YALE JOURNAL ON REGULATION FUND INC

TO OPERATE EXCLUSIVELY FOR THE BENEFIT OF, TO PERFORM THE FUNCTIONS OF, OR TO CARRY OUT THE PURPOSES OF, THE YALE JOURNAL ON REGULATION, INCORPORATED ("YJR"), WITHIN THE MEANING OF SECTION 509(A)(3)(A) OF THE INTERNAL REVENUE CODE OF 1986, SO LONG AS YJR REMAINS A TAX QUALIFIED ORGANIZATION.