AMERICAN INTERNATIONAL POLO FOUNDATION

THE FOUNDATION IS ORGANIZED AND SHALL BE OPERATED EXCLUSIVELY FOR CHARITABLE, EDUCATIONAL AND OTHER EXEMPT PURPOSES WITHIN THE MEANING OF SECTION 501(C)(3) AND SECTION 501(J) OF THE INTERNAL REVENUE CODE. IN PARTICULAR, THE FOUNDATION IS ORGANIZED TO FOSTER NATIONAL AND INTERNATIONAL AMATEUR COMPETITION IN THE SPORT OF POLO, RELATED CHARITABLE AND EDUCATIONAL ACTIVITIES, AND TO CONDUCT ANY AND ALL OTHER ACTIVITIES AS SHALL FROM TIME TO TIME BE DETERMINED APPROPRIATE IN CONNECTION WITH THE FOREGOING AS ARE LAWFUL FOR A NOT FOR PROFIT CORPORATION ORGANIZED UNDER THE ILLINOIS GENERAL NOT FOR PROFIT CORPORATION ACT OF 1986, AS AMENDED FROM TIME TO TIME.