Trump Ocean Club Panama Update

Trump Ocean Club International Hotel & Tower is a residential, tourist and hotel complex of more than 260,000m2 built in the most exclusive area of Punta Pacifica in Panama City. Update from the developer:

1. Highlights: The highlights for the month of December 2009 include: the construction of the concrete structure up to level 54, the beginning of construction activities for the pier - on shore work at the ocean deck -, an increase in manpower up to 1850 workers, and the arrival of the following supplies and equipment - partially: hotel and condominium millwork, electric generators, and electric bussways. Our safety record remains impeccable and the relationship with labor unions and government officials continues in good standing. 

2. Construction Progress: Concrete Structure:  Activities related to the construction of the concrete structure continue as expected.  On December 31st, 2009, our structural team was working on level 54, 188 meters above the ground floor. At his height, the building is leveled with the highest building in Punta Pacifica, and therefore will become the tallest building in the area in the upcoming month.  By the end of February 2010, we expect to be working on level 58, 200 meters above the ground floor, and by March 2010 we should be working on the roof level.  In addition, groundbreaking for the ocean deck and pier took place in mid-December.  This work is expected to advance at a slow pace since it is affected by the tide behavior.  

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 42.  The assembly of interior partitions and mechanical and electrical rough-ins is working as planned, and is expected to advance at a rate of one slab per week.  In addition, critical activities such as exterior glazing and millwork activities are well underway in the condominium area up to level 35 and 25 respectively.   Upcoming activities include the completion of all finished work in the corridor areas between the level 16 and level 35, the spruce-up of the façade, the installation of the emergency staircase in the arcs, the installation of HVAC equipment in the technical floors, and the installation of elevators in the platform area.  

Labor Force and Staff:  The constant increase of our labor force reached a high peak of 1,850 workers.  Also, the team responsible for interior work was reinforced with additional professionals who will focus on all public areas between the ground floor and level 35.  

Equipment and Material:  Material and equipment required to supply the operation for the upcoming months is on site and readily available. Elevators, mechanical and electrical equipment, and millwork required for the upcoming months is currently on site.    

Safety and HSE:  Up to date, the project has invested substantial resources in time, materials, equipment and training, in order to maintain a safe and healthy working environment.  Thanks to this effort, one of the greatest successes achieved in 2009 was the impeccable safety record. This condition has allowed us to maintain an excellent relationship with the labor force, union representatives, and government officials.  We do not foresee any high risk activities in the upcoming months but will continue all efforts to avoid accidents and minor incidents. 

3. External Factors affecting the Project:  The holiday season durin the months of November and December 2009 reduced the working time available and therefore had a negative effect on productivity.  This condition was expected and did not affect our short term goals. Nevertheless, regaining momentum in the upcoming months will be an important challenge. Our fie staff is currently implementing an incentive program which is intended tosubstantially increase productivity.            

4. Challenges: Upcoming challenges include the logistics of transporting the mechanical and electrical equipment to the technical floors, the installation of the staircase in the arcs, and finally, the procurement efforts for of all FF&E and OS&E.