AMERICAN FRIENDS OF THE ART FUND

IN FURTHERANCE OF ITS EXEMPT PURPOSES, AMERICAN FRIENDS OF THE ART FUND ("AFAF") RECEIVES MONEY AND PROPERTY BY GIFT, DEVISE OR BEQUEST, INVESTS AND REINVESTS THE SAME, AND APPLIES THE INCOME AND PRINCIPAL THEREOF, AS THE BOARD OF DIRECTORS FROM TIME TO TIME DETERMINES, WITHIN OR WITHOUT THE UNITED STATES OF AMERICA, EXCLUSIVELY FOR CHARITABLE OR EDUCATIONAL PURPOSES, THROUGH CONTRIBUTIONS TO CHARITABLE ORGANIZATIONS, OR DIRECTLY, FOR SUCH ACTIVITIES IN FURTHERANCE OF ITS CHARITABLE PURPOSES AS THE BOARD OF DIRECTORS OF AFAF DEEMS APPROPRIATE, INCLUDING IN SUPPORT OF AND TO PROMOTE THE CHARITABLE AND EDUCATIONAL ACTIVITIES OF THE ART FUND (A CHARITABLE ORGANIZATION LOCATED IN LONDON, ENGLAND, OPERATING UNDER THE AWARD OF A ROYAL CHARTER AND REGISTERED AS A CHARITY IN THE UNITED KINGDOM) AND TO ENCOURAGE THE APPRECIATION AND ENJOYMENT OF ART IN GENERAL.