Y Gofrestr Elusennau - Y Comisiwn Elusennau THE PIONEER ENDOWMENT FUND

TRUST DEED DATED 9 OCTOBER 2006

A. TO ACQUIRE, RESTORE, MAINTAIN AND PRESERVE IN SAILING CONDITION THE LAST REMAINING 1ST CLASS ESSEX SMACK "THE PIONEER" (CK18), USING AS FAR AS IS REASONABLY PRACTICAL SIMILAR MATERIALS AND TECHNIQUES TO THOSE USED IN THE VESSEL'S ORIGINAL CONSTRUCTION, IN ORDER TO EDUCATE THE PUBLIC IN THE NATURE, HISTORY AND OPERATION OF SUCH A VESSEL AND THE SKILLS REQUIRED IN USING AND CONSERVING IT B. TO PROVIDE TRAINING AND RECREATIONAL AND LEISURE TIME ACTIVITIES IN SAILING AND ALLIED ACTIVITIES AND IN PARTICULAR TO PERSONS WHO HAVE NEED OF SUCH FACILITIES IN THE INTEREST OF SOCIAL WELFARE BY REASON OF THEIR AGE, YOUTH, DISABILITY, INFIRMITY, POVERTY OR SOCIAL OR ECONOMIC CIRCUMSTANCES C. SUCH OTHER PURPOSES OF THE BENEFIT OF THE COMMUNITY AS SHALL BE EXCLUSIVELY CHARITABLE

NOT DEFINED IN PRACTICE NATIONAL

THE PIONEER SAILING TRUST