Leon Karelitz Charitable Trust

“Upon completion of review by an external tax preparer, a copy of the Form 990 is made available to the Executive Committee of the Trustee, The Kansas University Endowment Association.”

“As the Trustee of the Leon Karelitz Charitable Trust, The Kansas University Endowment Association (KU Endowment) operates under a conflict of interest policy, which is as follows: 1. Duty to disclose In connection with any actual or possible conflicts of interest, an interested person must disclose the existence and nature of his or her financial interests to the directors and members of committees with board-delegated powers considering the proposed transaction or arrangement. 2. Determining whether a conflict of interest exists After disclosure of the financial interest, the interested person shall leave the portion of the trustee, executive committee or committee meeting during which the financial interest is discussed and voted upon by the remaining trustees, executive committee members or committee members, as the case may be, which other trustees or members shall decide if a conflict of interest exists. 3. Procedures for addressing the conflict of interest (A) The trustees, executive committee or committee, as the case may be, shall comply with all applicable laws and KU Endowment policies in considering a transaction or arrangement between KU Endowment in which it has been determined that a conflict of interest exists. (B) After exercising all due diligence required by applicable law or KU Endowment's policies and any additional due diligence that may be deemed appropriate under the circumstances by the disinterested trustees, executive committee members or committee members, as the case may be, the executive committee or committee shall determine by a majority vote of the disinterested members whether to enter into the transaction or arrangement taking into account whether the transaction or arrangement is in KU Endowment's best interest and for its own benefit and whether the transaction is fair and reasonable to KU Endowment. 4. Violations of the conflict of interest policy (A) If the executive committee or a standing committee has reasonable cause to believe that a trustee has failed to disclose actual or possible conflicts of interest, it shall inform the trustee of the basis for such belief and afford the trustee an opportunity to explain the alleged failure to disclose. (B) If, after hearing the response of the trustee and making such further investigation as may be warranted in the circumstances, the executive committee or a standing committee determines that the trustee has in fact failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action.”

“The Leon Karelitz Charitable Trust's governing documents, financial statements, and the conflict of interest policy of its trustee (The Kansas University Endowment Association) are available upon request at 1891 Constant Avenue, Lawrence, KS 66047, 785-832-7400. The information may be mailed or sent electronically if requested.”