GALVAN ASSET MANAGEMENT INC

THE SPECIFIC, PRIMARY AND EXCLUSIVE PURPOSES FOR WHICH THIS CORPORATION IS FORMED IS TO HOLD TITLE TO PROPERTY, COLLECTING MONIES THEREFROM, AND TURNING OVER THE ENTIRE AMOUNT THEREOF, LESS EXPENSES, TO GALVAN HOUSING RESOURCES, INC., A NEW YORK NOT-FOR-PROFIT CORPORATION AND THE GALVAN FOUNDATION CHARITABLE TRUST, A NEW YORK UNINCORPORATED CHARITABLE TRUST. TO PROVIDE LOW-COST, AFFORDABLE RENTAL HOUSING TO LOW-INCOME FAMILIES (AS DETERMINED BY GOVERNMENT GUIDELINES) AND PROVIDE LOW-COST RENTAL SPACE AS ADMINISTRATIVE OFFICES FOR OTHER NOT-FOR-PROFIT AND CHARITABLE CORPORATIONS.