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        <Explanation>YEAR ENDED: DECEMBER 31, 2012 38-3355391 THE STEWARDSHIP FOUNDATION 2540 FLORAL DRIVE ZEELAND, MI 49464 ELECTION UNDER REGULATIONS SECTION 53.4942(A)-3(D)(2) TO TREAT EXCESS QUALIFYING DISTRIBUTIONS AS DISTRIBUTIONS OUT OF CORPUS PURSUANT TO REG. SEC. 53.4942(A) - 3(D)(2), THE FOUNDATION HEREBY ELECTS TO TREAT ITS CURRENT YEAR QUALIFYING DISTRIBUTIONS AS DISTRIBUTIONS OUT OF CORPUS.</Explanation>
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