NORTH EAST KEELBOAT ALLIANCE INC

THE CORPORATION IS ORGANIZED AND SHALL BE OPERATED EXCLUSIVELY FOR CHARITABLE AND EDUCATIONAL PUPOSES WITHIN THE MEANING OF SECTION 501(C) (3)OF THE CODE. WITHIN THE SCOPE OF THE FOREGOING PURPOSES, THE CORPORATION IS ORGANIZED AND SHALL BE OPERATED AS A QUALIFIED AMATEUR SPORTS ORGANIZATION TO RAISE THE LEVEL OF EXCELLENCE AMONG AMATEUR AMERICAN SAILORS BY SUPPORTING, DEVELOPING AND PREPARING THEM TO COMPETE IN NATIONAL AND INTERNATIONAL COMPETITIONS INCLUDING THE OLYMPIC GAMES AND AMERICA'S CUP. THE ASSETS AND PROPERTIES OF THE CORPORATION ARE HEREBY PLEDGED FOR USE IN PERFORMING ITS EXEMPT FUNCTIONS. THE ACTIVITIES WHICH THE CORPORATION PROPOSES TO CONDUCT WITHIN THE STATE OF NEW YORK ARE AS FOLLOWS: OPERATING OUT OF THE NORTH SHORE OF LONG ISLAND, THE CORPORATION'S INITIAL PROGRAM WILL PAY FOR COACHING, SPONSORING, MAINTAINING, AND PROVIDING SAILBOATS SO THAT ATHLETES CAN TRAIN FOR OFFSHORE SAILBOAT RACING AS THE 2020 OLYMPICS WILL DEBUT A MIXED DOUBLEHANDED OFFSHORE SAILING EVENT.