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      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION A, LINE 7A</ReturnReference>
        <Explanation>UNDER THE TRUST AGREEMENT WITH THE TRUSTEE, NYU HAS THE RIGHT TO REMOVE THE TRUSTEE AND HAS OTHER POWERS.</Explanation>
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      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION A, LINE 7B</ReturnReference>
        <Explanation>UNDER THE TRUST AGREEMENT WITH THE TRUSTEE, NYU HAS THE RIGHT TO REMOVE THE TRUSTEE AND HAS OTHER POWERS.</Explanation>
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      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 11</ReturnReference>
        <Explanation>THE FOLLOWING STEPS WERE TAKEN TO REVIEW THIS IRS FORM 990: 1.THE FORM 990 WAS REVIEWED BY THE NYU CONTROLLER AND NYU OFFICE OF GENERAL COUNSEL. 2.FOLLOWING THE REVIEW PERIOD, THE FORM 990 WAS ELECTRONICALLY FILED WITH THE IRS.</Explanation>
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        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 12C</ReturnReference>
        <Explanation>QUESTIONS ARISE PERIODICALLY THROUGHOUT THE YEAR AND ARE HANDLED BY THE NYU OFFICE OF GENERAL COUNSEL AS APPROPRIATE. FORMS ARE ALSO REVIEWED BY THE OFFICE OF COMPLIANCE AND RISK MANAGEMENT. THERE ARE NO EMPLOYEES OF THE TRUST.</Explanation>
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      <GeneralExplanation>
        <Explanation>THERE ARE NO EMPLOYEES OF THE TRUST.</Explanation>
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      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
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