PLAYERS 16 GRAMERCY PARK SOUTH PRESERVATION FUND INC

THE FOUNDATION WILL RAISE FUNDS THROUGH SOLICITATION, NOT THROUGH FUNDRAISERS, TO SUPPORT RESTORATION, MAINTENANCE AND PRESERVATION OF THE HISTORIC BUILDING LOCATED AT 16 GRAMERCY PARK SOUTH, NEW YORK, NY 10003. SUCH PRESERVATION SHALL INCLUDE RESTORING AND MAINTAINING THE EXTERIOR AND THE FUNDAMENTAL INTERIOR STRUCTURAL ELEMENTS OF THE HISTORICALLY AND ARCHITECTURALLY SIGNIFICANT BUILDING. NO PORTION OF THE FUNDS WILL BE USED TO FINANCE THE COMFORT OR PLEASURES OF THE MEMBERS OF THE CLUB OPERATED OUT OF THE BUILDING BY DECORATING OR REFURBISHING INTERIORS. THE FOUNDATION WILL RAISE FUNDS TO KEEP THE BUILDING STANDING AND TO KEEP OR BRING ITS EXTERIOR UP TO THE HIGH STANDARD OF HISTORIC AUTHENTICITY. ANY BENEFIT TO THE MEMBERS OF THE CLUB OPERATED OUT OF THE BUILDING WILL BE TOO INDIRECT AND TOO INSUBSTANTIAL TO CONSTITUTE INUREMENT AS DEFINED IN THE REGULATIONS UNDER I.R.C. SECTION 501(C)(3).