TRUST AGREEMENT
HENRY J. MUNGER
AND
MARIE MUNGER SCHOLARSHIP FUND

This agreement, made by and between HENRY J. MUNGER of Madison, Connecticut, hereinafter referred to as the DONOR, and EDWARD J. SCANNELL of West Haven, Connecticut, and DANIEL KUMNICK of Wallingford, Connecticut, hereinafter referred to as the TRUSTEES

W I T N E SS E T H

WHEREAS, the DONOR from time to time, may deposit real or personal property with the TRUSTEES, or devise and bequeath property, real or personal, to the TRUSTEES to be held in trust and administered in accordance with the provisions of this agreement; and

WHEREAS, the DONOR also may desire to designate the TRUSTEES as beneficiaries under other Trust Agreements, the payments therefrom to be administered in accordance with the provisions of this agreement as hereinafter set forth.

NOW, THEREFORE, IT IS AGREED AS FOLLOWS:

1. The Trustees agree to hold the properly which may be given, devised or bequeathed to said Trustees to be administered in accordance with this agreement, in trust for the following uses and purposes.

2. This trust shall be called the HENRY J. MUNGER AND MARIE MUNGER SCHOLARSHIP FUND, hereinafter referred to as the Fund.

3. The income from said Fund shall be used exclusively for educational purposes.

4. The Trustees shall donate so much of the net income from said Fund at such times which in their sole discretion they deem advisable to such non-profit, regionally accredited, tax exempt, educational institutions designated by them to be used for scholarships for needy or meritorious undergraduate students subject to the following limitations and conditions: the recipients of said scholarships shall be limited to undergraduate college students who were residents of the Towns of Madison, Clinton, and Guilford, Connecticut, or any of them, for the four years immediately preceding their graduation from high school; the Trustees or their Successors shall designate the recipients of said scholarships but they shall give due consideration to the recommendations of the principal or guidance counselors of the high schools from which such students graduated; said scholarships shall be applied toward the tuition, room and/or board of said recipients; the Trustees or their Successors may accumulate all or any part of the income of said Fund but it is the Donor's desire that the income should be distributed annually as far as practicable and reasonable. It is the Donor's desire that in awarding such scholarships, preference should be given to students in their Freshman or Sophomore years of college who are proficient and have an aptitude in the fields of mathematics or nursing.

5. If any of the net income of said Fund is not distributed by the end of the year following the year it was earned, then such undistributed income shall be added to and become part of the corpus of said Fund. Distributions, in any case, will be made in accordance with the current Internal Revenue Code.

6. The Trustees shall be reimbursed for all expenses or other payments made by them in behalf of the trust and they shall be entitled to charge a reasonable fee for their services, all of which shall be paid and chargeable in such amounts and at such times to income or corpus in their discretion.

7. The Trustees shall employ the accounting firm of KIRCALDIE, RANDALL & McNAB of New Haven, Connecticut, in whom the Donor has great confidence, to perform all of the accounting, tax and related services in connection with the operation of said business and of this trust. In the event that said accounting firm dissolves or changes its ownership members, then the Trustees in their sole discretion are empowered to employ any other accountants or accounting firm to perform said services.

8. The Trustees shall invest and reinvest the corpus of said trust, and shall have all of the powers contained in the Connecticut Fiduciary Powers Act, and without limiting the generality of the foregoing, the Trustees shall have the specific power to vote the stock of B. B. MUNGER LUMBER COMPANY, INC., which may be held as part of the corpus of the Fund, and shall have the right and power to serve as officers and directors of said Corporation, and the power to lend all or any part of the corpus of said Fund to said Corporation.

9. Each of the Trustees shall have the right to name a Successor Trustee by separate document which may be executed at any time, who shall take his place in the event that the appointing Trustee is no longer acting as such Trustee, and such Successor Trustee shall have a similar right to name his Successor. Upon the failure of a Trustee to name a Successor then the surviving Trustee shall act as sole Trustee and if neither Trustee shall name a Successor, then when both of the Trustees are no longer acting as such, the SECOND NATIONAL BANK OF NEW HAVEN, CONNECTICUT or its Successors shall assume the duties of Trustee. All Successor Trustees shall have the same rights, powers, and duties vested in the original Trustees.

10. The Trustees shall not be personally liable for errors, mistakes or the exercise of poor judgment. No Trustee shall be answerable for loss in investments made in good faith. No Trustee shall be liable for the acts or omissions of any other Trustee, or of any accountant, agent, counsel, or custodian selected with reasonable care. Each Trustee shall be fully protected in acting upon any instrument, certificate, or paper, believed by him to be genuine and to be signed or presented by the proper person or persons, and no Trustee shall be under any duty to make any investigation or inquiry as to any statement contained in any such writing but may accept the same as conclusive evidence of the truth and accuracy of the statements therein contained. The Trustees shall be liable only if they act in bad faith.

11. This trust shall be irrevocable but the Donor reserves the right to amend this trust during his lifetime provided that all beneficiaries shall be non-profit, tax-exempt, educational institutions as qualified by the United States Internal Revenue Service.

SUPPLEMENTAL INFORMATION FOR DOCUMENT READERS

The Donor Henry J. Munger and the original Trustee Edward. J. Scannell are deceased.

Daniel Kumnick resigned as Trustee and appointed David P. Zuber Trustee in his place.

Edward J. Scannell resigned as Trustee prior to his death and appointed James Thomas Brennan Trustee in his place.

The accounting firm of Kircaldie, Randall & McNab, of New Haven, has gone out of business.

The B.B. Munger Lumber Company, Inc. has dissolved. The Lumber Company has ceased to do business and its assets have been sold.

The Second National Bank of New Haven has ceased to do business and its successor is Bank of Boston, Connecticut.