ANBI

GOAL AND MEANS

1. The foundation aims to develop and promote musical talents for young people and has no profit motive.
2. The foundation tries to achieve its goal, among other things:
   a. by organizing concerts, projects and providing music education;
   b. by acquiring, managing and exploiting financial resources and other goods, which are used in the context of its objective; and
   c. by all other lawful means, which – in the opinion of its board – can be conducive to achieving the goal it has set.

FUNDS

1. The funds of the foundation consist of:
   a. allowances, subsidies and donations;
   b. gifts, bequests and legacies, the latter of which can only be accepted under the privilege of inventory;
   c. equity income; and
   d. any other – its accidental – benefits.
2. Gifts, legacies and bequests arising for the foundation, to which special conditions and/or charges are attached, can only be accepted by the foundation by decision of its board, taken unanimously.

The revenue is procured through partnerships with various entities, performances, cultural and musical events, as well as yearly donations.

MANAGEMENT

1. The foundation is managed by a board, consisting of at least three – natural persons, who are appointed by the board in a personal capacity and who are not related by blood or marriage.
2. The appointment of the directors referred to in paragraph 1 above is for an indefinite period of time or for a period determined at the time of their appointment.
   After the aforementioned period has elapsed, the relevant board member is immediately eligible for reappointment.
   The board remains legally constituted even though its membership has temporarily fallen below the number of three.
3. Any vacancies that arise will be filled by the Board as soon as possible, unless the Board decides otherwise. However, the latter decision can only be taken if the board consists of at least three members.
4. The board may invite one or more persons to join the board and/or the executive board as an advisory member. Advisory members have no voting rights.

Board members receive no remuneration for their work as such. If necessary, they can assert a right to reimbursement of the costs incurred by them in the performance of their duties.

DUTIES AND POWERS OF THE BOARD

1. The board represents the interests of the foundation in the broadest sense of the word and, with due observance of the provisions of these articles of association, is authorized to perform all acts of management and disposition.
   The board is therefore also authorized to decide to enter into agreements for the acquisition, alienation or encumbrance of registered property and to enter into agreements whereby the foundation commits itself as guarantor or joint and several co-debtor, makes a case for a third party or provides security for a debt of another.
2. The board elects a chairman, a secretary and a treasurer from among its members, who together form the daily board. Both latter functions are compatible in one person.
3. Under conditions to be set by that board, the board may delegate one or more of its powers to the executive board or to one or more committees to be set up by the board.

DAY-TO-DAY MANAGEMENT AND REPRESENTATION

1. The executive board is charged with the day-to-day management of the foundation and with the preparation and implementation of the decisions of the board.
2. The foundation is represented by its board.
   In addition, the foundation can be represented jointly by two members of the executive board, preferably the chairman and secretary, but only for the implementation of decisions taken by the board or executive board.

THE BOARD MEMBERS

Mr. Yaniv Nachum – Chairman

Mr. Roi Shabbat – Treasurer

Mr. Stephanus Maximilian Harsono – Secretary