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      <FactsAndCircumstancesTestTxt>IN ACCORDANCE WITH TREASURY REGULATION SECTION 1.170A-9(F)(3), THE TORY BURCH FOUNDATION IS PUBLICLY SUPPORTED BECAUSE IT NORMALLY RECEIVES A SUBSTANTIAL PART OF ITS SUPPORT FROM GOVERNMENTAL UNITS, FROM CONTRIBUTIONS MADE DIRECTLY OR INDIRECTLY BY THE GENERAL PUBLIC, OR FROM A COMBINATION OF THESE SOURCES, THAT IS, ITS PUBLIC SUPPORT EXCEEDS 10% OF ITS TOTAL SUPPORT, AND IT MEETS THE OTHER REQUIREMENTS OF PARAGRAPH (F)(3). THE FOUNDATION ALSO MAINTAINS A CONTINUOUS AND BONA FIDE PROGRAM FOR SOLICITATION OF FUNDS FROM THE GENERAL PUBLIC1. PERCENTAGE OF SUPPORTTHE TORY BURCH FOUNDATION'S PUBLIC SUPPORT PERCENTAGE IS 28.87%, WELL ABOVE THE 10% REQUIRED TO QUALIFY AS A PUBLICLY SUPPORTED ORGANIZATION. 2. SOURCES OF SUPPORTTHE FOUNDATION RECEIVED DONATIONS FROM MORE THAN 5,000 DIFFERENT DONORS OVER THE FIVE YEAR MEASUREMENT PERIOD. THE FOUNDATION RELIES ON CONTRIBUTIONS, AND NOT ENDOWMENT FUNDS, TO SUPPORT ITS MISSION. IN GENERAL, THESE DONORS WERE NOT RELATED TO EACH OTHER.3. REPRESENTATIVE GOVERNING BODYTHE TORY BURCH FOUNDATION'S GOVERNING BODY - ITS BOARD OF DIRECTORS - REPRESENTS THE BROAD INTERESTS OF THE PUBLIC RATHER THAN THE PERSONAL OR PRIVATE INTERESTS OF A LIMITED NUMBER OF DONORS. BOARD MEMBERS INCLUDE CEOS, LAWYERS, PHILANTHROPISTS, CIVIC VOLUNTEERS, AND BUSINESS LEADERS ACROSS A WIDE VARIETY OF INDUSTRIES INCLUDING BANKING, EDUCATION, VENTURE CAPITAL, NOT-FOR-PROFIT FOUNDATIONS, MARKETING, AND FASHION. THE FOUNDATION'S BOARD THEREBY EMBODIES AND ESPOUSES AN EXTENSIVE CROSS-SECTION OF THE VIEWS AND INTERESTS OF THE COMMUNITY. IN ADDITION, BOARD MEMBERS HAVE SPECIALIZED KNOWLEDGE AND EXPERTISE IN THE FIELD OF WOMEN'S ENTREPRENEURSHIP, AND ARE APTLY POSITIONED TO GOVERN AN ORGANIZATION THAT FOCUSES ON THE EMPOWERMENT OF WOMEN ENTREPRENEURS THROUGH ACCESS TO CAPITAL, ENTREPRENEURIAL EDUCATION, AND MENTORING AND NETWORKING OPPORTUNITIES. FOR EXAMPLE, VARIOUS BOARD MEMBERS ARE THEMSELVES ENTREPRENEURS, LEADERS IN BUSINESS AND FINANCE, AND/OR HOLD POSITIONS WITH OTHER ORGANIZATIONS THAT ALIGN WITH THE TENETS OF THE FOUNDATION, RESULTING IN A DEEP EXPERTISE IN THE FIELD OF WOMEN'S ENTREPRENEURSHIP. BOARD MEMBERS ARE REPRESENTED IN ORGANIZATIONS SUCH AS THE TRUSTEES COUNCIL OF PENN WOMEN, THE CENTER FOR WOMEN'S ENTREPRENEURIAL LEADERSHIP AT BABSON COLLEGE, THE INTERNATIONAL COUNCIL FOR SMALL BUSINESS, AND THE CENTER FOR WOMEN'S BUSINESS RESEARCH, AMONG MANY OTHERS.ABBREVIATED BOARD MEMBER BIOGRAPHIES FOLLOW BELOW:TORY BURCHTORY BURCH IS CHAIRMAN, CEO AND DESIGNER OF TORY BURCH, AN AMERICAN SPORTSWEAR AND LIFESTYLE BRAND. AFTER GRADUATING FROM THE UNIVERSITY OF PENNSYLVANIA WITH A DEGREE IN ART HISTORY, SHE MOVED TO NEW YORK TO PURSUE A CAREER IN THE FASHION INDUSTRY. SHE WORKED IN PUBLIC RELATIONS AND MARKETING FOR SEVERAL AMERICAN DESIGNERS, INCLUDING RALPH LAUREN, VERA WANG AND NARCISO RODRIGUEZ AT LOEWE.SHE LAUNCHED TORY BURCH IN 2004 WITH A SMALL BOUTIQUE ON ELIZABETH STREET IN MANHATTAN, AND SINCE THEN THE BRAND HAS GROWN INTO A GLOBAL BUSINESS WITH MORE THAN 150 FREESTANDING STORES IN CITIES FROM NEW YORK AND LOS ANGELES TO SHANGHAI, MILAN AND PARIS, AS WELL AS A PRESENCE IN MORE THAN 3,000 DEPARTMENT AND SPECIALTY STORES WORLDWIDE.TORY HAS BEEN RECOGNIZED WITH NUMEROUS AWARDS, INCLUDING THE CFDA FOR ACCESSORY DESIGNER OF THE YEAR, GLAMOUR'S WOMEN OF THE YEAR, FORBES'S MOST POWERFUL WOMEN IN THE WORLD.A DEDICATED PHILANTHROPIST, TORY LAUNCHED THE TORY BURCH FOUNDATION IN 2009. IN ADDITION, SHE SERVES ON THE BOARDS OF THE COUNCIL OF FASHION DESIGNERS OF AMERICA, THE SOCIETY OF MEMORIAL SLOAN-KETTERING CANCER CENTER, THE BREAST CANCER RESEARCH FOUNDATION, THE BARNES FOUNDATION AND THE JAY H. BAKER RETAILING CENTER AT THE UNIVERSITY OF PENNSYLVANIA'S WHARTON SCHOOL, AND IS A MEMBER OF THE COUNCIL ON FOREIGN RELATIONS. SHE IS ALSO AN INAUGURAL MEMBER OF THE PRESIDENTIAL AMBASSADORS FOR GLOBAL ENTREPRENEURSHIP.HAYLEY BOESKYHAYLEY IS VICE CHAIRMAN OF GLOBAL MARKETS AT BANK OF AMERICA MERRILL LYNCH, WORKING ACROSS ALL LINES OF BUSINESS TO DEEPEN PARTNERSHIPS WITH THE FIRM'S HIGHEST PRIORITY CLIENTS. SHE WAS PREVIOUSLY AT THE FEDERAL RESERVE BANK OF NEW YORK IN THE MARKETS GROUP WHERE SHE SERVED AS VICE PRESIDENT AND DIRECTOR OF MARKET ANALYSIS. PRIOR TO JOINING THE FEDERAL RESERVE, HAYLEY WORKED AT MOORE CAPITAL MANAGEMENT AND SEPARATELY WAS CHIEF U.S. RATES STRATEGIST AT GOLDMAN SACHS. HAYLEY HOLDS A DOCTORATE IN ASTROPHYSICS FROM COLUMBIA UNIVERSITY AND STUDIED MATHEMATICS AND FRENCH AT THE UNIVERSITY OF PENNSYLVANIA. SHE IS ALSO ON THE TRUSTEES COUNCIL OF PENN WOMEN AND IS A MEMBER OF THE COUNCIL ON FOREIGN RELATIONS.SUSAN DUFFYSUSAN DUFFY IS THE EXECUTIVE DIRECTOR OF THE CENTER FOR WOMEN'S ENTREPRENEURIAL LEADERSHIP (CWEL) AT BABSON COLLEGE, A COLLABORATIVE LEARNING LABORATORY DEDICATED TO RESEARCHING, EDUCATING AND CELEBRATING WOMEN ENTREPRENEURIAL LEADERS. UNDER SUSAN'S LEADERSHIP, CWEL IS REDEFINING WOMEN'S ENTREPRENEURSHIP EDUCATION WITH PROGRAMS LIKE THE WIN LAB VENTURE ACCELERATOR AND THE CWEL SCHOLARS PROGRAM. CWEL ALSO ADVANCES GENDER ENLIGHTENMENT AS A GROWTH STRATEGY FOR INDIVIDUALS AND ORGANIZATIONS. SUSAN EARNED HER PH.D. FROM THE GEORGE WASHINGTON UNIVERSITY WHERE SHE FOUNDED THE WOMEN'S ENTREPRENEURIAL LEADERSHIP INITIATIVE, A PROGRAM RECOGNIZED AS THE 2006 NATIONAL MODEL SPECIALTY PROGRAM IN ENTREPRENEURSHIP EDUCATION. SUSAN SERVES ON THE BOARD OF THE INTERNATIONAL COUNCIL FOR SMALL BUSINESS AND THE CENTER FOR WOMEN'S BUSINESS RESEARCH.JAY HASSJAY IS A PARTNER AT RRE VENTURES, WHERE HE IS RESPONSIBLE FOR BUSINESS STRATEGY AND OPERATIONAL FUNCTIONS INCLUDING INVESTOR RELATIONS, COMMUNICATIONS AND PRODUCT MANAGEMENT. PRIOR TO JOINING RRE, JAY SPENT 22 YEARS AT BROWN BROTHERS HARRIMAN. THERE HE ESTABLISHED THE ALTERNATIVE INVESTMENTS GROUP, LEADING EIGHT PRIVATE EQUITY, HEDGE FUND AND ASIAN EQUITY FUNDS-OF-FUNDS WITH PEAK ASSETS OF OVER $1.3 BILLION AND APPROXIMATELY 1,300 INVESTORS. IN ADDITION, HE HAS BEEN AN ANGEL INVESTOR IN A NUMBER OF PRIVATELY HELD COMPANIES AND AS PRESIDENT OF THE CONSULTING FIRM GATEHOUSE INVESTORS, HE HAS ADVISED HIGH-NET-WORTH FAMILIES AND FINANCIAL SERVICES INSTITUTIONS ON INVESTMENT AND BUSINESS STRATEGIES. JAY IS ALSO DIRECTOR OF THE CHEETAH KOREA VALUE FUND AND IS A FORMER TRUSTEE OF THE ACADEMY OF NATURAL SCIENCES OF PHILADELPHIA AND NATURAL LANDS TRUST.ROBERT ISENROBERT IS THE CHIEF LEGAL OFFICER AND PRESIDENT OF CORPORATE DEVELOPMENT AT TORY BURCH LLC. ROBERT BEGAN HIS CAREER AS A CORPORATE ATTORNEY IN WASHINGTON D.C. AND WENT ON TO WORK FOR A PHILADELPHIA-BASED FIRM. AFTER PRACTICING LAW, ROBERT PURSUED VARIOUS ENTREPRENEURIAL VENTURES AND HELD KEY OPERATING, INVESTOR AND ADVISORY ROLES IN SEVERAL COMPANIES. ROBERT HOLDS A B.S. IN PSYCHOLOGY FROM DUKE UNIVERSITY AND GRADUATED WITH A J.D. FROM BOSTON UNIVERSITY LAW SCHOOL. ROBERT IS A MEMBER OF YPO/WPO. ROBERT IS THE HALF-BROTHER OF TORY BURCH.TRACEY KOZMETSKYTRACEY HOLDS A B.A. FROM TEXAS CHRISTIAN UNIVERSITY AND BEGAN HER PROFESSIONAL CAREER AT WOMEN'S WEAR DAILY AND LOR AL PROFESSIONNEL. IN 1999, SHE STARTED HER OWN PUBLIC RELATIONS FIRM, ENGELKING KOZMETSKY COMMUNICATIONS, LLC. TRACEY HAS BEEN INVOLVED WITH THE RGK FOUNDATION FOR 19 YEARS. SHE IS THE 2015 BOARD CHAIR FOR THE DALLAS CHILDREN'S ADVOCACY CENTER AND SERVES ON THE BOARD OF DIRECTORS OF DALLAS CHILDREN'S MEDICAL CENTER. SHE IS ALSO A MEMBER OF THE CRYSTAL CHARITY BALL. AMONG NUMEROUS AWARDS, SHE RECEIVED THE NORTH STAR AWARD RANKING HER AMONG THE TOP TEN CIVIC VOLUNTEERS IN DALLAS.DINA POWELLDINA IS THE HEAD OF GOLDMAN SACHS BANK USA'S URBAN INVESTMENT GROUP, GLOBAL HEAD OF THE OFFICE OF CORPORATE ENGAGEMENT AND PRESIDENT OF THE GOLDMAN SACHS FOUNDATION. DINA JOINED GOLDMAN SACHS AS A MANAGING DIRECTOR IN 2007 AND WAS NAMED PARTNER IN 2010. PRIOR TO JOINING GOLDMAN SACHS, DINA SERVED AS ASSISTANT SECRETARY OF STATE FOR EDUCATIONAL AND CULTURAL AFFAIRS, AS DEPUTY UNDERSECRETARY OF STATE FOR PUBLIC DIPLOMACY AND PUBLIC AFFAIRS AND AS ASSISTANT TO THE PRESIDENT FOR PRESIDENTIAL PERSONNEL IN THE WHITE HOUSE. DINA SERVES ON THE BOARD OF THE HARVARD BUSINESS SCHOOL SOCIAL ENTERPRISE INITIATIVE, THE AMERICAN UNIVERSITY IN CAIRO, THE CENTER FOR GLOBAL DEVELOPMENT AND THE NIGHTINGALE-BAMFORD SCHOOL. SHE IS A MEMBER OF THE COUNCIL ON FOREIGN RELATIONS.SEE SCHEDULE O FOR CONTINUATION OF EXPLANATION</FactsAndCircumstancesTestTxt>
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        <FormAndLineReferenceDesc>PART X, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>TORY BURCH FOUNDATION, INC. IS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND, ACCORDINGLY, IS NOT SUBJECT TO FEDERAL OR STATE INCOME TAXES. TBF ADOPTED THE ACCOUNTING PRONOUNCEMENT RELATED TO INCOME TAXES WHICH REQUIRES THAT A TAX POSITION BE RECOGNIZED OR DERECOGNIZED BASED ON A "MORE LIKELY THAN NOT" THRESHOLD. THIS APPLIES TO POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. TBF DOES NOT BELIEVE ITS FINANCIAL STATEMENTS INCLUDE ANY UNCERTAIN TAX POSITIONS.</ExplanationTxt>
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          <AddressLine1Txt>80 MAIDEN LANE SUITE 903</AddressLine1Txt>
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        <PurposeOfGrantTxt>TO HELP ACCOMPLISH THE CHARITABLE ENDEAVORS OF THE DONEE</PurposeOfGrantTxt>
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          <BusinessNameLine1Txt>JUSTINE PETERSEN</BusinessNameLine1Txt>
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          <AddressLine1Txt>1023 NORTH GRAND BLVD</AddressLine1Txt>
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        <FormAndLineReferenceDesc>PART I, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>FOUNDATION REPRESENTATIVES EITHER MEET WITH DONEE PERSONNEL ON AT LEAST AN ANNUAL BASIS TO DISCUSS THE RECIPIENT'S MISSION AND PROGRESS OR CORRESPONDS WITH THE DONEE TO OBTAIN APPROPRIATE UPDATES</ExplanationTxt>
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        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 2</FormAndLineReferenceDesc>
        <ExplanationTxt>ROBERT ISEN (TREASURER) IS THE BROTHER OF TORY BURCH (PRESIDENT) AND JAMES ROBINSON (SECRETARY).</ExplanationTxt>
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        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11</FormAndLineReferenceDesc>
        <ExplanationTxt>EACH MEMBER OF THE BOARD REVIEWS THE 990 PRIOR TO FILING.</ExplanationTxt>
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        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>EACH BOARD MEMBER IS REQUIRED TO DOCUMENT COMPLIANCE WITH THE POLICY.</ExplanationTxt>
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        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>THE GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE BY CONTACTING THE ORGANIZATION'S OFFICES AND WHICH TIME APPROPRIATE ACCESS WILL BE PROVIDED.</ExplanationTxt>
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        <FormAndLineReferenceDesc>FORM 990, PART XII, LINE 2C</FormAndLineReferenceDesc>
        <ExplanationTxt>FINANCIALS ARE SENT TO BOARD MEMBERS DIRECTLY ON A QUARTERLY BASIS FROM ACCOUNTANTS THEN REVIEWED AND DISCUSSED IF NEEDED AT SUBSEQUENT BOARD MEETINGS. YEAR END FINANCIAL STATEMENTS ARE SENT TO THE BOARD AND APPROVED BEFORE ISSUANCE. ANY QUESTIONS ARE DIRECTED TO THE AUDITORS.</ExplanationTxt>
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        <ExplanationTxt>TORY BURCH, PRESIDENT, HAS AN OWNERSHIP INTEREST IN TORY BURCH LLC.</ExplanationTxt>
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        <ExplanationTxt>THE EXECUTIVE DIRECTOR OF TORY BURCH FOUNDATION, INC. IS AN EMPLOYEE OF TORY BURCH LLC. HER TIME IS DONATED BY TORY BURCH LLC.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, SCHEDULE A, PART II, LINE 17A (CONTINUED)</FormAndLineReferenceDesc>
        <ExplanationTxt>JAMES ROBINSON JAMIE IS THE MANAGING DIRECTOR OF ALLIANCE MARKETING PARTNERS, A SPORTS MARKETING FIRM. LAUNCHING HIS CAREER AS A CERTIFIED NFL AGENT, JAMIE HAS NEGOTIATED SPORTS AND ENTERTAINMENT MERCHANDISING, LICENSING AND SPONSORSHIP AGREEMENTS TOTALING IN EXCESS OF $150 MILLION. HE HAS ALSO CREATED MARKETING CAMPAIGNS ON BEHALF OF A NUMBER OF THE NATION'S LEADING BRANDS INCLUDING HALLMARK CARDS, GAP, MCDONALD'S, COCA-COLA, RAWLINGS SPORTING GOODS AND DUNKIN' DONUTS. JAMIE IS A BOARD MEMBER OF THE POLICE ATHLETIC LEAGUE, THE MARKS COLORECTAL SURGICAL FOUNDATION, ASHLEY'S ANGELS AND THE STREETSAFE DRIVING ACADEMY. HE IS A GRADUATE OF GEORGETOWN UNIVERSITY. JAMES IS THE BROTHER OF TORY BURCH. JAMIE TISCH JAMIE IS AN ENTREPRENEUR AND PHILANTHROPIST. IN 2008, SHE CO-FOUNDED FASHIONOLOGY LA, A CHILDREN'S CLOTHING STORE IN LOS ANGELES. IN 2003, SHE CO-FOUNDED THE ENTERTAINMENT INDUSTRY'S WOMEN'S CANCER RESEARCH FUND. THE WOMEN'S CANCER RESEARCH FUND WAS CREATED TO SUPPORT INNOVATIVE RESEARCH, EDUCATION AND OUTREACH DIRECTED TOWARD THE EARLY DIAGNOSIS, TREATMENT AND PREVENTION OF ALL WOMEN'S CANCERS. 4. AVAILABILITY OF PUBLIC FACILITIES OR SERVICES; PUBLIC PARTICIPATION IN PROGRAM OR POLICIES: THE TORY BURCH FOUNDATION RUNS NATION-WIDE PUBLIC PROGRAMS EMPOWERING WOMEN ENTREPRENEURS. THE PROGRAMS AND INITIATIVES ARE AS FOLLOWS: ACCESS TO AFFORDABLE CAPITAL PROGRAM THE TORY BURCH FOUNDATION CAPITAL PROGRAM POWERED BY BANK OF AMERICA PROVIDES WOMEN ENTREPRENEURS IN THE UNITED STATES THE OPPORTUNITY TO ACCESS AFFORDABLE LOANS THROUGH COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS (CDFIS). (THE PROGRAM WAS ORIGINALLY KNOWN AS "ELIZABETH STREET CAPITAL".) THE LOANS ARE MADE TO LOW AND MIDDLE-INCOME WOMEN OPERATING EARLY STAGE VENTURES IN ALL INDUSTRIES. THE TORY BURCH FOUNDATION AND BANK OF AMERICA PROVIDE GRANTS TO LOCAL CDFI'S THROUGHOUT THE COUNTRY TO SUPPORT THE LOAN PROGRAM. EDUCATION IN PARTNERSHIP WITH GOLDMAN SACHS 10,000 SMALL BUSINESSES AND BABSON COLLEGE, THE TORY BURCH FOUNDATION PROVIDES SPECIALIZED, PRACTICAL BUSINESS EDUCATION FOR WOMEN ENTREPRENEURS. THE CURRICULUM IS DESIGNED TO PROVIDE ENTREPRENEURS WITH TOOLS AND SUPPORT TO PRACTICE NEGOTIATION SKILLS, FINANCIAL, MARKETING AND EMPLOYEE MANAGEMENT. DURING THREE-MONTH COURSES, STUDENTS ATTEND CLASSES AND RECEIVE WEEKLY ONE-ON-ONE BUSINESS ADVISING TO DEVELOP A STRATEGIC AND TAILORED PLAN FOR BUSINESS GROWTH. THE PROGRAM EXISTS ON THE GROUND IN 12 REGIONS AND THERE IS NOW ALSO A NATIONAL PROGRAM THAT INCLUDES ONLINE AND IN-PERSON SESSIONS. NETWORKING AND MENTORING EVENTS IN ORDER TO SUPPORT WOMEN ENTREPRENEURS AS THEY GROW THEIR BUSINESSES, THE FOUNDATION HOSTS MENTORING EVENTS THAT PAIR TOP BUSINESS LEADERS WITH EXPERTISE IN A VARIETY OF INDUSTRIES WITH WOMEN ENTREPRENEURS TO PROVIDE INFORMATION AND INSPIRATION AND TO CREATE PEER NETWORKS. THROUGH "WOMEN RULE", A PARTNERSHIP WITH POLITICO AND GOOGLE, THE FOUNDATION HAS HELD A SERIES OF EVENTS EXPLORING HOW WOMEN ARE LEADING CHANGE IN POLITICS, POLICY AND THEIR COMMUNITIES. DIGITAL THE TORY BURCH FOUNDATION WEBSITE IS A DIGITAL RESOURCE HUB WITH RICH AND REGULAR CONTENT FOR ENTREPRENEURS. THERE ARE SCORES OF ORIGINAL ARTICLES ADDRESSING FINANCE, MARKETING, OPERATIONS AND MORE; INTERVIEWS WITH SUCCESSFUL BUSINESS PEOPLE; AND TOOLS, SUCH AS A BUSINESS PLAN BUILDER. THERE IS ALSO A DONATION PORTAL FOR THE PUBLIC WWW.TORYBURCHFOUNDATION.ORG FELLOWS PROGRAM (IN DEVELOPMENT) THE TORY BURCH FOUNDATION INTENDS TO PRODUCE A NATIONAL FELLOWS PROGRAM FOR WOMEN ENTREPRENEURS. ENTREPRENEURS FROM AROUND THE COUNTRY WILL SUBMIT APPLICATIONS ONLINE. TEN ENTREPRENEURS WILL BE SELECTED ANNUALLY WHO WILL HAVE ACCESS TO MENTORS, ADVISORS AND WORKSHOPS FOR A TWO-YEAR PERIOD.</ExplanationTxt>
      </SupplementalInformationDetail>
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