THIS INSTRUMENT is made the 14 day of november 2017,

c) letter of resignation from the office of Protector dated 11 February, 2011, by virtue of which Laura Maltini Lepetit resigned as Protector of the Trust;

d) instruments dated 11 February, 2009, and 29 April, 2014, by virtue of which Mariagrazia Pellerino, on the one hand, and Lucilla Pagnani and Emilia Amabile Costa, on the other, were designated as the new Protectors of the Trust, which office they hold from the respective dates mentioned above;

f) instrument of Indemnity dated 9 December, 2010, between the First Trustee of the Trust and the Second Trustee of the Trust;

j) instrument dated 9 November, 2017, by virtue of which: (i) the Settlors for the time being    (Giovanna Foglia and Fiorella Cagnoni) approved and recorded their decision to appoint and designate the abovementioned Maddalena Claudia del Re as Protector of the Trust
and to appoint Anna Leone, Azzurra Schirosi, Mariangela Bursomanno, Paola Mastella and Nicoletta Potenza as the first members of the Board of Force; (ii) Fiorella Cagnoni recorded her irrevocable decision to relinquish her status as a settlor of the Trust; (iii) Giovanna Foglia, in her resulting capacity as sole Settlor, recorded her decision to appoint and designate Fiorella Cagnoni as a Protector of the Trust with effect from the date of the said instrument;

k) letter dated , 2017, by virtue of which the Third Trustee of the Trust formally tendered its resignation from the office of trustee of the Trust to the Protectors;

l) instrument of appointment dated , 2017, by virtue of which: (i) the Protectors appointed Giovanna Foglia as the new trustee of the Trust; (ii) Giovanna Foglia accepted her appointment as trustee of the Trust; and (iii) the Protectors approved and ratified, without reservation, the terms of the instrument referred to above in paragraph (j).

B. Giovanna Foglia is accordingly, as at the date hereof, the sole Settlor of the Trust and the sole Trustee of the Trust.

C. Fiorella Cagnoni, Mariagrazia Pellerino, Sylvie Coyaud, Lucilla Pagnani, Emilia Amabile Costa, Stefania Tomasini and Maddalena Claudia del Re are, as at the date hereof, the Protectors of the Trust.

D. Anna Leone, Azzurra Schirosi, Mariangela Bursomanno, Paola Mastella and Nicoletta Potenza are the first members of the Board of Force and they have separately and respectively confirmed that they accept their appointment as such.

E. According to article 44 of the Current Trust Instrument, the Trustee may at any time during the Trust Period and with the written consent of the Protectors, amend, by instrument in writing, the provisions of the Current Trust Instrument if she considers that the amendments are necessary to better achieve the purpose of the Trust and in such circumstance may also change the governing law of the Trust.

F. The current governing law of the Trust is the law of Guernsey, Channel Islands.

G. The Trustee wishes to change the governing law of the Trust to that of the Republic of Malta insofar as no person involved with the Trust has any connection whatsoever with Guernsey whilst she is a citizen of and resident in the Republic of Malta and she has, accordingly, ready access to legal and other professionals who may be called upon to assist as may be required in connection with the Trust.

I. The Protectors are also appearing on and executing this Instrument by way of confirmation of their consent and approval of the change of the governing law of the Trust to that of the Republic of Malta and of all changes to the terms and provisions governing the Trust as shall be restated hereunder.

J. The change of the governing law of the Trust to that of the Republic of Malta and such amendments to the Current Trust Instrument as are approved hereby (including such amendments as are necessary for the purposes of ensuring the validity of the Trust in terms of the laws of Malta) shall not affect the continuity of the Trust which shall, notwithstanding such change and amendments, remain extant for all intents and purposes.

ARTICLE 1 - CHARITABLE PURPOSE OF THE TRUST

2.1 In addition to the capitalised terms defined in this Instrument, the following terms shall have the following meanings respectively assigned to them:

a) legal incapacity to act; or
b) the need for a person to require the assistance of an administrator, a curator, a trustee or any other person to carry out the relevant act or to carry out the function to which the term refers; or
c) the incapacity, certified by a competent medical practitioner, of a person to whom the term refers to carry out any act.

2.2 All words and expressions defined in the course of this Instrument shall apply, unless otherwise indicated, to all its provisions and to the acts that constitute its execution or that are expressly linked to it.

2.3 Words importing one gender shall include all other genders and words importing the singular shall include the plural and vice versa.

2.4 The Recitals to this Instrument shall be construed as constituting an integral part of this Instrument.

3.2 Any reference to the Settlor in this Instrument shall be disregarded:

a) should the Settlor relinquish her status as such by instrument in writing delivered to the Trustee and to the Protectors; or

4.1 The term "Trust" shall refer to the trust arising and subsisting pursuant to the terms and conditions set forth in this Instrument.

4.3 The Trust is constituted for an indefinite duration and is irrevocable.

6.2 The current Protectors of the Trust are:

a) Fiorella Cagnoni born in Milan on 4 December 1947;
b) Stefania Tomasini born in Gallarate on 13 March, 1968;
c) Maddalena Claudia del Re born in Rome on 18 December, 1966;
d) Mariagrazia Pellerino born in Turin on 20 August 1958;
e) Sylvie Coyaud born in Paris on 30 May 1944;
f) Lucilla Pagnani born in Rome on 14 May 1953; and
g) Emilia Amabile Costa born in Monza on 28 June 1950.

7.2 The members of the Board of Force shall be appointed from amongst women who:
a) have distinguished themselves in a particular specialisation or aptitude; and
b) are willing to provide advice to the Trustee and the Protectors in relation to their respective competences.

Any woman who accepts an appointment as a member of the Board of Force shall communicate her acceptance by notice in writing addressed and delivered to the Trustee.

7.3 The current members of the Board of Force are:

a) Anna Leone born in Vieste on 11 May, 1969;
b) Azzurra Schirosi born in Mesagne on 8 July, 1976;
c) Mariangela Bursomanno born in San Cesario di Lecce on 10 February, 1980;
d) Paola Mastella born in Bassano Del Grappa on 8 March, 1981; and
e) Nicoletta Potenza born in Gagliano del Capo on 10 September, 1980.

7.4 The Board of Force shall support the Protectors in the performance of their tasks, and shall assist in securing the Charitable Purpose of the Trust when required and in terms of the provisions of this Instrument.

8.1 The term "Project" refers to each initiative or the organization of any event which the Trustee pursues in furtherance of the Charitable Purpose by using or otherwise applying all or part of the Trust Assets.

8.2 The Settlor and/or any Protector and/or any member of the Board of Force may make recommendations to the Trustee as regards any new or existing Project which may benefit from the Trust Assets or from additional Trust Assets in furtherance of the Charitable Purpose.

8.3 Should any of the persons referred to in the immediately preceding article 8.2 wish to make a recommendation as referred to in the said article 8.2 in respect of any new Project, any such person shall be required to prepare or procure a feasibility study to enable the Trustee to evaluate the merits of the recommendation. Any such feasibility study should at least disclose and describe:

a) the financial requirements of the proposed Project;
b) the Project implementation timeframe;
c) the expected date of commissioning of the Project; and
d) reporting terms and frequency.

Provided that the Trustee shall be entitled, in its exclusive discretion, to dispense with any feasibility study or to require any alternative (whether lesser or greater) information in connection with a proposed Project.

8.4 The Trustee shall keep separate records and accounts in respect of each Project.

Where an expense is not directly attributable to a single Project, such expense shall be apportioned amongst all the Projects benefitting therefrom in such proportions to be determined by the Trustee and which, in its discretion, best reflect the extent to which each relevant Project benefitted as such.

8.5 The Trustee shall use its best endeavours to ensure that the goals identified in respect of each Project shall be effectively achieved

Provided that any Trustee acting as such on a voluntary basis shall not be held to account and shall have no liability for any perceived or actual failure or default in terms of this article. A Trustee remunerated nominally and whose expenses are reimbursed shall be deemed to be acting as such on a voluntary basis.

8.6 If a Project is not feasible:

a) due to insufficiency of funds raised or otherwise comprised or available in the Trust Assets;
b) because it is more effectively implemented by any other organisation; or
c) for any other reason which, in the opinion of the Trustee, makes its success impossible or improbable,

the Trustee, at its own initiative, and possibly pursuant to a proposal of the Settlor or of any Protector, shall allocate any funds which were initially designated for application to the relevant Project to: (i) any other Project; and/or (ii) to any initiative undertaken by another organisation and which has, broadly, the same purposes of the said relevant Project.

ARTICLE 9 - THE TRUST ASSETS

9.1 The term "Trust Assets" refers to the capital and income held by the Trustee in its capacity as such under trusts pursuant to the terms of this Instrument and the Act and includes:

a) assets settled, transferred or otherwise vested in the Trustee and accepted by it, in its capacity as Trustee of the Trust, as an addition to the Trust Assets;
b) assets pertaining to the Trustee and which it declares to be Trust Assets;
c) income produced over time by the Trust Assets; and
d) the proceeds derived by the Trustee upon the disposal or other alienation of any Trust Assets and any assets which represent the same.

9.2 In the absence of specific limitations set forth in this Instrument and/or in any applicable law, the Trustee shall have all the faculties and rights of an owner of the Trust Assets.

Provided that the Trustee shall use and apply the Trust Assets in the implementation of Projects and generally in furtherance of the powers and in fulfilment of the obligations
arising from this Instrument and/or from any applicable law.

9.3 Without prejudice to the generality of the provisions of article 9.2, the Trustee:

a) has authority to institute and defend proceedings with respect to any of the Trust
Assets and may proceed to the determination of such proceedings or compromise the same including as to costs at the expense of the Trust Assets;
b) may appear in its capacity as Trustee before notaries, public authorities and any other third parties;
c) may apply to the courts for directions as may be permitted in terms of applicable law;
d) is the custodian of the Trust Assets and shall accordingly be bound to safeguard and preserve the Trust Assets;
e) shall hold legal title of the Trust Assets and, where appropriate, shall be entrusted with the possession thereof; and
f) shall, to the extent that the nature of any Trust Assets permit so, ensure that the value of such Trust Assets is preserved over time.

Provided that the Trustee may transfer any Trust Assets to any other trustee or fiduciary companies or professional financial intermediaries, or wholly owned subsidiaries of the Trustee in the case of a corporate Trustee and the Trustee may deposit assets and documents with banks and professional custodians which undertake to take custody of the same.

Provided further that the Trustee shall not be liable for any loss or depreciation in value or loss of profits howsoever caused which may be suffered in respect of the Trust Assets, unless such loss or depreciation in value or loss of profit is caused by fraud, wilful misconduct or gross negligence attributable to the Trustee.

9.4 The Trust Assets are separate from the wealth and patrimony of the Trustee, cannot be attacked by its personal creditors and, if a Trustee is a natural person, do not form part of any patrimonial regime resulting from marriage or part of her inheritance.

A Trustee shall accordingly keep the Trust Assets separate and distinctly identifiable from its own assets and from any other assets for which it acts as trustee in terms of a separate trust. Moreover, a Trustee shall:

f) in the case of assets which may or should be registered in any public or private register, request the registration of such assets in its name acting as Trustee of the Trust or in any another manner which confirms that the Trustee holds the relevant assets in its capacity as Trustee of the Trust;
g) deposit all financial instruments comprised in the Trust Assets in accounts which shall be opened and maintained by the Trustee in its name and in its capacity as Trustee of the Trust; and
h) take any other appropriate measure in order to formalise the inclusion of any other property appertaining to the Trust as part of the Trust Assets.

9.5 The Trustee shall safeguard and secure the integrity of the Trust Assets and shall not take or otherwise derive any personal benefit (whether directly or indirectly via intermediaries by way of commissions or otherwise) from its office, save for any remuneration which the Trustee may be entitled to receive pursuant to article 22.1 of this Instrument.

9.6 Without prejudice to the generality of the immediately preceding article 9.5 and article 11.2, the Trustee shall not: (i) procure or allow any other person to directly or indirectly derive any personal profit from the Trust or from the office of the Trustee outside the scope of the Charitable Purpose; and (ii) perform any transaction with or otherwise apply the Trust Assets in any manner which may give rise to personal benefit outside the scope of the Charitable Purpose.

9.7 When circumstances so require, and upon obtaining any approvals and/or opinions, proposals or recommendations as may be prescribed by this Instrument, the Trustee may transfer a portion of the Trust Assets which had been originally budgeted for use or application in a Project to any other Project/s.

9.8 The Trustee, in the case of continuing Projects, shall in its absolute discretion, budget and reserve a portion of the Trust Assets for eventual allocation or application for the benefit of each such continuing Project, taking into consideration any recommendations provided to it by the Settlor and/or the Protectors, and shall use any such reserve in favour of the designated Projects.

10.1 The Trustee may accept, as additions to the Trust Assets, additional money, investments or other property or assets, of whatever nature and wherever situated, as may from time to time be donated inter vivos or bequeathed causa mortis. Such additional money, investments or other property or assets shall, subject to any contrary direction and subject to the provisions of the following article 10.2, be held upon the trusts and with and subject to the powers and provisions of this Instrument.

10.2 Any person who donates or bequeaths to the Trust any additional money, investments or  other property or assets as referred to in the immediately preceding article 10.1, shall be entitled to propose to or otherwise direct the Trustee that such property be applied for the  benefit of a specified Project in existence and active at the time and, generally, to impose any condition upon the Trustee for the use and application of such additional money, investments or other property or assets. For the avoidance of any doubt, the Trustee shall be entitled to decline any additional money, investments or other property or assets should any proposal, direction or condition made in terms of this article be deemed unacceptable.

11.1 Save as otherwise provided in this Instrument in relation to any specific transaction or transactions, any decision concerning the use and application of any part or all of the Trust Assets shall be taken at the sole discretion of the Trustee.

Provided that the Trustee may not proceed with any operation or transaction related to the Trust Assets which may give rise to a conflict of interest except with the prior written approval of the Protectors and after having heard the opinion of the Board of Force.

Provided further that for so long as Giovanna Foglia is a Trustee, she shall not be deemed to have any conflict of interest in relation to any Project.

11.2 The Trustee shall, with the consent in writing of the Protectors, be entitled to do anything contemplated in the provisions of Article 21(3) of the Act.

12.1 Should the Settlor, the Trustee and the Protectors (acting in terms of article 31.2 hereunder) and a majority of persons for the time being members of the Board of Force agree that, in their considered opinion, it is no longer possible to pursue or to achieve the Charitable Purpose by means of the Trust or that a more suitable legal form or arrangement should be established for the pursuit and achievement of the Charitable Purpose, the Trust Assets shall be: (i) allocated and applied by the Trustee proportionally to each Project supported at that time by the Trust; (ii) and/or assigned gratuitously to any such legal form or arrangement established for the pursuit and achievement of the Charitable Purpose; (iii) and/or assigned gratuitously to entities or non-profit organisations having objectives similar to the Charitable Purpose.

Provided that the Trustee shall only allocate, apply and/or assign Trust Assets in the circumstances set out in this article after:
a) having considered any proposals of the Settlor; and
b) having obtained the opinion of the Protectors; or
c) having considered the proposals of the Board of Force should the Protectors not be in a position to provide any opinion in this respect.

12.2 The Trustee shall do anything which may be necessary and/or required for the purposes of validly allocating, applying and/or assigning the Trust Assets in terms of the immediately preceding article 12.1 and completing any processes and formalities as may be prescribed by applicable law with a view to making such allocations, application and/or assignments legally enforceable against third parties.

13.1 The governing law of the Trust is the law of the Republic of Malta.

13.2 The Trustee may, for the sole purpose of ensuring a more effective pursuit of the Charitable Purpose of the Trust, and having obtained the prior written consent of the Protectors:
a) substitute the governing law of the Trust with another; and
b) change any provision of this Instrument which would not be valid or whose interpretation or effects would vary according to the new governing law and change this Instrument as necessary for its effects to remain as far as possible the same in terms of the new governing law.

13.3 Any dispute relating to the establishment, validity or the effects of the Trust or its administration or the rights or obligations of any person mentioned in this Instrument shall be referred to the jurisdiction of the courts of the Republic of Malta.

13.4 In the event of any inconsistency arising in the interpretation of the terms governing the Trust as set out in this Instrument, the English language version of this Instrument shall take precedence over any translation of this Instrument into the Italian language or any other language from time to time.

13.5 Notwithstanding anything to the contrary expressed or implied in any other provision of this Instrument, none of the provisions, powers, discretions or authorities conferred by this Instrument shall at any time be exercisable in such a manner as to infringe any provision of the laws of the Republic of Malta, and in the event that any such provision, power, discretion or authority shall not be valid in terms of the said law, the same shall, insofar as it is capable in terms of law of being separated and severed, be so severed and separated from the remaining provisions of this Instrument and shall not affect the validity of the Trust or of the other provisions of this Instrument.

14.1 All powers related to the functions of Trustee, Protectors or the Board of Force are fiduciary powers.

14.2 The holder of a fiduciary power:
a) shall, when called upon to exercise the same in terms of this Instrument or any applicable law, exercise the power with absolute discretion according to the circumstances, provided that it has obtained any consents and/or opinions required by this Instrument and it is in the exclusive general interest of the Charitable Purpose;
b) is not required to communicate to anyone the reasons justifying or underlying the exercise of the power, provided however that any decision taken in the course of the exercise of any such power shall be recorded by it; and
c) unless this Instrument provides otherwise, may exercise the relevant power on such occasion or occasions as may be deemed necessary from time to time and/or may declare, by authenticated instrument to the subject recipient of any communication, that it waives the exercise of the relevant power and such declaration shall be effective and binding only upon the person entitled to exercise such fiduciary power and shall not be binding on subsequent holders of such power.

Whenever this Instrument obliges any person to follow the directions which another person may give concerning the method, timing and object of an exercise of a fiduciary power or the fulfilment of an obligation, it shall be relieved from liability for having followed any such directions, unless the person receiving such directions had or should have had, using due diligence, knowledge of facts which contradicted or otherwise attested to the incorrectness of such directions, or should any such liability arise due to the fraud, wilful misconduct or gross negligence of the person receiving such directions.

Save as may otherwise be provided by any applicable law (including in particular, any statutory protection of a third party contracting in good faith), acts carried out in the exercise of a fiduciary power which is not within the competence of the person who acted, and acts carried out in the exercise of a fiduciary power in violation of any provision of this Instrument, are invalid, are not enforceable against any person who may be entitled to set aside any such acts, and their effects shall be reversed to the status quo ante by the person who carried out such acts.

17.1 Every manifestation or communication of the intention of the Trustee is valid only if made in writing. For the avoidance of doubt, electronic forms of communication shall be valid for the purposes of this Instrument.

17.2 Any communication which may be required to be made or given by this Instrument shall be sent to the relevant recipient in a manner that ensures the provision by the recipient to the sender of proof of receipt of the relevant communication.

17.3 In the event that any applicable law prescribes any particular or specific form, authentication or other formality for the purposes of the Trustee formalising, executing and completing any act pursuant to this Instrument, the Trustee shall ensure that any such form, authentication or other formality is satisfied and complied with by the Trustee.

Any act of the Trustee shall, unless the Trustee specifies otherwise or unless otherwise prescribed in terms of any applicable law, be presumed to have been carried out on the basis that it may be revocable.

The Trustee shall have power, but with the prior approval of the Protectors, to delegate to any person (including in cases where there is more than one (1) Trustee, to any one (1) of the Trustees) at any time for any period and in any manner (including without prejudice to the generality of the foregoing by power of attorney) and upon any terms whatsoever, all or any of the powers or discretions, whether dispositive, administrative or otherwise imposed on or given to the Trustee pursuant to this Instrument or by applicable law or otherwise (including the management and administration of this Trust) without being liable for any loss to the Trust Assets arising from the acts or defaults of any such person.

20.1 A Trustee is not liable for any loss caused to the Trust Assets as a consequence of its acts or omissions unless these derive from its fraud or wilful misconduct or gross negligence.

20.2 If the Trustee, in good faith and without neglect, makes a delegation or an appointment in accordance with the provisions of article 19 of this Instrument, the Trustee shall not be liable for any loss arising to the Trust in consequence thereof.

20.3 Any liability arising under or in connection with the Trust is limited to and can be enforced limitedly against the Trustee in respect of its role as trustee of the Trust and only to the extent to which it can be satisfied out of property of the Trust Assets.

The Trustee shall be indemnified out of the Trust Assets for such liabilities (including any tax liabilities) as well as any damages, claims, actions, suits or proceedings (civil, criminal, administrative, legislative, investigative or other, including appeals), including, withoutlimitation, legal fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities whatsoever, suffered or incurred by the Trustee in connection with or as a result of its acting as Trustee of the Trust except where any of the foregoing is attributable to any fraud, wilful misconduct or gross negligence on the part of the Trustee or, in the case of a corporate Trustee, any of its directors, officers or employees.

20.4 No party may sue the Trustee in any capacity other than as trustee of the Trust.

20.5 No party shall have recourse against any personal assets of the Trustee, or, in the case of a corporate Trustee, of its directors, officers or employees, and/or any assets of the Trustee held by the Trustee as trustee of other trusts and/or any assets of the Trustee held by the Trustee for the benefit or on behalf of third parties.

20.6 In the exercise of the powers herein contained, the Trustee shall not be under any duty to see that the value of the Trust Assets or any part or parts thereof is enhanced in any way nor shall the Trustee be liable for any failure in that respect whatsoever.

(ii) the Trustee is not in possession of sufficient funds to enable the Trustee to effect any reasonable payment due to any person providing services.

21.1 The Trustee may, subject to any other provision of this Instrument, after having obtained the consent of the Protectors and after having heard the opinion of the Board of Force:

a) borrow money by way of loan;
b) charge, pledge, hypothecate or loan Trust Assets;
c) dispose of any immovable property or any rights thereon comprised in the Trust Assets and which may be registered or otherwise require registration in any public registers in the jurisdiction in which such immovable property is situated.

21.2 The Trustee shall be entitled to invest or to procure the investment of any monies comprised in the Trust Assets. The Trustee shall appoint any investment advisors and/or managers for the purposes. Provided that any investment of Trust Assets shall be made within the scope and parameters of any investment strategy, profile and restrictions set by the Settlor and communicated to the Trustee in writing. Provided further that no deviation shall be permitted from any such investment strategy, profile and restrictions set by the Settlor except with the written consent of the Settlor. Provided moreover that should the Settlor be absent or otherwise incapable of giving her consent to any deviation from any such investment strategy, profile and restrictions as aforesaid, the Trustee may apply to the competent court in the Republic of Malta and in terms of the Act for authorisation to implement and execute any such proposed deviation.

21.3 The Trustee shall be entitled to engage executors, accountants, advocates, notaries, attorneys, stockbrokers, market makers, investment managers, brokers, agents, property agents and any other any person/s providing professional services in Malta and in any other country to provide advice or any such professional services to the Trustee in connection with the performance of any obligations of the Trustee as are referred to in this Instrument and any applicable laws in Malta or elsewhere. The Trustee shall be entitled to rely on the advice of any such person and to debit the Trust Assets in settlement of all and any fees and expenses incurred in connection with any professional services procured by the Trustee in terms of this clause.

22.1 For so long as Giovanna Foglia is a Trustee, she shall not be entitled to receive any remuneration for her services rendered as such. Any other Trustee who may from time to time be appointed as such pursuant to this Instrument may be entitled to receive remuneration for services rendered as such to the Trust and as may be approved by the

Protectors.

22.2 The Trustee may use the income generated by the Trust Assets and, if insufficient, the capital comprised in the Trust Assets:

a) to support the operating and management costs of the Trust; and
b) to meet any legitimate expenses and liabilities of the Trust.

The costs attributable to the Trust shall include any remuneration and expenses as may be payable to any professional or other third party as may from time to time be appointed by the Trustee pursuant to this Instrument, and the costs of any legal proceedings in which the Trustee may be involved, unless the competent court provides otherwise.

23.1 The Trustee shall keep and maintain accurate accounts and documentation and records in respect of the Trust and, specifically, in relation to each transaction and act relating to each Project.

Without prejudice to the requirement of any applicable law, such accounts may include a balance sheet, a capital account, an income account, and such notes and schedules as are considered appropriate by the Trustee (such as statements of accounting policies, an inventory of assets comprised in the Trust Assets, a schedule of investments and distributions, and cash accounts, administration expenses and their apportionment between income and capital accounts). Unless mandated in terms of applicable law, the Trustee shall have the absolute discretion and the power to cause the accounts of this Trust to be audited annually or at such intervals as the Trustee deems fit by such professional accountant or accountants as the Trustee may appoint for the purpose. Such accounts shall be deposited at such address as the Trustee may from time to time designate for such purposes and communicated to the Settlor and the Protectors.

23.2 Without prejudice to the requirement of any applicable law, the Trustee shall provide the Settlor and Protectors with a report on the performance of the Trust and each Project:

a) annually within 30 (thirty) days of the end of each calendar year;
b) whenever it considers it necessary;
c) when the Protectors request so.

Provided that for so long as Giovanna Foglia is a Trustee she shall not be required to prepare any report whatsoever except when the Protectors request the same.

24.1 New or additional Trustees shall be appointed by the Protectors by instrument in writing.

24.2 Trustees, whether present or future, shall remain in office until resignation, removal, or:

a) in the case of a natural person, until death or incapacity of the Trustee to act as such or until such person has attained eighty (80) years of age, whichever occurs the earliest; or
b) in the case of a legal entity, until the commencement of any insolvency, liquidation or similar proceedings or until such time as the Trustee shall no longer be authorised by any competent authority to act as such.

24.3 The resignation of a Trustee shall become effective on the lapse of thirty (30) days following receipt by the Protectors of a written notification of such resignation or until the appointment of a new Trustee to replace the outgoing Trustee should any such appointment take place prior to the lapse of the aforementioned period of thirty (30) days.

Provided that, in the case of the resignation of a sole Trustee, the outgoing Trustee shall remain responsible and liable to provide services as such in terms of this Instrument until such time as the Trust Assets shall have been properly vested in a new Trustee and all duties and responsibilities under this Instrument shall have been assumed by the new Trustee.

24.4 A Trustee may be removed by the Protectors at any time by instrument in writing with effect on and from the date on which the outgoing Trustee shall receive written notice of its removal. Provided that, in the case of the removal of a sole Trustee, the outgoing Trustee shall remain responsible and liable to provide services as such in terms of this Instrument until such time as the Trust Assets shall have been properly vested in a new Trustee and all duties and responsibilities under this Instrument shall have been assumed by the new Trustee.

24.5 A new Trustee shall accept its appointment as such:

a) if the Trust Assets include immovable property, by virtue of a public deed duly published by a notary public or any other equivalent instrument duly executed and/or published by a competent officer or official as may be prescribed in the jurisdiction in which any such immovable property is situated;
b) if the Trust Assets do not include immovable property, by virtue of a written acceptance without any other formalities being required for such purposes unless otherwise prescribed by virtue of applicable law.

24.6 Any appointment, resignation or removal of a Trustee shall be noted in the "Book of Events" by the new or remaining Trustee/s.

24.7 If the Protectors fail to appoint a Trustee within thirty (30) days following the resignation or removal of a sole or the last remaining Trustee, the Protectors shall refer the matter to the Chairman of the Society of Trust and Estate Practitioners (STEP) in Malta who shall be requested to recommend the appointment of a new Trustee to the Protectors who shall, in turn, be bound to accept the aforementioned recommendation and shall proceed with formalising the appointment of the recommended new Trustee.

25.1 An outgoing Trustee loses any rights over the Trust Assets and shall promptly transfer and vest the Trust Assets in the name and under the control of the new Trustee (should the outgoing Trustee be the sole Trustee at the time) or any one (1) or more or all of the Trustees remaining in office as Trustees of this Trust (should the outgoing Trustee not be the sole Trustee), as the case may be.

25.2 Without prejudice to the generality of the provisions of the immediately preceding article

25.1, the outgoing Trustee:

a) shall transfer and deliver to the new or remaining Trustee/s (as the case may be) all Trust Assets, the Book of Events and all documents pertaining to the Trust and the Trust Assets which may be in the possession of the outgoing Trustee;
b) shall do anything which may be necessary and/or required without delay to allow the new or remaining Trustee/s to exercise the rights of Trustee in relation to the Trust Assets;
c) shall provide all information that the new or remaining Trustee/s may request or require and generally shall do any acts or things as may be necessary for vesting the Trust Assets in the new or remaining Trustee/s and to fulfil the obligations relating to their office;
d) may make and retain copies of documents handed over to the new or remaining Trustee/s as aforesaid, but only for the purposes of retaining such records for use in the event of any legal proceedings being instituted against the outgoing Trustee in his capacity as such.

25.3 Any obligations incurred or assumed by the outgoing Trustee, acting in its capacity as trustee of the Trust, towards third parties shall be taken over and assumed by the new or remaining Trustee/s, and the outgoing Trustee and the new or remaining Trustee/s shall do anything that may be necessary and/or required for the purposes of formalising the same. The outgoing Trustee shall be released from liability for any act or omission in relation to the Trust Assets or its duty as a trustee, except in respect of actions arising from breach of trust to which the outgoing Trustee was a party or to which it was privy.

26.2 The Trustee may at any time change the address referred to in the preceding article 26.1 by instrument in writing, which shall be notified to the Protectors and to the Board of Force.

27.2 The Trustee is also required to record in the Book of Events the details and content of acts for which any authenticated or public form is prescribed in this Instrument or by virtue of applicable law, or which the Trustee otherwise considers appropriate to register, publish or authenticate.

27.3 Any interested third party who deals with the Trustee in its capacity as Trustee of the Trust shall be entitled to fully rely upon the contents of the Book of Events, which shall be made available by the Trustee to the relevant third party upon request.

28.1 Where two (2) or more persons (whether individuals and/or legal entities) are Trustees, every decision, resolution or exercise of a power or discretion required to be or capable of being made by the Trustees shall be validly made if it is approved by a majority of the Trustees, and any document or other instrument executed in pursuance of any such decision, resolution or exercise shall have binding legal effect (as if executed by all Trustees) if it shall be executed by a majority in number of the Trustees.

Any one (1) of the Trustees may convene a meeting of the Trustees with reasonable notice being given to all other Trustees. The Trustees may meet in any appropriate form or forum and including, without limitation, by means of telephone or video conferencing or by such other similar means of communication allowing, in either case, all the Trustees participating in the meeting to hear and speak to each other. Where meetings of the Trustees are held by telephone or video conference or by such other similar means of communication as aforesaid such that the Trustees are not present together in the same place, the chairwoman of the meeting shall, in such cases, first verify the identity of the participating Trustees, and shall make a record of such verification once he is satisfied of the identity thereof. The chairperson of any meeting of the Trustees shall be the longest serving Trustee at the time of the meeting or, in its absence, any one (1) of the Trustees as may be appointed by the Trustees for such purposes.

28.2 The chairwoman of a meeting of the Trustees shall cause minutes of all proceedings of such meeting to be entered in the Book of Events, including details of the Trustees in attendance at the relevant meeting, matters discussed during the meeting, resolutions approved or rejected at the meeting, and opinions or dissent expressed by any Trustee during the meeting.

28.3 Where there is more than one (1) Trustee, all Trustees shall participate and cooperate in the performance or implementation of any resolution approved by the Trustees in terms of the provisions of article 28.1, notwithstanding that any such resolution is approved by a majority of the Trustees. Should a Trustee fail to participate and cooperate with the other Trustees as aforesaid, the said defaulting Trustee shall resign from his office as such by instrument in writing which shall be delivered by the defaulting Trustee to the other Trustees and to the Protectors. Should the defaulting Trustee fail to resign from its office as aforesaid and persists in its failure to participate and cooperate with the other Trustees, the Protectors shall remove the relevant Trustee in terms of article 24.4 of this Instrument.

29.1 There shall at all times be a minimum of three (3) female Protectors in office at any given time.

29.2 A Protector:

29.3 If a member of the Board of Force is appointed as a Protector, the relevant member of the Board of Force shall immediately tender her resignation from the Board of Force or shall otherwise be removed from the Board of Force.

29.4 The Protectors are not liable with respect to the Trust other than for their fraud or wilful misconduct or gross negligence.

29.5 The Protectors shall:

a) monitor and supervise the work of the Trustee with a view to ensuring that the Trustee acts in furtherance of the Charitable Purpose of the Trust and in the most efficient manner possible;
b) determine the remuneration of any Trustee from time to time;
c) provide their approval or consent as may be required in terms of this Instrument;
d) ascertain the incapacity of the Trustee to act under this Instrument;
e) formulate opinions (in relation to the approval or rejection of a proposed action or exercise of a discretion by the Trustee) when required by this Instrument; and
f) otherwise carry out any other obligation or function as may be prescribed pursuant to this Instrument.

29.6 The Protectors shall also be required to monitor the Projects and the Protectors shall be entitled to engage any person or persons (including from amongst themselves) to monitor one (1) or more of the Projects and to report any findings in writing to the Settlor, the Trustee and the Protectors.

29.7 The Protectors may express an opinion in relation to any activity of the Trust, even if such opinion has not been requested by the Trustee.

29.9 The Protectors shall be entitled to take legal action against any Trustee in case of any breach of its obligation or in case of breach of the governing law of the Trust or of any other law which may be applicable to a specific act of the Trustee.

30.1 The Protectors are not entitled to receive any remuneration for the work performed by them in such capacity.

30.2 The costs incurred by the Protectors in the fulfilment of their duties shall be borne by the Trust provided that the Trustee considers them to be (in its reasonable opinion) adequatelyjustified and documented by any Protectors seeking reimbursement.

31.1 The Protectors may, at their discretion, take into account the opinion of the Board of Force on any matter which may from time to time require the consideration, opinion or approval of the Protectors pursuant to this Instrument.

31.2 The Protectors must do everything possible to ensure that their decisions are taken unanimously. The Board of Force shall promote and facilitate discussion among the Protectors in order for the same to unanimously approve their decisions. If, notwithstanding the best efforts of the Board of Force, the Protectors shall fail to achieve unanimity in their decisions for any reason whatsoever (including as a result of the absence or unavailability of any Protector at the time), any matter requiring the approval of the Protectors shall be decided by a majority of the Protectors available at the time. In the event of an equality of votes, the matter shall be conclusively determined by the Trustee in its sole discretion.

For the avoidance of any doubt, the absence or other unavailability of one or more Protectors shall not invalidate a decision of the majority of the other Protectors. Provided that a matter shall only be approved by the Protectors if it is considered by at least three (3) Protectors and approved by two (2) of them. If any matter cannot be considered by at least three (3) Protectors owning to the absence and/or unavailability of Protectors, the matter shall be deemed to have been decided in the negative.

32.1 A Protector remains in office until resignation, removal, death, incapacity to act or until such time as the Trust terminates in terms of applicable law.

32.2 A resigning Protector shall deliver notice in writing of her resignation to the Trustee. The resignation of a Protector shall become effective upon receipt by the Trustee of the aforementioned notice of resignation.

32.3 Additional or substitute Protectors may be appointed at any time in accordance with the provisions contained in this Instrument. The appointment of any Protector may be subject to such a term and/or to conditions as may be prescribed by the Settlor or the Protector/s appointing such Protector in terms of this Instrument as the case may be.

32.4 A newly appointed Protector shall notify the Settlor, the Trustee, the Protectors and the Board of Force of her acceptance of such appointment by notice in writing.

32.5 The Trustee, the Settlor, the Protectors and the Board of Force shall be immediately notified in writing of any removal or appointment of a Protector by the subject exercising such power.

33.1 The Board of Force shall at all times consist of a minimum of three (3) and a maximum of nine (9) members, all being women, and always in an odd number.

33.2 The members of the Board of Force:

33.3 The Board of Force may meet whenever it deems fit, and shall be required to meet whenever the Trustee or the Protectors request so by any means and even with very short notice, depending on the circumstances.

33.4 The eldest member of the Board of Force or, in her absence, any member of the Board of Force as may be designated by the Board of Force, shall:

a) chair meetings of the Board of Force;
b) cause minutes of all proceedings of the Board of Force to be entered in a register of the Board of Force, including details of the members in attendance at meetings, matters discussed during such meetings, resolutions approved or rejected at such meetings, and opinions or dissent expressed by any member of the Board of Force during such meeting;
c) cause a record to be made in the register of the Board of Force of any opinions given by the Board of Force as may be required pursuant to this Instrument or of any action which the Board of Force may be required to take in terms of applicable law;
d) ensure an effective communication of any opinion or decision of the Board of Force to the Trustee or to any other person as may be required pursuant to this Instrument and in terms of applicable law.

33.5 The Board of Force shall provide its advice to the Trustee and the Protectors as may be required from time to time and:

a) shall give its opinion to the Trustee and the Protectors in the circumstances provided for by this Instrument or as the Board of Force may otherwise deem in necessary in fulfilment of its obligations at law;
b) shall chronologically record every opinion referred to in the immediately preceding paragraph (a) in the register of the Board of Force. A member of the Board of Force who does not agree with the opinion of a majority of the Board of Force shall be entitled to procure that a record of her dissent be made in the register of the Board of Force;
c) shall mediate and may ultimately settle a matter as contemplated in article 31.2 above;
d) provides assurance that the Charitable Purpose of the Trust is being carried out by supporting the Protectors in their task of verifying that the Trustee fulfils her duties and exercises her powers within the limits imposed by this Instrument or applicable law in order to ensure the effective pursuit of the Charitable Purpose for which the Trust was established.

34.1 All documents and information relating to the Trust shall be confidential, unless their disclosure is required in order to:

a) comply with any obligations which may be prescribed in terms of applicable law;
b) obtain benefits of any kind provided that the same are for the exclusive benefit of the Trust or any Project.

34.2 The Trustee, Protectors and members of the Board of Force shall not disclose or discuss any document or information concerning or related to the Trust to anyone, unless:

a) any such disclosure or discussion is permitted by a provision of this Instrument or is otherwise required by applicable law; or
b) an order to that effect is issued by any competent supervisory bodies, courts, tribunals or authorities; or
c) the Trustee considers it necessary for the purposes of: (i) exercising any power or discretion pursuant to this Instrument; (ii) fulfilling an obligation in relation to the Trust;