The Reeves Charitable Trust

THE TRUSTEES HEREBY DECLARE THAT THEY WILL HOLD THE TRUST FUND AND THE INCOME THEREOF UPON TRUST TO PAY OR APPLY THE WHOLE THEREOF IN SUCH MANNER AS THE TRUSTEES SHALL IN THEIR ABSOLUTE DISCRETION THINK FIT WITH POWER FOR THE TRUSTEES (IF IN THEIR ABSOLUTE DISCRETION THEY THINK FIT) DURING THE PERIOD OF 21 YEARS COMMENCING WITH THE EXECUTION OF THIS DEED TO ACCUMULATE THE WHOLE OR ANY PART OR PARTS OF THE INCOME OF THE TRUST FUND BY INVESTING THE SAME IN ANY INVESTMENTS HEREBY AUTHORISED AND SO THAT THE ACCUMULATIONS SO MADE SHALL BE HELD AS AN ACCRETION TO THE CAPITAL OF THE TRUST FUND TO OR FOR THE BENEFIT OF SUCH ONE OR MORE CHARITABLE PURPOSES OR CHARITABLE INSTITUTIONS IN ANY PART OF THE WORLD AT SUCH TIME OR TIMES IN SUCH MANNER AND IN SUCH PROPORTIONS AS THE TRUSTEES MAY FROM TIME TO TIME IN THEIR DISCRETION DETERMINE.