Today, , appeared before me, Cornelis Marinus Reijntjes, notary with offices in Alkmaar: Mr. Rafael Hirschfeld, residing at 1017 LC Amsterdam, Prinsengracht 748/2, born in New York, USA, on 23 October Nineteen Sixty, of American nationality, identifying himself with his American passport number 452111108, issued by the Department of State of the United States on 12 November Two Thousand and Ten, unmarried and not a registered partner and not previously married or a registered partner. Name and seat Article 1 1. The foundation bears the name: Financial Cryptography Foundation. 2. It has its seat in the municipality of Amsterdam. Goal Article 2 1. The Foundation serves the public interest and specifically aims: a. to initiate and promote theory and applications related to information security in general and financial cryptography and data security in particular; b. to facilitate and encourage fundamental and applied research, development and exploration, education and debate on financial cryptography, data security and related fields; c. to bring together experts and academics from around the world; d. to engage in any further activities conducive to the foregoing in the widest sense. 2. The foundation seeks to achieve its goal by: - Organizing scientific conferences and workshops; - Activities that develop, broaden and deepen the knowledge of financial cryptography; - Any activities that can contribute to the above. Funding Article 3 1. The financial resources of the foundation will be obtained from: - Gifts and donations; - Grants and sponsorship; - Bequests, legacies and inheritances; - Contributions of participants; - Any further income legally obtained. 2. The foundation does not aim to make a profit. Directors: composition, method of naming (and compensation) Article 4 1. The Board of the Foundation consists of a Board-determined number of Directors (at least two). 2. The Directors are appointed and suspended by the Board. Vacancies must be filled as quickly as possible. The Board elects a President, a Secretary and a Treasurer from its midst. The offices of Secretary and Treasurer may be fulfilled by the same person. The President, Secretary and Treasurer shall together constitute the Executive Committee. 3. The Directors are appointed for a period of three years. Their terms expire according to a schedule determined by the Directors. A Director whose term expires is immediately eligible for re-appointment. A Director appointed to fill a vacancy serves the remainder of the term of the Director replaced. 4. In the event of one or more vacancies, the Board retains its authority. 5. The Directors receive no remuneration for their administrative work. Costs incurred by them in the performance of their duties may be reimbursed by the Foundation. Board: duties and powers Article 5 1. The Board is charged with managing the Foundation. 2. The Board is authorized to enter into agreements to acquire, dispose of or encumber registered property. 3. The Board is authorized to enter into agreements, with the Foundation itself as collateral or primary debtor or as guarantor the debt of a another party. 4. Inheritances may only be accepted with an inventory list. Directors: meetings Article 6 1. The Board meetings are held at the location specified in the notice given. 2. Annually within six months of the end of the financial year a meeting of the Board (the annual meeting) will be held at which in any case the balance sheet and statement of income and expenses will be determined. 3. Additional meetings will be held when one of the Directors calls for one. 4. The notice of a meeting shall be at least seven days before the meeting, the days of the notice and of the meeting not included, by means of an invitation letter. 5. An invitation letter states, besides the time and place of the meeting, the items to be discussed. 6. The meetings are chaired by the President. If the President is absent, the Directors present provide for the leadership of the meeting. 7. The Secretary takes minutes of the meeting. In the absence of the Secretary, the person leading the meeting will designate somebody to take minutes. The minutes are adopted by those who acted as chair and minute-taker at the meeting. An archive of the minutes will be kept by the Secretary. 8. Directors and those invited by the Board may attend Board meetings. Directors: decision making Article 7 1. The Board may make decisions only if the majority of the incumbent directors are present or represented. A Director may be represented by another Director at a meeting after written, at the discretion of the chair of the meeting sufficient, power of attorney is provided. An electronically conveyed power of attorney serves as a written power of attorney. A Director can only act as proxy for one other Director. 2. If at a meeting a majority of the Directors is not present or represented, a second meeting will be convened no earlier than two and no later than four weeks after the first meeting. In this second meeting, items included on the agenda of the first meeting can be decided regardless of the number of Directors present or represented. The notice convening the second meeting must state that and explain why a decision can be taken regardless of the number of Directors present or represented. 3. The Board may provide that Directors may attend meetings by means of electronic communication. If the Board so decides, the following requirements apply: - a Director who participates in the meeting via electronic means of communication must be identifiable; - this Director must be able to follow the deliberations of the meeting and be able to participate; - he/she must be able to exercise his/her voting rights. The Board may impose (further) conditions on the use of electronic communication. If it has done so, the conditions will be announced when the meeting is called. A Director who particpates in a meeting via an electronic means of communication is considered to be present at the meeting. 4. If all Directors are present at a meeting, valid resolutions on any subject can be made by a unanimous vote, even if the rules governing the convening and holding meetings have not been met. 5. The Board may by unanimous vote adopt decisions outside a meeting. The Secretary will draw up a report of any such decision that, after being co-signed by the President, will be kept as an official record. 6. Each Director is entitled to cast one vote. Except as otherwise specified, Board resolutions are passed by an absolute majority of valid votes cast. In case of a tie vote, the proposal is considered rejected. 7. All votes of a meeting are voice votes, unless before the vote is taken one or more Directors request a written vote. Written votes shall be by secret, unsigned ballot. 8. Blank votes are considered not to have been cast. 9. In all disputes about voting, the chair of the meeting decides. Directors: removal Article 8 A Director is removed: a. as a result of his/her death or, in the case that the Director is a legal entity, by its dissolution or if it ceases to exist; b. by the loss of control over his/her faculties; c. by his/her resignation (whether or not in accordance with the term expiration schedule specified in article 4); d. by dismissal by the other joint Directors, at least two in number; e. by resignation under Article 2:298 of the Civil Code. Representation Article 9 1. The Board represents the Foundation. 2. Authority is also held by two Directors acting jointly. If the Board consists of a single Director, he/she represents the Foundation in and out of court. 3. By an act in violation of Article 5 may be invoked against third parties. 4. The Board may authorize by power of attorney one or more Directors, as well as third parties, to represent the Foundation within the limits of that power of attorney. Financial year and annual reports Article 10 1. The financial year of the foundation is the same as the calendar year. 2. The Board is required to administer the assets and activities of the Foundation in such a manner, and to keep the books, records and other media in such a way, that the rights and obligations of the Foundation can be determined at all times. 3. The Board shall annually, within six months of the end of the financial year, prepare and adopt a report of the balance sheet and statement of income and expenditure of the Foundation on paper. 4. The Board is required to save the the books, records and other media mentioned in the preceding paragraphs for a period of seven years. 5. Data on various media, except for balance sheets and statements of income and expenses on paper, may be transferred to and stored on another medium, provided the transfer is done with full and accurate representation of the data and this data remains available for the entire period of storage and can be made readable within a reasonable time. Guidelines, working groups and committees Article 11 1. The Board is authorized to adopt Guidelines regulating areas that in the opinion of the Board require (further) regulation. 2. Guidelines may not contradict these statutes or applicable law. 3. The Board is authorized to change or discontinue Guidelines. 4. The adoption, amendment and termination of Guidelines is subject to the provisions of Article 12 paragraph 1. 5. The Board may establish committees or working groups to implement certain ares or certain administrative duties, however, responsibility remains expressly with the Board. Amendment Article 12 1. The Board is authorized to amend these Articles. A resolution to amend must be unanimous in a meeting where all Directors are present or represented. 2. The amendment must be made by notarial act, and otherwise can be declared invalid. Each Director is individually authorized to the arrange the notarial act. 3. The Directors are required to deposit an authentic copy of the amendment and the amended articles with the Chamber of Commerce. Dissolution and liquidation Article 13 1. The Board is authorized to dissolve the Foundation. 2. The provisions of article 12 paragraph 1 shall apply mutatis mutandis to decisions of the Board to dissolve the Foundation. 3. If the Board decides to dissolve the Foundation, the disposition of assets will also be specified. In other cases of dissolution the disposition of assets is determined by the liquidators. 4. After dissolution, liquidation is carried out by the Directors, unless the decision to dissolve appointed other liquidators. 5. After the liquidation, the books and records of the dissolved Foundation will be retained for the period prescribed by law by a person appointed by the liquidators. 6. In addition, the provisions of Title 1, Book 2 of the Civil Code will apply to the liquidation. Final provisions Article 14 1. In all cases not covered by either the law or these statutes, decision rests with the Board. 2. In these articles the word "written" is understood to mean a message transmitted through the usual communication channels that appears to have originated in written form. 3. The first financial year of the Foundation is the same as the calendar year. Final declaration Finally, the persons appearing before me state that: a. the Board is composed of two Directors; b. the initial Directors are (name and position): 1. the person appearing before me, Rafael Hirschfeld, as President; 2. Ms. Hinde ten Berge, residing at 1018 AM Amsterdam, Cruquiuskade 219, born in Groningen on 28 December Nineteen Seventy-Five, as Secretary/Treasurer. Conclusion The person appearing is known to me, notary. WHEREAS in Alkmaar on the date indicated above, After formal receipt of the contents of this act and comments thereon, the person appearing has declared to be familiar with the contents and not to require a complete reading aloud. Thereafter, after limited reading by the person appearing and by myself, notary, signed.