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      <FactsAndCircumstancesTestTxt>FRIENDS OF ECOLE NORMALE SUPERIEURE FOUNDATION ("ENS") MEETS THE 10%-FACTS-AND-CIRCUMSTANCES TEST FOR THE TAX YEAR ENDED DECEMBER 31, 2025 AND THUS, CONTINUES TO QUALIFY AS A PUBLICLY SUPPORTED ORGANIZATION. ENS IS A 501(C)(3) PUBLICLY-SUPPORTED CHARITY, INCORPORATED IN 2017 IN DELAWARE. ITS MISSION IS TO ADVANCE EXCELLENCE IN RESEARCH AND TEACHING IN ECONOMICS AND RELATED FIELDS. IT ACCOMPLISHES THIS MISSION THROUGH ITS DONATIONS TO ECOLE NORMALE SUPERIEURE. THE ORGANIZATION SOLICITS FUNDS ON A CONTINUOUS BASIS FROM THE GENERAL PUBLIC AND CORPORATE SPONSORS, AND ITS PRIMARY SOURCES OF SUPPORT ARE THESE DONATIONS.PUBLIC SUPPORT LEVELS - ENS'S PUBLIC SUPPORT PERCENTAGE WAS 26.19% IN 2021, 26.3% IN 2022, 27.43% IN 2023, 25.43% IN 2024, AND 23.1% IN 2025. AS REQUIRED BY FORM 990, SCHEDULE A, PART II, SECTION C (COMPUTATION OF PUBLIC SUPPORT PERCENTAGE), LINE 17A (10%-FACTS-AND-CIRCUMSTANCES-TEST), ENS IS SUBMITTING THIS STATEMENT IN SUPPORT OF CONTINUING TO RECOGNIZE THE CHARITY'S PUBLICLY-SUPPORTED STATUS REGULATORY STANDARD. THE STANDARD FOR A PUBLICLY-SUPPORTED FACTS AND CIRCUMSTANCES DECISION IS SET OUT IN (26 CFR) TREAS REG 1.170A-9 (F)(3). BROADLY SPEAKING, THERE ARE TWO MANDATORY ELEMENTS AND FOUR DISCRETIONARY "FACTORS" TAKEN INTO CONSIDERATION. THIS STATEMENT FOLLOWS THAT ORDER APPLICATION OF THE STANDARD TO ENS.MANDATORY STANDARD #1 - "TEN-PERCENT SUPPORT LIMITATION" - ENS'S PUBLIC SUPPORT PERCENTAGE OF 23.1% IN 2025 EXCEEDS THE 10% MINIMUM REQUIRED BY THE REGULATIONS. MANDATORY STANDARD #2 - "ATTRACTION OF PUBLIC SUPPORT" - ENS HAS AN ON-GOING PROGRAM OF SOLICITATION OF PUBLIC SUPPORT FROM A BROAD SPECTRUM OF CORPORATE GIVING PROGRAMS. CORPORATE DONORS MAKING DIRECT GIFTS HAVE INCLUDED CITADEL ENTERPRISES AND GOOGLE. THE SOLICITATION OF PUBLIC SUPPORT IS A TOP PRIORITY OF THE VOLUNTEER BOARD OF DIRECTORS IN A CONTINUOUS AND ON-GOING FASHION. ADDITIONAL STANDARD (A) - "PERCENTAGE OF FINANCIAL SUPPORT" - ENS'S PUBLIC SUPPORT PERCENTAGES, AT 26.19% IN 2021, 26.3% IN 2022, 27.43% IN 2023, 25.43% IN 2024 AND 23.1% IN 2025 HAVE BEEN ABOVE THE 10% MINIMUM THRESHOLD, SUGGESTING A STRONG BASIS FOR THE ORGANIZATION BEING "PUBLICLY SUPPORTED". ADDITIONAL STANDARD (B) - "SOURCES OF SUPPORT" - ENS'S SOURCES OF SUPPORT, HIGHLY CONCENTRATED IN THE ECONOMIC INDUSTRY, ARE APPROPRIATE TO THE SPECIALIST NATURE OF THE ORGANIZATION'S MISSION.ADDITIONAL STANDARD (C) - "REPRESENTATIVE GOVERNING BODY" - ENS'S GOVERNING BODY HAS THE SPECIALIST KNOWLEDGE APPROPRIATE TO GUIDING AND IMPLEMENTING THE MISSION. THE HONORARY PRESIDENT, PHILIPPE CAMUS, IS A WORLD-RANKING ECONOMIST. THE VICE PRESIDENT, FREDERIC WORMS, IS A SENIOR EXECUTIVE AT ECOLE NORMALE SUPERIEURE. BOTH HAVE SUBSTANTIAL EXPERIENCE IN THE SECTOR.ADDITIONAL STANDARD (D) - "AVAILABILITY OF PUBLIC SERVICES" - ENS SUPPORTS STUDENT EDUCATION AND RESEARCH IN ECONOMICS BY AWARDING GRANTS IN THIS FIELD OF STUDY, IN PARTICULAR THROUGH ECOLE NORMALE SUPERIEURE SCHOLARSHIPS.CONCLUSION: FOR ALL OF THE REASONS STATED ABOVE, IN COMPLIANCE WITH (26 CFR) TREAS REG 1.170A-9(F)(3), THE ORGANIZATION ASKS THE INTERNAL REVENUE SERVICE TO CONTINUE TO RECOGNIZE ITS PUBLICLY-SUPPORTED CHARITY STATUS.</FactsAndCircumstancesTestTxt>
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        <FormAndLineReferenceDesc>PART I, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>EACH TRUSTEE HAS TO CONSENT TO THE TRANSFER; APPROVAL HAS TO BE SENT TO BLUESTONE SERVICES WHO MONITORS THE GRANTS AND THEN THE GRANT IS TRANSFERRED.</ExplanationTxt>
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        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 7B</FormAndLineReferenceDesc>
        <ExplanationTxt>THE BOARD VOTES ON THE OTHER BOARD POSITIONS.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>THE SECRETARY AND TAX RETURN PREPARER REVIEW QUESTIONS/CHANGES SUBMITTED BY THE OFFICERS AND TRUSTEES AND COMMUNICATE TO OFFICERS AND TRUSTEES BEFORE THE FINAL FORM 990 IS FILED.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>THE BOARD OF DIRECTORS IS REQUIRED TO ANNUALLY DISCLOSE ANY CONFLICTS OF INTEREST.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>AVAILABLE UPON REQUEST.</ExplanationTxt>
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