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Trump Hotels & Casino Resorts, Inc. Enters into Exclusivity Agreement with Affiliate of CSFB and Announces Fourth Quarter and Year End Results.

Business Wire

| February 12, 2004 | COPYRIGHT 2004 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 12, 2004

Exclusivity Agreement with DLJ Merchant Banking Partners III, L.P.:

Trump Hotels & Casino Resorts, Inc. ("THCR" or the "Company") (NYSE: DJT) announced today that it has entered into an exclusivity agreement with DLJ Merchant Banking Partners III, L.P. ("DLJMB"), an affiliate of Credit Suisse First Boston ("CSFB"), in connection with DLJMB's proposed $400 million investment to sponsor a comprehensive recapitalization of the Company. DLJMB's proposed investment is in the form of common equity and will, if consummated, result in a substantial deleveraging of the Company's balance sheet. DLJMB would also become the majority shareholder of the Company, with Donald J. Trump continuing as the Chairman of the Company's Board of Directors and a significant equity holder. The proposed recapitalization is anticipated to, among other things, facilitate a large scale expansion of the Company's current properties and provide for additional development. In connection with the proposed recapitalization, the Company also intends to change its name to Trump International Corporation.

Executive Vice President Scott C. Butera commented on the new developments, "We are very excited about our potential relationship with CSFB and DLJMB, and firmly believe we have the right partners to assist the Company in its proposed recapitalization. DLJMB is a growth-oriented investor focused on long-term value creation. DLJMB's investment and the proposed recapitalization will strengthen the Company's balance sheet, allow it to expand its well located casino properties and position the Company for growth. The Trump brand and commitment to providing its customers with a premier resort and casino experience has never been stronger than they are today. We are confident that this proposed transaction will allow the Company to maintain this commitment as well as serve as a springboard into new and exciting markets."

Chairman, President and Chief Executive Officer, Donald J. Trump, further commented, "This is a very significant event for our Company. Credit Suisse is one of the finest banking institutions in the world, and I am excited to partner with its leading private equity arm, DLJ Merchant Banking Partners. This potential relationship would greatly enhance our competitive position, and afford us an opportunity to extend the Trump brand globally."

DLJMB's investment would be contingent upon a number of factors, including obtaining regulatory approvals, a restructuring of Trump Atlantic City Associates' First Mortgage Notes and Trump Casino Holdings' First and Second Mortgage Notes at a discount to the face value of such notes, and a purchase price of the Company's Common Stock by DLJMB within certain parameters. Although the Company has had extensive discussions with DLJMB regarding the potential transaction, it has not entered into any definitive agreements with DLJMB or any other parties concerning the proposed or any other recapitalization (other than the exclusivity agreement with DLJMB and an agreement to pay DLJMB expenses in certain circumstances and a fee if certain transactions occur within specified periods and DLJMB does not participate). There is no assurance that the terms of a definitive agreement concerning DLJMB's proposed investment will be reached between the Company and DLJMB, that the Company's debt will be restructured, or that any potential recapitalization will be proposed or consummated.

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Source: HighBeam Research, Trump Hotels & Casino Resorts, Inc. Enters into Exclusivity...

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