain and enforce a safe
and healthy environment up to the last day.  

3.         External Factors affecting the Project:  An important external
factor affecting the project, is the availability in the local market of
high enough "quality" engineers, architects, laborers, and specialized
carpenters and technicians, to attend to the work currently in progress, and
expected in the upcoming months.  This condition has required us to extend
the duration of non-critical activities, which in a different environment,
should have been completed at a faster rate.  We will continue to employ all
our efforts in training personnel and extending the daily working hours, in
order to guarantee the expected quality and stay on schedule.       

4.         Challenges: Upcoming challenges include the completion of concrete
structure. On level 6700, the concrete arcs meet the main elevator shaft,
and are connected to the concrete mast by massive horizontal concrete
girders.   The installation of important quantities of steel reinforcement,
at heights over 230 meters will prove to be challenging.  As mentioned
above, we expect to have good news early in the month of April.