Y Gofrestr Elusennau - Y Comisiwn Elusennau THE ST PAUL'S SCHOOL GENERAL CHARITABLE TRUST

DECLARATION OF TRUST OF 16 AUGUST 1966 AS ALTERED BY A SUPPLEMENTAL DEED OF 17 APRIL 2009 [AS AFFECTED BY A UNITING DIRECTION LETTER MADE 22 JULY 2009 UNDER S. 96 OF THE CHARITIES ACT 1993]

THE TRUSTEES SHALL PAY OR APPLY THE ENTIRETY OF THE ANNUAL INCOME OF THE TRUST TO OR FOR 1) SUCH CHARITABLE PURPOSES CONNECTED WITH THE SCHOOL AS THE TRUSTEES SHALL FROM TIME IN THEIR ABSOLUTE DISCRETION DETERMINE OR 2) SUCH OTHER CHARITABLE PURPOSES OR SUCH CHARITABLE FOUNDATIONS (WHETHER OR NOT CONNECTED WITH THE SCHOOL) AS THE TRUSTEES SHALL IN LIKE MANNER DETERMINE. PROVIDED THAT THE TRUSTEES SHALL BEFORE EXERCISING THEIR DISCRETION CONSIDER IN THE FIRST PLACE THE REQUIREMENTS OF THE SCHOOL (BUT WITHOUT IMPOSING ON THE TRUSTEES ANY OBLIGATION AS TO THE MANNER IN WHICH THEY SHALL EXERCISE SUCH DISCRETION.

NOT DEFINED, BUT IN PRACTICE LONDON

ST PAUL'S SCHOOL