Which of the Following Most Accurately Describes the Position in Relation

Which of the following most accurately describes the position in relation to trustee exoneration or exemption clauses in England and Wales

A) Trustees can never be exempted from any kind of liability.
B) Trustees can be exempted from liability for fraud, but not from liability for negligence.
C) Trustees can be exempted from liability from negligence, but not from liability for fraud or gross negligence.
D) Trustees can be exempted from liability for negligence or gross negligence, but not from liability for fraud.