HRH The Princess of Wales
1961 - 1997
The Will

The Will of Diana, Princess of Wales

I DIANA PRINCESS OF WALES of Kensington Palace London W8 HEREBY REVOKE all former
Wills and testamentary dispositions made by me AND DECLARE this to be my last Will which I make
this First day Of June One thousand nine hundred and ninety three

1 I APPOINT my mother THE HONOURABLE MRS FRANCES RUTH SHAND KYDD of Callinesh
Isle of Seil Oban Scotland and COMMANDER PATRICK DESMOND CHRISTIAN JERMY
JEPHSON of St James's Palace London SW1 to be the Executors and Trustees of this my Will

2 I WISH to be buried

3 SHOULD any child of mine be under age at the date of the death of the survivor of myself and my
husband I APPOINT my mother and my brother EARL SPENCER to be the guardians of that child
and I express the wish that should I predecease my husband he will consult with my mother with
regard to the upbringing education and welfare of our children

4 (a) I GIVE free of inheritance tax all my chattels to my Executors jointly (or if only one of them shall
prove my Will to her or him)

(b) I DESIRE them (or if only one shall prove her or him)

(i) To give effect as soon as possible but not later than two years following my death
to any written memorandum or notes of wishes of mine with regard to any of my
chattels
(ii) Subject to any such wishes to hold my chattels (or the balance thereof) in
accordance with Clause 5 of this my Will

(c) FOR the purposes of this Clause "chattels" shall have the same meaning as is assigned to the
expression "personal chattels" in the Administration of Estates Act 1925 (including any car or cars
that I may own at the time of my death)

(d) I DECLARE that all expenses for the safe custody of and insurance incurred prior to giving effect
to my wishes and for packing transporting and insurance for the purposes of the delivery to the
respective recipients of their particular chattels shall be borne by my residuary estate

5 SUBJECT to the payment or discharge of my funeral testamentary and administration expenses and
debts and other liabilities I GIVE all my property and assets of every kind and wherever situate to my
Executors and Trustees Upon trust either to retain (if they think fit without being liable for loss) all or
any part in the same state as they are at the time of my death or to sell whatever and wherever they
decide with power when they consider it proper to invest trust monies and to vary investments in
accordance with the powers contained in the Schedule to this my Will and to hold the same UPON
TRUST for such of them my children PRINCE WILLIAM and PRINCE HENRY as are living three
months after my death and attain the age of twenty five years if more than one in equal shares
PROVIDED THAT if either child of mine dies before me or within three months after my death and
issue of that child are living three months after my death and attain the age of twenty one years such
issue shall take by substitution if more than one in equal shares per stirpes the share that the
deceased child of mine would have taken had he been living three months after my death but so that
no issue shall take whose parent is then living and so capable of taking

6 MY EXECUTORS AND TRUSTEES shall have the following powers in addition to all other powers
over any share of the Trust Fund

(a) POWER under the Trustee Act 1925 Section 31 to apply income for maintenance and to
accumulate surplus income during a minority but as if the words "my Trustees think fit" were
substituted in sub-section (1)(i) thereof for the words "may in all the circumstances be reasonable"
and as if the proviso at the end of sub-section (1) thereof was ommitted

(b) POWER under the Trustee Act 1925 Section 32 to pay or apply capital for advancement or benefit
but as if proviso (a) to sub-section (1) thereof stated that "no payment or application shall be made to
or for any person which exceeds altogether in amount the whole of the presumptive or vested share
or interest of that person in the trust property or other than for the personal benefit of that person or
in such manner as to prevent limit or postpone his or her interest in possession in that share or
interest"

7 THE statutory and equitable rules of apportionment shall not apply to my Will and all dividends
and other payments in the nature of income received by the Trustees shall be treated as income at the
date of receipt irrespective of the period for which the dividend or other income is payable

8 IT is my wish (but without placing them under any binding obligation) that my executors employ
the firm of Mishcon de Reya of 21 Southampton Row London WC1B 5HS in obtaining a Grant of
Probate to and administering my estate

9 ANY person who does not survive me by at least three months shall be deemed to have
predeceased me for the purpose of ascertaining the devolution of my estate and the income thereof

10 IF at any time an Executor or Trustee is a professional or business person charges can be made in
the ordinary way for all work done by that person or his firm or company or any partner or employee

THE SCHEDULE
MY Executors and Trustees (hereinafter referred to as "my Trustees") in addition to all other powers
conferred on them by law or as the result of the terms of this my Will shall have the following powers

1 (a) FOR the purposes of any distribution under Clause 5 to appropriate all or any part of my said
property and assets in or toward satisfaction of any share in my residuary estate without needing the
consent of anyone

(b) FOR the purposes of placing a value on any of my personal chattels (as defined by the
Administration of Estates Act 1925) so appropriated to use if they so decide such value as may have
been placed on the same by any Valuers they instruct for inheritance tax purposes on my death or
such other value as they may in their absolute discretion consider fair and my Trustees in respect of
any of my personal chattels which being articles of national scientific historic or artistic interest are
treated on such death as the subject of a conditionally exempt transfer for the purposes of the
Inheritance Tax Act 1984 Section 30 (or any statutory modification or re-enactment thereof) shall in
respect of any such appropriation place such lesser value as they in their absolute discretion
consider fair after taking into account such facts and surrounding circumstances as they consider
appropriate including the fact that inheritance tax for which conditional exemption was obtained
might be payable by the beneficiary on there being a subsequent chargeable event

(c) TO insure under comprehensive or any other cover against any risks and for any amounts
(including allowing as they deem appropriate for any possible future effects of inflation and
increasing building costs and expenses) any asset held at any time by my Executors and Trustees
And the premiums in respect of any such insurance may be discharged by my Executors and
Trustees either out of income or out of capital (or partly out of one and partly out of the other) as my
Executors and Trustees shall in their absolute discretion determine and any monies received by my
Executors and Trustees as the result of any insurance insofar as not used in rebuilding reinstating
replacing or repairing the asset lost or damaged shall be treated as if they were the proceeds of sale of
the asset insured PROVIDED ALWAYS that my Executors and Trustees shall not be under any
responsibility to insure or be liable for any loss that may result from any failure so to do

2 (a) POWER to invest trust monies in both income producing and non-income producing assets of
every kind and wherever situated and to vary investments in the same full and unrestricted manner in
all respects as if they were absolutely entitled thereto beneficially

(b) POWER to retain or purchase as an authorised investment any freehold or leasehold property or
any interest or share therein of whatever nature proportion or amount (which shall be held upon trust
to retain or sell the same) as a residence for one or more beneficiaries under this my Will and in the
event of any such retention or purchase my Trustees shall have power to apply trust monies in the
erection alteration improvement or repair of any building on such freehold or leasehold property
including one where there is any such interest or share And my Trustees shall have power to decide
(according to the circumstances generally) the terms and conditions in every respect upon which any
such person or persons may occupy and reside at any such property (or have the benefit of the said
interest or share therein)

(c) POWER to delegate the exercise of their power to invest trust monies (including for the purpose of
holding or placing them on deposit pending investment) and to vary investments to any company or
other persons or person whether or not being or including one or more of my Trustees and to allow
any investment or other asset to be held in the names or name of such person or persons as
nominees or nominee of my Trustees and to decide the terms and conditions in every respect
including the period thereof and the commission fees or other remuneration payable therefor which
commission fees or other remuneration shall be paid out of the capital and income of that part of the
Trust Fund in respect of which they are incurred or of any property held on the same trusts AND I
DECLARE that my Trustees shall not be liable for any loss arising from any act or omission by any
person in whose favour they shall have exercised either or both their powers under this Clause

(d) POWER to retain and purchase chattels of every description under whatever terms they hold the
same by virtue of the provisions of this my Will And in respect thereof they shall have the following
powers

(i) To retain the chattels in question under their joint control and custody or the
control and custody of any of them or to store the same (whether in a depository or
warehouse or elsewhere)
(ii) To lend all or any of the chattels to any person or persons or body or bodies
(including a museum or gallery) upon such terms and conditions as my Trustees shall
determine
(iii) To cause inventories to be made
(iv) Generally to make such arrangements for their safe custody repair and use as
having regard to the circumstances my Trustees may from time to time think expedient
(v) To sell the chattels or any of them and
(vi) To treat any money received as the result of any insurance in so far as not used in
reinstating replacing or repairing any chattel lost or damaged as if it were the proceeds
of sale of the chattel insured

(e) POWER in the case of any of the chattels of which a person of full age and capacity is entitled to
the use but when such person's interest is less than an absolute one

(i) To cause an inventory of such chattels to be made in duplicate with a view to one
part being signed by the beneficiary for retention by my Trustees and the other part to
be kept by the beneficiary and to cause any such inventory to be revised as occasion
shall require and the parts thereof altered accordingly
(ii) To require the beneficiary to arrange at his or her expense for the safe custody
repair and insurance of such chattels in such manner as my Trustees think expedient
and (where it is not practicable so to require the beneficiary) to make such
arrangements as are referred to under paragraph (iv) of sub-clause (d) of this Clause

PROVIDED THAT my Trustees shall also have power to meet any expenses which they may incur in
the exercise of any of their powers in respect of chattels out of the capital and income of my estate or
such one or more of any different parts and the income thereof as they shall in their absolute
discretion determine AND I FURTHER DECLARE that my Trustees shall not be obliged to make or
cause to be made any inventories of any such chattels that may be held and shall not be liable for any
loss injury or damage that may happen to any such chattels from any cause whatsoever or any failure
on the part of anyone to effect or maintain any insurance

IN WITNESS whereof I have hereunto set my hand the day and year first above written

SIGNED by HER ROYAL HIGHNESS )
in our joint presence and )
then by us in her presence )

I DIANA PRINCESS OF WALES of Kensington Palace London W8 DECLARE this to be a First
Codicil to my Will which is dated the first day of June One thousand nine hundred and ninety three

1. My Will shall be construed and take effect as if in clause 1 the name and address of Commander
Patrick Desmond Christian Jermy Jephson were omitted and replaced by the following:

my sister Elizabeth Sarah Lavinia McCorquodale (known as The Lady Sarah McCorquodale) of Stoke
Rochford Grantham Lincolnshire NG33 5EB

2. In all other respects I confirm my said Will.

IN WITNESS whereof I have hereunto set my hand this First day of February One thousand nine
hundred and ninety six

SIGNED by HER ROYAL HIGHNESS )
in our joint presence and then )
by us in her presence )

The Will of Diana, Princess of Wales

IN THE HIGH COURT OF JUSTICE

CHANCERY DIVISION

The Vice Chancellor Sir Richard Scott in Chambers

Friday the 19th day of December 1997

IN THE MATTER of the estate of Diana, Princess of Wales deceased

BETWEEN

(1) HIS ROYAL HIGHNESS PRINCE WILLIAM ARTHUR PHILIP LOUIS of WALES (a minor)

(2) HIS ROYAL HIGHNESS PRINCE HENRY CHARLES ALBERT DAVID of WALES (a minor)

Plaintiffs

and

(1) THE HONOURABLE FRANCES RUTH SHAND KYDD

(2) THE HONOURABLE LADY ELIZABETH SARAH LAVINIA McCORQUODALE

Defendants

ORDER

UPON the application of the Plaintiffs by Originating Summons

AND UPON HEARING Counsel for the Plaintiffs and for the Defendants

AND UPON READING the documents recorded on the Court File as having been read

AND UPON the First Defendant by her Counsel consenting to the terms of this Order in her capacity
as a person interested in the said estate by reason of a partial intestacy

AND UPON the First Defendant by her Counsel undertaking to join in an election to claim the benefit
of section 142(1) of the Inheritance Tax Act 1984 and section 62(6) of the Taxation of Chargeable
Gains Act 1992 for the terms of the Arrangement in the Schedule to this Order in her capacity as a
person beneficially interested in the said estate

AND UPON the Court being satisfied that the terms of the Arrangement (as defined below) are for the
benefit of the minor Plaintiffs

AND UPON the Court being of the opinion that sufficient cause is shown within the meaning of
section 1(1) of the Judicial Trustee Act 1896 for the appointment hereinafter made and that no
security need be given in respect of that appointment

IT IS ORDERED as follows:

1. In this Order the following expressions bear the meaning hereby assigned to them:

"the Estate''
means the above recited estate
"the Will''
means the last Will of Diana, Princess of Wales dated 1st' June
1993 as varied by a codicil (''the Codicil") dated 1st February 1996
"the Executors"
means the Defendants and The Right Reverend and Right
Honourable Richard John Carew Chartres, Bishop of London
"the arrangement"
means the Arrangement set out in the Schedule to this Order
"the Intellectual Property
Rights"
means all of the following rights and interests which are or may
hereafter become rights or interests owned by the Estate namely
all intellectual property rights and interests whether legal equitable
or otherwise in or relating to such rights whether joint or sole
including but not limited to the following, namely:


(1) copyright in any literary artistic photographic or other work film sound recording or
matter of any nature whatsoever and rights in or relating to any designs,

(2) performers' rights and related rights,

(3) trade or service marks and any goodwill, the rights to prevent passing off and
similar actionable representations and any like right or interest, including rights to
prevent or object to the registration or use of any trade or service mark, name or other
sign, and the rights to prevent unfair competition.

(4) moral rights whether so called under the laws of the United Kingdom or otherwise,
rights of publicity, privacy or personality, rights in or relating to the name, appearance,
likeness, reputation, voice or any other characteristic or feature of Diana Princess of
Wales,

(5) rights in or relating to any confidential information (whether in writing or not),

(6) rights to prevent any person from using or claiming any interest in any sign, mark,
name or other thing arising out of the name, status or position of Diana, Princess of
Wales,

(7) all rights similar, related to or equivalent to any of the above,

(8) all rights to take proceedings and any other action whatsoever in respect of any
intellectual property rights (including the rights referred to in subparagraphs (1) to (7)
above) and any accrued rights of action,

in each case whether such rights or interests are registered or unregistered, whether
arising under the laws of the United Kingdom or of any other country in the world,
whether such rights or interests exist or are created in the future and including any
renewals extensions or revivals of any such rights or interests

2. The Arrangement is approved on behalf of the Plaintiffs pursuant to section 1 of the Variation of
Trusts Act 1958.

3. The Right Reverend and Right Honourable Richard John Carew Chartres, Bishop of London ("the
Judicial Trustee") is appointed pursuant to section 1(1) of the Judicial Trustee Act 1896 to be an
executor of the Will jointly with the Defendants.

4. Subject to further Order the Judicial Trustee shall be under no obligation to furnish annual
accounts to the Court.

5. All the assets of the Estate presently vested in the Defendants as executors of the Will, or to the
benefit of which they are presently or prospectively entitled in that capacity shall vest in the
Defendants and the Judicial Trustee jointly to be held by them upon the trusts of the Will as varied
by this Order and without prejudice to the generality of the foregoing this vesting order shall
comprehend

(1) The right to sue for and recover any thing in action or any interest in respect
thereof including without prejudice to the generality of the foregoing all existing and
future causes of action and all other entitlements arising out of or in respect of the
Intellectual Property Rights

(2) The rights of the Defendants to assign, licence, sublicence, grant rights to sue in
respect of, make applications for, prosecute the application for, register, oppose the
registration by others of, enforce, or otherwise deal with the Intellectual Property
Rights in any manner whatsoever

(3) The right to possession of all chattels

(4) The right to transfer all stock shares and other investments and the right to receive
all dividends and other income or capital accruals in respect thereof.

6. The Defendants shall cause to be endorsed on the grant of Probate of the Will and Codicil, as and
when granted, a Memorandum of this Order.

7. The Defendants are authorised and directed to elect to claim the benefit of section 142(1) of the
Inheritance Tax Act 1984 and section 62(6) of the Taxation of Chargeable Gains Act 1992 for the terms
of the Arrangement both on their own behalf as executors and on behalf of the Plaintiffs.

8. All the costs incurred by the next friend of the Plaintiffs since 30th October 1997 in representing the
Plaintiffs' interests in connection with the administration of the estate, including the costs of and
incidental to this application (and including the costs incurred in the preparation and negotiation of
the Arrangement) shall be taxed on the indemnity basis unless agreed with the Executors and paid
out of the estate in the course of administration. The hearing of this originating summons is certified
fit for three Counsel for the Plaintiffs.

THE SCHEDULE

THE ARRANGEMENT

As from the date of this Order the Estate shall be administered and the trusts of the Will executed on
the footing that the deceased died leaving a will and codicil in the terms of the Will and Codicil but
subject to the following modifications to the Will.

Clauses 4 to 7 inclusive and Clause 10 and the Schedule to the Will shall be deleted and replaced by
the following provisions. Clauses 8 and 9 of the Will shall be renumbered 14 and 15

4.

(1) I bequeath to my butler Paul Burrell the sum of £50,000 free of inheritance tax.

(2) I bequeath to my Executors jointly free of inheritance tax the chattels described in
Part I of Appendix I below to be held by them upon trust within 12 months of the date
of my death to distribute all or such of the said chattels as they may in their absolute
discretion select among such one or more of my Godchildren (whose names appear in
Part II of Appendix I) as my Executors may in their absolute discretion think fit.

(3) In the execution of the power conferred by sub-clause (2) above my Executors shall
be entitled to rely on the receipt of a parent or guardian of any Godchild who is a
minor.

(4) All expenses for the sate custody of and insurance incurred prior to their
distribution of the said chattels and for packing transporting and insurance for the
purposes of deliver to the respective recipients of any chattels distributed shall be
borne by my residuary estate.

(5) Any of the chattels referred to in the previous subclause which have nor been
distributed within 12 months of the date of my death shall be held by my Executors on
the trusts of the Residuary Fund, as defined below.

5.

(1) I bequeath to my Trustees (as defined below) free of inheritance tax the assets
described below as comprising the Discretionary Fund to be held by them upon the
trusts and with and subject to the powers and provisions hereinafter declared.

(2) In this clause the following expressions bear the meanings assigned to them below:

"my Trustees"
means the persons appointed by this Will or any codicil
thereto to be my Executors, together with the Right Reverend
and Right Honourable Richard John Carew Chartres, Bishop of
London or other the trustee or trustees from time to time of the
Discretionary Fund
"Charity"
means any trust or body corporate whose objects are
exclusively charitable according to the law of England and
Wales
"Charitable Object"
means any object exclusively charitable according to the law of
England and Wales
"The Intellectual Rights"
means all of the following rights or interests to which I am or
may become entitled or which may accrue to my estate after my
death namely all intellectual property rights and interests
whether legal equitable or otherwise in or relating to such
rights whether joint or sole including but not limited to the
following namely

(1) copyright in any literary artistic
photographic or other work film sound
recording or matter of any nature whatsoever
and rights in or relating to all designs,

(2) performers' rights and related rights,

(3) trade or service marks and any goodwill, the
rights to prevent passing off and similar
actionable representations and any like right or
interest, including rights to prevent or object to
the registration or use of any trade or service
mark, name or other sign, and the rights to
prevent unfair competition,

(4) moral rights whether so called under the
laws of the United Kingdom or otherwise, rights
of publicity. privacy or personality, rights in or
relating to my name, appearance, likeness,
reputation, voice or any other of my
characteristics or features

(5) rights in or relating to any confidential
information (whether in writing or not),

(6) rights to prevent any person from using or
claiming any interest in any sign, mark, name or
other thing arising out of my name, status or
position as Diana, Princess of Wales,

(7) all rights similar, related to or equivalent to
any of the above,

(8) all rights to take proceedings and any other
action whatsoever in respect of any intellectual
property rights (including the rights referred to
in sub-paragraphs (1) to (7) above) and any
accrued rights of action,

in each case whether such rights or interests
are registered or unregistered, whether arising
under the laws of the United Kingdom or of any
other country in the world, whether such rights
or interests exist or are created in the future and
including any renewals extensions or revivals
of any such rights or interests

"The Discretionary Fund
Intellectual Property Rights"
means the Intellectual Property Rights with the exception of
any and all such rights or interests in or relating to the
following namely:

(i) chattels forming part of my estate (excluding
any works which have already been published
at the date of my death)

(ii) personal property which at the date of my
death is owned legally equitably or otherwise
by either of my two sons, Prince William, who
was born on 21st June l 982, and Prince Henry,
who was born on 15th September 1984

(iii) the copyright and all other intellectual
property rights and interests in my signature
when used as part of any document created by
me where that document is comprised in (i) or
(ii) above

"The Discretionary Fund"
means

(i) the Discretionary Fund Intellectual Property
Rights

(ii) all my wearing apparel

(iii) the sum of £100,000

(iv) any accumulations of income of the
Discretionary Fund

(v) any money or investments from time to time
representing the foregoing items

"The Discretionary Beneficiaries"
means

(i) my two sons, Prince William, who was born
on 21st June 1982, and Prince Henry, who was
born on l5th September 1984

(ii) the children and remoter issue, spouses and
former spouses of my two sons and

(iii) such Charities and Charitable Objects as my
Trustees from time to time select

"The Perpetuity Period"
means the period commencing with the date of my death and
expiring 21 years after the death of the last surviving
descendant of his late Majesty King George VI living at the
date of my death

(3) During the Perpetuity Period my Trustees shall apply the income of the Discretionary Fund and
may pay or apply any part of parts of the capital thereof to or for the benefit of all or such one or more
to the exclusion of the other or others of the Discretionary Beneficiaries if more than one in such
shares and in such manner generally as they shall in their absolute discretion think fit.

(4) During the period of twenty-one years from the date of my death my Trustees shall have power
instead of paying or applying the income of the Discretionary Fund in accordance with the preceding
clause to accumulate it, and all such accumulations shall be treated as accretions to the capital of the
Discretionary Fund for all purposes.

(5) Without prejudice to any prior payment or application of income or capital my Trustees shall have
power at any time or times during the Perpetuity Period by deed or deeds revocable or irrevocable to
appoint that the capital and income of the Discretionary Fund or any part thereof shall be held upon
with and subject to such trusts powers and provisions in favour or for the benefit of all or such one
or more to the exclusion of the other or others of the Discretionary Beneficiaries if more than one in
such shares and in such manner generally as my Trustees may in their absolute discretion think fit
And so that without prejudice to the generality of this power my Trustees may in the exercise thereof
and subject to the rules against remoteness

(a) create or delegate powers and discretions over capital or income (including powers of further
delegation) whether of a dispositive or administrative nature and whether exercisable by my Trustees
or any other person or persons in the same unrestricted manner as if they were absolute beneficial
owners of the property thereby appointed; and

(b) transfer all or any part of the capital or income of the Discretionary Fund to the trustees of any
other trust or settlement under which the settled property subject thereto is held on trusts for the
benefit of all or any one or more of the Discretionary Beneficiaries.

(6) Subject to the exercise of the foregoing powers my Trustees shall hold the Discretionary Fund at
the expiry of the Perpetuity Period on trust for Prince William and Prince Henry, in equal shares
absolutely.

(7) Without prejudice to the generality of the powers conferred by sub-clauses (3) and (5) above my
Trustees may, with a view to applying some or all of the Discretionary Fund Intellectual Property
Rights or the income therefrom for the benefit of a Charity, exercise the powers conferred on them by
paragraph (28) of Appendix II below by entering into arrangements with the Charity in question, or
with some other Charity, under the terms of which the Discretionary Fund Intellectual Property Rights
subject to the arrangement can be exploited for the benefit of the Charity intended to benefit on terms
such that the Discretionary Fund receives either no consideration or a consideration less than the full
consideration obtainable having regard to the value or the benefit of the arrangement to the Charity
in question.

(8) In the execution of the foregoing trusts my Trustees shall, in addition to any powers conferred on
them by the general law, have the benefit of the powers and immunities set out in Appendix II below
Provided Always that none of the said powers shall be capable of being exercised in such a way as
would be in any way inconsistent with the beneficial trusts from time to time subsisting in respect of
the Discretionary Fund

(9) My Trustees (being not less than two in number or a trust corporation) may at any time or times
before the expiry of the Perpetuity Period by deed extinguish (or restrict the future exercise of) all or
any of the powers contained in this clause 5 and all or any of the additional powers (but not any of
the restrictions applicable thereto) contained in Appendix II

6. I give all my property not hereby or by any codicil hereto otherwise effectively disposed of to my
Executors to hold on trust to sell call in and convert the same into money (so far as not already
consisting of money) with power to postpone the sale calling in and conversion thereof (even as
regards property of a terminable hazardous or wasting nature) in the absolute discretion of my
Executors without being liable for loss and to hold the net proceeds and my ready money upon the
following trusts:

(1) Upon trust to pay thereout (in exoneration of any property which would otherwise
be liable for payment of the same) all funeral and testamentary expenses and debts and
any general legacies given by this Will or any Codicil hereto and any tax or duty
arising in respect of my death (even if not a testamentary expense) on all gifts in this
Will and any Codicil hereto given free of such tax or duty

(2) Upon trust if necessary to invest the remainder after such payment in or upon any
investments authorised by the provisions of Appendix II below

(3) Upon trust to stand possessed of such investments and such of my estate as
remains for the time being unsold and my ready money and all property from time to
time representing the same (hereinafter referred to as "my Residuary Estate") upon
trust for my Trustees, to be held by them on the trusts declared by clause 8 below.

7. In the event of the assets subject to clause 6 above being insufficient to meet all of the liabilities
referred to in clause 6(1) the settled legacy on the trusts of the Discretionary Fund made by clause 5
above shall abate in priority to and in exoneration of the legacies given by clause 4 above.

8. (1) In this clause the following expressions bear the meanings assigned to them below:

"my Trustees"
means the persons appointed by this Will or any codicil thereto to be
my Executors, together with The Right Reverend and Right
Honourable Richard John Carew Chartres, Bishop of London or other
the trustee or trustees from time to time of the Residuary Fund (and
where separate trustees have been appointed of the Principal
Beneficiaries' shares or presumptive shares in the Residuary Fund
"my Trustees" shall refer to each body of separate trustees)
"The Residuary Fund"
means

(i) my Residuary Estate

(ii) any accumulations of income made pursuant to the
trusts declared below

(iii) any money or investments from time to time
representing the foregoing items

"The Principal
Beneficiaries"
means Prince William and Prince Henry
"The Perpetuity Period"
means the period commencing with the date of my death and expiring
21 years after the death of the last surviving descendant of his late
Majesty King George VI living at the date of my death


(2) My Trustees shall hold the Residuary Fund and the income thereof upon trust for such of the
Principal Beneficiaries as shall either:

(a) attain the age of 25 years or

(b) die under the age of 25 years leaving a child or children living (or en ventre sa
mere) at his death

and if more than one in such shares as my Trustees (being at least two in number or a trust
corporation) shall by any deed or deeds revocable or irrevocable executed so as to comply with
sub-clause (3)(c) below appoint and until and subject to and in default of any such appointment in
equal shares.

(3) Subject to sub-clause (c) of this sub-clause any appointment made in exercise of the power
conferred by sub-clause (2) above:

(a) may provide for any share or shares in the Residuary Fund to be ascertained either
by reference to a fraction or fractions of the Residuary Fund or by reference to any
sum or sums of money or by reference to (or to the value of) any specific assets then
forming part of the Residuary Fund and

(b) may (if my Trustees think fit) expressly provide that the whole or any part or parts
of the accumulations of income then forming part of the presumptive share of one
Principal Beneficiary in the Residuary Fund shall thereafter go and accrue to and form
part of the presumptive share of the other Principal Beneficiary in the Residuary Fund
But in default of any such express provision all such accumulations of income shall
continue to belong to the presumptive share to which they solely belonged
immediately prior to such appointment

(c) No appointment in exercise of the power conferred by sub-clause (2) of this clause
shall be made and no such appointment shall be revoked either:

(i) so as either to diminish or to increase the share (or the
accumulations of income forming part of the share) of or give a new
share (or new accumulations of income) to a Principal Beneficiary who
at the date of such appointment or revocation has attained the age of
25 years or has died under that age leaving a child or children living (or
en ventre sa mere) at his death or

(ii) so as to diminish the share (or the accumulations of income forming
part of the share) of a Principal Beneficiary who is under the age of 18
years, or, without his prior consent in writing, the share of a Principal
Beneficiary who has attained that age.

(d) My Trustees (being, at least two in number or a trust corporation) may at any time
or times by deed or deeds extinguish (or restrict the future exercise of) the said power
of appointment conferred by sub-clause (2) hereof

(e) The provisions of sub-clause (5) below are applicable (in the manner therein
mentioned) to the share in the Residuary Fund of each Principal Beneficiary who
attains a vested interest under sub-clause (2) above.

(4) The foregoing trusts shall carry the intermediate income and the following provisions relating to
maintenance and accumulation shall apply to the income of the presumptive share for the time being
of each Principal Beneficiary who is alive and under the age of 25 years namely:

(a) my Trustees shall have power to pay or apply the whole or such part (if any) of
such income as my Trustees in their absolute discretion shall think fit for or towards
the maintenance or otherwise for the benefit of the Principal Beneficiary in question
and

(b) shall accumulate the balance (if any) of the same income at compound interest by
investing the same and the resulting income thereof in any of the investments
authorised by this Will and shall add such accumulations as an accretion to (and as
one fund for all purposes with) the presumptive share in the capital of the Residuary
Fund of the Principal Beneficiary in question Provided Always that my Trustees may
while a Principal Beneficiary is alive and under the age of 25 years apply such
accumulations of income to the extent of his presumptive share in them (or any part
thereof) as if they were income arising in the then current year from the presumptive
share of that Principal Beneficiary in the Residuary Fund

(5) The share in the Residuary Fund of each Principal Beneficiary (whether under any exercise of the
power of appointment herein contained or in default of appointment) shall not vest in him absolutely
if he shall attain the age of 25 years or shall die under that age leaving a child or children living (or en
ventre sa mere) at his death (as the case may be) but on and after the attainment of such age or on
and after such death (as the case may be) such share shall be retained by my Trustees upon and with
and subject to the following trusts powers and provisions or (in particular where the Principal
Beneficiary has died as aforesaid) such of the same as are capable of taking effect namely:

(a) The share of each Principal Beneficiary shall be held upon trust to pay the income
thereof to such Principal Beneficiary during his life

(b) Each Principal Beneficiary shall after he has attained the age of 25 years have
power (due regard being had to the law concerning remoteness) to appoint by any
deed or deeds revocable or irrevocable or by will or codicil to or for the benefit of his
widow an interest in the whole or any part of the income of his share during the
remainder of the life of such widow (whether or not such widow shall have remarried)
or for any less period and any such appointment may be made upon protective trusts
or otherwise for the benefit of such widow and subject to any conditions which such
Principal Beneficiary may think proper

(c) Subject as hereinbefore provided in this clause the share of each Principal
Beneficiary shall be held (both as to the capital and income) upon with and subject to
such trusts powers and provisions in favour or for the benefit of all or such one or
more to the exclusion of the other or others of the children or remoter issue of the
Principal Beneficiary and if more than one in such shares and in such manner generally
as the Principal Beneficiary may by deed or deeds revocable or irrevocable or by will
or codicil in his absolute discretion appoint And so that without prejudice to the
generality of this power he may in the exercise thereof and subject to the rules against
remoteness

(i) create or delegate powers and discretions over capital or income
(including powers of further delegation) whether of a dispositive or
administrative nature and whether exercisable by my Trustees or any
other person or persons in the same unrestricted manner as if he was
the absolute beneficial owner of the property thereby appointed and

(ii) transfer all or any part of the capital or income subject to the
appointment to the trustees of any other trust or settlement under
which the settled property subject thereto is held on trusts for the
benefit of all or any one or more of the said children or remoter issue

(d) Subject as hereinbefore provided in this clause the share of each Principal
Beneficiary shall be held (both as to capital and income) upon trust for all or any of the
children or child of the Principal Beneficiary as shall attain the age of 21 years and if
more than one in equal shares absolutely Provided that no child of the Principal
Beneficiary who or whose issue shall take any part of the share of the Principal
Beneficiary under an appointment by virtue of the power last hereinbefore conferred
shall in default of appointment to the contrary be entitled to any share of the
unappointed part thereof without bringing the part or parts appointed to him or to his
issue into hotchpot and accounting for the same accordingly

(e) The trust contained in sub-clause (d) hereof shall (subject to the preceding trusts
powers and provisions of this Will) carry the intermediate income and the statutory
powers of maintenance accumulation and advancement contained in Sections 31 and
32 of the Trustee Act 1925 shall apply thereto but with the following modifications:

(i) in the case of the said Section 31 with the substitution in
sub-section (1)(i) thereof of "the trustees in their absolute discretion
think fit" for "may in all the circumstances be reasonable" and the
omission of the provision to sub-section (1)

(ii) in the case of the said Section 32 the omission of the words
"one-half of" from proviso (a) to sub-section (1) and the omission of
sub-section (2) Provided always that any capital which is applied for
the benefit of a beneficiary under the said section 32 at any time before
such beneficiary has an interest in possession in that capital shall not
be capable of being applied in any manner inconsistent with the
requirements of conditions (a) and (b) of Section 71(1) of the
Inheritance Tax .Act 1984 (or any statutory modification or
re-enactment thereof)

(6)

(a) Notwithstanding the trusts powers and provisions herein before contained (but
subject as provided in sub-clause (b) of this sub-clause) my Trustees may at any time
or times during the lifetime of a Principal Beneficiary pay or transfer to or apply for the
benefit of such Principal Beneficiary the whole or any part of the capital of his share or
presumptive share in the Residuary Fund freed and discharged from all the trusts
powers and provisions of this Will (and so that any capital so paid or transferred or
applied shall be brought into account at its value at the date of payment transfer or
application in any division of the Residuary Fund into shares) Provided always that
any capital which is applied for the benefit of a Principal Beneficiary under the
foregoing power at any time before such Principal Beneficiary has attained the age of
25 years shall not be capable of being applied in any manner inconsistent with the
requirements of conditions (a) and (b) of Section 71(1) of the Inheritance Tax Act 1984
(or any statutory modification or re-enactment thereof) and

(b) My Trustees (being at least two in number or a trust corporation) may at any time
or times after a Principal Beneficiary has attained the age of 18 years and with his
consent in writing by deed or deeds extinguish (or restrict the future exercise of) the
power conferred by sub-clause (a) of this sub-clause so far as it affects or is capable
of affecting the share or presumptive share in the Residuary Fund of that Principal
Beneficiary

(c) After a Principal Beneficiary has attained the age of 30 years my Trustees shall be
bound in the exercise or non-exercise of the power conferred by sub-clause (a) above
to comply with his wishes from time to time communicated to them in writing unless
my Trustees are satisfied that there is some exceptional reason why it is in the
Principal Beneficiary's interests that his wishes should not be complied with (the
Principal Beneficiary being entitled to be supplied with written reasons for that
conclusion)

(d) No power of advancement shall apply to the trusts declared by sub-clause (2)
above other than that contained in this sub-clause.

(7) Subject to the trusts powers and provisions engrafted thereon by sub-clause (5) above and
subject also to sub-clause (6) hereof the share in the Residuary Fund (whether under any exercise of
the power of appointment contained in sub-clause (2) hereof or in default of appointment) of each
Principal Beneficiary who attains the age of 25 years or who has died under the age of 25 years
leaving a child or children living or en ventre sa mere at his death (as the case may be) if and so far as
not disposed of by such engrafted trusts powers and provisions or previously paid or applied (except
merely by accumulation) thereunder or under sub-clause (6) above shall:

(a) go and accrue for all purposes to the share (whether presumptive or vested) of the
other Principal Beneficiary if the trusts thereof are then subsisting (including any
share to which any person or persons is or are then entitled absolutely) and

(b) be held upon the trusts and with and subject to the powers and provisions herein
contained concerning the original share of that other Principal Beneficiary

(8) In the event of the failure in whole or in part of any of the foregoing trusts my Trustees shall have
power during the Perpetuity Period to pay or apply all or part of the Residuary Fund, or that part the
trusts of which have failed, and the income thereof, to or for the benefit of all or such one or more of
the following, class of beneficiaries and in such shares, if more than one, as they shall in their
absolute discretion think fit namely:

(a) such of Her Majesty Queen Elizabeth II her children and remoter issue as are living
at the date of the failure of the trusts in question

(b) such of the children and remoter issue of the late Edward John 8th Earl Spencer as
are living at the date of the failure of the trusts in question

(c) any Charity then in existence and subject to any exercise of the foregoing power
the capital and income of the Residuary Fund shall be held upon trust for Her Majesty
Queen Elizabeth II absolutely

(9) In the execution of the foregoing trusts my Trustees shall, in addition to any powers conferred on
them by the general law, have the benefit of the powers and immunities set out in Appendix II below
Provided always that none of the said powers shall be capable of being exercised in such a way as:

(a) would be in any way inconsistent with the beneficial trusts from time to time
subsisting in respect of the Residuary Fund

(b) would or might present an interest in possession of any beneficiary from
subsisting or continuing to subsist in the whole or any part of the Residuary Fund in
any case where such an interest otherwise would subsist or continue to subsist or

(c) would prevent Section 71 of the Inheritance Tax Act 1984 (or any statutory
modification or re-enactment thereof) from applying in respect of the whole or any part
of the Residuary Fund in any case where that section (or modification or re-enactment
thereof otherwise would so apply

(10) My Trustees (being not less than two in number or a trust corporation) may at any time or times
before the expiry of the Perpetuity Period deed extinguish (or restrict the future exercise of all or any
of the additional powers (but not any of the restrictions applicable thereto) contained in Appendix II

9. In the administration of my estate and in the execution of the trusts declared by this Will:

(1) all income shall be treated as accruing on the date on which it becomes payable
regardless of the period in respect of which it shall have accrued and it shall not be the
subject of any statutory apportionment and

(2) the equitable rules of apportionment between capital and income shall not apply in
any circumstances whatever and in particular shall not apply to any assets in respect
of which my trustees have not made any deliberate decision to postpone the sale
thereof.

10. The powers conferred on my Trustees by clauses 5 and 8 (including the powers set out in
.Appendix II hereto) above may be exercised by them at any time after the date of my death
notwithstanding that no grant of probate has then been obtained or that the administration of my
estate has not then been completed.

11. In the professed administration of my estate and in the professed execution of the trusts of this
Will none of my Executors or Trustees shall be liable for any act or omission of his or for any act or
omission of any co-Executor or co-Trustee of his or for any agent employed in the administration of
my estate or the execution of the said trusts save for any act or omission involving wilful fraud or
dishonesty committed by the Executor or Trustee sought to be made liable.

12. Any of my Executors or Trustees who shall be an individual engaged or employed in any
profession or business either alone or in partnership shall be entitled to charge and be paid and to
retain all professional or other proper charges for any business done or time spent or services
rendered by him or his firm (whether or not within the usual scope of his profession or business and
even if not of a nature requiring the employment of a professional or business person) in connection
with the administration of my estate or with the trusts powers and provisions of this will and shall
also be entitled to retain any share of brokerage or commission paid to him or his firm by any broker
agent or insurance office in connection with any acquisition of or dealing with any investments or
property or the effecting or payment of any premium on any policy of insurance subject or intended
to become subject to the trusts hereof or any such assurance.

13.

(1) Subject to sub-clause (4) below the statutory power of appointing new or
additional trustees of my Will shall be vested in my Trustees.

(2) In the exercise of the said power my Trustees may appoint separate trustees of the
Discretionary Fund and/or the Residuary Fund, and within the Residuary Fund they
may appoint separate trustees (who may include one or more of themselves) of the
share or presumptive share of each Principal Beneficiary.

(3) In the event of separate trustees of part only of the property subject to the trusts
of this Will being appointed, the statutory power of appointing new or additional
trustees of the trusts affecting that part of such property shall, subject to sub-clause
(4) below, thenceforth be vested in the trustees from time to time of that part.

(4) After he has attained the age of 30 years:

(a) the power of appointing new or additional separate trustees of a
Principal Beneficiary's share of the Residuary Fund shall be vested in
that Principal Beneficiary; and

(b) that Principal Beneficiary shall have power by written notice to the
persons who are for the time being the trustees of that Principal
Beneficiary's share of the Residuary Fund to require all or any one or
more of them to retire from the trusteeship of that share and, subject to
the consent of such persons, each person so required to retire shall at
the request of the Principal Beneficiary execute an appropriate deed of
retirement or an appropriate deed appointing a new trustee or new
trustees of that share;

Provided that if no separate trustees of that Principal Beneficiary's share have previously been
appointed the making of any appointment under this power shall take effect as if immediately before it
came into effect my Trustees had appointed themselves separate trustees of that share pursuant to
sub-clause (2) above

(5) The consent of the trustees of a Principal Beneficiary's share of the Residuary Fund to an exercise
of the Principal Beneficiary's foregoing power shall not be withheld unless those trustees are satisfied
that there is some exceptional reason why, in the Principal Beneficiary's interests, his appointment
should not be consented to (the Principal Beneficiary being entitled to be supplied with written
reasons for that conclusion).

(6) The requirement for the trustees consent provided for in sub-clause (4) above shall not prejudice
the trustees right to object to the validity or propriety of any attempted appointment by the Principal
Beneficiary on any other ground open to them under the general law.

IN THE HIGH COURT OF JUSTICE
FAMILY DIVISION

Lawrence Graham
190 Strand, London
WC2R 1JN
DX 39 LON/CH'RY LN WC2
Ref: MG/TTJ/H2858/1

The Principal Registry

In the estate of DIANA, PRINCESS OF WALES deceased

We, THE HONOURABLE MRS FRANCES RUTH SHAND KYDD of Callinesh, Isle of Seil, Oban,
Scotland, THE LADY ELIZABETH SARAH LAVINIA McCORQUODALE of Grange Farm, Stoke
Rochford, Grantham, Lincolnshire NG33 5RD and THE RIGHT REVERAND AND RIGHT
HONOURABLE RICHARD JOHN CAREW CHARTRES of The Old Deanery, Deans Court, London
EC4V 5AA, make oath and say that:

1. We believe the paper writing now produced to and marked by us to contain the true and original
last Will and Testament with Codicil of Diana, Princess of Wales of Kensington Palace, London W8
4PU, deceased who died on the 31st day of August 1997 aged 36 years domiciled in England and
Wales;

2. To the best of our knowledge, information and belief there was no land vested in the said deceased
which was settled previously to her death and not by her Will which remained settled land
nothwithstanding her death;

3. We, The Honourable Mrs. Frances Ruth Shand Kydd and The Lady Elizabeth Sarah Lavinia
McCorquodale are the Executors named in the said Will with Codicil and I, The Right Reverand and
Right Honourable Richard John Carew Chartres was appointed as an additional Executor by an Order
made in The High Court of Justice Chancery Division (CH1997 No W 6888) and dated the 19th
December 1997 pursuant to Section 1(1) of the Judicial Trustee Act 1896;

4. We will:

(i) collect, get in and administer according to the law the real and personal estate of the said
deceased;

(ii) when required to do so by the Court, exhibit on oath in the Court a full inventory of the said estate
and when so required render an account thereof to the court; and

(iii) when required to do so by the High Court, deliver up to that court the grant of probate;

5. To the best of our information and belief the gross estate passing under the grant amounts to
£21,711,485 and the net estate amounts to £21,468,352.

SWORN by the above named Deponent
THE HONOURABLE MRS FRANCES RUTH SHAND KYDD /s/
at 190 The Strand London EC4
this 19th day of February 1998

Before me



IN THE HIGH COURT OF JUSTICE
The Principal Registry of the Family Division

BE IT KNOWN THAT DIANA PRINCESS OF WALES

of Kensington Palace London W8

died on the 31st day of August 1997
domiciled in England and Wales

AND BE IT FURTHER KNOWN that the last Will and Testament with a Codicil of the said deceased
(a copy of which is annexed) was proved and registered in the High Court of Justice and that
Administration of all the estate which by law devolves to and vests in the personal representative of
the said deceased was granted by the said Court on this date to the Executors

The Honourable FRANCES RUTH SHAND KYDD of Callinesh Isle of Seil Oban Scotland

and The Lady ELIZABETH SARAH LAVINIA McCORQUODAEL of Grange Farm Stoke Rochford
Grantham Lincolnshire NG33 5BD

and The Right Reverend and Right Honourable RICHARD JOHN CAREW CHARTRES of The Old
Deanery Deans Court London EC4V 5AA

It is hereby certified that it appears from information supplied on the application for this grant that the
gross value of the said estate in the United Kingdom amounts to £21,468,352

Dated the 2nd day of March 1998

/s/
PROBATE OFFICER

Extracted by LAWRENCE GRAHAM (Ref: MG/TTJ/H2858/1) 190 The Strand London WC2R 1JN


APPENDIX I

Part I

List of Items by reference to Christie's Catalogue

Page
No.
Description
108
75
Odenby x 4
94
341
Odenby Coffee svs
99
361
H Cockerel
123
409
Decanter
58
217
Carriage Clock
80
287
Dres c/s and pen tray
110
383
Shepherd/ess
28
95
Watercolour
103-105
372
Herend animals
35
128
Watercolour
34
124
Watercolour
109
378
Hunting figs.
110
386
Pt tea svs
103-105
372
Herend animals
110
381
Bird niodel
46
174
Model harp


Part II

List of Godchildren

Master Jack Bartholomew
Miss Clare Cazalet
Lord Downpatrick
Master Jack Faulkner
Master George Frost
The Lady Edwina Grosvenor
Miss Antonia Harrington
HRH Prince Phillipos of the Hellenes
The Hon Alexandra Knatchbull
Miss Leonora Lonsdale
Master Benjamin Samuel
Miss Daisy Soames
Miss Camilla Straker
Miss Antonia Twiston Davies
Master Jakie Warren
The Lady Mary Wellesley
Miss Domenica Lawson


APPENDIX II

In this Appendix references to "the Trusts" shall be construed as referring to the trusts of the
Discretionary Fund or of the Residuary Fund as the case may require and "the Trust Fund" shall be
construed accordingly.

(1) Power as regards any monies for the time being subject to the Trusts and requiring investment to
invest or lay out the same in the purchase or otherwise in the acquisition of or at interest upon the
security of any shares stocks funds securities policies of insurance or other investments or property
movable or immovable) of whatsoever nature and wheresoever situate and whether or not productive
of income and whether involving liability or not or upon such personal credit with or without security
in all respects as my Trustees shall in their discretion think fit to the intent that my Trustees shall
have the same full and unrestricted powers of investing transposing investments and dealing with
trust monies and buying or selling property in all respects as if they were absolutely entitled
beneficially and so that

(a) the acquisition with trust monies of property with a view to its enjoyment in kind by a beneficiary
or beneficiaries hereunder shall be deemed to be an investment thereof

(b) any immovable property situate anywhere in the world other than in England and Wales which
may be acquired for any of the purposes of the Trusts including its enjoyment in kind) may either be
vested in my Trustees upon trust for sale with power to postpone sale or held by such persons or
person and in such manner as my Trustees may think fit

(c) nothing hereinbefore in this sub-paragraph contained shall in anyway exclude limit or restrict any
power to purchase any legal estate in land situate in England and Wales which may be conferred on
my Trustees by sub-sections (3) and (4) of Section 6 and by Section 17 of the Trusts of Land and
Appointment of Trustees Act 1996

(2) Power to accept or acquire and to retain any assets subject or to be subject to the Trusts
(including any uninvested money) in their actual state and condition for any period even although
the whole or a substantial part of the assets so subject may be producing no or insufficient income.

(3) Power at any time or times to sell or convert or call in any investments or other property for the
time being comprised in the Trusts or to transpose or convert the same into any other investments or
property the acquisition of which is hereby authorised

(4) Power at any time or times to apply any money subject to the Trusts in making, improvements to
or otherwise developing or using any land or buildings or in erecting enlarging repairing decorating
making alterations to or improvements in or pulling down and rebuilding any buildings which shall or
the proceeds of sale of which would be subject to the same trusts as the money so applied

(5) Power to lease let licence mortgage and charge and to grant tenancies and licences and to accept
surrenders of leases tenancies and licences and to enter into and carry into effect any grants
agreements or arrangements whatsoever of or relating to and generally to manage and deal with any
land or buildings which shall for the time being be subject to the Trusts or the proceeds of any sale of
which would be for the time being so subject in all respects as if my Trustees were an absolute
beneficial owner of such land or buildings and so that no mortgagee or chargee dealing with my
Trustees in regard to any such land or buildings shall be concerned to see for what purpose any
raised or as to the application thereof

(6) Power to hire out or lend or bail any movable chattels for any period or periods and for any
consideration whatsoever

(7) In relation to any property other than land and buildings the like powers of mortgaging charging
and entering into and carrying into effect any agreements or arrangements whatsoever as are given
by paragraph (5) of this Appendix in regard to land and buildings

(8) Power to borrow or raise money for the purposes of mere investment or for acquiring any property
or the payment of taxes or expenses either without security or on the security of the whole or part of
the trust assets and any property so acquired

(9) Without prejudice to the generality of paragraphs (5) and (7) of this Appendix power to effect any
mortgage or charge under those paragraphs as collateral security for or to guarantee monies payable
in respect of any loan to a beneficiary or beneficiaries upon such terms in all respects as my Trustees
shall in their absolute discretion think fit.

(10) Power to refer to arbitration or to the determination of any expert:

(a) the amount of the monies to be received or paid on any sale or purchase or exchange

(b) the amount of the rent or other payment to be reserved by any lease tenancv agreement or licence
in respect of the whole or any part of the term or currency thereof and the covenants and provisions
to be contained in any such lease tenancy agreement or licence

(c) the terms for the surrender or other termination of any lease tenancy or licence

(d) all disputes between any tenant or licensee and the reversioner or licensor

(11) Power from time to time to set a value upon any investments or other property subject to the
Trusts as my Trustees shall think fit and to appropriate if they shall think fit any such investments or
property at such value in or towards satisfaction of any share or interest under the trusts affecting
the same

(12) Power at any time or times to have any assets valued for any purpose in such manner as my
Trustees shall in their discretion think fit

(13) Power to promote or form or join in promoting or forming any company or corporation for the
purpose of acquiring or taking on lease or hire for any estate or interest all or any of the assets which
(or the net proceeds of any sale of which) are held subject to the Trusts or for any other purpose
whatsoever connected with any such assets

(14) Power to subscribe for all or any of the shares debentures or other securities of any such
company or corporation as is mentioned in paragraph (13) above

(15) Power to sell transfer let or hire out for any estate or interest any assets which (or the net
proceeds of any sale of which) are subject to any of the trusts hereof in consideration of the issue or
transfer to my Trustees or their nominees of any stock shares debentures or other securities

(16) Power to exercise or to refrain from exercising (either themselves or by proxy) the rights attached
to any investments subject to any of the trusts hereof in any manner whatsoever and in particular
(without prejudice to the generality of the foregoing) to wind up or dissolve or join in winding up or
dissolving any company or corporation and to alter or join in altering any of those rights or any
rights attached to any other investments or property

(17) Power upon or in any land and buildings which (or the net proceeds of any sale of which) are
held upon any of the trusts hereof to carry on the business (whether alone or in partnership with any
other person) of farming forestry fruit growing or market gardening or any other business of an
agricultural horticultural or arboricultural nature and to employ therein all or any part or parts of any
assets subject to the same trusts and to finance such business out of those trust assets with full
power to engage remunerate and dismiss any managers bailiffs servants and agents and to appoint
regulate and change their respective duties

(18) Power to put or leave any shares stocks securities insurance policies or other property
whatsoever (including money) in the name or names of any nominee or nominees for my Trustees and
to put or leave any movable chattels and bearer or other securities and certificates for safe keeping in
the possession or custody of any person or persons without being responsible for any loss or
damage and on such terms and subject to such conditions including remuneration of any such
nominee or custodian as mv Trustees shall think fit and so that any such nominees or custodians
may be or include any one or more of my Trustees

(19) Power to effect maintain and deal with any insurance or insurances upon the life of any person or
of all or any assets subject to any trusts hereof against any risk or risks which my Trustees may
consider proper to cover Provided (a) that my Tnistees shall be under no obligation to insure any
such assets to their full value or at all and (b) that my Trustees may pay all premiums and other costs
relating to insurance out of the income or the capital of any propertv held upon the same trusts under
this deed as such assets and (c) that nothing in this paragraph shall authorise any accumulation of
income not otherwise authorised by the Trusts

(20) Power to maintain repair improve and alter any chattels and to take such steps as they may
consider proper for the presentation of any chattels or other assets subject to any trusts hereof

(21) Power to delegate all or any of their powers contained in this Appendix and any other
administrative powers conferred by law (and all of the duties and discretions of my Trustees relating
to the exercise of such powers) to any person or persons subject to such conditions (if any and
including provisions as to remuneration) as my Trustees shall think fit (without being liable for the
acts or defaults of any such delegate) and to revoke or modify any such delegation or conditions
with the intent that without prejudice to the generality of the foregoing my Trustees may use this
power to delegate any discretions or decisions which fall to be exercised or taken pursuant to the
terms of any agreement entered into pursuant to subclause (28)(c) below

(22) Power to pay to the parent or guardian of any minor any money intended to be applied for the
maintenance education benefit or advancement of that minor and the receipt of such parent or
cuardian shall be a sufficient discharge to my Trustees for any such sum of money (and they shall
not be bound to see or to inquire into the actual application thereof)

(23) Power to permit a beneficiary or beneficiaries hereunder to occupy use or enjoy personally:

(a) any movable property wherever situate

(b) any immovable property situate anywhere in the world other than in England and
Wales which (or the future proceeds of sale of which) may for the time being be
comprised in the Trust Fund and

(c) any immovable property situate in England and Wales which may for the time
being subject to the Trust Fund and in respect of which no beneficiary has a right to
occupy under the provisions of Section 12 of the Trusts of Land and Appointment of
Trustees Act 1996 upon any terms or conditions whatever which my Trustees may
think fit.

(24) Power to lend any money with or without security to a beneficiary or beneficiaries hereunder with
or without payment of interest and upon such terms as to repayment and otherwise in such manner in
all respects as my Trustees shall in their absolute discretion think fit

(25) In respect of any chattels ("the Chattels") subject to the Trusts:

(a) My Trustees shall have power to sell lease hire deposit store or otherwise deal with
such chattels upon such terms as they shall in their absolute discretion think fit

(b) Trustees shall not be bound to see nor be liable or accountable for omitting or
neglecting to see to the repair or insurance of the Chattels but may repair and insure
such chattels in such manner and to such extent as thev shall in their absolute
discretion think fit.

(c) My Trustees shall have power to apply for conditional exemption from inheritance
tax under Chapter 11 of Part 11 of the Inheritance Tax Act 1984 by making a claim for
designation under section 31 of the said Act to the Commissioners of Inland Revenue
for that purpose and by giving such undertakings as may be required under section 31
of the said Act.

(26) Power to permit any one or more of my Trustees to sign cheques on any bank account in the
names of my Trustees and generally to sign orders and authorities to any bank on behalf of my
Trustees

(27) My Trustees may enter into a transaction with, or exercise a discretion which benefits, another
person or persons notwithstanding that one or more of my Trustees may have a fiduciary or personal
interest ("an adverse interest") in the transaction which conflicts with his or her duties as a Trustee
of my Will Provided that the following conditions are observed:

(a) any Trustee who has an adverse interest declares it to his or her co-Trustee as
soon as practicable and thereafter ceases to participate as Trustee in negotiations and
decision making relating to the transaction or discretion

(b) there are at least two of my Trustees who do not have an adverse interest and

(c) the decision whether to enter into the transaction or exercise the discretion and if
so on what terms is taken unanimously by those Trustees who do not have an
adverse interest

(28) In relation to the Intellectual Property Rights

(a) power to apply for and pursue or authorise others to apply for such registrations or
any appropriate official or administrative recognition or validation of any of the
Intellectual Property Rights in any country of the world and to acquire for
consideration the benefit of any such registrations or pending applications for such
registrations made or being pursued by any third party and take such other protective
action in any part of the world as they may think prudent to safeguard the interests of
the beneficiaries whether financial or otherwise

(b) the reasonable costs of any legal proceedings in any jurisdiction within the scope
of subparagraph (a) above or otherwise taken with a view to defending or enforcing
the Intellectual Property Rights or seeking an injunction, compensation or other relief
for their misuse shall be deemed to be expenses property incurred by my Trustees
notwithstanding that the prior authorisation of the Court has not been obtained
provided that at all times they act in reliance on appropriate legal advice given by
persons qualified to advise in respect of the jurisdiction concerned

(c) power to enter into any licence or other form of agreement for the exploitation of
any of the Intellectual Property Rights and upon such terms (including terms with
retrospective effect) as could be entered into by an absolute beneficial owner of the
Intellectual Property Rights

(29) The provisions of sections 11 19 and 20 of the Trusts of Land and Appointment of Trustees Act
1996 shall not apply to property subject to the Trusts.

(30) Power in respect of any asset to deal (whether by sale exchange purchase lease mortgage loan
borrowing or otherwise) with the trustees of any property held on trusts declared by this Will which
are distinct from the trusts applying to the asset in question at such price rent or rate of interest or for
such other consideration and upon such terms generally as they shall in their absolute discretion
think fit or approve notwithstanding that one or some or all of them are among or comprise the
trustees with whom they are dealing without being liable to account for any profit Provided Always
that any such dealing shall be for full consideration and that such consideration shall be determined
in reliance on appropriate advice given by persons qualified to advise in respect of the dealing.

IN THE HIGH COURT OF JUSTICE

CH 1997 No W 6888

CHANCERY DIVISION

The Vice Chancellor Sir Richard Scott Chambers

19th day of December 1997

IN THE MATTER of the estate of Diana,
Princess of Wales deceased

BETWEEN

(1) HIS ROYAL HIGHNESS PRINCE WILLIAM ARTHUR PHILIP LOUIS of WALES (a minor)

(2) HIS ROYAL HIGHNESS PRINCE HENRY CHARLES ALBERT DAVID of WALES (a minor)

Plaintiffs

and

(1) THE HONOURABLE FRANCES RUTH SHAND KYDD

(2) THE HONOURABLE ELIZABETH SARAH LAVINIA McCORQUODALE

Defendants

ORDER