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TRUMP Donation of Profits from Foreign Government Patronage IDENTIFICATION OF FOREIGN GO) bX Telco) OVERVIEW ‘Tn purpose ofthis policy eto define the procedure and application of The Tram Organization's (he “Company voluntary érective to donate al profits fom foreign government’ patronage at our hotels and sila businesses sing President We acknowledge that itis not customary In the hospitality Industry to dent and clcuat profs from 3 paticuar customer oroup, Mertor this policy has been designe for our hotels and sar businostes to aly on known and identabe source ta and documentation to quantity amounts snl rot ealeulatons Regarding the calcultion of profit, canslstent withthe hospitality industry our hotels fllow the accounting and financial reporting guidance proved or inthe Uniform Sytem Accounts or the Leong Incusty Eleventh Revised Eston CUSAL “Tne USALI provides format of operating statement which cleat and define net income (“PrflH) as operating revenue less all expenses in connection with the busines. = POLICY SCOPE MA IDENTIFICATION | OF FOREIGN GOVERNMENT PATRONAGE a Property has received revenue from an entity that represents 2 foreign government on foreign government business (“Foreign Government Revenues") ‘To practically track and identy Foreign Government Revenues received from customers representing a foreign goverment, cur Properties shall tlize the folowing rourcs: 1. Allee biting from the Property toa foreign government; 2, All contracted group, banquet and eatring busines with the Property trom a foreign government; an 5. All payments received by the Property via check or electronic payment (La, bank wire transfor from a reasonably Identifiable foroign ‘government entity. ‘This poy dates “foreign government entity” to moan a) department er agency of aforlan government. i) a fretan embassy ida foreian political panty, (v) members of a royal fay, oF (a sovereign weath fund. We recognize that foreign governments can be erganize in very cliferent ways, Some may operate through state-onned and state-contrlled ents in indutres sc as aerospace and defense, banking, nance heathear, energy and ethers, which may not be reasonably identfible a foreign government ents, and therefore may not be inchadedin our _aeulton of roto be donate. ‘Our Properties sal identity and provi 2 seperate accounting for ll revenues received fom foreign government’ patronage on a regular basi ‘The accumulated total aunt of rvenues identified shal be aggregated on an annual bass and used for the calulation of prof attrbuted from that patronage, as dined below. CALCULATION OF PROFIT WHOLLY-OWNED PROPERTIES ‘As suc, tha most reasonable nd fective way to measure Preit oma particular customer basso aoply an overall Property Profit caution on ‘pre-rata basis tothe revenue generated trom that customer base, tis ou policy therfore to calulate Prof from freon government’ atronsge: inthis manna An example of his methodology ls summarize below for iustrative purposes ely: uamale:_ A wholly-owned hotel generated on an annua! basis $10,000,000 in Revere, of wich $500.000 (SK) was identified as Foreign Government Revenue. The hotel's total annual department expentes ae $7,500,000 and annual nomoperating expenses are 1000000. Annual rt income (Profit) fortis heal $500,000. In this exam, the hota gross operating pat as defined by USAL! ks $2500,000, or 25% of Revanus, The hotel apps the same 25% gross ‘operating percentage margin tothe $500.00 of Freign Government Revenus to determine its gross operating profit on the Foreign Government. Revenue to be $125,000 ($500,000 x 25%), ‘The hotl then apples 25% (62564 on the % af Foreign Government Revenus allocation ta the Non-operating business expenses, which «aeuaton $50.000 ($1000.00 x 5%). 5. The hotel prof therfore atibuted to bing from forsign government patronage (*Forelgn Governmant Profs $75(000in this example ‘This calculated as gross operating profit amount af $125,000, las the $50,000 amount of non-eperating expenses fora net Foreign Goveroment Profit of $75,000 Foreign Goverment Prot shal be tabulated for each wholl-onned Property on an Annual bai MANAGED HOTELS For our managed Hotes, the Company. through its management agreements, may earn management and similar ees which may be based! on a percentage of Property revenue or 2 hed ee amount. For such fos where the fe Is Based on percentage of revue or operating performance the Company wil atrbute percentage ofthe management fe based ona percontage of Forelan Government Percentage aunt over total revenues ‘Ths percentage ofthe management fe, less the Company's srocated corporate overhead expenses to administer the management services, shall be deemed as Profit from management fees attributed to foreign governments patronage, ONATIONS TO .S. TREASURY