THE COMPANIES ACTS 1985 TO 2006 COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE | CAPITAL ARTICLES OF ASSOCIATION* of THE ROTHSCHILD FOUNDATION Incorporated on 18 August 2010 — Registration number 7350078 Charity Commission registration number 1138145 “RNOSGWEX™ 5108/2011, at ‘COMPANIES HOUSE DL ‘as amended by Special Resolution dated 27th July 2011Table of Contents Heading NAME REGISTERED OFFICE OBJECTS POWERS THE TRUSTEES PROCEEDINGS OF TRUSTEES POWERS OF TRUSTEES BENEFITS TO MEMBERS AND TRUSTEES PATRON. MEMBERSHIP. GENERAL MEETINGS APPOINTMENT OF PROXIES VOTING AT GENERAL MEETINGS WRITTEN RESOLUTIONS RECORDS & ACCOUNTS COMMUNICATION WITH MEMBERS GUARANTEE INDEMNITY WINDING UP INTERPRETATION ‘as amended by Special Resolution dated 27th July 2011THE COMPANIES ACTS 1985 TO 2006 COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL ARTICLES OF ASSOCIATION of THE ROTHSHCILD FOUNDATION NAME ‘The name of the Charity 1s The ROTHSCHILD FOUNDATION REGISTERED OFFICE The registered office of the Chanty 1s to be in England and Wales OBJECTS* The obyects of the Chanty are the benefit or furtherance of such Charitable Institutions or Charitable Purposes in such manner and (if more than one) 1n such shares as the Trustees shall in their absolute discretion from time to time determine. The Chanty will also support the preservation, protection, maintenance and improvement of Waddesdon Manor in the Vale of Aylesbury, Buckinghamshire, 1ts lands and contents for the benefit of the public generally, together with the advancement of education in matters of histone, artistic, architecture or aesthetic interest as amended by Special Resolution dated 27th July 20114 4l 42 43 44 45 46 47 48 49 4.10 PROVIDED ALWAYS that nothing in these Arttcles shall authonse or permit the Chanty’s funds to be paid or applied at any time or in any circumstances for any purpose or in any manner which 1s not exclusively chanttable POWERS The Chanty has the following powers, which may be exercised only in promoting the Objects: to promote or carry out research; to provide advice; to organise (or to make grants or loans towards the costs of others organising) meetings, lectures, conferences, broadcasts or courses of instruction; to publish or disinbute information, to co-operate or collaborate with other bodies and engage in jou ventures, to enter into any funding or other arrangement with any government or any other authonty (municipal, local or otherwise) and fo obtain from such government or authority any nights, concessions, privileges, licences and permtts, to support, adminuster or set up other charities and undertake and execute chantable trusts, to raise funds (but not by means of Taxable Trading), to take and accept any gift of money, property or other assets whether subject to any spectal trusts or not; to borrow money and give secunty for loans (but only in accordance with the restrictions imposed by the Charities Acts), n dated 27th July 20114il 412 413 414 41s 416 4.7 418 419 420 421 to acquire or hire property nghts or pnvileges of any kind and to construct, restore, improve, maintain and alter such property, to let or dispose of or tum to account property of any kind (but only in accordance with the restrictions imposed by the Chanties Acts), to make planning applications, applications for consent under bye-laws or building regulations or other similar applications, to pay any rent and other outgoings and expenses in relation to property and to execute and do all such other instruments, acts and things as may be requisite in connection with the use, maintenance, upkeep, expansion, alteration or improvement of such property, to purchase lease or hire and operate and maintain any equipment necessary or convenient for the administration of the Chanty; to make grants or loans of money and to give guarantees; to hold money in any currency and to enter nto foreign exchange contracts, to set aside funds for special purposes or as reserves against future expenditure, to draw, make, accept, endorse, discount, negotiate, execute and issue promissory notes, bills, cheques and other instruments and to operate bank accounts, to deposit or invest funds in any manner (but to invest only after obtaining advice from a Financial Expert, unless the Trustees reasonably conclude that in all the ‘circumstances it 1s unnecessary or inappropriate to do so, and having regard to the suitability of investments and the need for diversification), to delegate the management of investments to a Financial Expert, but only on terms that. ‘as amended by Special Resolution dated 27th July 2011422 423 424 @ & © (d) © w () require the Financral Expert to comply with any investment policy (and any revision of that policy) set down In Writing for the Financial Expert by the Trustees, require the Financial Expert to report every transaction to the Trustees promptly, require the Financial Expert to review the performance of the investments with the Trustees regularly, entitle the Trustees to cancel the delegation arrangement at any time, require the investment policy and the delegation arrangement to be reviewed with the Trustees at least once a Year, require all payments to the Financial Expert to be on a scale or at a level which 1 agreed in advance and to be notified promptly to the Trustees on receipt, prohibit the Financial Expert from doing anything outside the powers of the Trustees, to arrange for investments or other property of the Chanty to be held in the name of a nominee (being a corporate body controlled by the Trustees or by a Financial Expert acting under the structions of the Trustees) and to pay any reasonable fee required, to insure the property of the Chanty against any foreseeable risk and take out other insurance policies to protect the Chanty when required, to msure the Trustees against the costs of a successful defence to a cnminal prosecution brought against them as Charity Trustees or against personal lability incurred in respect of any act or omission which is or 1s alleged to be a breach of trust or breach of duty, unless the Trustee concerned knew that, or was reckless whether, the act or omission was a breach of trust or breach of duty, ‘as amended by Special Resolution dated 27th July 2011425 426 427 428 429 430 431 432 st 52 53 34 35 subject to Article 8, to employ officers, employees and workers and to engage consultants, advisers, agents and volunteers, to provide and contnbute to superannuation or pension funds for the officers, employees and workers of the Chanty or any of them or otherwise to make provision for such officers employees and workers, their widows and children, to enter into contracts to provide services to or on behalf of other bodies, to assume obligations; to arrange for the amalgamation or merger of the Chanty with any chantable organisation the purposes of which 1n the opinion of the Trustees are sumular to the purposes of the Chanty either alone or as amalgamated, to establish or acquire subsidiary companies, to pay the reasonable and proper costs of forming and administering the Charity, and to do anything else within the law which promotes or helps to promote the Objects THE TRUSTEES The Trustees as Chantty Trustees have control of the Chanty and its property and funds The number of Trustees shall be not less than three and not more than eight. At Ieast one Trustee must be a natural person ‘The power to appoint new Trustees shall be vested in the Members The provisions of this Arucle 5 3 may only be altered by the unanimous agreement of the Members Subject to earlier termination under Article 56, Trustees shall hold office for a period of four years Any retinng Trustee who remains qualified may be reappointed as amended by Special Resolution dated 27th July 201156 57 61 62 63 64 65 A Trustee's term of office automatically terminates if he or she (a) sdisqualified under the Chanties Acts from acting as a Chanty Trustee, (b) 1s meapable, whether mentally or physically, of managing his or her own affaurs, (©) 1s absent from three consecutive meetings of the Trustees without consent, (@ resigns by Written notice to the Trustees (but only if at least two Trustees will remain in office); or (©) 1s removed by Ordinary Resolution at a general meeting after the meeting, has invited the views of the Trustee concerned and considered the matter in the light of any such views. A technical defect in the appointment of a Trustee of which the Trustees are unaware at the time does not invalidate decisions taken at a meeting PROCEEDINGS OF TRUSTEES The Trustees must hold at least one meeting each Year A quorum at a meeting of the Trustees 1s three (or one-half of the Trustees if greater) Any Trustee may call a meeting of the Trustees by giving reasonable notice of the meeting to the Trustees or by authonsing the Seeretary (if there 1s one) to give such. notice ‘A meeting of the Trustees may be held either im person or by suitable electronic means agreed by the Trustees in which all participants may communicate with all the other participants The Chairman or (if the Charrman 1s unable or unwilling to do so) some other Trustee chosen by the Trustees present presides at each meeting as amended by Special Resolution dated 27th July 201166 67 68 69 610 ‘The power to appoint the Chairman (who shall be a natural person) shall be vested in the Patron The Patron may appoint himself to be Chairman provided he 1s a natural person Every issue may be determined by a sumple mayonty of the votes cast at a meeting but a Written resolution circulated to all the Trustees who would have been eligible to vote on the matter at a meeting of the Trustees and approved by a simple majonty of them 1s as valid as a resolution passed at a meeting and for this purpose. (2) the number of Trustees who approve the resolution must be at least as many as would be required to form a quorum at a meeting of the Trustees, and (>) the resolution may be contained in more than one document and will be treated as passed on the date of the last signature, Except for the Chairman, who an the case of an equality of votes has a second or casting vote, every Trustee has one vote on each issue The Patron, or any other Trustee nominated by him, may demand before or upon the declaration of the result of a vote that the issue be determined instead by the Chanty 1m general meeting Such a request shall be deemed to be a proper request to the Chanty to convene a general meeting to this end for the purposes of Article 1 4, Whenever a Trustee has a Personal Interest in a matter to be discussed at a meeting of the Trustees or a committee the Trustee concerned must: (@) declare an interest before discussion begins on the matter, (6) withdraw from the meeting for that item unless expressly mvited to remain in order to provide information; (©) not be counted in the quorum for that part of the meeting, (4) withdraw during the vote and have no vote on the matter ‘*as amended by Special Resolution dated 27th July 2011oul 612 613 1 71 72 If a conflict of interests anses for a Trustee and the conflict 1s not authonsed by Article 6 12, the unconflicted Trustees may authonse such a conflict of terests provided that (a) the procedure in Article 6 101s followed, (6) authorisation will not result in any direct or indirect Material Benefit being conferred on any Trustee or any Person Connected to a Trustee, and (©) the unconflieted Trustees consider it 1s n the best interests of the Chanty to authonse the conflict of interest 1n the circumstances Conflicts of interest which anse in relation to benefits allowed under Article 8 are authorised automatically and need not be separately authonsed pursuant to Article 6ll A procedural defect of which the Trustees are unaware at the time does not invalidate decisions taken at a meeting WER: TEES The Trustees shall manage the business of the Chanty and may exercise all the powers of the Chanty unless they are subject to any restrictions imposed by the Companies Acts, the Articles or any Special Resolution Without preyudice to Article 7 1, the Trustees may (@) appoint (and remove) any individual or corporation (who may be a Trustee) to act as Secretary to the Chanty, (6) appoint a Treasurer and other honorary officers from among their number, (©) delegate any of their functions to committees consisting of two or more individuals appointed by them (but at least one member of every committee must be a Trustee and all proceedings of committees must be reported promptly to the Trustees), is amended by Special Resolution dated 27th July 201173 gl @ ©) 0) make regulations consistent with the Articles and the Compantes Acts to govern: () proceedings at general meetings, (1) proceedings at meetings of Trustees and meetings of committees, and (a) the administration of the Chanty and the use of its seal (if any), establish procedures to assist the resolution of disputes within the Chanty, exercise any powers of the Chanty which are not reserved to a general meeting. If the Trustees shall at any time be or be reduced im number to less than the number prescnbed by Article 51 it shall be lawful for them to act as Trustees for the purposes of admitting persons as Trustees fillmg up vacancies in their body or summoning a general meeting but not for any other purpose BENEFITS TO MEMBERS AND TRUSTEES, The property and funds of the Chanty must be used only for promoting the Objects and do not belong to the Members of the Chanty but @) (b) (©) @ Members who are not Trustees may be employed by the Chanty, Members (and Trustees) may be paid interest at a reasonable rate on money lent to the Chanty, Members (and Trustees) may be paid a reasonable rent or hiring fee for property let or hired to the Chanty, Members (and Trustees) who are beneficianes may receive chantable benefits in that capacity ‘as amended by Special Resolution dated 27th July 201182 83 84 A Trustee must not receive any payment of money or other Matenal Benefit (whether directly or indirectly) from the Chanity except (@) _ as mentioned in Articles 4 24, 8 I(a), 8 I(c), 8 1(d), 8 3, 8 4 or 18, (b) reimbursement of reasonable out-of-pocket expenses (including hotel and travel costs) actually mcurred 1n running the Chantty, (©) payment to any company in which a Trustee has no more than a 1% shareholding, (© meexceptional cases, other payments or benefits (but only with the wntten approval of the Commission in advance) Any Trustee (or any Person Connected to a Trustee whose remuneration might result ina Trustee obtaining a Material Benefit) may enter into a contract with the Charity to supply goods or services in return for a payment or other Material Benefit but only if (a) the goods or services are actually required by the Chanty, (>) the nature and level of the remuneration 18 no more than 1s reasonable 1n relation to the value of the goods or services and 1s set in accordance with the procedure in Article 6 10, (©) many financial year, no more than one half of the Trustees are subyect to such a contract (or has a person connected to them who 1s subject to such a contract). No Trustee shall be accountable for any remuneration or other benefit received by him or her (whether as director, auditor or other officer or otherwise) from any ‘company in which shares, stock, debentures or other secuntties are for the time being compnsed in the Chanty's investments except to the extent (if any) to which such, remuneration or other benefit is received by the Trustee as Trustee of the Chanty or 1s held for them in that capacity and provided further that none of the Trustees shall concur 1n exercising any voting rights in respect of any shares, stock, debentures or ‘*as amended by Special Resolution dated 27th July 2011, 109. 91 92 93 94 other secunties comprised in the investments in such a way that a personal benefit 1s thereby secured to the Trustees or any of them PATRON* ‘The Patron shall cease to be Patron on death if an individual, or dissolution if a body corporate, or in either case on the making of a valid appointment pursuant to Article 9 2 Subject to Articles 9 5 and 9 6, the Patron may by deed irevocably appoint any other person to the patronage of the Charity and such other person shall become the Patron upon the date of the said deed Subject to Articles 95 and 96, the Patron may by deed revocable dunng hus patronage or by Will nominate a person to become the Patron upon his or her nominator ceasing to be the Patron and if the nomination remains unrevoked the nominee shall, thereupon, immediately become the Patron For the avoidance of doubt, an irrevocable appointment by deed pursuant to Article 9 2 shall be deemed to revoke immediately prior to the date of that deed a revocable nomination If a Patron ceases to be Patron without appointing or nominating a successor pursuant to Article 9.2 or 93 (a) in circumstances where the most recent Patron was an individual () the new Patron shall, subyect to Articles 9 5 and 9 6, be selected by a mayonty decision of the Executors provided always that such decision 1s made within six months of the date on which the person most recently holding the position of Patron ceased to be Patron, (u) if the Executors do not select a new Patron within six months the new Patron shall, subyect to Articles 9 5 and 9 6, be selected by resolution of the Members, *as amended by Special Resolution dated 27th July 2011, WL95 96 10. 101 102 103 (ut) the Executors shall ex officio be Members until the new Patron 1s selected but shall exercise a vote only in respect of this Article 9, (b) in circumstances where the most recent Patron was a body corporate, the new Patron shall, subyect to Articles 95 and 966, be selected by resolution of the Members ‘When appointing, nominating or selecting a Patron under thus Article 9 the Patron, Executors or Members may only appoint, nominate or select a person who, at the ‘ume of their decision, 1s a Rothschild Family Member The Patron has expressed a preference that any successor considers inserting the name ‘Rothschild’ in order to maintain continuity of the Family name * The provisions of this Arucle 9 may only be altered by the unarumous agreement of the Members. MEMBERSHIP For the purposes of registration the number of Members 1s declared to be unlimited The Patron, the subscribers to the Memorandum of Association of the Charity and such other persons as are admutted to Membership 1n accordance with Articles 9 4 or 10 3 shall be Members Subject to Article 94, Membership of the Chanty shall be determined as follows (a) _n0 person shall be admitted a Member unless he 1s approved by the Patron, and (>) every Member shall, on appointment as such, exther sign a Written consent to become a Member or sign the register of Members and shall, in either case, become a Member of the Chanty on signature The provisions of this Article 10 3 may only be altered by the unammous agreement of the Members ‘as amended by Special Resolution dated 27th July 2011, 12104 105 106 107 Every person who wishes to be admitted to Membership (other than those admitted pursuant to Article 94) shall, with the prior approval of the Patron, deliver to the Chanty an application for Membership in such form as the Trustees require to be executed by him ‘A Member may at any time withdraw from the Chanty by giving at least seven clear days’ notice to the Chanty Membership shall not be transferable and shall cease on death, Every corporation and unincorporated association which 1s admutted to Membership ‘may exercise such powers as are prescribed by section 323 of the Act It shall be the duty of the Trustees, if at any time they shall be of the opinion that the interests of the Chanty so require, by notice in wnting sent by prepard post to a Member's address, to request that Member to withdraw from Membership of the Chanty within a time specified im such notice No such notice shall be sent except on a vote of the majonity of the Trustees present and voting, which majonty shall include one half of the total number of the Trustees for the tme being, and with the prior approval of the Patron If, on the expiry of the time specified in such notice, the Member concerned has not withdrawn ftom Membership by submitting wntten notice of his resignation, or fat any time after receipt of the notice requesting hum to withdraw from Membership the Member shall so request in writing, the matter shall be submitted to a properly convened and constituted meeting of the Trustees. The Trustees, the Patron and the Member whose expulsion 1s under consideration shall be given at least 14 days’ notice of the meeting, and such notice shall specify the matter to be discussed The Member concerned shall at the meeting be entitled to present a statement in his defence either verbally or in writing, and he shall not be required to withdraw from Membershup unless half of the Trustees present and voting shall, after receiving the statement in his defence, vote for his expulsion, or unless the Member fails to attend the meeting without sufficient reason being given. Ifsuch a vote 1s cared, or if the Member shall fail to attend the meeting without sufficient reason being given, he shall thereupon cease to be a Member and hus name shall be erased from the Register of Members ‘*as amended by Special Resolution dated 27th July 2011, niL me M2 13 4 us 116 12. 120 GENERAL MEETINGS Members are entitled to attend general meetings personally or by proxy or (in the case of an organisation) by an Authorised Representative General meetings are called on at least 14 Clear Days’ Wntten notice specifying the business to be discussed There 1s a quorum at a general meeting if the number of Members or Authorised Representatives present in person or by proxy 1s at least three (or one-half of the Members if greater). ‘The Chairman or (if the Chairman 1s unable or unwilling to do so) a Member elected by those present presides at a general meeting A general meeting may be called at any time by the Trustees A general meeting may be called on a Written request to the Trustees from at least 5% of the Members On receipt of a Written request made pursuant to Article 11 5, the Trustees must call a general meeting within 21 days and the general meeting must be held not more than 28 days after the date of the notice calling the general meeting APPOINTMENT OF PROXIES Proxtes may only be validly appointed by a notice In Wniting which (a) states the name and address of the Member appointing the proxy, (6) tdentifies the person appointed to be that Member's proxy and the general ‘meeting in relation to which that person 1s appointed, (©) 1s signed by the Member appointing the proxy or 1s authenticated in such manner as the Trustees may determine, (dts delivered to the Chanty in accordance with Article 16 8, ‘as amended by Speciat Resolution dated 27th July 2011,122 123 124 125 13. BL 132 133 13.4 (©) _ 1s received by the Chanty at least 48 hours before the meeting to which it relates ‘The Chanty may require proxy notices to be delivered in a particular form and may specify different forms for different purposes Proxy notices may specify how the proxy appointed under them 1s to vote (or that the proxy 1s to abstain from voting) on one or more resolutions Unless a proxy notice indicates otherwise, 1t should be treated as (@ allowing the person appointed under it as a proxy discretion on how to vote on any ancillary or procedural resolution put to the meeting, (©) appointing that person as a proxy in relation to any adjournment of the general meeting to which it relates as well as to the meeting itself ‘An appointment under a proxy notice may be revoked by delivering to the Chanty, in accordance with Article 16 8, a notice given by or on behalf of the Member who gave the proxy notice, but such revocation will only take effect if the Chanty receives it before the start of the meeting to which rt relates u MEETINGS. A resolution at a general meeting shall be decided by a show of hands, unless a poll 1s demanded Except where otherwise provided by the Companies Acts, every issue 1s decided by a mayontty of the votes cast Subject to Articles 9 4, 13 4 and 13.5, every Member present in person or by proxy or through an Authonssed Representative) has one vote on each issue The Patron or his proxy shall be entitled to cast [three] votes for every one vote cast by any other Member ‘as amended by Special Resolution dated 27th July 2011 15135 136 137 138 139 13.10 14. 141 A person who has been appointed as proxy for more than one Member has only one vote on a show of hands, save that the voting nghts of any proxy appointed by the Patron shall be the same as those of the Patron. A poll on a resolution may be demanded (@) advance of the general meeting where it 1s to be put to the vote, or (b) ata general meeting, either before a show of hands on that resolution or immediately after the result of a show of hands on that resolution 1s declared A poll may be demanded by (@) the chairman of the meeting, (b) any Trustee, (©) _tWo or more persons having the nght to vote on the resolution, or @) a person representing at least 10% of the total voting nghts of all the Members present at the meeting and having the might to vote on the resolution A demand for a poll may be withdrawn if the poll has not yet been taken and the chairman of the meeting consents to the withdrawal Polls must be taken immediately and in such manner as the chairman of the meeting, directs. The provisions of this Article 13 may only be altered by the unanimous agreement of the Members. WRITTEN RESOLUTIONS Subject to Article 14 2, a resolution In Writing agreed by a simple mayonty (or in the case of a Special Resolution by a mayonty of not less than 75%) of the Members ‘as amended by Special Resolution dated 27th July 2011 16