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<SEC-DOCUMENT>0001047469-09-010637.txt : 20091209
<SEC-HEADER>0001047469-09-010637.hdr.sgml : 20091209
<ACCEPTANCE-DATETIME>20091209143424
ACCESSION NUMBER:		0001047469-09-010637
CONFORMED SUBMISSION TYPE:	F-1
PUBLIC DOCUMENT COUNT:		14
FILED AS OF DATE:		20091209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sprott Physical Gold Trust
		CENTRAL INDEX KEY:			0001477049
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		F-1
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-163601
		FILM NUMBER:		091230795

	BUSINESS ADDRESS:	
		STREET 1:		STE. 2700, SOUTH TOWER, ROYAL BANK PLAZA
		STREET 2:		200 BAY STREET
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2J1
		BUSINESS PHONE:		416-362-7172

	MAIL ADDRESS:	
		STREET 1:		STE. 2700, SOUTH TOWER, ROYAL BANK PLAZA
		STREET 2:		200 BAY STREET
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2J1
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-1
<SEQUENCE>1
<FILENAME>a2195768zf-1.htm
<DESCRIPTION>FORM F-1
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Use these links to rapidly review the document<BR>
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<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>File No.&nbsp;333-  </B></FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington, D.C. 20549  </B></FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>FORM&nbsp;F-1<BR>  </B></FONT><FONT SIZE=2><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933  </B></FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>Sprott Physical Gold Trust<BR>  </B></FONT><FONT SIZE=2>(Exact name of registrant as specified in its charter) </FONT></P>

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<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Province of Ontario, Canada</B></FONT><FONT SIZE=2><BR>
(State or other jurisdiction of<BR>
incorporation or organization)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> 1040</B></FONT><FONT SIZE=2><BR>
(Primary Standard Industrial<BR>
Classification Code Number)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> N/A</B></FONT><FONT SIZE=2><BR>
(I.R.S. Employer<BR>
Identification No.)</FONT></TD>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Suite 2700, South Tower,<BR>
Royal Bank Plaza,<BR>
200 Bay Street,<BR>
Toronto, Ontario,<BR>
Canada M5J 2J1<BR>  </B></FONT><FONT SIZE=2>(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices) </FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Anthony Tu-Sekine, Esq.<BR>
Seward &amp; Kissel LLP<BR>
1200 G Street N.W.<BR>
Washington, D.C. 20005<BR>
(202) 737-8833<BR>  </B></FONT><FONT SIZE=2>(Name, address, including zip code, and telephone number, including area code, of agent for service) </FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Copies to:</FONT></P>
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<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Anthony Tu-Sekine, Esq.<BR>
Seward &amp; Kissel LLP<BR>
1200 G Street N.W.<BR>
Washington, D.C. 20005<BR>
(202) 737-8833<BR>
(202) 737-5184&nbsp;&#151;&nbsp;Facsimile</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Christopher J. Cummings, Esq.<BR>
Shearman&nbsp;&amp; Sterling&nbsp;LLP<BR>
Commerce Court West, Suite&nbsp;4405<BR>
Toronto, Ontario<BR>
Canada M5L&nbsp;1E8<BR>
(416)&nbsp;360-8484<BR>
(416) 360-2958&nbsp;&#151;&nbsp;Facsimile<BR> </B></FONT></TD>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximate date of commencement of proposed sale to the public: As soon as practicable after the effective date of this Registration Statement. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any of the securities being registered on this Form are being offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933, check the
following box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b) under the Securities Act, please check the following box
and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a post-effective amendment filed pursuant to Rule&nbsp;462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a post-effective amendment filed pursuant to Rule&nbsp;462(d) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>CALCULATION OF REGISTRATION FEE  </B></FONT></P>
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<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Title of Each Class of<BR>
Securities to be Registered</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Amount to be<BR>
Registered</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Proposed Maximum<BR>
Offering Price Per<BR>
Security<SUP>(1)</SUP></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Proposed Maximum<BR>
Aggregate Offering<BR>
Price</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Amount of<BR>
Registration Fee</B></FONT><BR></TH>
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<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Units<SUP>(2)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$10.00</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$575,000,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$32,085</FONT></TD>
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<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=1>Estimated
solely for the purpose of calculating the registration fee pursuant to Rule&nbsp;457 under the Securities Act of&nbsp;1933. </FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT
SIZE=1>Includes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units
that may be issued upon exercise of a 30-day option granted to the underwriters to cover
over-allotments, if&nbsp;any. </FONT></DD></DL>
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 <P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant
shall file&nbsp;a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section&nbsp;8(a) of the Securities Act of 1933
or until the registration statement shall become effective on such date as the Commission acting pursuant to said Section&nbsp;8(a), may&nbsp;determine.</B></FONT></P>

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</I></FONT><FONT COLOR="#FD1B14" SIZE=3><I>PRELIMINARY PROSPECTUS<BR>  </I></FONT><FONT COLOR="#FF1923" SIZE=2><I>Subject to Completion, Dated December&nbsp;8, 2009</I></FONT></P>


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 </I></FONT><FONT COLOR="#FD1B14" SIZE=2>The information in this prospectus is not complete and may be changed. The registrant may not sell
these securities until the registration statement it files with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities, and it is not soliciting
an offer to buy these securities in any state where the offer or sale is not&nbsp;permitted.</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><I>Sprott Physical Gold Trust  </I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units  </I></FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>Sprott Physical Gold Trust, to which we will refer as the Trust, is
selling&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;transferable, redeemable units in its
initial public offering. No public market currently exists for the units. Each unit represents an equal, fractional, undivided ownership interest in the net assets of the Trust attributable to the
particular class of&nbsp;units.  </I></B></FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>The initial public offering price will be $10.00 per unit. Units are being offered to investors who are prepared to invest a minimum initial
subscription amount of $1,000. The Trust intends to file an application to list its units on the New&nbsp;York Stock Exchange Arca, to which we will refer as the NYSE Arca, and the Toronto Stock
Exchange, to which we will refer as the TSX, under the symbols "PHYS" and "PHY", respectively. Listing on the NYSE Arca and the TSX is subject to the Trust fulfilling all of the requirements of the
NYSE Arca and the TSX, respectively.  </I></B></FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B><I>The Trust was established under the laws of the Province of Ontario, Canada, and is managed by Sprott Asset Management&nbsp;LP. The Trust was created
to invest and hold substantially all of its assets in physical gold&nbsp;bullion.  </I></B></FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=3><B><I>Investing in the units involves a high degree of risk. See "Risk Factors" beginning on page&nbsp;12 of this
prospectus.</I></B></FONT></P>
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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH NOWRAP  ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:30pt;"><FONT SIZE=1><B><I>Per Unit

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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
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<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:4pt;text-indent:-4pt;"><FONT SIZE=1><B><I> </I></B></FONT><FONT SIZE=2><I>Initial Public Offering Price </I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:5pt;text-indent:-5pt;"><FONT SIZE=2><I> </I></FONT><FONT SIZE=2><I>Underwriting Commissions </I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:5pt;text-indent:-5pt;"><FONT SIZE=2><I> </I></FONT><FONT SIZE=2><I>Proceeds, before expenses, to the Trust </I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT></TD>
</TR>
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 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2><I>The Trust has granted the underwriters an option to purchase up to an additional&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;units at the public offering price, less underwriting commissions,
within
30&nbsp;days of the date of this prospectus to cover any over-allotments.  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this
prospectus is truthful or complete. Any representation to the contrary is a criminal offense. Delivery of the units will be made on or about&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;2009.
</I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>

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<BR>  </I></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2><I>


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<TD style="font-family:times;"><FONT SIZE=4><I>MORGAN STANLEY</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=4>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=4><I>RBC CAPITAL MARKETS</I></FONT></TD>
</TR>
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 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2><I>The date of this prospectus is December&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2009  </I></FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>You should rely only on the information contained in this prospectus. The Trust has not, and the underwriters have not, authorized anyone to provide you with
different or additional information. If such information is provided to you, you should not rely on it. The Trust is not making an offer of these securities in any jurisdiction where the offer is not
permitted. You should not assume that the information contained in this prospectus is accurate as of any date other than the date on the front of this prospectus.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Until&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2009, 25&nbsp;days after the date of this prospectus, all dealers that buy, sell or trade
our units, whether or not participating in this
offering, may be required to deliver a prospectus. This delivery requirement is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their
unsold allotments or subscriptions.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bg14002_table_of_contents"> </A>
<BR></FONT><FONT SIZE=2><B>  TABLE OF CONTENTS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<A NAME="BG14002_TOC"></A> </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="25pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#bi14004_currency"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Currency</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#bi14004_currency"><FONT SIZE=2>1</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#bi14004_enforceability_of_civi__bi102296"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Enforceability of Civil Liabilities in the United&nbsp;States</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#bi14004_enforceability_of_civi__bi102296"><FONT SIZE=2>1</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#bi14004_initial_investment_in_the_trust"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Initial Investment in the Trust</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#bi14004_initial_investment_in_the_trust"><FONT SIZE=2>1</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#bi14004_cautionary_note_regarding_forward-looking_statements"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cautionary Note Regarding Forward-Looking Statements</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#bi14004_cautionary_note_regarding_forward-looking_statements"><FONT SIZE=2>1</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#ca14004_prospectus_summary"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Prospectus Summary</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ca14004_prospectus_summary"><FONT SIZE=2>2</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#cc14004_risk_factors"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Risk Factors</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#cc14004_risk_factors"><FONT SIZE=2>12</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#da14004_business_of_the_trust"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Business of the Trust</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#da14004_business_of_the_trust"><FONT SIZE=2>23</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#dc14004_overview_of_the_gold_sector"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Overview of the Gold Sector</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dc14004_overview_of_the_gold_sector"><FONT SIZE=2>28</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#dg14004_organization_and_management_details_of_the_trust"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Organization and Management Details of the Trust</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dg14004_organization_and_management_details_of_the_trust"><FONT SIZE=2>37</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#di14004_custody_of_the_trust_s_assets"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Custody of the Trust's Assets</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#di14004_custody_of_the_trust_s_assets"><FONT SIZE=2>46</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#dk14004_description_of_the_units"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Description of the Units</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk14004_description_of_the_units"><FONT SIZE=2>48</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#dk14004_redemption_of_units"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Redemption of Units</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk14004_redemption_of_units"><FONT SIZE=2>49</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#dk14004_use_of_proceeds"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Use of Proceeds</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk14004_use_of_proceeds"><FONT SIZE=2>54</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#dm14004_capitalization"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capitalization</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dm14004_capitalization"><FONT SIZE=2>55</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#dm14004_distribution_policy"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distribution Policy</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dm14004_distribution_policy"><FONT SIZE=2>56</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#do14004_description_of_the_trust_agreement"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Description of the Trust Agreement</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#do14004_description_of_the_trust_agreement"><FONT SIZE=2>58</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#ds14004_computation_of_net_asset_value"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Computation of Net Asset Value</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ds14004_computation_of_net_asset_value"><FONT SIZE=2>75</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#du14004_termination_of_the_trust"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Termination of the Trust</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#du14004_termination_of_the_trust"><FONT SIZE=2>80</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#du14004_principal_unitholders_of_the_trust"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Principal Unitholders of the Trust</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#du14004_principal_unitholders_of_the_trust"><FONT SIZE=2>81</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#dw14004_certain_transactions"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Certain Transactions</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dw14004_certain_transactions"><FONT SIZE=2>82</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#dy14004_tax_considerations"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax Considerations</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dy14004_tax_considerations"><FONT SIZE=2>85</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#ea14004_u.s._erisa_considerations"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>U.S.&nbsp;ERISA Considerations</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ea14004_u.s._erisa_considerations"><FONT SIZE=2>95</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#ec14004_underwriting"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Underwriting</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ec14004_underwriting"><FONT SIZE=2>96</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#ee14002_legal_matters"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Legal Matters</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ee14002_legal_matters"><FONT SIZE=2>100</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#ee14002_experts"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Experts</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ee14002_experts"><FONT SIZE=2>100</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#ee14002_where_you_can_find_additional_information"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Where You Can Find Additional Information</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ee14002_where_you_can_find_additional_information"><FONT SIZE=2>100</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#fa14002_report_of_independent___fa102269"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Report of Independent Registered Public Accounting Firm</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#fa14002_report_of_independent___fa102269"><FONT SIZE=2>F-1</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#page_fc14002_1_2"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Financial Statements</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#page_fc14002_1_2"><FONT SIZE=2>F-2</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#je14004_form_of_gold_redemption_notice"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Form of Gold Redemption Notice</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#je14004_form_of_gold_redemption_notice"><FONT SIZE=2>A-1</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#jg14004_form_of_cash_redemption_notice"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Form of Cash Redemption Notice</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#jg14004_form_of_cash_redemption_notice"><FONT SIZE=2>B-1</FONT></A></TD>
</TR>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bi14004_currency"> </A>
<A NAME="toc_bi14004_1"> </A>
<BR></FONT><FONT SIZE=2><B>  CURRENCY    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>Unless otherwise noted herein, all references to $ or dollars are to the currency of the United&nbsp;States
and all references to Cdn$ or Canadian dollars are to the currency of Canada.</B></FONT><FONT SIZE=2> On December&nbsp;7, 2009, the noon rate of exchange as reported by the Bank of Canada for the
conversion of U.S.&nbsp;dollars into Canadian dollars was US$1.00 equals Cdn$1.0511 (Cdn$1.00 equals&nbsp;US$0.9514). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bi14004_enforceability_of_civi__bi102296"> </A>
<A NAME="toc_bi14004_2"> </A>
<BR></FONT><FONT SIZE=2><B>  ENFORCEABILITY OF CIVIL LIABILITIES IN THE UNITED STATES    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Trust, the Trust's trustee, to which we will refer as the Trustee, Sprott Asset Management&nbsp;LP, to which we will
refer as the Manager, and Sprott Asset Management&nbsp;GP&nbsp;Inc., which is the general partner of the Manager, is organized under the laws of the Province of Ontario, Canada, and all of their
executive offices and administrative activities and assets are located outside the United&nbsp;States. In addition, the directors and officers of the Trustee and the Manager's general partner are
residents of jurisdictions other than the United&nbsp;States and all or a substantial portion of the assets of those persons are or may be located outside the United&nbsp;States. As a result, you
may have difficulty serving legal process within the United&nbsp;States upon any of the Trust, the Trustee, the Manager or the Manager's general partner or any of their directors or officers, as
applicable, or enforcing against them in the appropriate Canadian courts judgments obtained in United&nbsp;States courts, including judgments predicated upon the civil liability provisions of the
federal securities laws of the United&nbsp;States, or bringing an original action in the appropriate Canadian courts to enforce liabilities against the Trust, the Trustee, the Manager, the Manager's
general partner or any of their directors of officers, as applicable, based upon the U.S.&nbsp;federal securities&nbsp;laws. </FONT></P>

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NAME="bi14004_initial_investment_in_the_trust"> </A>
<A NAME="toc_bi14004_3"> </A>
<BR></FONT><FONT SIZE=2><B>  INITIAL INVESTMENT IN THE TRUST    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust will not issue units in connection with this offering unless subscriptions aggregating not less than Cdn$500,000 have been
received and accepted by the Trust from investors other than (i)&nbsp;the Manager, a portfolio adviser, a promoter or a sponsor of the Trust, (ii)&nbsp;the partners, directors, officers or
securityholders of any of the Manager, a portfolio adviser, a promoter or a sponsor of the Trust, or (iii)&nbsp;a combination of the persons or companies referred to in paragraphs&nbsp;(i)
and&nbsp;(ii). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bi14004_cautionary_note_regarding_forward-looking_statements"> </A>
<A NAME="toc_bi14004_4"> </A>
<BR></FONT><FONT SIZE=2><B>  CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The statements contained in this prospectus that are not purely historical are forward-looking statements. The Trust's forward-looking
statements include, but are not limited to, statements regarding its or its management's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that
refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipates," "believe,"
"continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predicts," "project," "should," "would" and similar expressions may identify forward-looking
statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this prospectus may include, for example, statements
about: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>trading of the Trust's securities on the NYSE Arca or the TSX;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the Trust's objectives and strategies to achieve the objectives,  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>success in obtaining gold in a timely manner and allocating such gold;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>success in retaining or recruiting, or changes required in, its officers, key employees or directors;&nbsp;and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the gold industry, sources and demand of gold and the performance of the gold&nbsp;market. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
forward-looking statements contained in this prospectus are based on the Trust's current expectations and beliefs concerning future developments and their potential effects on the
Trust. There can be no assurance that future developments affecting the Trust will be those that it has anticipated. These forward-looking statements involve a number of risks, uncertainties (some of
which are beyond the Trust's control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.
These risks and uncertainties include, but are not limited to, those factors described under the heading "Risk Factors." Should one or more of these risks or uncertainties materialize, or should any
of the Trust's assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. The Trust undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities&nbsp;laws. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1</FONT></P>

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<A NAME="toc_ca14004_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PROSPECTUS SUMMARY    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The following is a summary of the prospectus and, while it contains material information about the Trust and
the units, it does not contain or summarize all of the information about the Trust and the units contained in this prospectus that is material and that may be important to you. You should read this
entire prospectus, including "Risk Factors" beginning on page&nbsp;12, before making an investment decision about the units. Throughout this document, unless otherwise indicated, the term "business
day" refers to any day on which the NYSE Arca or the TSX is open for trading, the term "value of net assets of the Trust" refers to the value of the net assets of the class of the Trust represented by
the units offered hereby, determined as set forth in "Computation of Net Asset Value" and the term "NAV" refers to the value of net assets of the class of the Trust represented by the units offered
hereby, per outstanding unit of that class of the Trust. In addition, unless indicated otherwise, the information in this prospectus assumes that the underwriters have not exercised their
over-allotment option. "Fully allocated" when used in connection with physical gold bullion means that the physical gold bullion will be held by a custodian as numbered bars on a labeled
shelf or physically segregated pallets.</I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> The Trust  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Trust Overview  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust was established on August&nbsp;28, 2009 under the laws of the Province of Ontario, Canada pursuant to a trust agreement
dated as of August&nbsp;28, 2009, as amended and restated as of December&nbsp;7, 2009. The Trust was created to invest and hold substantially all of its assets in physical gold bullion. The Trust
seeks to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding physical gold bullion without the inconvenience that is typical of a direct
investment in physical gold bullion. The Trust intends to invest primarily in long-term holdings of unencumbered, fully allocated, physical gold bullion and will not speculate with regard
to short-term changes in gold prices. The Trust does not anticipate making regular cash distributions to unitholders. See "Business of the Trust." Sprott Asset Management&nbsp;LP is the
sponsor and promoter of the Trust and serves as manager of the Trust pursuant to a management agreement with the Trust. The material terms of the trust agreement and the management agreement are
discussed in greater detail under the section "Description of the Trust Agreement" and "Certain Transactions," respectively. Each outstanding unit will represent an equal, fractional, undivided
ownership interest in the net assets of the Trust attributable to the particular class of units. Expected advantages of investing in the units&nbsp;include: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><I>Convenient Way to Own Physical Gold Bullion.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The units
will trade on the NYSE Arca and the TSX and will provide institutional and retail investors with indirect access to the physical gold bullion market while providing them with the liquidity of an
exchange traded security. The units may be bought and sold on the NYSE Arca and the TSX like any other exchange-listed securities.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><I>Investment in Physical Gold Bullion Only.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Except with
respect to cash held by the Trust to pay expenses and anticipated redemptions, the Trust expects to own only London Good Delivery physical gold bullion. The Manager intends to invest and hold 97% of
the total net assets of the Trust in physical gold bullion in London Good Delivery bar form. The Trust will not invest in gold certificates or other financial instruments that represent gold or that
may be exchanged for&nbsp;gold.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><I>Lower Transaction Costs.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The Manager expects that, for
many investors, costs associated with buying and selling the units in the secondary market and the payment of the Trust's ongoing expenses will be lower than the costs associated with buying and
selling physical gold bullion and storing and insuring physical gold bullion in a traditional allocated gold bullion account.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><I>Ability to Redeem Units for Physical Gold
Bullion.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Unitholders will have the ability, on a monthly basis and as described herein, to redeem their units for physical gold bullion
for a redemption price equal to 100% of the NAV of the redeemed units, less redemption and delivery expenses, including the handling of the notice of redemption, the delivery of the physical bullion
for units that are being redeemed and the applicable gold storage in-and-out fees, and subject to certain minimum redemption amounts. See "Redemption of&nbsp;Units." </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><I>Storage at the Royal Canadian Mint.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The Trust's physical
gold bullion will be fully allocated and stored at the Royal Canadian Mint, to which we will refer as the Mint. The Mint is a Canadian Crown corporation </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>that
operates with the full faith and credit of the Government of Canada and will be responsible for and bear the risk of loss of, and damage to, the Trust's physical gold bullion that is in the
custody of the Mint. The physical gold bullion will be subject to periodic inspection and audits. See "Custody of the Trust's Assets." Under certain circumstances, the liability of the Mint may be
limited. See "Risk&nbsp;Factors."  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><I>Experienced Manager.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The Trust will be administered by
Sprott Asset Management&nbsp;LP. The Manager is a licensed portfolio manager that is wholly-owned by Sprott&nbsp;Inc., a public company whose shares are listed on the TSX. The Manager has
considerable experience and a long track record of investing in physical gold bullion on behalf of investors. See "Organization and Management Details of the Trust&#151;The Manager." </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><I>Potential Tax Advantage For Certain
U.S.&nbsp;Investors.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Any gains realized on the sale of units by an investor that is an individual, trust or estate, including such
investors that own units through partnerships and other pass-through entities for U.S.&nbsp;federal income tax purposes, may be taxable as long-term capital gains
(at&nbsp;a maximum rate of 15% under current law, compared to a long-term capital gains tax rate of 28% applicable to the disposition of physical gold bullion and other "collectibles"
held for more than one year), provided that such U.S.&nbsp;investor has held the units for more than one year at the time of the sale and such U.S.&nbsp;investor has made a timely and valid
Qualified Electing Fund, to which we will refer as QEF, election with respect to the units. See "Tax Considerations&#151;U.S.&nbsp;Federal Income Tax
Considerations&#151;U.S.&nbsp;Federal Income Taxation of U.S.&nbsp;Holders" for further discussion of the U.S.&nbsp;federal taxation of U.S.&nbsp;investors in&nbsp;units. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><I>Benefits of Investing in Gold.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Investment in gold may
provide several benefits to investors. Gold may assist in protecting a portfolio from inflation, financial collapse and currency devaluation. Gold has a negative or low correlation with many other
asset classes, making it an effective portfolio diversifier. In particular, given that gold prices have generally increased during times of U.S.&nbsp;dollar decline and during inflationary periods,
gold may provide a hedge against purchasing power erosion. In addition, over the past ten years, gold has outperformed equity indices such as the S&amp;P&nbsp;500 Index, the S&amp;P/TSX Composite Index, the
MSCI EAFE Index and the S&amp;P Global Gold Index. For additional historical information about the performance of gold as compared to these indices, please see "Overview of the Gold
Sector&#151;Historical Price Movement and&nbsp;Analysis." </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investing
in the units does not insulate the investor from risks, including price volatility. See "Risk&nbsp;Factors." </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> The Manager  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager is a limited partnership existing under the laws of the Province of Ontario, Canada, and acts as manager of the Trust
pursuant to the trust agreement and the management agreement. As of June&nbsp;30, 2009, the Manager, together with its affiliates and related entities, had assets under management totaling
approximately Cdn$4.4&nbsp;billion, of which approximately Cdn$0.7&nbsp;billion represented physical gold bullion. The Manager provides management and advisory services to many entities, including
private investment funds, the Sprott Mutual Funds, certain discretionary managed accounts, and management of certain companies through its subsidiary, Sprott Consulting&nbsp;LP. The Manager also
acts as manager for the Sprott Gold Bullion Fund, a Canadian public mutual fund that invests in physical gold&nbsp;bullion. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager is responsible for the day-to-day business and administration of the Trust, including management of the Trust's portfolio and all clerical,
administrative and operational services. The Trust maintains a public website that will contain information about the Trust and the units. The internet address of the website is
www.sprottphysicalgoldtrust.com. This internet address is provided here only as a convenience to you, and the information contained on or connected to the website is not incorporated into, and does
not form part of, this prospectus. The general role and responsibilities of the
Manager are further discussed in "Organization and Management Details of the Trust&#151;The Manager" and "Description of the Trust Agreement&#151;The Manager." </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Principal Offices  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust's office is located at Suite&nbsp;2700, South Tower, Royal Bank Plaza, 200&nbsp;Bay Street, Toronto, Ontario, Canada
M5J&nbsp;2J1. The Manager's office is located at Suite&nbsp;2700, South Tower, Royal Bank Plaza, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>200&nbsp;Bay
Street, Toronto, Ontario, Canada M5J&nbsp;2J1 and its telephone number is (416)&nbsp;362-7172. RBC Dexia Investor Services Trust, to which we will refer as RBC Dexia,
the Trust's trustee, is located at 155&nbsp;Wellington Street West, Street Level, Toronto, Ontario, Canada M5V&nbsp;3L3. The custodian for the Trust's physical gold bullion, the Royal Canadian
Mint, is located at 320&nbsp;Sussex Drive, Ottawa, Ontario, Canada K1A&nbsp;0G8, and the custodian for the Trust's assets other than physical gold bullion, RBC Dexia, is located at
155&nbsp;Wellington Street West, Street Level, Toronto, Ontario, Canada M5V&nbsp;3L3. </FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> The Offering  </B></FONT></P>
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<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Issuer:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> Sprott Physical Gold Trust, a closed-end mutual fund trust organized under the laws of the Province of Ontario,
Canada.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Offered Securities:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;units of the Trust
(&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;units if the underwriters exercise their over-allotment option in full). Each outstanding unit will represent an equal, fractional, undivided
ownership interest in the net assets of the Trust attributable to the units.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Issue Price:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> $10.00 per unit.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Listing:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> The Trust intends to file an application to list the units on the NYSE Arca and the TSX under the symbols "PHYS" and "PHY",
respectively.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Use of Proceeds:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> The estimated net proceeds from this offering, after deducting the underwriting commissions and the estimated expenses of the
offering, will be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(or&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the underwriters fully exercise their over-allotment option). The Trust will use the net proceeds of this offering to acquire London Good Delivery physical gold bullion in accordance with its objective and subject to the investment and operating
restrictions described herein. See "Use of Proceeds," "Business of the Trust&#151;Purchasing the Gold for the Trust's Portfolio" and "Business of the Trust&#151;Investment and Operating Restrictions."</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Objective of the Trust:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> The Trust was created to invest and hold substantially all of its assets in physical gold bullion. The Trust seeks to provide a
secure, convenient and exchange-traded investment alternative for investors interested in holding physical gold bullion without the inconvenience that is typical of a direct investment in physical gold bullion. The Trust does not anticipate making
regular cash distributions to unitholders. See "Business of the Trust&#151;Overview of the Structure of the Trust."</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Strategy of the Trust:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> The Trust intends to achieve its objective by investing primarily in long-term holdings of unencumbered, fully allocated,
physical gold bullion and will not speculate with regard to short-term changes in gold prices. See "Business of the Trust&#151;Overview of the Structure of the Trust."</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Calculating Net Asset Value:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> The value of the net assets of the Trust and the value of net assets of the Trust per outstanding unit of the Trust will be
determined daily as of 4:00&nbsp;p.m., Toronto time, on each business day by the Trust's valuation agent, which is RBC Dexia Investor Services Trust. The value of the net assets of the Trust on any such day will be equal to the aggregate fair market
value of the assets of the Trust as of such date, less an amount equal to the fair value of the liabilities of the Trust (excluding all liabilities represented by outstanding units) as of such date. The valuation agent will calculate the NAV by
dividing the value of the net assets of the class of the Trust represented by the units offered hereby on that day by the total number of units of that class then outstanding on such day. See "Computation of Net Asset Value."</FONT></TD>
</TR>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Redemption&nbsp;of&nbsp;Units&nbsp;for&nbsp;Physical Gold Bullion:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> Subject to the terms of the trust agreement, units may be redeemed at the option of a unitholder for physical gold bullion in any month. Units
redeemed for physical gold bullion will be entitled to a redemption price equal to 100% of the NAV of the redeemed units on the last day of the month on which the NYSE Arca is open for trading for the month in which the redemption request is
processed. Redemption requests for gold must be for amounts that are at least equivalent in value to one London Good Delivery bar or an integral multiple thereof, plus applicable expenses. A "London Good Delivery bar" contains between 350 and
430&nbsp;troy ounces of gold. A unitholder's ability to redeem units for physical gold bullion will depend in part on the size of the London Good Delivery bars held by the Trust on the redemption date. Any fractional amount of redemption proceeds in
excess of a London Good Delivery bar or an integral multiple thereof will be paid in cash at a rate equal to 100% of the NAV of such excess amount. A unitholder redeeming units for physical gold bullion will be responsible for expenses incurred by
the Trust in connection with such redemption and applicable delivery expenses, including the handling of the notice of redemption, the delivery of the physical gold bullion for units that are being redeemed and the applicable gold storage in-and-out
fees. See "Redemption of Units" for detailed terms and conditions relating to the redemption of units for physical gold bullion.</FONT></TD>
</TR>
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<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> A redemption notice to redeem units for physical gold bullion must be received by the Trust's transfer agent no later than
4:00&nbsp;p.m., Toronto time, on the 15<SUP>th</SUP>&nbsp;day of the month in which the redemption notice will be processed or, if such day is not a business day, on the immediately following day that is a business day. Any redemption notice received
after such time will be processed in the next month. For each redemption notice, the Trust's transfer agent will send a confirmation notice to the unitholder's broker that such notice has been received and determined to be complete.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> Physical gold bullion received by a unitholder as a result of a redemption of units will be delivered by armored transportation
service carrier pursuant to delivery instructions provided by the unitholder. Physical gold bullion transported to an account established by the redeeming unitholder at an institution authorized to accept and hold London Good Delivery bars by certain
armored transportation service carriers will likely retain its London Good Delivery status while in the custody of such institution; physical gold bullion delivered pursuant to a unitholder's delivery instruction to a destination other than such an
institution will no longer be deemed London Good Delivery once received by the unitholder. The armored transportation service carrier will receive physical gold bullion in connection with a redemption of units approximately 10&nbsp;business days
after the end of the month in which the redemption notice is processed. See "Redemption of Units&#151;Transporting the Gold from the Mint to the Redeeming Unitholder."</FONT></TD>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

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<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Redemption of Units for Cash:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> Subject to the terms of the trust agreement, units may be redeemed at the option of a unitholder for cash on a monthly basis. Units redeemed for
cash will be entitled to a redemption price equal to 95% of the lesser of (i)&nbsp;the volume-weighted average trading price of the units traded on the NYSE Arca or, if trading has been suspended on the NYSE Arca, the trading price of the units
traded on the TSX, for the last five days on which the respective exchange is open for trading for the month in which the redemption request is processed and (ii)&nbsp;the NAV of the redeemed units as of 4:00&nbsp;p.m., Toronto time, on the last day
of the month on which the NYSE Arca is open for trading for the month in which the redemption request is processed. Cash redemption proceeds will be transferred to a redeeming unitholder approximately three business days after the end of the month in
which the redemption notice is processed. See "Redemption of Units" for detailed terms and conditions relating to the redemption of units for cash.</FONT></TD>
</TR>
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<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> A redemption notice to redeem units for cash must be received by the Trust's transfer agent no later than 4:00&nbsp;p.m.,
Toronto time, on the 15<SUP>th</SUP>&nbsp;day of the month in which the redemption notice will be processed or, if such day is not a business day, then on the immediately following day that is a business day. Any redemption notice to redeem units for
cash received after such time will be processed in the next month.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Termination of the Trust:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> The Trust does not have a fixed termination date but will be terminated in the event there are no units outstanding, the Trustee
resigns or is removed and no successor trustee is appointed, the Manager resigns and no successor manager is appointed and approved by unitholders, the Manager is in material default of its obligations under the trust agreement or the Manager
experiences certain insolvency events. In addition, the Manager may, in its discretion, terminate the Trust, without unitholder approval, by giving the Trustee and each holder of units at the time at least 90&nbsp;days' notice. To the extent such
termination in the discretion of the Manager may involve a matter that would be a "conflict of interest matter" as set forth in applicable Canadian regulations, the matter will be referred by the Manager to the independent review committee
established by the Manager for its recommendation. For a description of the independent review committee, see "Organization and Management Details of the Trust&#151;The Manager&#151;Independent Review Committee." In connection with the termination of
the Trust, the Trust will, to the extent possible, convert its assets to cash and, after paying or making adequate provision for all of the Trust's liabilities, distribute the net assets of the Trust to unitholders, on a </FONT><FONT
SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2> basis, as soon as practicable after the termination date. See "Termination of the Trust."</FONT></TD>
</TR>
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<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Underwriters:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> Morgan Stanley&nbsp;&amp;&nbsp;Co. Incorporated and RBC Capital Markets will act as underwriters for this offering in the
United&nbsp;States. RBC&nbsp;Dominion Securities&nbsp;Inc. and Morgan Stanley Canada Limited will act as underwriters for this offering in Canada.</FONT></TD>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Organization and Management of the Trust  </B></FONT></P>
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<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2><B>


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<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Manager:<BR> </B></FONT><FONT SIZE=2>Sprott Asset Management&nbsp;LP<BR>
Toronto, Ontario, Canada</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> The Manager is responsible for the day-to-day business and administration of the Trust. The Trust is managed by the Manager
pursuant to the trust agreement and the management agreement.</FONT></TD>
</TR>
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<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Trustee:<BR> </B></FONT><FONT SIZE=2>RBC Dexia Investor Services Trust<BR>
Toronto, Ontario, Canada</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> The Trustee is RBC Dexia, a trust company organized under the federal laws of Canada. The Trustee holds title to the Trust's
assets and has, together with the Manager, exclusive authority over the assets and affairs of the Trust. The Trustee has a fiduciary responsibility to act in the best interest of the unitholders. The general role, responsibilities and regulation of
the Trustee are further described in "Organization and Management Details of the Trust&#151;Trustee" and "Description of the Trust Agreement&#151;The Trustee." The Trustee will also issue annual tax reporting information.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Promoter:<BR> </B></FONT><FONT SIZE=2>Sprott Asset Management&nbsp;LP<BR>
Toronto, Ontario, Canada</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> The Manager initiated the creation and organization of the Trust and therefore may be considered a promoter or sponsor of the
Trust under applicable securities laws.</FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Custodian for Physical Gold Bullion:<BR> </B></FONT><FONT SIZE=2>The Royal Canadian Mint<BR>
Ottawa, Ontario, Canada</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> The Royal Canadian Mint will act as custodian for the physical gold bullion owned by the Trust. The Mint will be responsible for
and will bear all risk of the loss of, and damage to, the Trust's physical gold bullion that is in the Mint's custody, subject to certain limitations based on events beyond the Mint's control. The Manager, with the consent of the Trustee, may
determine to change the custodial arrangements of the Trust. See "Custody of the Trust's Assets."</FONT></TD>
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<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Custodian for Assets That Are Not Physical Gold Bullion:<BR> </B></FONT><FONT SIZE=2>RBC Dexia Investor Services Trust<BR>
Toronto, Ontario, Canada</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> RBC Dexia will act as custodian for the Trust's assets other than physical gold bullion on behalf of the Trust. RBC Dexia is
only responsible for the Trust's assets that are directly held by it, its affiliates or appointed sub-custodians.</FONT></TD>
</TR>
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<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Registrar:<BR> </B></FONT><FONT SIZE=2>Equity Transfer&nbsp;&amp; Trust Company<BR>
Toronto, Ontario, Canada</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> The registrar keeps the register of the holders of units.</FONT></TD>
</TR>
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<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Transfer Agent:<BR> </B></FONT><FONT SIZE=2>Equity Transfer&nbsp;&amp; Trust Company<BR>
Toronto, Ontario, Canada</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> The transfer agent processes redemption orders and transfers.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Auditors:<BR> </B></FONT><FONT SIZE=2>Ernst&nbsp;&amp; Young&nbsp;LLP<BR>
Toronto, Ontario, Canada</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> The auditors annually audit the financial statements of the Trust to determine whether they fairly present, in all material
respects, the Trust's financial position, results of operations and changes in net assets in accordance with the International Financial Reporting Standards, to which we will refer as IFRS. The auditors also attend the count of the physical gold
bullion owned by the Trust on an annual basis.</FONT></TD>
</TR>
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<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Valuation Agent:<BR> </B></FONT><FONT SIZE=2>RBC Dexia Investor Services Trust<BR>
Toronto, Ontario, Canada</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> The Trust's valuation agent calculates the value of the net assets of the Trust on a daily basis and reconciles all purchases
and redemptions of units to determine the NAV. The daily NAV will be posted on the Manager's website. See "Computation of Net Asset Value."</FONT></TD>
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 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See "Business of the Trust" and "Organization and Management Details of the&nbsp;Trust." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Summary of Fees and Expenses  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This table lists some of the fees and expenses that the Trust expects to pay for the continued operation of its business and that you
may have to pay if you invest in the Trust. Payment of fees and expenses by the Trust will reduce the value of your investment in the Trust. You will have to pay
fees and expenses directly if you redeem your units for physical gold bullion. See "Business of the Trust&#151;Fees and&nbsp;Expenses." </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Fees and Expenses Payable by the Trust  </I></FONT></P>
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<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:40pt;"><FONT SIZE=1><B>Type of Fee

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Amount and Description </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Management Fee:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> The Trust will pay the Manager a monthly management fee equal to <SUP>1</SUP>/<SMALL>12</SMALL> of 0.35% of the value of net
assets of the Trust (determined in accordance with the trust agreement), plus any applicable Canadian taxes. The management fee will be calculated and accrued daily and payable monthly in arrears on the last day of each month.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Operating Expenses:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> Except as otherwise described in this prospectus and subject to the expense cap described below, the Trust will be responsible
for all costs and expenses incurred in connection with the on-going operation and administration of the Trust including, but not limited to: the fees and expenses payable to and incurred by the Trustee, the Manager, any investment manager, the Mint,
RBC Dexia as custodian, any sub-custodians, the registrar, the transfer agent and the valuation agent of the Trust; transaction and handling costs for the physical gold bullion; and storage fees for the physical gold bullion.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Other Fees and Expenses:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> The Trust will be responsible for the fees and expenses of any action, suit or other proceedings in which, or in relation to
which, the Trustee, the Manager, the Mint, RBC Dexia as custodian, any sub-custodians, the registrar, the valuation agent, the transfer agent or the underwriters for this offering and/or any of their respective officers, directors, employees,
consultants or agents is entitled to indemnity by the Trust.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Expense Cap:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> The Manager has contractually agreed that, if the expenses of the Trust, including the management fee, at the end of any month
exceed an amount equal to <SUP>1</SUP>/<SMALL>12</SMALL> of 0.65% of the value of net assets of the Trust, the management fee payable to the Manager for such month will be reduced by the amount of such excess up to the gross amount of the management
fee earned by the Manager from the Trust for such month. Any such reduction in the management fee will not be carried forward or payable to the Manager in future months.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> In calculating the expenses of the Trust for purposes of the expense cap, the following will be excluded: any applicable taxes
payable by the Trust or to which the Trust may be subject; and any extraordinary expenses of the Trust.</FONT></TD>
</TR>
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 <P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Fees and Expenses Payable Directly by You  </I></FONT></P>
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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Amount and Description </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Redemption Fees and Delivery Charges:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> Except as set forth below, there are no redemption fees payable upon the redemption of units for cash. However, if you choose to
receive physical gold bullion upon redemption of units, you will be responsible for expenses in connection with effecting the redemption and applicable delivery expenses, including the handling of the notice of redemption, the delivery of the
physical gold bullion for units that are being redeemed and the applicable gold storage in-and-out fees. See "Redemption of Units&#151;Redemptions for Physical Gold Bullion."</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Other Fees and Expenses:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> No other charges apply. If applicable, you may be subject to brokerage commissions or other fees associated with trading the
units.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><I> Fees and Expenses in Connection with This Offering</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Fees Payable to the Underwriters for Selling the Units:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> The underwriters shall be entitled to a cash commission equal to&nbsp;&nbsp;&nbsp;&nbsp;% of the total amount of gross proceeds
raised from the sale of the units.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Expenses of This Offering:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> The expenses of this offering (including the costs of creating and organizing the Trust, the costs of printing and preparing
this prospectus, legal expenses, marketing expenses and other reasonable out-of-pocket expenses incurred by the underwriters other than the underwriters' legal expenses) and other incidental expenses will be paid by the Manager except that the Trust
will be responsible for paying the filing and listing fees of the applicable securities authorities and stock exchanges, the fees and expenses payable to the Trust's registrar and transfer agent, and the selling commissions of the underwriters set
forth above. The underwriters have agreed to reimburse the Manager for certain of these expenses. The expenses of this offering are estimated to be
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</FONT></TD>
</TR>
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 <P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Risk Factors  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are risks associated with an investment in units that should be considered by prospective purchasers, including risks associated
with: (i)&nbsp;the price of gold; (ii)&nbsp;the net asset value and/or the market price of the units; (iii)&nbsp;the purchase, transport, insurance and storage of physical gold bullion;
(iv)&nbsp;liabilities of the Trust (v)&nbsp;redemptions of units; (v)&nbsp;operations of the Trust; and (vi)&nbsp;the offering. See "Risk Factors" beginning on page&nbsp;12 of
the&nbsp;prospectus. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Certain Tax Considerations  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus contains certain information with respect to the U.S. and Canadian federal income tax consequences of the purchase,
ownership or disposition of the units for purchasers resident in the United&nbsp;States or outside Canada. However, in making an investment decision, purchasers must rely on their own examination of
the Trust and the terms of the offering, including the merits and risks involved. Prospective purchasers of units should consult with their own tax advisors about tax consequences of an investment in
units based on their particular circumstances. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> United&nbsp;States Federal Income Tax Considerations  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S.&nbsp;persons are encouraged to make a QEF election with respect to the units. A U.S.&nbsp;person that is an individual, trust
or estate, including such U.S.&nbsp;unitholders that own units through partnerships or other pass-through entities for U.S.&nbsp;federal income purposes, and that has made a timely and
valid QEF election with respect to the units is referred to in this summary as an "electing U.S.&nbsp;holder." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital
gain recognized on a sale of units by an electing U.S.&nbsp;holder who has held the units for more than one year will generally be taxable as long-term capital gain
at the rate of 15% under current&nbsp;law. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital
gain recognized upon a redemption of units for physical gold bullion by an electing U.S.&nbsp;holder will be treated in essentially the same manner as above
(i.e.,&nbsp;generally as long term capital gain taxable at the rate of 15% under current law), except that a limited portion of the gain (equal to the electing U.S.&nbsp;holder's </FONT> <FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2> share of
any capital gain recognized by the Trust upon the distribution of the physical gold bullion to the electing U.S.&nbsp;holder)
will be taxable to the electing U.S.&nbsp;holder at a maximum rate of 28% under current law if the Trust held the physical gold bullion for more than one&nbsp;year. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
only other income that will be recognized by an electing U.S.&nbsp;holder will be the electing U.S.&nbsp;holder's </FONT><FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2>
share of any capital gain recognized by the Trust upon a disposition of physical gold bullion (including upon a distribution of physical gold bullion to another holder upon a redemption) and the
electing U.S.&nbsp;holder's </FONT><FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2> share of any miscellaneous income of the Trust. The Manager generally expects such miscellaneous income to
be quite&nbsp;limited. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
"Tax Considerations&#151;U.S.&nbsp;Federal Income Tax Considerations" for a detailed description of the U.S.&nbsp;federal income tax consequences applicable to a
U.S.&nbsp;holder who has made a valid and timely QEF election, as well as the alternative U.S.&nbsp;federal income tax consequences applicable to a U.S.&nbsp;person who does not make a
QEF&nbsp;election. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Canadian Federal Income Tax Considerations for Non-Residents of Canada  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unitholders not resident in Canada, to whom we will refer as non-resident unitholders, will generally not be subject to
Canadian capital gains tax on a sale or other disposition of their units (except in the limited circumstance where the units are "taxable Canadian property" and the gain is not exempted under an
applicable income tax&nbsp;treaty). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-resident
unitholders will also generally not be subject to Canadian withholding tax on distributions to them of gains of the Trust from dispositions of physical gold
bullion (including any such gains allocated to them if they redeem their units) if such gains qualify as capital gains for Canadian purposes. Non-resident unitholders will generally be
subject to Canadian withholding tax on any distributions to them of ordinary income. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
"Tax Considerations&#151;Canadian Taxation of Unitholders&#151;Unitholders Not Resident in&nbsp;Canada." </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Canadian Federal Income Tax Considerations for Residents of Canada  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provided that appropriate designations are made by the Trust, unitholders resident in Canada, to whom we will refer as resident
unitholders, who dispose of units held as capital property (including upon a redemption of units for physical gold bullion held by the Trust as capital property) should generally realize a net capital
gain (or&nbsp;net capital loss) equal to the amount by which the proceeds of disposition, net of any costs of disposition, exceed (or&nbsp;are less than) the adjusted cost base of
the&nbsp;units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resident
unitholders will generally be required to include in their income for a year the portion of the income of the Trust for the year, if any, including net taxable capital gains,
that is paid or payable to the resident unitholders in the year. Provided that appropriate designations are made by the Trust, such portion of the net taxable capital gains paid or payable to the
resident unitholders will effectively retain its character in the hands of the resident unitholders. The non-taxable portion of any net realized capital gains of the Trust that is paid or
payable to the resident unitholders in the year will not be included in computing the resident unitholder's income for the year. Any other amount in excess of the income of the Trust that is paid or
payable to the resident unitholders in the year also will not generally be included in the resident unitholder's income for the year. However, the adjusted cost base of the resident unitholder's units
will generally be required to be reduced by such amount. To the extent that the adjusted cost base of units would otherwise be less than zero, the negative amount will be deemed to be a capital gain
realized by the resident unitholder from the disposition of units, and the adjusted cost base of the units will be increased to&nbsp;zero. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
"Tax Considerations&#151;Canadian Taxation of Unitholders&#151;Unitholders Resident in&nbsp;Canada." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

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<BR></FONT><FONT SIZE=2><B>  RISK FACTORS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>You should consider carefully the risks described below before making an investment decision. You should also
refer to the other information included in this prospectus, including the Trust's financial statements and the related&nbsp;notes.  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The value of the units relates directly to the value of the gold held by the Trust, and fluctuations in the price of gold could materially adversely
affect an investment in the&nbsp;units.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal factors affecting the value of the units are factors that affect the price of gold. Gold bullion is tradable
internationally and its price is generally quoted in U.S.&nbsp;dollars. The price of the units will depend on, and typically fluctuate with, the price fluctuations of gold. The price of gold may be
affected at any time by many international, economic, monetary and political factors, many of which are unpredictable. These factors include, without limitation: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>global gold supply and demand, which is influenced by such factors as: (i)&nbsp;forward selling by gold producers;
(ii)&nbsp;purchases made by gold producers to unwind gold hedge positions; (iii)&nbsp;central bank purchases and sales; (iv)&nbsp;production and cost levels in major gold-producing
countries; and (v)&nbsp;new production projects;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>investors' expectations for future inflation rates;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>exchange rate volatility of the U.S.&nbsp;dollar, the principal currency in which the price of gold is generally quoted; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>interest rate volatility; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>unexpected global, or regional, political or economic incidents. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changing
tax, royalty, land and mineral rights ownership and leasing regulations in gold producing countries can have an impact on market functions and expectations for future gold
supply. This can affect both share prices of gold mining companies and the relative prices of other commodities, which are both factors that may affect investor decisions in respect of investing
in&nbsp;gold. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>An investment in the Trust will yield long-term gains only if the value of gold increases in an amount in excess of the Trust's expenses.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust will not actively trade gold to take advantage of short-term market fluctuations in the price of gold or actively
generate other income. Accordingly, the Trust's long-term performance is dependent on the long-term performance of the price of gold. As a result, an investment in the Trust
will yield long-term gains only if the value of gold increases in an amount in excess of the Trust's expenses. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>A redemption of units for cash will yield a lesser amount than selling the units on the NYSE Arca or the TSX, if such a sale is&nbsp;possible.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because the cash redemption value of the units is based on 95% of the lesser of (i)&nbsp;the volume-weighted average trading price of
the units traded on the NYSE Arca or, if trading has been suspended on NYSE Arca, the trading price of the units traded on TSX, for the last five days on which the respective exchange is open for
trading for the month in which the redemption request is processed and (ii)&nbsp;the NAV of the redeemed units as of 4:00&nbsp;p.m., Toronto time, on the last day of the month on which the NYSE
Arca is open for trading for the month in which the redemption request is processed, redeeming the units for cash will generally yield a lesser amount than selling the shares on the NYSE Arca or the
TSX, assuming such a sale is possible. You should consider the manner in which the cash redemption value is determined before exercising your right to redeem your units for&nbsp;cash. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>If a unitholder redeems units for physical gold bullion and requests to have the gold delivered to a destination other than an institution authorized
to accept and hold London Good Delivery gold bars, the physical gold bullion will no longer be deemed London Good Delivery once it has been&nbsp;delivered.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;London Good Delivery bars have the advantage that a purchaser generally will accept such bars as consisting of the indicated number of
troy ounces of at least .995&nbsp;fine gold without assaying or otherwise testing them. This provides London Good Delivery bars with added liquidity as a sale of such bars can be completed more
easily than the sale of physical gold bullion that is not London Good Delivery. The Trust will only purchase London Good Delivery bars, and the physical gold bullion owned by the Trust will retain its
status as London Good Delivery bars while it is stored at the Mint. If a unitholder redeems units for physical gold bullion and has the gold delivered to an institution authorized to accept and hold
London Good Delivery gold bars through an armored transportation service carrier that is eligible to transport London Good Delivery gold bars, it is likely that the gold will retain its London Good
Delivery status while in the custody of that institution. However, if the redeeming unitholder instructs that gold be delivered to a destination other than such an institution, the physical gold
bullion delivered to the unitholder will no longer be deemed London Good Delivery once it has been delivered pursuant to the redeeming unitholder's delivery instructions, which may make a future sale
of such gold more&nbsp;difficult. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The international gold bullion market has experienced historically high trading prices in the past two years, and there can be no assurance that this
historically high trading price of gold will be&nbsp;sustained.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prices in the international gold bullion market have been near historically high levels in the past two years. The Trust anticipates
that the price of physical gold bullion going forward and, in turn, the future value of net assets of the Trust, will be dependent upon factors such as global physical
gold bullion supply and demand, investors' inflation expectations, exchange rate volatility and interest rate volatility. An adverse development with regard to one or more of these factors may lead to
a decrease in physical gold bullion currency trading prices. A decline in prices of physical gold bullion would decrease the value of net assets of the Trust and the&nbsp;NAV. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The sale of gold by the Trust to pay expenses and to cover certain redemptions will reduce the amount of gold represented by each unit on an ongoing
basis irrespective of whether the trading price of the units rises or falls in response to changes in the price of&nbsp;gold.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each outstanding unit will represent an equal, fractional, undivided ownership interest in the net assets of the Trust attributable to
the units. As the Trust does not expect to generate any net income and will regularly sell physical gold bullion over time to pay for its ongoing expenses and to cover certain redemptions, the NAV
will gradually decline over time. This is true even if additional units are issued in future offerings of units by the Trust from time to time, as the amount of gold acquired by the proceeds of any
such future offering of units will proportionately reflect the amount of gold represented by such units. Assuming a constant gold price, the trading price of the units is expected to gradually decline
relative to the price of gold as the amount of gold represented by the units gradually declines. The units will only maintain their original value if the price of gold increases enough to offset the
Trust's expenses. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors
should be aware that the gradual decline in the amount of physical gold bullion held by the Trust will occur regardless of whether the trading price of the units rises or falls
in response to changes in the price of gold. The estimated ordinary operating expenses of the Trust, which accrue daily commencing after the first day of trading of the units on the NYSE Arca and the
TSX, are described in "Business of the Trust&#151;Fees and&nbsp;Expenses." </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The sale of the Trust's physical gold bullion to pay expenses or to cover certain redemptions at a time of low gold prices could adversely affect the
value of the&nbsp;units.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager will sell physical gold bullion held by the Trust to pay Trust expenses or to cover certain redemptions on an
as-needed basis irrespective of then-current gold prices, and no attempt will be made to buy or sell physical gold bullion to protect against or to take advantage of
fluctuations in the price of gold. Consequently, the Trust's physical gold bullion may be sold at a time when the gold price is low. Sales of physical </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>gold
bullion at relatively lower gold prices will have an adverse effect on the value of the net assets of the Trust and the&nbsp;NAV. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The Trust will not insure its assets and there may not be adequate sources of recovery if its gold is lost, damaged, stolen or&nbsp;destroyed.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust will not insure its assets, including the physical gold bullion stored at the Mint. Consequently, if there is a loss of
assets of the Trust through theft, destruction, fraud or otherwise, the Trust and unitholders will need to rely on insurance carried by applicable third parties, if any, or on such third party's
ability to satisfy any claims against it. However, the amount of insurance available or the financial resources of a responsible third party may not be sufficient to satisfy the Trust's claim against
such party. Also, unitholders are unlikely to have any right to assert a claim directly against such third party; such claims may only be asserted by the Trustee on behalf of the Trust. In addition,
if a loss is covered by insurance carried by a third party, the Trust, which is not a beneficiary on such insurance, may have to rely on the efforts of the third party to recover its loss. This may
delay or hinder the Trust's ability to recover its loss in a timely manner or&nbsp;otherwise. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
loss with respect to the Trust's gold that is not covered by insurance and for which compensatory damages cannot be recovered would have a negative impact on the NAV and would
adversely affect an investment in the units. In addition, any event of loss may adversely affect the operations of the Trust and, consequently, an investment in the&nbsp;units. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>If there is a loss, damage or destruction of the Trust's physical gold bullion in the custody of the Mint and the Trust does not give timely notice,
all claims against the Mint will be deemed&nbsp;waived.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of loss, damage or destruction of the Trust's physical gold bullion in the Mint's custody, care and control, the Trust
must give written notice to the Mint within five Mint business days (a&nbsp;Mint business day means any day other than a Saturday, Sunday or a holiday observed by the Mint) after the discovery by
the Trust of any such loss, damage or destruction, but in any event no more than 30&nbsp;days after the delivery by the Mint to the Trust of an inventory statement in which the discrepancy first
appears. If such notice is not given in a timely manner, all claims against the Mint will be deemed to have been waived. In addition, no action, suit or other proceeding to recover any loss or
shortage can be brought against the Mint unless timely notice of such loss or shortage has been given and such action, suit or proceeding will have commenced within 12&nbsp;months from the time a
claim is made. The loss of the right to make a claim or of the ability to bring an action, suit or other proceeding against the Mint may mean that any such loss will be non-recoverable,
which will have an adverse effect on the value of the net assets of the Trust and the&nbsp;NAV. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>RBC Dexia, the Mint, the Trustee and other service providers engaged by the Trust may not carry adequate insurance to cover claims against them by
the&nbsp;Trust.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBC Dexia, the Mint, the Trustee and other service providers engaged by the Trust maintain such insurance as they deem appropriate with
respect to their respective businesses and their positions as custodian, trustee or otherwise of the Trust. Unitholders cannot be assured that any of the
aforementioned parties will maintain any insurance with respect to the Trust's assets held or the services that such parties provide to the Trust and, if they maintain insurance, that such insurance
is sufficient to satisfy any losses incurred by them in respect of their relationship with the Trust. In addition, none of the Trust's service providers is required to include the Trust as a named
beneficiary of any such insurance policies that are purchased. Accordingly, the Trust will have to rely on the efforts of the service provider to recover from their insurer compensation for any losses
incurred by the Trust in connection with such arrangements. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>All redemptions will be determined using U.S.&nbsp;dollars, which will expose redeeming non-U.S.&nbsp;unitholders to
currency&nbsp;risk.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All redemptions will be determined using U.S.&nbsp;dollars. All redeeming unitholders will receive any cash amount to which the
unitholder is entitled in connection with the redemption in U.S.&nbsp;dollars, and will be exposed to the risk that the exchange rate between the U.S.&nbsp;dollar and the other currency in which
the unitholder generally operates will result in a lesser redemption amount than the unitholder would have received </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>if
the redemption amount had been calculated and delivered in such other currency. In addition, because any cash as a result of the redemption will be delivered in U.S.&nbsp;dollars, the redeeming
unitholder may be required to open or maintain an account that can receive deposits of U.S.&nbsp;dollars. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>In the event the Trust's physical gold bullion is lost, damaged, stolen or destroyed, recovery may be limited to the market value of the gold at the
time the loss is&nbsp;discovered.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If there is a loss due to theft, loss, damage, destruction or fraud or otherwise with respect to the Trust's physical gold bullion held
by one of the Trust's custodians and such loss is found to be the fault of such custodian, the Trust may not be able to recover more than the market value of the gold at the time the loss is
discovered. If the market value of gold increases between the time the loss is discovered and the time the Trust receives payment for its loss and purchases physical gold bullion to replace the
losses, less physical gold bullion will be acquired by the Trust and the value of the net assets of the Trust will be negatively affected. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>A redeeming unitholder that suffers loss of, or damage to, its physical gold bullion during delivery from the Mint will not be able to claim damages
from the&nbsp;Trust.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a unitholder exercises its option to redeem units for physical gold bullion, the unitholder's physical gold bullion will be
transported by an armored transportation service carrier engaged by or on behalf of the redeeming unitholder. Because ownership of the physical gold bullion will transfer to such unitholder at the
time the Mint surrenders the physical gold bullion to the armored transportation
service carrier, the redeeming unitholder will bear the risk of loss from the moment the armored transportation service carrier takes possession of the physical gold bullion on behalf of such
unitholder. In the event of any loss or damage in connection with the delivery of the physical gold bullion after such time, such unitholder will not be able to claim damages from the&nbsp;Trust. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>An investment in the Trust is primarily an investment in the gold assets of the Trust and is not intended as a complete investment program. An
investment in the Trust may be more volatile than an investment in a more broadly diversified portfolio.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust will be primarily invested at all times in physical gold bullion. As a result, the Trust's holdings will not be diversified.
Accordingly, the NAV may be more volatile than another investment vehicle with a more broadly diversified portfolio and may fluctuate substantially over time. An investment in the Trust may be deemed
speculative and is not intended as a complete investment program. An investment in units should be considered only by persons financially able to maintain their investment and who can bear the risk of
loss associated with an investment in the Trust. Investors should review closely the objective and strategy, the investment and operating restrictions and the redemption provisions of the Trust as
outlined herein and familiarize themselves with the risks associated with an investment in the&nbsp;Trust. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The lack of a market for the units may limit the ability of unitholders to sell the&nbsp;units.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the date of this prospectus, there has been no market for the units, and there can be no assurance that an active public
market for the units will develop. If an active public market for the units does not develop or continue, the market prices and liquidity of the units may be adversely affected. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Under Canadian law, the Trust and unitholders may have limited recourse against the&nbsp;Mint.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mint is a Canadian Crown corporation. A Crown corporation may be sued for breach of contract or for wrongdoing in tort where it has
acted on its own behalf or on behalf of the Crown. However, a Crown corporation may be entitled to immunity if it acts as agent of the Crown rather than in its own right and on its own behalf.
Although the Mint has entered into the precious metals storage agreement relating to the custody of the Trust's physical gold bullion on its own behalf and not on behalf of the Crown, a court may
determine that, when acting as custodian of the Trust's physical gold bullion, the Mint acted as agent of the Crown and, accordingly, that the Mint may be entitled to immunity of the Crown.
Consequently, the Trust or a unitholder may not be able to recover for any losses incurred as a result of the Mint's acting as custodian of the Trust's physical gold&nbsp;bullion. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>A delay in the purchase by the Trust of physical gold bullion with the net proceeds of this offering may result in the Trust purchasing less physical
gold bullion than it could have purchased on the day of the closing of this&nbsp;offering.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust intends to purchase physical gold bullion with the net proceeds of this offering as described in this prospectus as soon as
practicable after the closing of this offering. However, given the anticipated size of this offering, the Trust expects that it will not be able to purchase immediately all of the required physical
gold bullion. Additionally, the increased demand for physical gold bullion caused by purchases by the Trust in connection with this offering may cause an increase in the market price of physical gold
bullion. Although the Trust will endeavor to complete the necessary purchases as quickly as practicable, there may be a delay between the receipt by the Trust of the net proceeds of this offering and
the completion of the Trust's purchases of physical gold bullion. If physical gold bullion prices increase between the time the Trust receives the net proceeds of this offering and the time the Trust
completes its purchases of physical gold bullion, whether or not caused by the Trust's acquisition of physical gold bullion, the amount of physical gold bullion the Trust will be able to purchase will
be less than it would have been able to purchase had it been able to complete its purchases of the required physical gold bullion immediately after the receipt of the net proceeds of this offering or
without affecting market prices for physical gold bullion. In either of these circumstances, the quantity of physical gold bullion purchased per unit of the Trust will be reduced, which will have a
negative effect on the value of the&nbsp;units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>A notice of redemption is irrevocable.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to redeem units for cash or gold, a unitholder must provide a notice of redemption to the Trust's transfer agent. Except when
redemptions have been suspended by the Manager, once a notice of redemption has been received by the transfer agent, it can no longer be revoked by the
unitholder under any circumstances, though it may be rejected by the transfer agent if it does not comply with the requirements for a notice of redemption. See "Redemption of&nbsp;Units." </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The Mint may become a private enterprise, in which case it would no longer operate with the full faith and credit of the Government of&nbsp;Canada.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the past, there has been speculation regarding whether the Government of Canada might privatize the Mint. Although the Manager is
not currently aware of any active proposals to do so, there can be no assurance that the Mint will remain a Crown corporation. If the Mint were to become a private entity, it would no longer operate
with the full faith and credit of the Government of Canada and, although it would continue to be responsible for and bear the risk of loss of, and damage to, the Trust's physical gold bullion that is
in its custody, there would be no assurance that the Mint would have the resources to satisfy claims of the Trust against the Mint based on a loss of, or damage to, the Trust's physical gold bullion
in the custody of the&nbsp;Mint. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The Trust may terminate and liquidate at a time that is disadvantageous to&nbsp;unitholders.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trust is required to terminate and liquidate or the Manager determines to terminate and liquidate the Trust, such termination
and liquidation could occur at a time which is disadvantageous to unitholders, such as when gold prices are lower than the gold prices at the time when unitholders purchased their units. In such a
case, when the Trust's physical gold bullion is sold as part of the Trust's liquidation, the resulting proceeds distributed to unitholders will be less than if gold prices were higher at the time of
sale. In certain circumstances, the Manager has the ability to terminate the Trust without the consent of unitholders. The Manager's interests may differ from those of the unitholders, and the Manager
may terminate the Trust at a time that is not advantageous for the unitholder. See "Termination of the Trust" for more information about the termination of the Trust, including when the termination of
the Trust may be triggered by events outside the direct control of the Manager, the Trustee or the unitholders. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The units may trade at a price which is at, above or below the NAV, and any discount or premium in the trading price relative to the NAV may widen as
a result of non-concurrent trading hours between the COMEX, the NYSE Arca and the&nbsp;TSX.  </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units may trade in the market at a premium or discount to the NAV and there can be no assurance that units will trade at a price equal
to the NAV. This risk is separate and distinct from the risk that the NAV may&nbsp;decrease. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amount of the discount or premium in the trading price relative to the NAV may be influenced by non-concurrent trading hours between the COMEX division of the
New&nbsp;York Mercantile Exchange, which is the U.S.&nbsp;exchange on which gold for physical delivery is traded, and the NYSE Arca and the TSX. While the units will trade on the NYSE Arca and the
TSX until 4:00&nbsp;p.m. Eastern time, liquidity in the global gold market will be reduced after the close of the COMEX division of the New&nbsp;York Mercantile Exchange at 1:30&nbsp;p.m.
Eastern time. As a result, during this time, trading spreads, and the resulting premium or discount to the NAV may&nbsp;widen. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The Trust may suspend redemptions, which may affect the trading price of the&nbsp;units.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In certain circumstances, the Manager, on behalf of the Trust, may suspend the right of unitholders to request a redemption of their
units or postpone the date of delivery or payment of the redemption proceeds of the Trust (whether physical gold bullion and/or cash, as the case may be) with the prior approval of Canadian securities
regulatory authorities having jurisdiction, where required. Such circumstances include any period during which the Manager determines that conditions exist which render impractical the sale of assets
of the Trust or which impair the ability of the Manager to determine the value of the assets of the Trust or the redemption amount for the units. See "Redemption of Units&#151;Suspension of
Redemptions." This may affect the trading price of the units at a time when an investor wishes to sell its units on the NYSE Arca or the TSX. Accordingly, units may not be an appropriate investment
for investors who seek immediate liquidity. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Future governmental decisions may have significant impact on the price of physical gold&nbsp;bullion.  </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, gold prices reflect the supply and demand of available physical gold bullion. Governmental decisions, such as the executive
order issued by the President of the United&nbsp;States in 1933 requiring all persons in the United&nbsp;States to deliver physical gold bullion to the Federal Reserve or the abandonment of the
gold standard by the United&nbsp;States in 1971, have been viewed as having significant impact on the supply and demand of physical gold bullion and the price of physical gold bullion. Future
governmental decisions may have an impact on the price of physical gold bullion, and may result in a significant decrease or increase in the value of the net assets of the Trust and the&nbsp;NAV. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The market for units and the liquidity of units may be adversely affected by competition from other methods of investing in&nbsp;gold.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust will compete with other financial vehicles, including traditional debt and equity securities issued by companies in the gold
industry and other securities backed by or linked to gold, direct investments in gold and investment vehicles similar to the Trust. Market and financial conditions, and other conditions beyond the
Manager's control, may make it more attractive to invest in other financial
vehicles or to invest in gold directly, which could limit the market for the units and reduce the liquidity of the units and, accordingly, the price received for sales of units on the NYSE Arca or
the&nbsp;TSX. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Crises may motivate large-scale sales of gold, which could decrease the price of gold and adversely affect an investment in the&nbsp;units.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The possibility of large-scale distress sales of gold in times of crisis may have a negative impact on the price of gold and adversely
affect an investment in the units. For example, the 2008 financial credit crisis resulted in significantly depressed prices of gold due to forced sales and deleveraging from institutional investors
such as hedge funds and pension funds. Crises in the future may impair gold's price performance which would, in turn, adversely affect an investment in the&nbsp;units. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The Trust may be forced to sell physical gold bullion earlier than anticipated.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust will retain cash from the net proceeds of this offering in an amount not expected to exceed 3% of the net proceeds of this
offering in order to provide available funds for expenses. If the Trust's expenses are higher than estimated, the Trust may need to sell physical gold bullion earlier than anticipated to meet its
expenses. Such accelerated sales may result in a reduction of the NAV and the trading price of the&nbsp;units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Unitholders will not have the protections associated with ownership of shares in an investment company registered under the Investment Company Act or
the protections afforded by the Commodity Exchange&nbsp;Act.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended, and is not required to
register under such act. Consequently, unitholders will not have the regulatory protections provided to investors in investment companies. The Trust will not hold or trade in commodity futures
contracts regulated by the Commodity Exchange Act of 1936, as administered by the U.S.&nbsp;Commodity Futures Trading Commission, to which we will refer as the CFTC. Furthermore, the Trust is not a
commodity pool for purposes of the Commodity Exchange Act, and none of the Manager, the Trustee or the underwriters is subject to regulation by the CFTC as a commodity pool operator or a commodity
trading advisor in connection with the units. Consequently, unitholders will not have the regulatory protections provided to investors in Commodity Exchange Act-regulated instruments or
commodity pools. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Substantial sales of gold by the official sector could adversely affect an investment in the&nbsp;units.  </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The official sector consists of central banks, other governmental agencies and multi-lateral institutions that buy, sell and hold gold
as part of their reserve assets. The official sector holds a significant amount of gold, some of which is static, meaning that it is held in vaults and is not bought, sold, leased or swapped or
otherwise available in the open market. Several central banks and multi-lateral institutions have sold portions of their gold reserves in recent years, with the result being that the official sector,
taken as a whole, has been a net supplier of gold to the open market. In the event that future economic, political or social conditions or pressures require members of the official sector to liquidate
their gold assets all at once or in an uncoordinated manner, the demand for gold may not be sufficient to accommodate the sudden increase in the supply of gold to the market. Consequently, the price
of gold may decline which may adversely affect an investment in the&nbsp;units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The Manager and its affiliates also manage other funds that invest in physical gold bullion and other assets that may be held by the Trust, and
conflicts of interest by the Manager or its affiliates may&nbsp;occur.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager is responsible for the day-to-day business and operation of the Trust and, therefore, exercises
significant control over the Trust. The Manager may have different interests than the unitholders and consequently may act in a manner that is not advantageous to unitholders at any
particular&nbsp;time. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager and its general partner, the general partner's directors and officers, and their respective affiliates and associates may engage in the promotion, management or investment
management of other accounts, funds or trusts that invest primarily in physical gold bullion. The Manager currently manages 21&nbsp;mutual funds and hedge funds, approximately half of which include
physical gold bullion as part of their portfolios. One of these mutual funds, a Canadian public mutual fund called the Sprott Gold Bullion Fund, has an investment objective and strategy to hold
physical gold bullion, similar to the Trust. Although officers, directors and professional staff of the Manager will devote as much time to the Trust as is deemed appropriate to perform their duties,
the staff of the Manager may have conflicts in allocating their time and services among the Trust and the other accounts, funds or trusts managed by the&nbsp;Manager. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The Trust's obligation to reimburse the Trustee, the Manager, the underwriters or certain parties related to them for certain liabilities could
adversely affect an investment in the&nbsp;units.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under certain circumstances, the Trust might be subject to significant indemnification obligations in favor of the Trustee, the
Manager, the underwriters for this offering or certain parties related to them. The Trust will not carry any insurance to cover such potential obligations and, to the Manager's knowledge, none of the
foregoing parties will be insured for losses for which the Trust has agreed to indemnify them. Any indemnification paid by the Trust would reduce the value of net assets of the Trust and, accordingly,
the&nbsp;NAV. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Unitholders are not entitled to participate in management of the Trust.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unitholders are not entitled to participate in the management or control of the Trust or its operations, except to the extent of
exercising their right to vote their units when applicable. Unitholders do not have any input into the Trust's daily activities. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The rights of unitholders differ from those of shareholders of a corporation.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because the Trust is organized as a trust rather than a corporation, the rights of unitholders are set forth in the trust agreement
rather than in a corporate statute. This means that unitholders do not have the statutory rights normally associated with the ownership of shares in an Ontario corporation. For example, the Trust is
not subject to minimum quorum requirements, is not required to hold annual meetings, and has no officers or directors. In addition, although unitholders have the right to vote on matters brought
before unitholders in accordance with the trust agreement, unitholders do not have a right to elect the Manager, though unitholders do have the right to remove the Manager in certain circumstances. In
addition, unitholders do not have the right to bring "oppression" or "derivative" suits. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The investment objective and restrictions of the Trust and the attributes of a particular class or series of a class of units of the Trust may be
changed by way of an extraordinary resolution of all unitholders and unitholders of such class or series of a class of units, respectively.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The investment objective and restrictions of the Trust and the attributes of a particular class or series of a class of units may be
changed with the approval, in person or by proxy, of all unitholders and unitholders holding units of that class or series of a class, as the case may be, representing in
aggregate not less than 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the value of the net assets of the Trust or that class or series of a class of the Trust, respectively, as determined in accordance with the trust
agreement, at a duly constituted meeting of unitholders, or at any adjournment thereof, called and held in accordance with the trust agreement, or a written resolution signed by unitholders holding
units representing in aggregate not less than 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the value of the net assets of the Trust or of that class or series of a class of the Trust, as determined in accordance with the
trust agreement. Such changes to the investment objective or restrictions of the Trust or the attributes of the units may be more favorable or less favorable to you than the investment objective or
restrictions of the Trust or the attributes of the units, as the case may be, as described in this prospectus. There can be no assurance that the value of the units sold hereby will not decrease as a
result of such&nbsp;changes. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Substantial redemptions of units may affect the liquidity and trading price of units and increase the  </B></FONT><FONT SIZE=2><B><I>pro&nbsp;rata</I></B></FONT><FONT SIZE=2><B> expenses per&nbsp;unit.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substantial redemptions of units could result in a decrease in the trading liquidity of the units and increase the amount of Trust
expenses allocated to each remaining unit. Such increased expenses may reduce the value of the net assets of the Trust, the NAV and the trading price of the&nbsp;units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Fluctuation in foreign exchange rates may have an adverse effect on the Trust and on the trading price of the&nbsp;units.  </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust maintains its accounting records, purchases gold and reports its financial position and results in U.S.&nbsp;dollars.
However, certain of the Trust's expenses are paid in Canadian dollars. An increase in the value of the Canadian dollar would increase the reported expenses of the Trust that are payable in Canadian
dollars, which could result in the Trust being required to sell more physical gold bullion to pay its expenses. Further, such appreciation could adversely affect the Trust's reported financial
results, which may have an adverse effect on the trading price of the&nbsp;units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The Trust expects to be a passive foreign investment company, which may have adverse U.S.&nbsp;federal income tax consequences to
U.S.&nbsp;Holders who do not make certain elections.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on its proposed method of operation, the Trust expects to be treated as a passive foreign investment company, to which we will
refer as a PFIC, for U.S.&nbsp;federal income tax purposes. Therefore, a U.S.&nbsp;Holder of the units (as&nbsp;defined under "Tax Considerations&#151;U.S.&nbsp;Federal Income Tax
Considerations") that does not make a </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>QEF
election or a mark-to-market election with respect to the units generally will be liable to pay U.S.&nbsp;federal income tax at the then prevailing income tax rates on
ordinary income plus interest upon excess distributions and upon any gain from the disposition of the units as if the excess distribution or gain had been recognized ratably over the
U.S.&nbsp;Holder's holding period for the units. A U.S.&nbsp;Holder generally may mitigate these U.S.&nbsp;federal income tax consequences by making a QEF election, or, to a lesser extent, a
mark-to-market election. See "Tax Considerations&#151;U.S.&nbsp;Federal Income Tax Considerations" for a more comprehensive discussion of the U.S.&nbsp;federal
income tax consequences to U.S.&nbsp;Holders arising from the Trust's status as a PFIC and the procedures for making a QEF election or a mark-to-market election. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>A U.S.&nbsp;Holder that makes a QEF election with respect to his, her or its Trust units may be required to include amounts in income for
U.S.&nbsp;federal income tax purposes if any holder redeems units for cash or physical gold&nbsp;bullion.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As noted above and described in detail under "Tax Considerations&#151;U.S.&nbsp;Federal Income Tax Considerations", a
U.S.&nbsp;Holder, as defined below, generally may mitigate the U.S.&nbsp;federal income tax consequences under the PFIC rules of holding units of the Trust by making a QEF election. A
U.S.&nbsp;Holder that makes a QEF election must report each year for U.S.&nbsp;federal income tax purposes his, her or its </FONT><FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2> share of
the Trust's ordinary earnings and the Trust's net capital gain, if any, regardless of whether or not distributions were received from the Trust by the U.S.&nbsp;Holder. If any holder redeems units
for physical gold bullion (regardless of whether the holder requesting redemption is a U.S.&nbsp;Holder or has made a QEF election), the Trust will be treated as if it sold the physical gold bullion
for its fair market value. As a result, all the U.S.&nbsp;Holders who have made a QEF election will be required to currently include in their income their </FONT> <FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2> share of the Trust's gain from
such deemed disposition (which generally will be taxable to non-corporate U.S.&nbsp;Holders
at a maximum rate of 28% under current law if the Trust has held the physical gold bullion for more than one year), even though such deemed disposition is not attributable to any action on their part.
If any holder redeems units for cash and the Trust sells physical gold bullion to fund the redemption (regardless of whether the holder requesting redemption is a U.S.&nbsp;Holder or has made a QEF
election), all the U.S.&nbsp;Holders who have made a QEF election similarly will include in their income their </FONT><FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2> share of the Trust's
gain from the sale of the physical gold bullion, which will be taxable as described above, even though the Trust's sale of physical gold bullion is not attributable to any action on their part. See
"Tax Considerations&#151;U.S.&nbsp;Federal Income Tax Considerations&#151;U.S.&nbsp;Federal Income Taxation of U.S.&nbsp;Holders&#151;Taxation of U.S.&nbsp;Holders Making
a Timely QEF&nbsp;Election." </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Unitholders may be liable for obligations of the Trust to the extent the Trust's obligations are not satisfied out of the Trust's&nbsp;assets.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The trust agreement provides that no unitholder will be subject to any liability whatsoever, in tort, contract or otherwise, to any
person in connection with the investment obligations, affairs or assets of the Trust and all such persons will look solely to the Trust's assets for satisfaction of claims of any nature arising out of
or in connection therewith. Also, under the </FONT><FONT SIZE=2><I>Trust Beneficiaries' Liability Act, 2004</I></FONT><FONT SIZE=2> (Ontario), holders of units of a trust governed by the laws of the
Province of Ontario that is a reporting issuer under the </FONT><FONT SIZE=2><I>Securities Act</I></FONT><FONT SIZE=2> (Ontario) (as&nbsp;the trust will be on the issuance by Canadian securities
regulatory authorities of a receipt in respect of the final prospectus filed in respect of this offering of units) are not, as beneficiaries, liable for any act, default, obligation or liability of
the trust. Notwithstanding the above, there is a risk that a unitholder could be held personally liable for obligations of the Trust to the extent that claims are not satisfied out of the assets of
the Trust if a court finds (i)&nbsp;that Ontario law does not govern the ability of a third party to make a claim against a beneficiary of a trust and that the applicable governing law permits such
a claim, or (ii)&nbsp;that the unitholder was acting in a capacity other than as a beneficiary of the trust. In the event that a unitholder should be required to satisfy any obligation of the Trust,
under the trust agreement, such unitholder will be entitled to reimbursement from any available assets of the&nbsp;Trust. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Canadian registered plans that redeem their units for physical gold bullion may be subject to adverse consequences.  </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Physical gold bullion received by a Canadian registered plan, such as a registered retirement savings plan, on a redemption of units
for physical gold bullion will not be a qualified investment for such plan. Accordingly, such plans (and&nbsp;in the case of certain plans, the annuitants or beneficiaries thereunder or holders
thereof) may be subject to adverse Canadian tax consequences including, in the case of registered education savings plans, revocation of such&nbsp;plans. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>If the Trust ceases to qualify as a mutual fund trust for Canadian income tax purposes, it or the unitholders could become subject to material
adverse consequences.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to qualify as a mutual fund under the </FONT><FONT SIZE=2><I>Income Tax&nbsp;Act</I></FONT><FONT SIZE=2> (Canada), to which
we will refer as the Tax&nbsp;Act, the Trust must comply with various requirements contained in the Tax&nbsp;Act, including (in&nbsp;many or most circumstances) requirements to hold
substantially all its property in assets (such as physical gold bullion and cash) that are not "taxable Canadian property," and to restrict its undertaking to the investing of its funds. See "Tax
Considerations&#151;Canadian Federal Income Tax Considerations&#151;Qualification as a Mutual Fund Trust." If the Trust were to cease to qualify as a mutual fund (whether as a result of
a change of law or administrative practice, or due to its failure to comply with the current Canadian requirements for qualification as a mutual fund trust), it may experience various potential
adverse consequences, including being subject to a deemed realization of its assets for their
fair market value every 21&nbsp;years, becoming subject to a requirement to withhold tax on distributions made to non-resident unitholders of any capital gains realized from the
dispositions of physical gold bullion and the units not qualifying for investment by Canadian registered plans. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>If the Trust were to carry on a business in Canada in a taxation year or acquire securities that were "non-portfolio properties," it
could become subject to tax at full corporate tax rates on some or all of its income for that&nbsp;year.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager anticipates that the Trust will make sufficient distributions in each year of any income (including taxable capital gains)
realized by the Trust for Canadian tax purposes in the year so as to ensure that it will not be subject to Canadian income tax on such income. However, such income generally will become subject to
Canadian income tax at full corporate rates if the Trust becomes a specified investment flow-through, to which we will refer as a SIFT, trust, even if distributed in full. If the Trust,
contrary to its investment restrictions, were to carry on a business in Canada in a taxation year and use its property in the course of any such business, or acquire securities that were
"non-portfolio properties," it could become a SIFT trust. Although the anticipated activities of the Trust, as described in this prospectus, are intended to avoid having the Trust
characterized as a SIFT trust, it may be possible that the Canada Revenue Agency would take a different (and&nbsp;adverse) view of this issue. If the Trust were a SIFT trust for a taxation year of
the Trust, it would effectively be taxed similarly to a corporation on income and capital gains in respect of such non-portfolio properties at a combined federal/provincial tax rate
comparable to rates that apply to income earned and distributed by Canadian corporations. Distributions of such income received by unitholders would be treated as dividends from a taxable Canadian
corporation. See "Tax Considerations&#151;Canadian Federal Income Tax Considerations&#151;SIFT Trust&nbsp;Rules." </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>If the Trust treats distributed gains as being on capital account and Canada Revenue Agency later determines that the gains were on income account,
then Canadian withholding taxes would apply to the extent that the Trust has distributed the gains to non-resident unitholders and Canadian resident unitholders could be reassessed to
increase their taxable income. Any taxes borne by the Trust itself would reduce the NAV and the trading prices of the&nbsp;units.  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager anticipates that the Trust generally will treat gains (or&nbsp;losses) as a result of dispositions of physical gold
bullion as capital gains (or&nbsp;capital losses), although depending on the circumstances, it may instead include (or&nbsp;deduct) the full amount of such gains in computing its income. See "Tax
Considerations&#151;Canadian Federal Income Tax Considerations&#151;Taxation of the Trust." If any transactions of the Trust are reported by it on capital account but are subsequently
determined by the Canada Revenue Agency to be on income account, there may be an increase in the net income of the Trust for tax purposes and the taxable component of redemption proceeds
(or&nbsp;any other amounts) distributed to unitholders, with the result that Canadian-resident unitholders </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>21</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>could
be reassessed by the Canada Revenue Agency to increase their taxable income by the amount of such increase, and non-resident unitholders potentially could be assessed directly by the
Canada Revenue Agency for Canadian withholding tax on the amount of net gains on such transactions that were
treated by the Canada Revenue Agency as having been distributed to them. The Canada Revenue Agency can assess the Trust for a failure of the Trust to withhold tax on distributions made by it to
non-resident unitholders that are subject to withholding tax, and typically would do so rather than assessing the non-resident unitholders directly. Accordingly, any such
re-determination by the Canada Revenue Agency may result in the Trust being liable for unremitted withholding taxes on prior distributions made to unitholders who were not resident in
Canada for the purposes of the Tax&nbsp;Act at the time of the distribution. See "Tax Considerations&#151;Canadian Taxation of Unitholders&#151;Unitholders Not Resident in Canada." As
the Trust may not be able to recover such withholding taxes from the non-resident unitholders whose units were redeemed, payment of any such amounts by the Trust would reduce the NAV and
the trading prices of the&nbsp;units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>A unitholder may be unable to bring actions or enforce judgments against the Trust, the Trustee, the Manager, the Manager's general partner or any of
their officers and directors under U.S.&nbsp;federal securities laws in Canada or to serve process on any of them in the United&nbsp;States.  </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Trust, the Trustee, the Manager, and the Manager's general partner is organized under the laws of the Province of Ontario,
Canada, and all of their executive offices and administrative activities and assets are located outside the United&nbsp;States. In addition, the directors and officers of the Trustee and the
Manager's general partner are residents of jurisdictions other than the United&nbsp;States and all or a substantial portion of the assets of those persons are or may be located outside the
United&nbsp;States. As a result, a unitholder may be unable to serve legal process within the United&nbsp;States upon any of the Trust, the Trustee, the Manager or the Manager's general partner or
any of their directors or officers, as applicable, or enforce against them in the appropriate Canadian courts judgments obtained in United&nbsp;States courts, including judgments predicated upon the
civil liability provisions of the federal securities laws of the United&nbsp;States, or bring an original action in the appropriate Canadian courts to enforce liabilities against the Trust, the
Trustee, the Manager, the Manager's general partner or any of their directors of officers, as applicable, based upon the U.S.&nbsp;federal securities&nbsp;laws. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>22</FONT></P>

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<BR></FONT><FONT SIZE=2><B>  BUSINESS OF THE TRUST    <BR>    </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Overview of the Structure of the Trust  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprott Physical Gold Trust was established on August&nbsp;28, 2009 under the laws of the Province of Ontario, Canada, pursuant to a
trust agreement dated as of August&nbsp;28, 2009, as amended and restated as of December&nbsp;7, 2009. The Trust was created to invest and hold substantially all of its assets in physical gold
bullion. Many investors are unwilling to invest directly in physical gold bullion due to inconveniences such as transaction, handling, storage, insurance and other costs that are typical of a direct
investment in physical gold bullion. The Trust seeks to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding physical gold bullion without the
inconvenience that is typical of a direct investment in physical gold bullion. The Trust intends to invest primarily in long-term holdings of unencumbered, fully allocated, physical gold
bullion and will not
speculate with regard to short-term changes in gold prices. The Trust does not anticipate making regular cash distributions to&nbsp;unitholders. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust is authorized to issue an unlimited number of units in one or more classes and series of units. Each unit of a class represents an undivided ownership interest in the net
assets of the Trust attributable to that class or series of a class of units. Units are transferable and redeemable at the option of the unitholder in accordance with the provisions set forth in the
trust agreement. All units of the same class or series of a class have equal rights and privileges with respect to all matters, including voting, receipt of distributions from the Trust, liquidation
and other events in connection with the Trust. Units and fractions of units will be issued only as fully paid and non-assessable. The units offered hereby will have no preference,
conversion, exchange or pre-emptive rights. Each whole unit of a particular class or series of a class entitles the holder thereof to one vote at meetings of unitholders where all classes
vote together and to one vote at meetings of unitholders where that particular class or series of a class of unitholders votes separately as a class or series of a&nbsp;class. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprott
Asset Management&nbsp;LP is the Manager and RBC Dexia, a trust company organized under the laws of Canada, is the trustee of the Trust. The fiscal year-end of the
Trust is December&nbsp;31. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust will employ two custodians. The Royal Canadian Mint, a Canadian Crown corporation, will act as custodian for the Trust's physical gold bullion, pursuant to a precious metals
storage agreement between the Manager and the Mint, to which we will refer as the Precious Metals Storage Agreement. RBC Dexia will act as custodian of the Trust's assets other than physical gold
bullion pursuant to the trust agreement. See "Custody of the Trust's Assets." </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Purchasing the Gold for the Trust's Portfolio  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the closing of this offering, the net proceeds of the offering will be placed in an interest bearing account established in the
name of the Trust at RBC Dexia. The Manager will commence purchasing physical gold bullion as soon as practicable thereafter in an amount equal to the net proceeds of this offering less
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, which will be held by the Trust to pay ongoing expenses. This cash reserve is expected to render unnecessary the immediate sale of physical gold bullion out of the Trust's
portfolio
to pay for&nbsp;expenses. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
purchase physical gold bullion, the Manager creates an order internally and sends it for pre-trade compliance review. Once the order has been approved, the order is placed
by one of the Manager's traders. A list of the bars available to fill the buy order is sent to the Manager by a bullion broker. The trade must be effected for "London Good Delivery" bars and executed
in accordance with London Bullion Market Association, to which we will refer as LBMA, compliance standards. Once executed, the order is allocated and sent for post-trade compliance
monitoring and approval. See "Organization and Management Details of the Trust&#151;The Manager&#151;The Manager's Experience in the Gold Industry." Upon approval, the Mint is notified
and the trade is settled between the Mint and the bullion broker and the Mint takes delivery of the physical gold bullion bars, which immediately will be fully allocated to the Trust's account and
segregated from non-Trust assets
held by the Mint. The Manager expects to complete the purchase of physical gold bullion within 20&nbsp;business days after the completion of this&nbsp;offering. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>23</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Investment and Operating Restrictions  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In making investments on behalf of the Trust, the Manager will be subject to certain investment and operating restrictions, to which we
will refer as the Investment and Operating Restrictions, and which are set out in the trust agreement. The Investment and Operating Restrictions may not be changed without the prior approval of
unitholders by way of an extraordinary resolution, which must be approved, in person or by proxy, by unitholders holding units representing in aggregate not less than 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the
value of the net assets of the Trust as determined in accordance with the trust agreement, at a duly constituted meeting of unitholders, or at any adjournment thereof, called and held in accordance
with the trust agreement, or a written resolution signed by unitholders holding units representing in aggregate not less than 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the value of the net assets of the Trust as
determined in accordance with the trust agreement, unless such change or changes are necessary to ensure compliance with applicable laws, regulations or other requirements imposed from time to time by
applicable securities regulatory authorities. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Investment and Operating Restrictions provide that the Trust: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>will
invest in and hold a minimum of 90% of the total net assets of the Trust in physical gold bullion in London Good Delivery bar form and hold no more
than 10% of the total net assets of the Trust, at the discretion of the Manager, in physical gold bullion (in&nbsp;London Good Delivery bar form or otherwise), gold coins, debt obligations of or
guaranteed by the Government of Canada or a province of Canada or by the Government of the United&nbsp;States of America or a state thereof, short-term commercial paper obligations of a
corporation or other person whose short-term commercial paper is rated R-1 (or&nbsp;its equivalent, or higher) by Dominion Bond Rating Service Limited or its successors or
assigns or F1 (or&nbsp;its equivalent, or higher) by Fitch Ratings or its successors or assigns or A-1 (or&nbsp;its equivalent, or higher) by Standard&nbsp;&amp; Poor's or its successors
or assigns or P-1 (or&nbsp;its equivalent, or higher) by Moody's Investor Service or its successors or assigns, interest-bearing accounts and short-term certificates of
deposit issued or guaranteed by a Canadian chartered bank or trust company, money market mutual funds, short-term government debt or short-term investment grade corporate debt,
or other short-term debt obligations approved by the Manager from time to time (for&nbsp;the purpose of this paragraph, the term "short-term" means having a date of maturity
or call for payment not more than 182&nbsp;days from the date on which the investment is made), except during the 60-day period following the closing of this offering or additional
offerings or prior to the distribution of the assets of the&nbsp;Trust;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>will
store all physical gold bullion owned by the Trust at the Mint or in the treasury vaults of a Schedule&nbsp;I Canadian chartered bank or an affiliate
or division thereof in Canada on a fully allocated basis, provided that the physical gold bullion held in London Good Delivery bar form may be stored with a custodian only if the physical gold bullion
will remain London Good Delivery while with that&nbsp;custodian;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>will
not hold any "taxable Canadian Property" within the meaning of the Tax&nbsp;Act;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>will
not purchase, sell or hold derivatives;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>will
not issue units following the completion of this offering except (i)&nbsp;if the gross proceeds per unit to be received by the Trust are not less
than 100% of the most recently calculated NAV prior to, or upon, the determination of the pricing of such issuance or (ii)&nbsp;by way of unit distribution in connection with an income distribution;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>will
ensure that no part of the stored physical gold bullion may be delivered out of safekeeping by the Mint or, if the physical gold bullion is held by
another custodian, that custodian, without receipt of an instruction from the Manager in the form specified by the Mint or such other custodian indicating the purpose of the delivery and giving
direction with respect to the specific amount;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>will
ensure that no director or officer of the Manager or the Manager's general partner, or representative of the Trust or the Manager will be authorized to
enter into the physical gold bullion storage vaults without being accompanied by at least one representative of the Mint or, if the physical gold bullion is held by another custodian, that custodian,
as the case may&nbsp;be;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>will
ensure that the physical gold bullion remains unencumbered; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>will
inspect or cause to be inspected the stored physical gold bullion periodically on a spot inspection basis and, together with a representative of the
Trust's external auditor, physically audit each bar annually to confirm the bar&nbsp;number;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>will
not guarantee the securities or obligations of any person other than the Manager, and then only in respect of the activities of the&nbsp;Trust;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>in
connection with requirements of the Tax&nbsp;Act, will not make or hold any investment that would result in the Trust failing to qualify as a "mutual
fund trust" within the meaning of the Tax&nbsp;Act;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(l)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>in
connection with requirements of the Tax&nbsp;Act, will not invest in any security that would be a tax shelter investment within the meaning of
section&nbsp;143.2 of the Tax&nbsp;Act;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(m)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>in
connection with requirements of the Tax&nbsp;Act, will not invest in the securities of any non-resident corporation, trust or other
non-resident entity (or&nbsp;of any partnership that holds such securities) if the Trust (or&nbsp;the partnership) would be required to mark its investment in such securities to market
in accordance with the proposed section&nbsp;94.2 of the Tax&nbsp;Act or to include any significant amounts in income pursuant to proposed sections&nbsp;94.1 or&nbsp;94.3 of the Tax&nbsp;Act
or invest in any non-resident trust other than an "exempt foreign trust" as set forth in Bill C-10, which was previously before the Canadian Parliament (or&nbsp;amendments to
such proposals or provisions as enacted into the law or successor provisions thereto);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(n)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>in
connection with requirements of the Tax&nbsp;Act, will not invest in any security of an issuer that would be foreign affiliate of the Trust for
purposes of the Tax&nbsp;Act;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(o)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>in
connection with requirements of the Tax&nbsp;Act, will not carry on any business and make or hold any investments that would result in the Trust itself
being subject to the tax for SIFT trusts as provided for in section&nbsp;122 of the Tax&nbsp;Act, to which we will refer as the SIFT&nbsp;Rules. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Fees and Expenses  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This table lists the fees and expenses that the Trust expects to pay for the continued operation of its business and that you may have
to pay if you invest in the Trust. Payment of these fees and expenses will reduce the value of your investment in the Trust. You will have to pay fees and expenses directly if you redeem your units
for physical gold&nbsp;bullion. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Fees and Expenses Payable by the Trust  </I></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2><B>


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  </B></FONT></P>

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<TD WIDTH="218pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:40pt;"><FONT SIZE=1><B>Type of Fee

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Amount and Description </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Management Fee:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> The Trust will pay the Manager a monthly management fee equal to <SUP>1</SUP>/<SMALL>12</SMALL> of 0.35% of the value of net
assets of the Trust (determined in accordance with the trust agreement), plus any applicable Canadian taxes. The management fee will be calculated and accrued daily and payable monthly in arrears on the last day of each month.</FONT></TD>
</TR>
</TABLE></DIV>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25</FONT></P>

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  </B></FONT></P>

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<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:40pt;"><FONT SIZE=1><B>Type of Fee

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 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Amount and Description </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Operating Expenses:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> Except as otherwise described in this prospectus and subject to the expense cap described below, the Trust will be responsible for all costs and
expenses incurred in connection with the on-going operation and administration of the Trust including, but not limited to: the fees and expenses payable to and incurred by the Trustee, the Manager, any investment manager, the Mint, RBC Dexia as
custodian, any sub-custodians, the registrar, the transfer agent and the valuation agent of the Trust; transaction and handling costs for the physical gold bullion; storage fees for the physical gold bullion; custodian settlement fees; counterparty
fees; legal, audit, accounting, bookkeeping and record-keeping fees and expenses; costs and expenses of reporting to unitholders and conducting unitholder meetings; printing and mailing costs; filing and listing fees payable to applicable securities
regulatory authorities and stock exchanges; other administrative expenses and costs incurred in connection with the Trust's continuous disclosure public filing requirements and investor relations; any applicable Canadian taxes payable by the Trust or
to which the Trust may be subject; interest expenses and borrowing costs, if any; brokerage expenses and commissions; costs and expenses relating to the issuance of units; costs and expenses of preparing financial and other reports; any expenses
associated with the implementation and on-going operation of the independent review committee of the Trust; costs and expenses arising as a result of complying with all applicable laws; and any expenditures incurred upon the termination of the
Trust.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Other Fees and Expenses:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> The Trust will be responsible for the fees and expenses of any action, suit or other proceedings in which, or in relation to
which, the Trustee, the Manager, the Mint, RBC Dexia as custodian, any sub-custodians, the valuation agent, the registrar and transfer agent or the underwriters for this offering and/or any of their respective officers, directors, employees,
consultants or agents is entitled to indemnity by the Trust.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Expense Cap:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> The Manager has contractually agreed that, if the expenses of the Trust, including the management fee, at the end of any month
exceed an amount equal to <SUP>1</SUP>/<SMALL>12</SMALL> of 0.65% of the value of net assets of the Trust, the management fee payable to the Manager for such month will be reduced by the amount of such excess up to the gross amount of the management
fee earned by the Manager from the Trust for such month. Any such reduction in the management fee will not be carried forward or payable to the Manager in future months.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> In calculating the expenses of the Trust for purposes of the expense cap, the following will be excluded: any applicable taxes
payable by the Trust or to which the Trust may be subject; and any extraordinary expenses of the Trust.</FONT></TD>
</TR>
</TABLE></DIV>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26</FONT></P>

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 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Fees and Expenses Payable Directly by You  </I></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2><B>


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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Amount and Description </B></FONT></TH>
</TR>
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<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Redemption Fees and Delivery Charges:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> Except as set forth below, there are no redemption fees payable upon the redemption of units for cash. However, if you choose to
receive physical gold bullion upon redemption of units, you will be responsible for expenses in connection with effecting the redemption and applicable delivery expenses, including the handling of the notice of redemption, the delivery of the
physical gold bullion for units that are being redeemed and the applicable gold storage in-and-out fees. See "Redemption of Units&#151;Redemptions for Physical Gold Bullion."</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Other Fees and Expenses:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> No other charges apply. If applicable, you may be subject to brokerage commissions or other fees associated with trading the
units.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><I> Fees and Expenses in Connection with This Offering</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Fees Payable to the Underwriters for Selling the Units:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> The underwriters shall be entitled to a cash commission equal to&nbsp;&nbsp;&nbsp;&nbsp;% of the total amount of gross proceeds
raised from the sale of the units.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>Expenses of This Offering:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p align=left style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> The expenses of this offering (including the costs of creating and organizing the Trust, the costs of printing and preparing
this prospectus, legal expenses, marketing expenses and other reasonable out-of-pocket expenses incurred by the underwriters other than the underwriters' legal expenses) and other incidental expenses will be paid by the Manager, except that the Trust
will be responsible for paying the filing and listing fees of the applicable securities authorities and stock exchanges, the fees and expenses payable to the Trust's registrar and transfer agent, and the selling commissions of the underwriters set
forth above. The underwriters have agreed to reimburse the Manager for certain of these expenses. The expenses of this offering are estimated to be
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</FONT></TD>
</TR>
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 <P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Additional Services  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any arrangements for additional services between the Trust and the Manager, or any affiliate thereof, that have not been described in
this prospectus will be on terms that are generally no less favorable to the Trust than those available from arm's length parties (within the meaning of the Tax&nbsp;Act) for comparable services,
and the Trust will pay all expenses associated with such additional services. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
change in the basis of the calculation of the management fee or other expenses that are charged to the Trust will be made which could result in an increase in charges to the Trust
without the prior approval of the unitholders, other than increased fees or expenses payable by the Trust to parties at arms' length to the Trust where unitholders are given notice of such increased
fees or expenses. Unitholder approval is to be expressed by way of an extraordinary resolution, which must be approved, in person or by proxy, by unitholders holding units representing in aggregate
not less than 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the value of net assets of the Trust as determined in accordance with the trust agreement, at a duly constituted meeting of unitholders, or at any adjournment
thereof, called and held in accordance with the trust agreement, or a written resolution signed by unitholders holding units representing in aggregate not less than 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the value
of the net assets of the Trust as determined in accordance with the trust agreement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>27</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dc14004_overview_of_the_gold_sector"> </A>
<A NAME="toc_dc14004_1"> </A>
<BR></FONT><FONT SIZE=2><B>  OVERVIEW OF THE GOLD SECTOR    <BR>    </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Introduction to the Gold Industry and its Participants  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The participants in the world gold market may be classified in the following sectors: the mining and producer sector, the banking
sector, the official sector, the investment sector and the manufacturing sector. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
mining and producer sector includes mining companies that specialize in gold production, mining companies that produce gold as a by-product of other production (such as
copper or silver producers), scrap merchants and recyclers. The banking sector is composed of bullion banks that provide a variety of services to the gold market and its participants, thereby
facilitating interactions between other
parties. Services provided by bullion banks include traditional banking products as well as physical gold purchases and sales, hedging and risk management, inventory management for industrial users
and consumers, mine financing, and gold deposit and loan instruments. The official sector includes the activities of the various central banking operations of gold-holding countries.
According to statistics released by the World Gold Council, central banks are estimated to have held approximately 29,000&nbsp;tonnes of gold reserves in 2008. Under the current Central Bank Gold
Agreement, to which we will refer as the CBGA, 15&nbsp;central banks have agreed to sell, in total, not more than 500&nbsp;tonnes per year in the aggregate, and not more than 2,500&nbsp;tonnes
over the life of the five-year agreement. On August&nbsp;7, 2009, the CBGA was renewed by 19&nbsp;central banks for an additional five years. Under the terms of the renewal, which
begins on September&nbsp;26, 2009, annual sales will not exceed 400&nbsp;tonnes and total sales over the five-year period will not exceed 2,000&nbsp;tonnes. The investment sector
includes the investment and trading activities of both professional and private investors and speculators. These participants range from large hedge funds and mutual funds to day-traders
on futures exchanges and retail-level coin collectors. Finally, the manufacturing sector represents all the commercial and industrial users of gold for whom gold is a daily part of their business. The
jewelry industry is a large industrial user of gold. Other industrial users of gold include the electronics and dental industries. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Sources of Gold Supply  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sources of gold supply include both mine production and recycling or mobilizing of existing above-ground stocks. The largest portion of
gold supplied into the market annually is from gold mine production. The second largest source of annual gold supply is from gold scrap, which is gold that has been recovered from jewelry and other
fabricated products and converted back into marketable gold. Official sector, which includes central banks, sales have outstripped official sector purchases since 1999, creating additional supply of
gold into the marketplace. Net producer hedging accelerates the sale of physical gold and can therefore impact, positively or negatively, supply in a given&nbsp;year. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Mine production  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mine production includes gold produced from both primary deposits and secondary deposits, where the gold is recovered as a
by-product metal from other mining activities. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
1999, the amount of new gold that is mined each year has been substantially lower than the level of physical demand. For example, during the five years from 2004 to 2008, new mine
production was only 69% of the total demand for fabrication and retail investment. The shortfall in total supply has been met by additional supplies from existing above-ground stocks, predominantly
coming from the recycling of fabricated gold products, official sector sales and net producer hedging. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Gold Scrap  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold scrap is gold that has been recovered from fabricated products, melted, refined and cast into bullion bars for subsequent resale
into the gold market. The predominant source of gold scrap is recycled jewelry, the supply of which is largely a function of price and economic circumstances. Other sources of gold scrap include
electrical wiring and dental implants. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>28</FONT></P>

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<A NAME="page_dc14004_1_29"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Official sector sales  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historically, central banks, other governmental agencies and multi-lateral institutions have retained gold as a strategic reserve
asset. However, since 1989 the official sector has been a net seller of gold to the private sector. According to Gold Fields Mineral Services&nbsp;Ltd., the official sector has supplied an average
of 455&nbsp;tonnes of gold per year from 2004 to 2008, inclusive. This has resulted in net movements of gold from the official to the private sector. Owing to the prominence given by market
commentators to this activity and the size of official sector gold holdings, this area has been one of the more visible sources of supply. The official sector is expected to continue to play an
important role in the dynamics of the gold&nbsp;market. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Net producer hedging  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net producer hedging creates incremental supply in the market by accelerating the timing of the sale of unmined gold. A mining company
wishing to protect itself from the risk of a decline in the gold price may elect to sell some or all of its anticipated production for delivery at a future date. A bullion dealer accepting such a
transaction will finance it by borrowing an equivalent quantity of gold (typically from a central bank), which is immediately sold into the market. The bullion dealer then invests the cash proceeds
from that sale of gold and uses the yield on these investments to pay the gold mining company the premium available on gold for future delivery, to which we will refer as the contango. When the mining
company delivers the gold it has contracted to sell to the bullion dealer, the dealer returns the gold to the lender or rolls the loan forward in order to finance similar transactions in the future.
While over time hedging transactions involve no net increase in the supply of gold to the market, they do accelerate the timing of the sale of gold sold prior to production, which has an impact on the
balance between supply and demand at any&nbsp;time. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Sources of Gold Demand  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demand for gold is driven primarily by demand for jewelry, which is used for adornment and, in much of the developing world, as an
investment. Retail investment and industrial applications represent increasingly important, though relatively small, components of overall demand. Retail investment is measured as customer purchases
of bars and coins. Gold bonding wire and gold plated contacts and connectors are the two most frequent uses of gold in industrial applications. Gold demand is widely dispersed throughout virtually all
countries in the world. While there are seasonal fluctuations in the levels of demand for gold (especially jewelry) in many countries, variations in the timing of such fluctuations in different
countries mean that seasonal changes in demand do not have a significant impact on the global gold&nbsp;price. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Jewelry  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The primary source of gold demand is gold jewelry. The motivation for jewelry purchases differs in various regions of the world. In the
industrialized world, gold jewelry tends to be purchased purely for adornment purposes, while gold's attributes as a store of value and a means of saving provide an additional motivation for jewelry
purchases in much of the developing world. Price and economic factors, such as available wealth and disposable income, are the primary factors in jewelry demand. Jewelry purchased purely for adornment
purposes is generally of lower caratage or purity, but with greater added value in terms of design input and improved finishes. In those parts of the world where the additional motivation of savings
or investment applies to the purchase of jewelry (such as Asia, the Indian subcontinent and the Middle East), gold jewelry is generally of higher caratage, and the purchase price more closely reflects
the value of the gold contained in each&nbsp;item. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Retail and institutional investment  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail and institutional investment demand covers coins and bars meeting the standards for investment gold adopted by the European
Union, extended to include medallions of no less than 99% purity, and bars or coins which are likely to be worn as jewelry in certain countries. Retail investment is measured as net purchases by the
ultimate customer. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>29</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Electronics, dentistry and other industrial and decorative applications  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold bonding wire and gold plated contacts and connectors are the two most frequent uses of gold in electronics. Other uses include
high-melting point gold alloy solders and gold thick film pastes for hybrid circuits. In conservative and restorative dentistry, gold is generally alloyed with other noble metals and with
base metals, for inlay and onlay fillings, crown and bridgework and porcelain veneered restorations. Increasingly, pure gold electro forming is being used for dental repairs. Other industrial
applications of gold include the use of thin gold coatings on table and enamel ware for decorative purposes and on glasses used in the construction and aerospace industries to reflect
infra-red rays. Small quantities are also used in various pharmaceutical applications, including the treatment of arthritis, and in medical implants. Future applications for gold catalysts
are in pollution control, clean energy generation and fuel cell technology. In addition, work is under way on the use of gold in cancer treatment. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> World Gold Supply and Demand  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Gold Supply and Demand  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold is a physical asset that is primarily accumulated, rather than consumed. As a result, virtually all the gold that has ever been
mined still exists today in one form or&nbsp;another. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>30</FONT></P>

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<A NAME="page_dc14004_1_31"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Gold Fields Mineral Services&nbsp;Ltd. Gold Survey 2008 estimates that existing above-ground stocks of gold amounted to approximately 5.3&nbsp;billion ounces at the end of 2008.
The following chart summarizes the historical supply and demand for gold by&nbsp;source: </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> World Gold Supply and Demand (2004-2008)  </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


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<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=16 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2><B>Supply (tonnes)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>2004</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>2005</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>2006</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>2007</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>2008</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=16 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2>Mine production</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,418</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,497</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,426</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,370</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,308</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=16 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>year-over-year</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> (5.4%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> 3.3%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> (2.9%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> (2.3%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> (2.6%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=16 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Scrap supply</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>880</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>900</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,120</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>967</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,070</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=16 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>year-over-year</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> (10.2%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> 2.3%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> 24.4%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> (13.7%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> 10.7%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=16 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Official sector net sales</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>543</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>593</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>365</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>496</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>280</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=16 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>year-over-year</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> (1.6%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> 9.2%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> (38.5%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> 35.9%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> (43.5%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=16 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net producer hedging</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>-424</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>-142</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>-395</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>-447</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>-350</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=16 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=16 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Demand (tonnes)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=16 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Jewelery</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,610</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,700</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,280</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,400</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,180</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=16 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>year-over-year</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> 5.0%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> 3.4%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> (15.6%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> 5.3%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> (9.2%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=16 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Electronics</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>260</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>285</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>300</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>311</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>290</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=16 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>year-over-year</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> 13.0%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> 9.6%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> 5.3%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> 3.7%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> (6.8%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=16 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dental</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>65</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>60</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>60</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>58</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>53</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=16 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>year-over-year</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> 0.0%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> (7.7%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> 0.0%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> (3.3%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> (8.6%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=16 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Coins/Medallions</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>140</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>150</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>190</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>210</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>240</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=16 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>year-over-year</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> 7.7%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> 7.1%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> 26.7%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> 10.5%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> 14.3%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=16 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>85</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>90</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>90</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>93</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>82</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=16 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total Fabrication</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 3,160</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 3,285</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 2,920</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 3,072</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 2,845</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=16 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>year-over-year</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> 5.7%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> 4.0%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> (11.1%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> 5.2%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> (7.4%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=16 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=16 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Fundamental Balance</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 256</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 563</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 595</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 314</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 463</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=16 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ETF investment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>125</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>208</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>262</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>253</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>300</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=16 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><I>year-over-year</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> 290.3%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> 67.1%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> 25.7%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> (3.3%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><I> 18.6%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=16 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Implied Other Investment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>132</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>354</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>334</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>61</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>163</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=16 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
</TABLE></DIV>
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 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:15%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=1><B>Source: </B></FONT><FONT SIZE=1>The Gold Fields Mineral Services&nbsp;Ltd. Gold Survey 2008</FONT></P>
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following are some of the characteristics of the gold market illustrated by the&nbsp;table: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Gold supply over the past five years has averaged 3,495&nbsp;tonnes with primary production (new&nbsp;mine output)
accounting for approximately 69% of the&nbsp;total;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>During the period shown, scrap was the second largest contributor to supply, averaging approximately 987&nbsp;tonnes
per&nbsp;annum;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The supply of gold from the official sector (including central bank sales) has declined in recent years; from 2004 to 2008
this figure declined 48% from 543 to 280&nbsp;tonnes annually; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>31</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The biggest source of demand for gold output over the period shown has come from the jewelry sector, which has accounted
for an average of 70% of all demand. Demand from this sector has typically exceeded annual world mine production, meaning additional sources of supply have been relied upon to fill the gap;&nbsp;and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Total fabrication demand for gold over the 5-year period accounted for approximately 87% of all demand over
the same&nbsp;period. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Operation of the Gold Market  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The global trade in gold consists of Over-the-Counter, to which we will refer as OTC, transactions in spot,
forwards, and options and other derivatives, together with exchange-traded futures and&nbsp;options. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Over-the-Counter Market  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The OTC gold market includes spot, forward, and option and other derivative transactions conducted on a
principal-to-principal basis. While this is a global 24-hour per day market, its main centers are London, New&nbsp;York and Zurich. Ten members of the LBMA, the
London-based trade association that acts as the coordinator for activities conducted on behalf of its members and other participants in the London bullion market, act as OTC market-makers, and most
OTC market trades are cleared through London. The LBMA plays an important role in setting OTC gold trading industry standards. The LBMA's "London Good Delivery Lists" identify approved refiners of
gold. In the OTC market, gold that meets the specifications for weight, dimensions, fineness (or&nbsp;purity), identifying marks (including the assay stamp of an LBMA-acceptable refiner)
and appearance set forth in "The Good Delivery Rules for Gold and Silver Bars" published by the LBMA are "London Good Delivery Bars." A London Good Delivery Bar (typically called a "400&nbsp;ounce
bar") must contain between 350 and 430&nbsp;fine troy ounces of gold (1&nbsp;troy ounce&nbsp;= 31.1034768&nbsp;grams), be of a minimum fineness (or&nbsp;purity) of 995&nbsp;parts per 1000
(99.5%), be of good appearance and be easy to handle and stack. The fine gold content of a gold bar is calculated by multiplying the gross weight of the bar by the fineness of the&nbsp;bar. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> London Bullion Market  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the market for physical gold is distributed globally, most OTC market trades are cleared through London. In addition to
coordinating market activities, the LBMA acts as the principal point of contact between the market and its regulators. A primary function of the LBMA is its involvement in the promotion of refining
standards by maintenance of the "London Good Delivery Lists," which are the lists of LBMA accredited smelters and assayers of gold. The LBMA also coordinates market clearing and vaulting, promotes
good trading practices and develops standard documentation. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twice
daily during London trading hours there is a "fix" which provides reference gold prices for that day's trading. These are referred to as the morning (A.M.) London fix and afternoon
(P.M.) London fix. Many long-term contracts will be priced on the basis of either the morning (A.M.) or afternoon (P.M.) London fix, and market participants will usually refer to one or
the other of these prices when looking for a basis for valuations. The London fix is the most widely used benchmark for daily gold prices and is quoted by various financial information sources. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Futures Exchanges  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The most significant gold futures exchanges are the COMEX, operated by Commodities Exchange,&nbsp;Inc., a subsidiary of
New&nbsp;York Mercantile Exchange,&nbsp;Inc., and the Tokyo Commodity Exchange, to which we will refer as TOCOM. The COMEX is the largest exchange in the world for trading metals futures and
options and has been trading gold since 1974, while the TOCOM has been trading gold since&nbsp;1982. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Market Regulation  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The global gold markets are overseen and regulated by both governmental and self-regulatory organizations. In addition,
certain trade associations have established rules and protocols for market practices and participants. In the United&nbsp;Kingdom, responsibility for the regulation of the financial market
participants, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>32</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>including
the major participating members of the LBMA, falls under the authority of the United&nbsp;Kingdom's Financial Services Authority, to which we will refer as FSA, as provided by the
Financial Services and Markets Act 2000, to which we will refer as the FSM Act. Under the FSM Act, all U.K.-based banks, together with other investment firms, are subject to a range of requirements,
including fitness and properness, capital adequacy, liquidity, and systems and controls. The FSA is responsible for regulating investment products, including derivatives, and those who deal in
investment products. Regulation of spot, commercial forwards, and deposits of gold and silver not covered by the FSM Act is provided for by The London Code of Conduct for Non-Investment
Products, which was established by market participants in conjunction with the Bank of&nbsp;England. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participants
in the U.S.&nbsp;OTC market for gold are generally regulated by their existing market regulators. For example, participating banks are regulated by the banking
authorities. In the United&nbsp;States, Congress created the CFTC in 1974 as an independent agency with the mandate to regulate commodity futures and option markets in the United&nbsp;States. The
CFTC regulates market participants and has established rules designed to prevent market manipulation, abusive trade practices and fraud. The CFTC requires that any trader holding an open position of
more than 100&nbsp;lots (i.e.,&nbsp;10,000 ounces) in any one contract month on COMEX must
declare his or her identity, the nature of his or her business (hedging, speculative, etc.) and the existence and size of his or her&nbsp;positions. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market
integrity on the TOCOM is preserved by the TOCOM's authority to perform financial and operational surveillance on its members' trading activities, scrutinize positions held by
members and large-scale customers, and monitor the price movements of futures markets by comparing them with cash and other derivative markets' prices. To act as a Futures Commission Merchant Broker,
which is a required certification for a broker that intends to trade in commodities and commodity futures, a broker must obtain a license from Japan's Ministry of Economy, Trade and Industry, or METI.
METI establishes the rules for operation of TOCOM and administers the exchange and its members through requirements of law and various supervisory functions. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Historical Price Movement and Analysis  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluctuations in the price of gold are expected to influence the price of the units. Investors should be aware of the historical
movements in gold prices and understand what events and forces may have caused these movements to occur. The following chart displays the historical performance of gold from August&nbsp;1971 (when
the U.S.&nbsp;abandoned the gold standard) until November&nbsp;20,&nbsp;2009. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g614460.jpg" ALT="LOGO" WIDTH="637" HEIGHT="372">
  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=1><B>Source: </B></FONT><FONT SIZE=1>Bloomberg</FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>33</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Historical Total Returns (Compounded Annual Returns)  </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


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 </FONT></P>

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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="42pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="37pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="42pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="37pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="37pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="37pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>1-Year</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>3-Year</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>5-Year</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>10-Year</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>20-Year</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>30-Year</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>38-Year</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gold</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>54.4%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>22.7%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20.8%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14.6%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5.5%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.7%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.1%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>S&amp;P&nbsp;500 Index<SUP>(1)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>48.8%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(5.9%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.7%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(0.8%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.3%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>n/a</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><SUP>(2)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>n/a</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><SUP>(2)</SUP></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>S&amp;P/TSX Composite Index<SUP>(1)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>55.2%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.6%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.0%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>6.4%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.0%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.8%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.0%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>MSCI EAFE Index<SUP>(1)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>53.5%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(4.3%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4.7%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.2%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4.8%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.3%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.3%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>S&amp;P/TSX Global Gold Index<SUP>(1)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>105.0%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.3%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.2%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>n/a</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><SUP>(2)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>n/a</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><SUP>(2)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>n/a</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><SUP>(2)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>n/a</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><SUP>(2)</SUP></FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=22 VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
</TABLE></DIV>
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 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=1><B>Source: </B></FONT><FONT SIZE=1>Bloomberg, November&nbsp;20, 2009</FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
total return numbers for the indices are represented by the following: for the S&amp;P&nbsp;500, the S&amp;P&nbsp;500 Total Return Index; for the S&amp;P/TSX
Composite Index, the S&amp;P/TSX Composite Total Return Index; for the MSCI EAFE Index, the MSCI EAFE Gross Daily Total Return Index; and for the S&amp;P/TSX Global Gold Index, the S&amp;P/TSX Global Gold Total
Return&nbsp;Index.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Total
return data not available for these time periods. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
investment in the Trust will not replicate the performance of spot gold prices, due to the fees and expenses associated with the&nbsp;Trust. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning
in March of 2001, the gold price has shown an upward trend. A rapid economic slowdown occurred in the world economy, while stock markets in the United&nbsp;States and other
key countries were falling. In addition, the rapid sequence of interest rate cuts in the United&nbsp;States reduced the risk/reward ratio that had previously been experienced by speculators who had
been trading in the gold market from the short side. Lower interest rates reduced the available contango, and this reduction, combined with steady prices,
meant that such trades became increasingly unattractive. After the first quarter of 2001, some mining companies started to reduce their hedge books, reducing the amount of gold coming onto the market.
Political uncertainties and the continuing economic downturn after the attacks of September&nbsp;11, 2001 added to demand for gold investments. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;More
recently, the upward price trend has reflected concerns over the global economy, equity markets and concerns over the banking crises. Speculative activity also contributed to the
increases in the gold price. However, risk-averse investors have generally remained in the gold&nbsp;market. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> The Rationale for Investing in Gold  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold ownership may help to protect a portfolio from inflation, deflation, stagflation, systemic failure, financial collapse and
currency devaluation. Investors may purchase gold because of the view that, unlike other investments, gold's tangible physical properties, negative correlation to other asset classes and use as an
inflation hedge provide a way to reduce the risk of a&nbsp;portfolio. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unlike
traditional stocks, bonds and money market instruments, gold is an asset whose price generally is independent of earnings, future growth or promised payments due to its certain
physical and tangible properties. These properties allow gold to be converted into other goods and investments, which may provide investors with more immediate liquidity than alternative investments.
Unlike paper-backed assets, gold cannot be created at will. Many investors also see gold as a store of value in times of uncertainty and market duress because it generally is independent of country,
industry and company-specific issues. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Historically Strong Performance Relative to Other Asset Classes  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold has performed well over time, when compared to the returns of broader indices, such as the S&amp;P&nbsp;500, the S&amp;P/TSX Composite
Index the MSCI EAFE Index and the Global Gold Index. Over the 38&nbsp;years from August&nbsp;1971 until September&nbsp;30, 2009, the 30-year period ended September&nbsp;30, 2009,
the 20-year period ended September&nbsp;30, 2009, and the ten-year period ended September&nbsp;30, 2009, the price of gold has grown at compounded annual rates of 9.1%,
3.7%, 5.5%, and 14.6%, respectively. Gold has also outperformed over more </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>34</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=37,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=198922,FOLIO='34',FILE='DISK114:[09ZEJ4.09ZEJ14004]DE14004A.;25',USER='JDAY',CD=';9-DEC-2009;12:42' -->
<A NAME="page_de14004_1_35"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>recent
time periods, growing 54.4% in the past year while the S&amp;P&nbsp;500 Index is up 48.8% over the same time&nbsp;period. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Low Correlation with Other Asset Classes  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold's low historical correlation with other major asset classes has been held to offer an investor the opportunity to diversify across
a portfolio's risk spectrum. Over the long term, gold has historically retained value more effectively than other asset categories because gold is typically a stronger inflationary hedge. Although
gold is a commodity and an investment asset, it tends to move independently of other key asset classes and commodities, especially during times of&nbsp;crisis. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold
is one of the few investments with a sustained historical negative correlation to the S&amp;P&nbsp;500 index, widely regarded as the standard for measuring the performance of
large-cap U.S.&nbsp;companies. Gold also has a very low, or in some instances negative, correlation with other benchmarks and asset classes as shown in the following table
(a&nbsp;value of 1&nbsp;would indicate a perfect correlation and a value of -1&nbsp;would indicate a perfect inverse correlation): </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Correlation of Gold Relative to Other Asset Classes<SUP>(1)</SUP>  </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


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 </FONT></P>

<!-- User-specified TAGGED TABLE -->
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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="111pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Asset Class</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Index<SUP>(2)</SUP></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>1-Year</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>3-Year</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>5-Year</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>10-Year</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>20-Year</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>30-Year</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>38-Year</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>U.S. Equity</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>S&amp;P&nbsp;500 Index</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.68</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(0.55</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(0.15</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.29</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.36</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>n/a</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><SUP>(3)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>n/a</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><SUP>(3)</SUP></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Canadian Equity</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>S&amp;P/TSX Composite Index</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.75</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(0.27</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.40</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.78</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.69</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.52</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.65</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>International Equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>MSCI EAFE Index</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.71</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.46</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.15</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.64</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.64</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.43</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0.62</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Global Gold Equity</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>S&amp;P/TSX Global Gold Index</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.86</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.47</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.79</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>n/a</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><SUP>(3)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>n/a</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><SUP>(3)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>n/a</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><SUP>(3)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>n/a</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><SUP>(3)</SUP></FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=24 VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
</TABLE></DIV>
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<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=1><B>Source: </B></FONT><FONT SIZE=1>Bloomberg, November&nbsp;20, 2009</FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>1&nbsp;indicates a perfect correlation; -1&nbsp;indicates a perfect inverse correlation.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
total return numbers for the indices are represented by the following: for the S&amp;P&nbsp;500, the S&amp;P&nbsp;500 Total Return Index; for the S&amp;P/TSX
Composite Index, the S&amp;P/TSX Composite Total Return Index; for the MSCI EAFE Index, the MSCI EAFE Gross Daily Total Return Index; and for the S&amp;P/TSX Global Gold Index, the S&amp;P/TSX Global Gold Total
Return&nbsp;Index.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Total
return data not available for these time periods. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Use as an inflation and U.S.&nbsp;dollar hedge  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historically, gold has been viewed as an effective hedge against a decrease in the value of the U.S.&nbsp;dollar and inflation. Gold
has maintained its long-term value, as measured by purchasing power, more effectively than most currencies and fixed assets. In 1971, the U.S.&nbsp;moved away from the gold standard. As
gold prices have generally increased during times of U.S.&nbsp;dollar decline and during inflationary periods, gold may provide a hedge against money creation and purchasing power&nbsp;erosion. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historically,
there is an approximate one-for-one relationship between the price of gold and the general price level in the United&nbsp;States, where a one
percent rise in U.S.&nbsp;inflation has resulted in a corresponding one percent rise in the long-term price of gold. However, short-run gold prices have demonstrated much
more volatility, and tend to fluctuate in response to any number of changes in the supply and demand forces, along with a number of other factors. These factors include political and financial shocks,
as well as short-run changes in the U.S.&nbsp;inflation rate, inflation volatility, credit risk, the U.S.&nbsp;dollar trade-weighted exchange rate, the gold lease rate and the relative
beta for&nbsp;gold. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Quantitative Easing  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the global financial crisis of 2008-2009, the U.S.&nbsp;Federal Reserve and the Bank of England announced policies
that represented a form of "quantitative easing," to counter the effects of the crisis. Quantitative easing describes monetary policy used to stimulate an economy where interest rates are either at or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>35</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>close
to zero, as is currently the case in the United&nbsp;States and in the United&nbsp;Kingdom. Normally, a central bank stimulates the economy indirectly by lowering interest rates. When it
cannot lower interest rates any further, it can attempt to seed the financial system with new money through quantitative easing. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
practical terms, the central bank purchases financial assets, including treasuries and corporate bonds, from financial institutions (such as banks) using money it has created. The
creation of this new money is intended to seed the increase in the overall money supply through deposit multiplication by encouraging lending by these institutions and reducing the cost of borrowing,
thereby stimulating the&nbsp;economy. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quantitative
easing results in the creation of additional money by the central bank through an increase of the credit in the central bank's own bank account. Many economists believe that
quantitative easing strategies could trigger higher inflation than desired, or even hyperinflation, if improperly used and if too much money is created. As noted above, gold represents an inflationary
hedge that investors may seek as a protection against such inflation or hyperinflation. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>36</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg14004_organization_and_management_details_of_the_trust"> </A>
<A NAME="toc_dg14004_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ORGANIZATION AND MANAGEMENT DETAILS OF THE TRUST    <BR>    </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> The Manager  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the trust agreement and the management agreement between the Trust and Sprott Asset Management&nbsp;LP, the Manager acts
as the manager of the Trust. The Manager is a limited partnership formed and organized under the laws of the Province of Ontario, Canada, pursuant to the </FONT><FONT SIZE=2><I>Limited Partnerships
Act</I></FONT><FONT SIZE=2> (Ontario) by declaration dated September&nbsp;17, 2008. The general partner of the Manager is Sprott Asset Management&nbsp;GP&nbsp;Inc., which is a corporation
incorporated under the laws of the Province of Ontario, Canada, on September&nbsp;17, 2008. The general partner is a wholly-owned subsidiary of Sprott&nbsp;Inc., which is a corporation
incorporated under the laws of the Province of Ontario, Canada, on February&nbsp;13, 2008. Sprott&nbsp;Inc. is also the sole limited partner of the Manager. Sprott&nbsp;Inc. is a public company
listed on the TSX under the symbol "SII." Pursuant to an internal corporate reorganization of Sprott&nbsp;Inc.
completed on June&nbsp;1, 2009, the Manager acquired the assets related to Sprott Asset Management&nbsp;Inc.'s portfolio management business. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of June&nbsp;30, 2009, the Manager, together with its affiliates and related entities, had assets under management totaling approximately Cdn$4.4&nbsp;billion, of which
approximately Cdn$0.7&nbsp;billion are in gold bullion, and provided management and investment advisory services to many entities, including private investment funds, the Sprott Mutual Funds, the
Sprott discretionary managed accounts, and management of certain companies through its subsidiary, Sprott Consulting&nbsp;LP. The Manager also acts as manager for the Sprott Gold Bullion Fund, a
Canadian public mutual fund that invests in physical gold bullion. The following chart illustrates the relationships of the Sprott entities discussed above: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g116294.jpg" ALT="GRAPHIC" WIDTH="720" HEIGHT="285">
  </B></FONT></P>

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<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Sprott
Private Wealth&nbsp;GP&nbsp;Inc. is the general partner of Sprott Private Wealth&nbsp;LP, a Canadian investment dealer.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Sprott
Asset Management&nbsp;GP&nbsp;Inc. is the general partner of Sprott Asset Management&nbsp;LP, a Canadian portfolio manager and exempt
market&nbsp;dealer.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Sprott
Consulting&nbsp;GP&nbsp;Inc. is the general partner of Sprott Consulting&nbsp;LP.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>SAMGENPAR,&nbsp;Ltd.
is the general partner of certain of the Sprott offshore hedge&nbsp;funds.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Sprott
GenPar&nbsp;Ltd. is the general partner of certain of the Sprott Canadian hedge&nbsp;funds. </FONT></DD></DL>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager is an independent asset manager dedicated to achieving superior returns for its clients over the long term. The Manager and its predecessors have a history of offering
investment management services to high net worth individuals and institutions that extends back over 27&nbsp;years. Sprott Securities Limited, a predecessor of the Manager was founded by Eric Sprott
in 1981 and gradually grew into: (i)&nbsp;an institutional investment dealer consisting of research, sales, trading and investment banking; (ii)&nbsp;a retail business focused on </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>37</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>high
net worth individuals; (iii)&nbsp;an asset management business managing, on a discretionary basis, individual accounts and public mutual funds; and (iv)&nbsp;proprietary trading operations.
In 2000, Mr.&nbsp;Sprott made the decision to focus solely on the asset management business and a corporate reorganization was effected pursuant to which Sprott Securities&nbsp;Inc.
(now&nbsp;Cormark Securities&nbsp;Inc.) was created. The asset management business of Sprott Securities&nbsp;Inc. began to be segregated from the core brokerage activities and Eric Sprott
reduced his ownership in Cormark Securities&nbsp;Inc. to a minority position. As the asset management business grew and matured, Sprott Asset Management&nbsp;Inc. was launched in
October&nbsp;2001 as a separate entity. The final stage in the reorganization of Sprott Securities&nbsp;Inc. took effect on January&nbsp;1, 2002, when Mr.&nbsp;Sprott divested his remaining
interest in and any connection to Cormark Securities&nbsp;Inc. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequently,
all of the shareholders of Sprott Asset Management&nbsp;Inc. exchanged their shares for common shares of Sprott&nbsp;Inc., which completed its initial public offering
on May&nbsp;15, 2008. On June&nbsp;1, 2009, Sprott&nbsp;Inc. completed an internal corporate reorganization in order to separate its operations into three distinct business lines: portfolio
management (the&nbsp;Manager); broker-dealer activities (Sprott Private Wealth&nbsp;LP); and consulting services (Sprott Consulting&nbsp;LP). As part of the reorganization, Sprott Asset
Management&nbsp;Inc., then a wholly-owned subsidiary of Sprott&nbsp;Inc., transferred all of its assets to the Manager, Sprott Private Wealth&nbsp;LP and Sprott&nbsp;Inc., respectively, and
was then wound&nbsp;up. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager's and its general partner's principal offices are each located at Suite&nbsp;2700, South Tower, Royal Bank Plaza, 200&nbsp;Bay Street, Toronto, Ontario, Canada,
M5J&nbsp;2J1. The Manager may also be contacted by toll-free telephone at (888)&nbsp;362-7172, by telephone at (416)&nbsp;362-7172, by facsimile at
(416)&nbsp;362-4928 or by e-mail to invest@sprott.com. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Duties and Services to Be Provided by the Manager  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager is responsible for the day-to-day business and administration of the Trust, including management of
the Trust's portfolio and all clerical, administrative and operational services. The Trust maintains a public website that will contain information about the Trust and the units after the completion
of the offering. The internet address of the website is
www.sprottphysicalgoldtrust.com. This internet address is provided here only as a convenience to you, and the information contained on or connected to the website is not incorporated into, and does
not form part of, this prospectus. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager initiated the creation and the organization of the Trust and, accordingly, may be considered a promoter or sponsor of the Trust under applicable securities&nbsp;laws. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> The Manager's Experience in the Gold Industry  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since inception, the Manager and, prior thereto, its predecessors have consistently focused on the mining and energy resource sectors.
Precious metal, long/short and energy specialists have been added to the Manager's investment team over the years, often by hiring managers with leading track records from other fund management
companies. The Sprott Funds, a group of both public and private investment vehicles that are advised by the Manager, are guided by an investment discipline focused on balancing risk to achieve
outstanding returns. Accordingly, the Manager has a "defensive" approach to investing, which includes a strong belief that gold is a store of value and should be included in every investment
portfolio. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager's Chief Investment Strategist, John Embry, joined the Manager's predecessor in March of 2003 when he assumed management of the Sprott Gold and Precious Minerals Fund and the
Sprott Strategic Offshore Gold Fund,&nbsp;Ltd. Mr.&nbsp;Embry is known as an industry expert in precious metals, has researched the gold sector for 35&nbsp;years and has accumulated industry
experience as a portfolio management specialist since 1963. Immediately prior to joining the Manager's predecessor, Mr.&nbsp;Embry was Vice-President, Equities and Portfolio Manager at
RBC Global Investment Management where he oversaw Cdn$5&nbsp;billion in assets, including the flagship Cdn$2.9&nbsp;billion Royal Canadian Equity Fund and the Cdn$250&nbsp;million Royal Precious
Metals Fund, which was ranked first across the country in 2002 for its net performance of 153%. Mr.&nbsp;Embry is also a trustee of the Central Gold-Trust, a Canadian limited purpose
trust that invests substantially all of its assets in physical gold&nbsp;bullion. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>38</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
of the Trust will be overseen by Eric Sprott, Charles Oliver and Jamie Horvat. Messrs&nbsp;Oliver and Horvat joined the Manager's predecessor in January&nbsp;2008 with a
focus on the Sprott Gold and Precious Minerals Trust and currently also manage the Sprott Opportunities Hedge Fund&nbsp;LP, the Sprott Opportunities RSP Fund, the Sprott Opportunities Offshore
Fund,&nbsp;Ltd., the Sprott Opportunities Capital Fund,&nbsp;L.P., the Sprott Global Equity Fund and the Sprott All Cap Fund. Mr.&nbsp;Oliver began his investment career with Midland Doherty in
1987 and later joined AGF's Trust Management department in 1999. In 2002 he was named co-manager of the AGF Precious Metals Trust, the AGF Global Resources Trust and the AGF Canadian
Resources Trust. In 2004 he was named Manager of the AGF Canadian Small Cap Trust. In 2006 he became co-manager of the AGF Growth Equity Trust and
co-advisor on the Oil Sands Sector Trust. Mr.&nbsp;Oliver also helped manage institutional funds and funds domiciled in Japan, Ireland, and the UK. Prior to joining the Manager,
Mr.&nbsp;Horvat was co-manager of the Canadian Small Cap, Global Resources, Canadian Resources and Precious Metals funds at AGF Management Limited. He was also the Associate Portfolio
Manager of the AGF Canadian Growth Equity Trust, as well as an instrumental contributor to a number of structured products and institutional mandates while at AGF. He joined AGF in 2004 as a Canadian
Equity Analyst with a special focus on Canadian and Global resources, as well as Canadian small cap companies. Prior to joining AGF he spent five years at another large Canadian mutual fund company as
an Investment Analyst. Mr.&nbsp;Horvat is a member of the International Research Association and is a Licensed International Financial Analyst. He is also a member of the Ontario Association of
Certified Engineering Technicians&nbsp;&amp; Technologists, as well as the Toronto CFA Society and the CFA&nbsp;Institute. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
long-time experience in the gold industry of the Manager, its predecessor, Sprott Asset Management&nbsp;Inc., and its affiliates has permitted them to gain an extensive
knowledge base in the business of gold, including buying, selling, valuing, pricing, securing or storing gold or gold-related assets. All physical gold bullion to be purchased by the Trust
will be London Good Delivery bars. Based on compliance procedures established by the Manager over time, once the Trust has agreed to purchase gold bars and the order is executed, on delivery each bar
is individually checked against its serial&nbsp;number. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Directors and Officers of the Manager and of the General Partner  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name, municipality of residence and position(s) with the Manager and the General Partner, and the principal occupation of the
directors and senior officers of the Manager and of the General Partner are as&nbsp;follows: </FONT></P>
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<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:91pt;"><FONT SIZE=1><B>Name and<BR>
Municipality of Residence

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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Position with<BR>
the Manager </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Position with<BR>
the General Partner </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Principal Occupation </B></FONT></TH>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1>


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 Eric S. Sprott<BR>
Oakville, Ontario, Canada</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>Chief Executive Officer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>Chief Executive Officer and Director</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>Chief Executive Officer of Sprott&nbsp;Inc.; and Chief Executive Officer of the Manager and the general partner of the Manager.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=1>James R. Fox<BR>
Toronto, Ontario, Canada</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>President</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>President and Director</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>President of the Manager and the general partner of the Manager.</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=1>


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 Steven Rostowsky<BR>
Thornhill, Ontario, Canada</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Chief Financial Officer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Chief Financial Officer and Director</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Chief Financial Officer of Sprott&nbsp;Inc., the Manager and the general partner of the Manager.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=1>Kirstin H. McTaggart<BR>
Mississauga, Ontario, Canada</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Chief Compliance Officer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Corporate Secretary and Director</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Chief Compliance Officer of the Manager.</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=1>



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 John Embry<BR>
Toronto, Ontario, Canada</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Chief Investment Strategist</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Director</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Chief Investment Strategist of the Manager.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=1>Allan Jacobs<BR>
Toronto, Ontario, Canada</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Director of Small Cap Investments</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Director</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Director of Small Cap Investments of the Manager.</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=1>


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 Anne L. Spork<BR>
Acton, Ontario, Canada</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Director</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>President of Sprott Private Wealth&nbsp;LP and Sprott Private Wealth&nbsp;GP&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=1>Peter J. Hodson<BR>
Kitchener, Ontario, Canada</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Senior Portfolio Manager</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Chairman and Director</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Senior Portfolio Manager of the Manager and Chairman of the general partner of the Manager.</FONT></TD>
</TR>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>39</FONT></P>

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<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:91pt;"><FONT SIZE=1><B>Name and<BR>
Municipality of Residence

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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Position with<BR>
the Manager </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Position with<BR>
the General Partner </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Principal Occupation </B></FONT></TH>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1>


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 Kevin Bambrough<BR>
Toronto, Ontario, Canada</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>Market Strategist</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>Director</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>President of Sprott Inc.; President and Chief Executive Officer of Sprott Resource Corp.; President, Chief Executive Officer and Corporate Secretary of Sprott Consulting&nbsp;LP and Sprott Consulting&nbsp;GP&nbsp;Inc.;
and Market Strategist of the Manager.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=1>Scott P. Dexter<BR>
Mississauga, Ontario, Canada</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=1>Senior Equity Trader</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=1>Director</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><BR><FONT SIZE=1>Senior Equity Trader of the Manager.</FONT></TD>
</TR>
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 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set out below are the particulars of the professional experience of the directors and senior officers of the Manager and the general partner of
the&nbsp;Manager: </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>Eric Sprott</U>  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Sprott has over 40&nbsp;years of experience in the investment industry and has managed client funds for 28&nbsp;years.
Mr.&nbsp;Sprott entered the investment industry as a Research Analyst at Merrill Lynch Canada&nbsp;Inc. In 1981, he founded Sprott Securities Limited (a&nbsp;predecessor to Sprott
Securities&nbsp;Inc. and now Cormark Securities&nbsp;Inc.). After establishing Sprott Asset Management&nbsp;Inc. in December&nbsp;2001 as a separate entity, Mr.&nbsp;Sprott divested his
entire stake in Sprott Securities&nbsp;Inc. to its employees. Mr.&nbsp;Sprott currently serves as the Chief Executive Officer of Sprott&nbsp;Inc., the Chief Executive Officer of the Manager and
the General Partner, the Chief Executive Officer of Sprott Private Wealth&nbsp;LP and Sprott Private Wealth&nbsp;GP&nbsp;Inc. and the Chairman of Sprott Resource Corp., Sprott
Consulting&nbsp;LP and Sprott Consulting&nbsp;GP&nbsp;Inc. Mr.&nbsp;Sprott is also the Portfolio Manager responsible for the Sprott Hedge Fund&nbsp;LP, Sprott Hedge Fund&nbsp;LP II, Sprott
Offshore Fund, Sprott Offshore Fund II, Sprott Canadian Equity Fund, Sprott Energy Fund and the Sprott discretionary managed accounts. Mr.&nbsp;Sprott graduated with a Bachelor of Commerce from
Carleton University in 1965 and was awarded an Honorary Doctorate from Carleton University in 2003. Mr.&nbsp;Sprott received his Chartered Accountant designation in&nbsp;1968. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>James Fox</U>  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Fox was appointed as President of the Manager in November&nbsp;2009. Prior to that Mr.&nbsp;Fox served as Senior
Vice-President of Sales&nbsp;&amp; Marketing at the Manager where he initiated the development of new products, formed a wholesale group to increase fund distribution and led marketing
efforts to increase the company's brand awareness in Canada and abroad. Mr.&nbsp;Fox has been a key contributor to the Manager's sales effort and strategic business initiatives, which have resulted
in assets under management growing from $50&nbsp;million to $4.3&nbsp;billion over his tenure. Mr.&nbsp;Fox joined the Manager in June&nbsp;1999 after completing his Masters of Business
Administration at the University of Toronto's Rotman School of&nbsp;Management. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>Steven Rostowsky</U>  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Rostowsky joined Sprott&nbsp;Inc. in March&nbsp;2008 as Chief Financial Officer and currently also serves as Chief
Financial Officer of the Manager and the general partner of the Manager. Prior to March&nbsp;2008, he was a Senior Vice-President, Finance&nbsp;&amp; Administration at the Investment
Dealers Association of Canada (now&nbsp;part of the Investment Industry Regulatory Organization of Canada), to which we will refer as IDA. As a member of the IDA's senior management team,
Mr.&nbsp;Rostowsky was responsible for non-regulatory functional areas including Finance, Human Resources, Information Technology and the Association Secretary. Prior to joining the IDA
in January&nbsp;2005, Mr.&nbsp;Rostowsky was the Chief Financial Officer and the Chief Compliance Officer of Guardian Group of Funds&nbsp;Ltd. since July&nbsp;2001 when Guardian Group of Funds
was acquired by the Bank of Montreal. At that time he was a Vice-President, Finance for Guardian Capital Group Limited, Guardian Group of Funds' former parent company. Mr.&nbsp;Rostowsky
is a Chartered Accountant and a Chartered Financial Analyst, and graduated with a Bachelor of Business Science (Finance) and a post-graduate accounting degree, both from the University of
Cape Town, South&nbsp;Africa. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>40</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>Kirstin McTaggart</U>  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ms.&nbsp;McTaggart joined the Manager (and&nbsp;its predecessor Sprott Asset Management&nbsp;Inc.) in April&nbsp;2003 as a
compliance officer and subsequently became the Chief Compliance Officer in April&nbsp;2007. Ms.&nbsp;McTaggart currently also serves as the Corporate Secretary of the general partner of the
Manager, Sprott&nbsp;Inc., Sprott Private Wealth&nbsp;LP and Sprott Private Wealth&nbsp;GP&nbsp;Inc. Ms.&nbsp;McTaggart has accumulated over 21&nbsp;years of experience in the financial
and investment industry. Prior to April&nbsp;2003,
Ms.&nbsp;McTaggart spent five years as a Senior Manager at Trimark Investment Management&nbsp;Inc., where her focus was the development of formal compliance and internal control policies
and&nbsp;procedures. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>John Embry</U>  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Embry joined the Manager (and&nbsp;its predecessor Sprott Asset Management&nbsp;Inc.) in March&nbsp;2003 as Chief
Investment Strategist with a particular focus on the Sprott Gold and Precious Minerals Fund. Mr.&nbsp;Embry plays an instrumental role in the corporate and investment policy of the Manager.
Mr.&nbsp;Embry, an industry expert in precious metals, has researched the gold sector for over 30&nbsp;years and has accumulated industry experience as a portfolio management specialist since
1963. Mr.&nbsp;Embry began his investment career as a stock selection analyst and as a Portfolio Manager at The Great-West Life Assurance Company and later became Vice President of
Pension Investments. After 23&nbsp;years with The Great-West Life Assurance Company, Mr.&nbsp;Embry became a partner with United Bond and Share, the investment counseling firm acquired
by Royal Bank of Canada in 1987. Mr.&nbsp;Embry became a Vice-President, Equities and Portfolio Manager at RBC Global Investment Management&nbsp;Inc., where he oversaw
$5&nbsp;billion in assets, including the flagship $2.9&nbsp;billion Royal Canadian Equity Fund and the $250&nbsp;million Royal Precious Metals Fund. Mr.&nbsp;Embry graduated with a Bachelor of
Commerce degree from the University of&nbsp;Manitoba. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>Allan Jacobs</U>  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Jacobs joined the Manager in August&nbsp;2007 as Director of Small Cap Investments with focus on the Sprott Small Cap
Funds. Mr.&nbsp;Jacobs has over 24&nbsp;years of experience in the investment industry. Prior to August&nbsp;2007, he was head of Canadian Small Cap Equities at Sceptre Investment Counsel
Limited, where he was employed for the previous 14&nbsp;years. Mr.&nbsp;Jacobs was also the Portfolio Manager of the Sceptre Equity Growth Fund, as well as Portfolio Manager of the Sceptre
Canadian Equity Small Cap Pooled Fund and the Canadian small cap component of all other institutional portfolios. Mr.&nbsp;Jacobs currently manages the Sprott Small Cap Hedge Fund (formerly the
Sceptre Small Cap Opportunities Fund). Since April&nbsp;1993, he was an integral part of the Canadian Equity team at Sceptre and was appointed as a Managing Director of Sceptre in 1996. Prior to
April&nbsp;1993, Mr.&nbsp;Jacobs spent four years at Canada Life Investment Management Limited as the Portfolio Manager responsible for Canadian small cap equities and, prior to that, was employed
by Old Mutual, as the Portfolio Manager responsible for its flagship $5&nbsp;billion fund, which was the largest equity fund in South&nbsp;Africa. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>Anne Spork</U>  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ms.&nbsp;Spork joined the Manager (and&nbsp;its predecessor Sprott Asset Management&nbsp;Inc.) in December&nbsp;2001 as a
Vice-President and Senior Portfolio Manager. Ms.&nbsp;Spork now serves as the President of Sprott Private Wealth&nbsp;LP and Sprott Private Wealth&nbsp;GP&nbsp;Inc.
Ms.&nbsp;Spork
has accumulated over 28&nbsp;years of experience in the investment industry. Shortly after its formation in 1981, Ms.&nbsp;Spork joined Sprott Securities Limited (a&nbsp;predecessor to Sprott
Securities&nbsp;Inc. and now Cormark Securities&nbsp;Inc.) and was instrumental in helping the firm develop into one of the most successful institutional brokerage firms in Canada. During the past
24&nbsp;years, Ms.&nbsp;Spork has directly participated in all aspects of sales and trading functions of both the institutional equities and sales departments of Sprott Securities&nbsp;Inc. and
Sprott Asset Management&nbsp;Inc., respectively, including direct sales coverage of institutional clients and high net worth individuals. Ms.&nbsp;Spork graduated with a Bachelor of Business
Administration from Walsh College of Accountancy and Business Administration in 1979 and received her Canadian Investment Manager designation in&nbsp;1997. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>41</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>Peter Hodson</U>  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Hodson joined the Manager (and&nbsp;its predecessor Sprott Asset Management&nbsp;Inc.) in January&nbsp;2006 and is
currently the lead Portfolio Manager for the Sprott Growth Fund. Mr.&nbsp;Hodson also serves as Chairman of the general partner of the Manager. Mr.&nbsp;Hodson has over 22&nbsp;years of
experience in the investment industry. Prior to January&nbsp;2006, Mr.&nbsp;Hodson was a Vice-President, Portfolio Management at CI Investments where he was responsible for overseeing
the management of various retail mutual funds under the Signature Group; prior to October&nbsp;2005, he was a Vice-President, Investments at Waterfall Investment&nbsp;Inc.; prior to
October&nbsp;2003, he was a Vice-President, Investments at CI Investments when CI acquired Synergy Mutual Funds&nbsp;Ltd. in 2003 where he had been a Portfolio Manager since
November&nbsp;1997; prior to October&nbsp;1994, he was an Associate Director, Equities where he managed over $1&nbsp;billion in assets for a small cap fund at Mutual Asset Management&nbsp;Ltd.
and; prior to 1991, he was a Managing Director at Dominion Bond Rating Service. Mr.&nbsp;Hodson graduated with a Bachelor of Arts in Economics from the University of Western Ontario in 1985 and
received his Chartered Financial Analyst designation in&nbsp;1991. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>Kevin Bambrough</U>  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Bambrough joined the Manager (and&nbsp;its predecessor Sprott Asset Management&nbsp;Inc.) in 2002 as a Research Analyst
and subsequently assumed the role of Market Strategist in 2006. Mr.&nbsp;Bambrough currently also serves as the President of Sprott&nbsp;Inc., the President and Chief Executive Officer of Sprott
Resource Corp. and the President, Chief Executive Officer and Corporate Secretary of Sprott Consulting&nbsp;LP and Sprott Consulting&nbsp;GP&nbsp;Inc. Mr.&nbsp;Bambrough has over seven years
of experience in the investment industry. Since 2003, Mr.&nbsp;Bambrough has focused his analysis for the Manager on the resource sector with particular focus towards coal and uranium-mining, and in
his role as Market Strategist he also spends a significant portion of his time examining global economic activity, geopolitics, and commodity markets. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>Scott Dexter</U>  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Dexter joined the Manager (and&nbsp;its predecessor Sprott Asset Management&nbsp;Inc.) in April&nbsp;2005 as a Senior
Equity Trader. Mr.&nbsp;Dexter has over 12&nbsp;years of experience in equities trading. Prior to April&nbsp;2005, Mr.&nbsp;Dexter was a proprietary Trader at Acker Finley&nbsp;Inc. and,
prior to November&nbsp;2000, he was an Institutional Equities Trader covering hedge funds, pension funds and mutual funds at Sprott Securities&nbsp;Inc. (now&nbsp;Cormark
Securities&nbsp;Inc.). Mr.&nbsp;Dexter graduated with a Bachelor of Arts in Economics from Hamilton College in&nbsp;1992. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Powers and Duties of the Manager  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the trust agreement and management agreement, the Manager has the full authority and exclusive power to manage and direct
the business and affairs of the Trust including, without limitation, to provide the Trust with all necessary investment management services and all clerical, administrative and operational services.
The powers and duties of the Manager are described in more detail in "Description of the Trust Agreement&#151;The Manager" and "Certain Transactions&#151;Management Agreement." </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager has the right to resign as Manager of the Trust by giving notice in writing to the Trustee and the unitholders not less than 90&nbsp;days prior to the date on which such
resignation is to take effect. Such resignation will take effect on the date specified in such notice. Notwithstanding the foregoing, no approval of, or notice to, unitholders is required to be
provided by the Manager if a change in manager is the result of a reorganization of the current Manager which does not result in a change of control of the current Manager. The Manager will appoint a
successor manager of the Trust, and, unless the successor manager is an affiliate of the Manager, such appointment must be approved by unitholders holding units representing in aggregate not less than
50% of the value of the net assets of the Trust as determined in accordance with the trust agreement. If, prior to the effective date of the Manager's resignation, a successor manager is not appointed
or the unitholders do not approve of the appointment of the successor manager as required under the trust agreement, the Trust will be terminated and dissolved upon the effective date of resignation
of the Manager and, after providing for the liabilities of the Trust, the property of the Trust will be distributed to the unitholders in accordance with the provisions of the trust agreement and the
Trustee and the Manager will continue to act as trustee and manager, respectively, of the Trust until such property of the Trust has been so distributed. See "Termination of the&nbsp;Trust." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>42</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Standard of Care and Indemnification of the Manager  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager will exercise the powers and discharge the duties of its office honestly, in good faith and in the best interests of the
Trust and in connection therewith will exercise the degree of care, diligence and skill that a reasonably prudent professional manager would exercise in comparable circumstances. The standard of care
and indemnification of the Manager are described in "Certain Transactions&#151;Management Agreement" and "Description of the Trust Agreement." </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Conflicts of Interest of the Manager  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager will be responsible for the management, administration and investment management of the portfolio held by the Trust. The
Manager provides, and may in the future provide, management and/or investment advisory services to other corporations, limited partnerships or other investment funds or managed accounts in addition to
the Trust including, without limitation, the Sprott Gold Bullion Fund. In the event that the Manager elects to undertake such activities and other business activities in the future, the Manager and
its principals may be subject to conflicting demands in respect of allocating management time, services and other functions. The Manager and its principals and affiliates will endeavor to treat each
client, investment pool and managed account fairly and not to favor one client, investment pool or managed account over&nbsp;another. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
executing its duties on behalf of the Trust, the Manager will be subject to the provisions of the trust agreement, the management agreement and the Manager's Code of Ethics
(a&nbsp;copy of which is available for review upon request at the offices of the Manager), which provide that the Manager will execute its duties in good faith and with a view to the best interests
of the Trust and its unitholders. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Regulation of the Manager  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager is registered with the Ontario Securities Commission as a portfolio manager and as an exempt market dealer. The Manager's
operations are subject to the rules, regulations and policies of the Canadian Securities Administrators. The distribution of the securities of the various investment funds managed by the Manager is
also subject to regulation under the securities legislation of those jurisdictions where such funds are&nbsp;sold. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager is subject to regulations that cover all aspects of the securities business, including sales methods, trading practices, use and safekeeping of funds and securities, capital
structure, record-keeping, conflicts of interest and the conduct of directors, officers and employees. The Ontario Securities Commission has jurisdiction over the Manager and its activities and is
empowered to conduct administrative proceedings
that can result in censure, fine, the issuance of cease-and-desist orders or the suspension of registration of the Manager or its directors, officers or employees. The Manager
is also subject to rules respecting the maintenance of minimum regulatory working capital and insurance. The Manager regularly reviews its policies, practices and procedures to ensure that they comply
with current regulatory requirements and employees are routinely updated on all relevant legal requirements. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager is also subject to Canadian federal and provincial privacy laws regarding the collection, use, disclosure and protection of client information. The </FONT> <FONT SIZE=2><I>Personal Information Protection and Electronic Documents
Act</I></FONT><FONT SIZE=2> (Canada), to which we will refer as PIPEDA, which is the Canadian federal privacy
legislation governing the private sector, requires that organizations only use personal information for purposes that a reasonable person would consider appropriate in the circumstances and for the
purposes for which it is collected. The Trust will comply with the applicable requirements of PIPEDA and all applicable provincial personal information laws. The Manager, on behalf of the Trust,
collects personal information directly from the investors or through their financial advisor and/or dealer in order to provide such investor with services in connection with their investment, to meet
legal and regulatory requirements and for any other purposes to which such investor may&nbsp;consent. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager does not sell, lease, barter or otherwise deal with personal information collected by it with third parties. The Manager carefully safeguards all personal information
collected and retained by it and, to that end, restricts access to personal information to those employees and other persons who need to know the information to enable the Manager to provide its
services. Employees are responsible for ensuring the </FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>confidentiality
of all personal information they may access. Annually, each of the Manager's employees is required to sign a code of conduct, which contains policies on the protection of personal
information. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Independent Review Committee  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with applicable Canadian securities legislation, the Manager has established an independent review committee for all
mutual funds and non-redeemable investment funds managed by the Manager or any of its affiliates, which includes the Trust. The independent review committee is composed of three members,
each of whom is independent of the Manager and its affiliates, and free from any interest and any business or other relationship which could, or could be reasonably perceived to, materially interfere
with the exercise of an independent review committee member's judgment. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager will refer all conflict of interest matters to the independent review committee for its review and/or approval. The Manager has established a written charter for the
independent review committee, which includes its mandate, responsibilities and functions, and the written policies and procedures it will follow when performing its functions, including dealing with
conflict of interest matters. The Manager will maintain records in respect of these matters and will provide assistance to the independent review committee in carrying out its functions. The
independent review committee will conduct regular assessments and
provide reports, at least annually, to the Trust and to unitholders in respect of its functions. The report prepared by the independent review committee will be made available on the Trust's website
(www.sprottphysicalgoldtrust.com) or, at a unitholder's request, sent to the unitholder at no&nbsp;cost. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
independent review committee will: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>review
and provide input on the Manager's written policies and procedures that deal with conflict of interest matters;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>review
conflict of interest matters referred to it by the Manager and make recommendations to the Manager regarding whether the Manager's proposed actions
in connection with the conflict of interest matter achieve a fair and reasonable result for the&nbsp;Trust;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>consider
and, if deemed appropriate, approve the Manager's decision on a conflict of interest matter that the Manager refers to the independent review
committee for approval;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>perform
such other duties as may be required of the independent review committee under applicable Canadian securities legislation. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
fees and expenses of the independent review committee incurred in connection with its duties with respect to the Trust will be paid by the Trust and the independent review committee
will have the authority to retain, at the expense of the Trust, independent counsel or other advisors if the independent review committee deems it appropriate to do so. The members of the independent
review committee will be indemnified by the Trust, except in cases of willful misconduct, bad faith, negligence or breach of their standard of&nbsp;care. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
current members of the IRC and their principal occupations are as follows: </FONT></P>
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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Principal Occupation </B></FONT></TH>
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<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Lawrence A. Ward<BR>
Toronto, Ontario, Canada</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Consultant</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>W. William Woods<BR>
Toronto, Ontario, Canada</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><p align=center style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consultant</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Eamonn McConnell<BR>
Toronto, Ontario, Canada</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><p align=center style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Consultant</FONT></TD>
</TR>
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 <P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Trustee  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the trust agreement, RBC Dexia is the trustee of the Trust. The Trustee is a trust company existing under the laws of
Canada. The principal office of the Trustee is located at 155&nbsp;Wellington Street West, Street Level, Toronto, Ontario, Canada M5V&nbsp;3L3. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Custodians  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mint serves as custodian for the physical gold bullion owned by the Trust pursuant to the Precious Metals Storage Agreement dated
November&nbsp;27, 2009. RBC Dexia serves as the custodian of the Trust's assets other than physical gold bullion pursuant to the trust agreement. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Auditors  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The auditors of the Trust are Ernst&nbsp;&amp; Young&nbsp;LLP, Chartered Accountants, Licensed Public Accountants, and their principal
office is located at Ernst&nbsp;&amp; Young Tower, 222&nbsp;Bay Street, Toronto, Ontario, Canada, M5K&nbsp;1J7. The auditors will annually audit the financial statements of the Trust to determine
whether they fairly represent, in all material respects, the Trust's financial position, results of operations and changes in net assets in accordance with IFRS. The auditors will also attend a count
of the physical gold bullion owned by the Trust on an annual&nbsp;basis. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Transfer Agent And Registrar  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to a transfer agent, registrar and disbursing agent agreement dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2009, Equity Transfer&nbsp;&amp;
Trust
Company was appointed as the transfer agent and registrar for the units. Equity Transfer&nbsp;&amp; Trust Company's principal office is located at 200&nbsp;University Avenue, Suite&nbsp;400,
Toronto, Ontario, Canada, M5H&nbsp;4H1. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Valuation Agent  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to a valuation services agreement dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2009, RBC Dexia was appointed by the Manager as the valuation
agent
of the Trust. The valuation agent provides, among other things, valuation and financial reporting services to the Trust and calculates the total value of net assets of the Trust and the NAV on a daily
basis. The valuation services agreement is described in detail in "Computation of Net Asset Value&#151;The Valuation Services Agreement." </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Promoter  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager may be considered a promoter of the Trust within the meaning of the securities legislation of certain of the provinces and
territories of Canada by reason of its initiative in organizing the Trust. See "&#151;The Manager." The Manager does not own any units. The Manager will be entitled to ongoing management fees
payable by the Trust. See "Certain Transactions&#151;Management Agreement." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>45</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I> <A NAME="di14004_custody_of_the_trust_s_assets"> </A>
<A NAME="toc_di14004_1"> </A>
<BR>    </I></FONT><FONT SIZE=2><B>  CUSTODY OF THE TRUST'S ASSETS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Custodian for the Trust's Physical Gold Bullion  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mint will act as custodian of the physical gold bullion owned by the Trust pursuant to the Precious Metals Storage
Agreement between the Manager and the Mint. The Mint is a Canadian Crown corporation responsible for the minting and distribution of Canada's circulation coins. An ISO&nbsp;9001-2000
certified company, the Mint offers a wide range of specialized, high quality coinage products and related services on an international scale. For its services under the Precious Metals Storage
Agreement, which has a term of three years, the Mint will receive a fee, initially $10.00 per bar per month. Such fee is subject to increase following a 30&nbsp;day written notice to that effect in
the event of changes in economic conditions that increase the Mint's operating costs. Transportation of physical gold bullion to or from
the Mint by way of armored transportation service carrier will be subject to a separate agreement between the Manager and the Mint, pursuant to which the Trustee will be obligated to reimburse the
Mint for such transportation costs (except in connection with a redemption of units for physical gold bullion by a unitholder, in which case such costs will be borne by the redeeming unitholder). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Precious Metals Storage Agreement, upon written notice from the Manager to the Mint of the Manager's intention to have any of the Trust's physical gold bullion delivered to the
Mint, to which we will refer as the initial notice, the Mint will receive such physical gold bullion based on a list provided by the Manager in such written notice that specifies the amount, weight,
type, assay characteristics and value, and serial number of the London Good Delivery bars. After verification, the Mint will issue a "Receipt of Deposit" that confirms the bar count and the total
weight in fine ounces. The Mint reserves the right to refuse delivery in the event of storage capacity limitations. In the event of a discrepancy arising during the verification process, the Mint will
promptly notify the Manager. The Mint will keep the Trust's physical gold bullion specifically identified as the Trust's property and will keep it on a labeled shelf or physically segregated pallets
at all times. The Mint will provide a monthly inventory statement, which the Manager will reconcile with the Trust's records of its physical gold bullion holdings. The Manager will have the right to
audit the physical storage of the Trust's physical gold bullion at the Mint upon request on any Mint business day (which means any day other than a Saturday, Sunday or a holiday observed by the Mint)
during the Mint's regular business hours, provided that such audit does not interrupt the routine operation of the Mint's facility. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the Mint's receipt and taking into possession and control of any of the Trust's physical gold bullion, whether through physical delivery or a transfer of the physical gold bullion
from a different customer's account at the Mint, the Mint's liability will commence with respect to such physical gold bullion. The Mint will bear all risk of physical loss of, or damage to, physical
gold bullion of the Trust in the Mint's custody, except in the case of circumstances or causes beyond the Mint's reasonable control, including, without limitation, acts or omissions or the failure to
cooperate of the Manager, acts or omissions or the failure to cooperate by any third party, fire or other casualty, act of God, strike or labor dispute, war or other violence, or any law, order or
requirement of any governmental agency or authority, and has contractually agreed to replace or pay for lost, damaged or destroyed physical gold bullion in the Trust's account while in the Mint's
care, custody and control. The Mint's liability terminates with respect to any physical gold bullion upon termination of the Precious Metals Storage Agreement, whether or not the Trust's physical gold
bullion remains in the Mint's possession and control, upon transfer of such physical gold bullion to a different customer's account at the Mint, as requested by the Manager, or at the time such
physical gold bullion is remitted to the armored transportation service carrier pursuant to delivery instructions provided by the Manager on behalf of a redeeming unitholder. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of physical loss, damage or destruction of the Trust's physical gold bullion in the Mint's custody, care and control, the Manager must give written notice to the Mint within
five Mint business days after the discovery of any such loss, damage or destruction, but, in the case of loss or destruction of the Trust's physical gold bullion, in any event no more than
30&nbsp;days after the delivery by the Mint to the Trust of an inventory statement in which the discrepancy first appears. The Mint will, at its option, either (i)&nbsp;replace, or restore to its
original state in the event of partial damage, as the case may be, the Trust's physical gold bullion that was lost, destroyed or damaged within five Mint business days from the date the Mint becomes
aware of said loss or destruction, based on the advised weight and assay characteristics provided in the initial notice or (ii)&nbsp;compensate the Trust, through the Manager, for the monetary value
of the Trust's physical gold bullion that was lost or destroyed, within five&nbsp;Mint business days from the date the Mint becomes aware of said loss or destruction, based on the advised weight and
assay characteristics provided in the initial notice and the market value of such physical gold bullion that was lost or destroyed, using the first available afternoon (P.M.) London fix of the LBMA
from the date the Mint becomes aware of said loss or destruction. If such notice is not given in accordance with the terms of the Precious Metals </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>46</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>Storage
Agreement, all claims against the Mint will be deemed to have been waived. In addition, no action, suit or other proceeding to recover any loss, damage or destruction may be brought against
the Mint unless notice of such loss, damage or destruction has been given in accordance with the terms of the Precious Metals Storage Agreement and unless such action, suit or proceeding shall have
been commenced within 12&nbsp;months from the time such notice is sent to the Mint. The Mint will not be responsible for any special, incidental, consequential, indirect or punitive losses or
damages (including lost profits or lost&nbsp;savings), except as a result of gross negligence or willful misconduct by the Mint and whether or not the Mint had knowledge that such losses or damages
might be incurred. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Mint operates pursuant to the </FONT><FONT SIZE=2><I>Royal Canadian Mint Act</I></FONT><FONT SIZE=2> (Canada) and is a Canadian Crown corporation. Crown corporations are "agents of
Her Majesty the Queen" and, as such, operate with the full faith and credit of the Government of Canada. A Crown corporation may be sued for breach of contract or for wrongdoing in tort where it has
acted on its own behalf or on behalf of the Crown. However, a Crown corporation may be entitled to immunity if it acts as agent of the Crown rather than in its own right and on its own behalf.
Although the Mint has entered into the Precious Metals Storage Agreement on its own behalf and not on behalf of the Crown, a court may determine that, when acting as custodian of the Trust's physical
gold bullion, the Mint acted as agent of the Crown, and that the Mint may be entitled to immunity of the Crown. Consequently, a unitholder may not be able to recover for any losses incurred as a
result of the Mint's acting as custodian of the Trust's physical gold bullion. See "Risk Factors&#151;Under Canadian law, the Trust and unitholders may have limited recourse against
the&nbsp;Mint." </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Mint reserves the right to reject physical gold bullion delivered to it if the physical gold bullion contains a hazardous substance or if the physical gold bullion is or becomes
unsuitable or undesirable for metallurgical, environmental or other&nbsp;reasons. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager will not be responsible for any losses or damages to the Trust arising out of any action or inaction by the Trust's custodians or any sub-custodian holding the
assets of the&nbsp;Trust. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager, with the consent of the Trustee, will have the authority to change the custodial arrangement described above including, but not limited to, the appointment of a replacement
custodian and/or additional custodians. The Manager may terminate the custodial relationship with the Mint if the Mint has committed a
material breach of its obligations under the Precious Metals Storage Agreement that is not cured within 30&nbsp;days. The obligations of the Mint include, but are not limited to, maintaining an
inventory of the Trust's physical gold bullion stored with the Mint, providing a monthly inventory to the Trust, maintaining the Trust's physical gold bullion physically segregated and specifically
identified as the Trust's property, and taking good care, custody and control of the Trust's physical gold bullion. The Trust believes that all of these obligations are material and anticipates that
it would terminate the Mint as custodian if the Mint breaches any such obligation and does not cure such breach within 30&nbsp;days. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Mint carries such insurance as it deems appropriate for its businesses and its position as custodian of the Trust's physical gold bullion and will provide the Trust with at least
30&nbsp;days' notice of any cancellation or termination of such coverage. Based on information provided by the Mint, the Manager believes that the insurance carried by the Mint, together with its
status as a Canadian Crown corporation with its obligations backed by the full faith and credit of the Government of Canada, provides the Trust with such protection in the event of loss or theft of
the Trust's physical gold bullion stored at the Mint that is consistent with the protection afforded under insurance carried by other custodians that store gold commercially. In addition, if the Mint
were to become a private enterprise, the Manager on behalf of the Trust will make a determination whether the Mint should remain the custodian of the Trust's physical gold bullion in light of
applicable circumstances, such as the level of insurance carried by the Mint after such privatization, the availability of other custodians and the risk in moving the Trust's physical gold bullion to
another custodian. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Custodian for the Trust's Assets Other Than Physical Gold Bullion  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBC Dexia will act as the custodian of the Trust's assets other than physical gold bullion pursuant to the trust
agreement. As compensation for the custodial services rendered to the Trust, RBC Dexia will receive such fees as mutually agreed upon with the Manager from time to time, currently
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
year. RBC Dexia will be responsible for the safekeeping of all of the assets of the Trust delivered to it and will act as the custodian of such assets. The Manager, in accordance with applicable law
and with the consent of the Trustee, will have the authority to change the custodial arrangement described above including, but not limited to, the appointment of a replacement custodian and/or
additional custodians. RBC Dexia carries such insurance as it deems appropriate for its businesses and its position as custodian of the Trust's assets. The trust agreement does not require RBC Dexia
to carry insurance in connection with any claims the Trust or unitholders may have against RBC Dexia in its capacity as custodian of the Trust's&nbsp;assets. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>47</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dk14004_description_of_the_units"> </A>
<A NAME="toc_dk14004_1"> </A>
<BR></FONT><FONT SIZE=2><B>  DESCRIPTION OF THE UNITS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust is authorized to issue an unlimited number of units in one or more classes and series of a class. Currently, the Trust has
issued only one class or series of units, which are the units offered in this offering. Each unit of a class or series of a class represents an undivided ownership interest in the net assets of the
Trust attributable to that class or series of a class of units. Units are transferable and redeemable at the option of the unitholder in accordance with the provisions set forth in the trust
agreement. All units of the same class or series of a class have equal rights and privileges with respect to all matters, including voting, receipt of distributions from the Trust, liquidation and
other events in connection with the Trust. Units and fractions thereof will be issued only as fully paid and non-assessable. Units will have no preference, conversion, exchange or
pre-emptive rights. Each whole unit of a particular class or series of a class entitles the holder thereof to a vote at meetings of unitholders where all classes vote together, or to a
vote at meetings of unitholders where that particular class or series of a class of unitholders votes separately as a&nbsp;class. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust may not issue additional units of the class offered in this offering following the completion of this offering except (i)&nbsp;if the gross proceeds per unit to be received
by the Trust are not less than 100% of the most recently calculated NAV immediately prior to, or upon, the determination of the pricing of such issuance or (ii)&nbsp;by way of unit distribution in
connection with an income distribution. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Book-based System  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration or transfers of the units will be made through the book-based system of CDS Clearing and Depository
Services&nbsp;Inc., to which we will refer as CDS. On the date of closing of this offering, definitive certificates evidencing the units subscribed for under this offering will be available for
delivery by the&nbsp;Trust. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Depository Trust Company, to which we will refer as DTC, will act as a CDS participant for units held by DTC on behalf of its participants (i.e.,&nbsp;U.S.&nbsp;brokers), which
in turn may hold the units on behalf of their customers. References in this prospectus to a holder of units or unitholder means, unless the context otherwise requires, the owner of the beneficial
interest in such&nbsp;units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust, the Manager, and the underwriters will not have any liability for (i)&nbsp;records maintained by CDS relating to the beneficial interests in the units or the
book-based accounts maintained by CDS; (ii)&nbsp;maintaining, supervising or reviewing any records relating to such beneficial ownership interests; or (iii)&nbsp;any advice or
representation made or given by CDS and made or given with respect to the rules and regulations of CDS or any action taken by CDS or at the direction of the CDS participants. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust has the option to terminate registration of the units through the book-based systems in which case certificates for units in fully registered form will be issued to
beneficial owners of such units or to their&nbsp;nominees. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>48</FONT></P>

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NAME="dk14004_redemption_of_units"> </A>
<A NAME="toc_dk14004_2"> </A>
<BR></FONT><FONT SIZE=2><B>  REDEMPTION OF UNITS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms of the trust agreement and the Manager's right to suspend redemptions in the circumstances described below, units
may be redeemed at the option of a unitholder in any month for physical gold bullion or cash. All redemptions will be determined using U.S.&nbsp;dollars, regardless of whether the redeemed units
were acquired on the NYSE Arca or the TSX. Redemption requests will be processed on the last business day of the applicable month. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Redemptions for Physical Gold Bullion  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unitholders whose units are redeemed for physical gold bullion will be entitled to receive a redemption price equal to 100% of the NAV
of the redeemed units on the last day of the month on which the NYSE Arca is open for trading for the month in respect of which the redemption request is processed. Redemption requests must be for
amounts that are at least equivalent to the value of one London Good Delivery bar or an integral multiple thereof, plus applicable expenses. A "London Good Delivery bar" weighs between 350 and
430&nbsp;troy ounces (generally, most bars weigh between 390 and 410&nbsp;troy ounces). Any fractional amount of redemption proceeds in excess of a London Good Delivery bar or an integral multiple
thereof will be paid in cash at a rate equal to 100% of the NAV of such excess amount. The ability of a unitholder to redeem units for physical gold bullion may be limited by the sizes of London Good
Delivery bars held by the Trust at the time of redemption. A unitholder redeeming units for gold will be responsible for expenses in connection with effecting the redemption and applicable delivery
expenses, including the handling of the notice of redemption, the delivery of the physical gold bullion for units that are being redeemed and the applicable gold storage
in-and-out fees. For delivery in the continental U.S. and Canada, delivery expenses are currently estimated to be $5 per troy ounce at current rates. Current gold storage
in-and-out fees are approximately $5 per bar with a minimum charge of&nbsp;$50. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Procedure to Redeem for Physical Gold Bullion  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A unitholder that owns a sufficient number of units who desires to exercise redemption privileges for physical gold bullion must do so
by instructing his, her or its broker, who must be a direct or indirect participant of DTC or CDS, to deliver to the Trust's transfer agent on behalf of the unitholder a written notice, to which we
will refer as the Gold Redemption Notice, of the unitholder's intention to redeem units for physical gold bullion. A form of Gold Redemption Notice is attached to this prospectus as Exhibit&nbsp;A.
A Gold Redemption Notice must be received by the Trust's transfer agent no later than 4:00&nbsp;p.m., Toronto time, on the 15<SUP>th</SUP>&nbsp;day of the month in which the Gold Redemption
Notice will be processed or, if such day is not a business day, then on the immediately following day that is a business day. Any Gold Redemption Notice received after such time will be processed in
the next month. Any Gold Redemption Notice must include a valid signature guarantee to be deemed valid by the&nbsp;Trust. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as provided under "Redemption of Units&#151;Suspension of Redemptions" below, by instructing a broker to deliver to the Trust's transfer agent a Gold Redemption Notice, the
unitholder will be deemed to have irrevocably surrendered his, her or its units for redemption and appointed such broker to act as his, her or its exclusive settlement agent with respect to the
exercise of such redemption privilege and the receipt of payment in connection with the settlement of obligations arising from such&nbsp;exercise. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once
a Gold Redemption Notice is received by the Trust's transfer agent, the transfer agent, together with the Manager, will determine whether such Gold Redemption Notice complies with
the applicable requirements, is for an amount of gold that is equal to at least one London Good Delivery bar in the Trust's inventory at the Mint plus applicable expenses, and contains delivery
instructions that are acceptable to the armored service transportation carrier. If the Trust's transfer agent and the Manager determine that the
Gold Redemption Notice complies with all applicable requirements, it will provide a notice to such redeeming unitholder's broker confirming that the Gold Redemption Notice was received and determined
to be&nbsp;complete. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Gold Redemption Notice delivered to the Trust's transfer agent regarding a unitholder's intent to redeem units that the transfer agent or the Manager, in their sole discretion,
determines to be incomplete, not in proper form, not duly executed or for an amount of physical gold bullion less than at least one London Good </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>49</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>Delivery
bar held by the Trust at the Mint, or in an amount that cannot be satisfied based on the bar sizes of physical gold bullion owned by the Trust will for all purposes be void and of no effect,
and the redemption privilege to which it relates will be considered for all purposes not to have been exercised thereby. If the Trust's transfer agent and the Manager determine that the Gold
Redemption Notice does not comply with the applicable requirements, the transfer agent will provide a notice explaining the deficiency to the unitholder's broker. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Gold Redemption Notice is determined to have complied with the applicable requirements, the Trust's transfer agent and the Manager will determine on the last business day of the
applicable month the amount of physical gold bullion and the amount of cash that will be delivered to the redeeming unitholder. Also on the last business day of the applicable month, the redeeming
unitholder's broker will deliver the redeemed units to CDS or DTC, as the case may be, for cancellation. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
London Good Delivery bars vary in weight from 350 to 430&nbsp;troy ounces, the Trust's transfer agent and the Manager have some discretion on the amount of physical gold
bullion the redeeming unitholder will receive based on the weight of gold bars owned by the Trust and the amount of cash necessary to cover the expenses associated with the redemption and delivery
that must be paid by the redeeming unitholder. Once such determination has been made, the Trust's transfer agent will inform the broker through which the unitholder has delivered its Gold Redemption
Notice of the amount of physical gold bullion and cash that the redeeming unitholder will&nbsp;receive. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on instructions from the Manager, the Mint will release the requisite amount of physical gold bullion from its custody to the armored transportation service carrier. See
"Redemption of Units&#151;Transporting the Gold from the Mint to the Redeeming Unitholder." As directed by the Manager, any cash to be received by a redeeming unitholder in connection with a
redemption of units for physical gold bullion will be delivered or caused to be delivered by the Manager to the unitholder's brokerage account within 10&nbsp;business days after the month in which
the redemption is&nbsp;processed. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Transporting the Gold from the Mint to the Redeeming Unitholder  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A unitholder redeeming units for physical gold bullion will receive the physical gold bullion from the Mint. Physical gold bullion
received by a unitholder as a result of a redemption of units will be delivered by armored transportation service carrier pursuant to delivery instructions provided by the unitholder. The armored
transportation service carrier will be engaged by or on behalf of the redeeming unitholder. Such physical gold bullion can be delivered (i)&nbsp;to an account established by the unitholder at an
institution located in North America authorized to accept and hold London Good Delivery bars; (ii)&nbsp;in the United&nbsp;States, to any physical address (subject to approval by the armored
transportation service carrier); (iii)&nbsp;in Canada, to any business address (subject to approval by the armored transportation service carrier); and (iv)&nbsp;outside of the
United&nbsp;States and Canada, to any address approved by the armored transportation service carrier. Physical gold bullion delivered to an institution located in North America authorized to accept
and hold London Good Delivery bars will likely retain its London Good Delivery status while in the custody of such institution; physical gold bullion delivered pursuant to a unitholder's delivery
instruction to a destination other an institution located in North America authorized to accept and hold London Good Delivery bars will no longer be deemed London Good Delivery once received by
the&nbsp;unitholder. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs
associated with the redemption of units and the delivery of physical gold bullion will be borne by the redeeming unitholder, and current rates are estimated to be $5 per troy ounce
for delivery to addresses in the continental United&nbsp;States and Canada. Also, the redeeming unitholder will be responsible for in-and-out fees charged by the Mint,
currently $5 per bar with a minimum fee of $50. Unitholders interested in redeeming units for physical gold should contact the Manager for current costs associated with the delivery of gold pursuant
to the unitholder's delivery instructions. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
armored transportation service carrier will receive physical gold bullion in connection with a redemption of units approximately 10&nbsp;business days after the end of the month in
which the redemption notice is processed. Once the physical gold bullion representing the redeemed units has been placed with the armored transportation service carrier, the Mint will no longer bear
the risk of loss of, and damage to, such physical gold </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>50</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>bullion.
In the event of a loss after the physical gold bullion has been placed with the armored transportation service carrier, the unitholder will not have recourse against the&nbsp;Trust. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Example of a Redemption for Physical Gold Bullion  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the following example of a redemption of units for physical gold bullion, we have assumed the&nbsp;following: </FONT></P>
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<TD WIDTH="" style="font-family:times;"></TD>
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<TD WIDTH="96pt" style="font-family:times;"></TD>
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<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Date that the Gold Redemption Notice was received in good order by the Trust's transfer agent</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>June&nbsp;12</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Date by which the Gold Redemption Notice must be received to be processed in that month</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>June&nbsp;15</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Number of units redeemed</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>42,000&nbsp;units</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>NAV on June&nbsp;30</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>$10.00</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Price of gold per troy ounce on June&nbsp;30</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>$1,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amount of physical gold bullion represented by each unit</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1/100&nbsp;troy ounce</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Delivery fee per troy ounce</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>$5</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>In-and-out fee per bar charged by the Mint</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>$50</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Gold Redemption Notice is received by the Trust's transfer agent before June&nbsp;15, so the redemption will be processed in the month ending June&nbsp;30 (for&nbsp;purposes of
this example, we have assumed that June&nbsp;15, June&nbsp;30 and July&nbsp;1 are business days). The Trust's transfer agent and the Manager review the Gold Redemption Notice and determine that
(i)&nbsp;it complies with all applicable requirements and (ii)&nbsp;the number of units redeemed is equal to 420&nbsp;troy ounces of gold, which is sufficient in amount for one London Good
Delivery bar plus expected expenses. For purposes of estimating the amount of physical gold bullion to be received by the redeeming unitholder, the Manager estimates the expenses at approximately
$2,000; at $1,000 per troy ounce, such expenses equal approximately 2&nbsp;ounces. Therefore, the Manager determines that the redeeming unitholder will receive approximately 418&nbsp;troy ounces
of physical gold bullion and notifies the Mint that a redemption of approximately 418&nbsp;troy ounces is scheduled. The transfer agent then sends a notice to the redeeming unitholder's broker that
the Gold Redemption Notice has been received and determined to be&nbsp;complete. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Mint reviews the list of London Good Delivery bars owned by the Trust and stored at the Mint. The Mint then determines that there are two bars that fall into the desired range, one
weighing 400&nbsp;troy ounces and one weighing 410&nbsp;troy ounces, and informs the Manager of the available&nbsp;bars. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager then determines the delivery and in-and-out expenses for a gold bar weighing 410&nbsp;troy ounces, which are $5&nbsp;&times;&nbsp;410 plus
$50, for a total of $2,100. Since the redemption request is for an amount equal to 420&nbsp;troy ounces of gold, the redeeming unitholder will receive one London Good Delivery bar weighing
410&nbsp;troy ounces plus cash in an amount equal to 10&nbsp;troy ounces of gold at NAV less delivery and in-and-out expenses, which equals $10,000 less $2,100, or $7,900.
The London Good Delivery bar weighing 410&nbsp;troy ounces will be received by the armored transportation service carrier within 10&nbsp;business days of June&nbsp;30, and the $7,900 in cash
will be delivered to the redeeming unitholder's brokerage account. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;30, the redeeming unitholder's broker will deliver 42,000&nbsp;units to CDS or DTC and, on July&nbsp;1, the Trust's transfer agent will observe the newly adjusted CDS
or DTC position and cancel the 42,000&nbsp;redeemed&nbsp;units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Redemptions for Cash  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unitholders whose units are redeemed for cash will be entitled to receive a redemption price per unit equal to 95% of the lesser of
(i)&nbsp;the volume-weighted average trading price of the units traded on the NYSE Arca or, if trading has been suspended on the NYSE Arca, the trading price of the units traded on the TSX, for the
last five days on which the respective exchange is open for trading for the month in which the redemption request is processed and (ii)&nbsp;the NAV of the redeemed units as of 4:00&nbsp;p.m.,
Toronto time, on the last day of such month on which the NYSE Arca is open for trading. Cash redemption proceeds will be transferred to a redeeming </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>51</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_dk14004_1_52"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>unitholder
approximately three business days after the end of the month in which such redemption request is processed by the&nbsp;Trust. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Procedure to Redeem for Cash  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To redeem units for cash, a unitholder must instruct the unitholder's broker to deliver a notice to redeem units for cash, to which we
will refer as a Cash Redemption Notice, to the Trust's transfer agent. A Cash Redemption Notice must be received by the Trust's transfer agent no later than 4:00&nbsp;p.m., Toronto time, on the
15<SUP>th</SUP>&nbsp;day of the month in which the Cash Redemption Notice will be processed or, if such day is not a business day, then on the immediately following day that is a business day.
Any Cash Redemption Notice received after such time will be processed in the next month. Any Cash Redemption Notice must include a valid signature guarantee to be deemed valid by the&nbsp;Trust. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as provided under "Redemption of Units&#151;Suspension of Redemptions" below, by instructing a Broker to deliver to the Transfer Agent a Cash Redemption Notice, the
unitholder will be deemed to have irrevocably surrendered his, her or its units for redemption and appointed such Broker to act as his, her or its exclusive settlement agent with respect to the
exercise of such redemption privilege and the receipt of payment in connection with the settlement of obligations arising from such&nbsp;exercise. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Cash Redemption Notice delivered to the Trust's transfer agent regarding a unitholder's intent to redeem units that the Trust's transfer agent or the Manager determines to be
incomplete, not in proper form or not duly executed will for all purposes be void and of no effect and the redemption privilege to which it relates will be considered for all purposes not to have been
exercised thereby. For each Cash Redemption Notice, the Trust's transfer agent will notify the redeeming unitholder's broker that such Cash Redemption Notice has been deemed insufficient or accepted
and duly processed, as the case may&nbsp;be. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
receipt of the Cash Redemption Notice, the Trust's transfer agent and the Manager will determine on the last business day of the applicable month the amount of cash that will be
delivered to the redeeming unitholder. Also on the last business day of the applicable month, the redeeming unitholder's broker will deliver the redeemed units to CDS or DTC, as the case may be, for
cancellation. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Canadian Tax Implications of Redemption  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the trust agreement, the Manager, in its sole discretion, may allocate and, where applicable, designate to a unitholder who
has redeemed units during a year an amount equal to any net income or net realized capital gains realized by the Trust for the year as a result of the disposition of any of the Trust's property to
satisfy the Gold Redemption Notice or the Cash Redemption Notice, as the case may be, given by such unitholder or such other amount that is determined by the Manager to be reasonable. See "Tax
Considerations." </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Suspension of Redemptions  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager, on behalf of the Trust, may suspend the right of unitholders to request a redemption of their units or postpone the date
of delivery or payment of the redemption proceeds (whether physical gold bullion and/or cash, as the case may be) with the prior approval of Canadian securities regulatory authorities having
jurisdiction, where required, for any period during which the Manager determines that conditions exist which render impractical the sale of assets of the Trust or which impair the ability of the
Manager to determine the value of the assets of the Trust or the redemption amount for the&nbsp;units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of any such suspension, the Manager will issue a press release announcing the suspension and will advise the Trustee, the Trust's valuation agent and any other agents
appointed by the Manager, as applicable. The suspension may apply to all requests for redemption received prior to the suspension, but as for which payment has not been made, as well as to all
requests received while the suspension is in effect. All unitholders making such requests will be advised by the Manager of the suspension and that the redemption will be effected at a price
determined on the first valuation date that the net asset value per unit is calculated following the termination of the suspension. All such unitholders will have, and will be advised that during such
suspension of redemptions that they have, the right to withdraw their requests for redemption. The suspension will terminate </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>52</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_dk14004_1_53"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>in
any event on the first business day on which the condition giving rise to the suspension has ceased to exist or when the Manager has determined that such condition no longer exists, provided that
no other condition under which a suspension is authorized then exists, at which time the Manager will issue a press release announcing the termination of the suspension and will advise the Trustee,
the Trust's valuation agent and any other agents appointed by the Manager, as applicable. Subject to applicable Canadian and U.S.&nbsp;securities laws, any declaration of suspension made by the
Manager, on behalf of the Trust, will be&nbsp;conclusive. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Suspension of Calculation of Net Asset Value Per Unit  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During any period in which the right of unitholders to request a redemption of their units for physical gold bullion and/or cash is
suspended, the Manager, on behalf of the Trust, will direct the Trust's valuation agent to suspend the calculation of the value of the net assets of the Trust, the NAV, the Class Net Asset Value (as
hereinafter defined) and the net asset value per unit for each class or series of a class of units. During any such period of suspension, the Trust will not issue or redeem any units. In the event of
any such suspension or termination thereof, the Manager will issue a press release announcing the suspension or the termination of such suspension, as the case may be. See "Computation of Net Asset
Value&#151;Suspension of Calculation of Net Asset Value Per&nbsp;Unit." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>53</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_dk14004_1_54"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dk14004_use_of_proceeds"> </A>
<A NAME="toc_dk14004_3"> </A>
<BR></FONT><FONT SIZE=2><B>  USE OF PROCEEDS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The estimated net proceeds from this offering, after deducting the underwriting commission and the estimated expenses of this offering,
will be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, (or&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the underwriters fully exercise their over-allotment option). The Trust will use
the net proceeds of this offering to acquire
physical gold bullion in accordance with the Trust's objective and subject to the Trust's investment and operating restrictions described herein. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>54</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_dm14004_1_55"> </A> </FONT> <FONT SIZE=2>


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</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dm14004_capitalization"> </A>
<A NAME="toc_dm14004_1"> </A>
<BR></FONT><FONT SIZE=2><B>  CAPITALIZATION    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the capitalization of the Trust as of December&nbsp;7, 2009, both before and after giving effect to
this&nbsp;offering. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="83pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="101pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:42pt;"><FONT SIZE=1><B>Designation

<!-- COMMAND=ADD_SCROPPEDRULE,42pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Authorized </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>As of<BR>
December&nbsp;7, 2009 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>As of<BR>
December&nbsp;7, 2009<BR>
after giving effect<BR>
to the offering<SUP>(1)</SUP> </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Units</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Unlimited</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (1&nbsp;unit)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;units)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total Capitalization</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>10</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
</TABLE></DIV>
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<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
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<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>After
deducting the underwriting commissions and the estimated applicable expenses of this&nbsp;offering. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>55</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_dm14004_1_56"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dm14004_distribution_policy"> </A>
<A NAME="toc_dm14004_2"> </A>
<BR></FONT><FONT SIZE=2><B>  DISTRIBUTION POLICY    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Distribution of Net Income and Net Realized Capital Gains to Unitholders  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the last business day of each fiscal year or such other time as the Manager otherwise determines, the Manager will determine the
net income and net realized capital gains in accordance with the trust agreement. The initial distribution policy of the Trust will be to make an annual distribution of such net income and net
realized capital gains, if any, to unitholders through a distribution of additional units. The Trust does not anticipate making regular cash distributions to unitholders. All distributions are at the
discretion of the Trustee, acting on the direction of the&nbsp;Manager. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions,
if any, of net income or net realized capital gains will generally be made to unitholders who were unitholders of record as of 5:00&nbsp;p.m., Toronto time, on the last
business day prior to any relevant distribution date. The amounts to be paid to a unitholder will be the amount of net income or net realized capital gains determined pursuant to the trust agreement
divided by the total number of units outstanding at 5:00&nbsp;p.m., Toronto time, on the distribution date multiplied by the number of units held by such unitholder as of 5:00&nbsp;p.m., Toronto
time, on the applicable distribution date. Notwithstanding the foregoing, the Manager may adopt a method of allocating an appropriate proportion of net income and net realized capital gains to
unitholders that redeemed units during the year. All distributions, if declared and paid, will be calculated and, if a cash distribution, paid in United&nbsp;States currency. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is the intention that the total amount due and payable in any year will not be less than the amount necessary to ensure that the Trust will not be liable for income tax under
Part&nbsp;I of the Tax&nbsp;Act for such year after taking into account the Trust's entitlement to a capital gains refund, if any. The Manager may direct that such distribution or payment will be
due and payable by the Trust in cash or in additional units. Where distributions are payable in additional units, the Trust's registrar or transfer agent, acting on the direction of the Manager, may
round up or round down the number of units in order to avoid the Trust issuing fractional units. Any additional units that are issued in this manner will be of the same class or series of a class at a
price equal to the NAV as of the valuation time on the applicable distribution date, and the units will be immediately consolidated so that the number of outstanding units following the distribution
will equal the number of units outstanding prior to the distribution. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing paragraph, where Canadian tax is required to be withheld in respect of a unitholder's share of a distribution paid in units, the consolidation will result
in such unitholder holding that number of units equal to the product of (i)&nbsp;the sum of the number of units held by such unitholder prior to the distribution and the number of units received by
such unitholder in connection with the distribution (net&nbsp;of the total of the number of whole or fractional units withheld by the Trust to satisfy the Trust's withholding obligations and the
number of whole or fractional units withheld pursuant to the trust agreement on account of the reasonable expenses incurred in respect of the sale of such units withheld on account of withholding
taxes), and (ii)&nbsp;a quotient, the numerator of which is the aggregate number of units outstanding prior to the distribution, and the denominator of which is the aggregate number of units that
would be outstanding following distribution and before the consolidation if no withholding were required in respect of any part of the distribution payable to any unitholders. Such unitholder will be
required to surrender the certificates, if any, representing such unitholder's original units in exchange for a certificate representing such unitholder's post-consolidation units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Additional Distributions, Designations, Determinations, Allocations and&nbsp;Elections  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to any distributions made to unitholders as described above, on the direction of the Manager, the Trust will at such times
and in such manner as directed by the Manager make such additional distributions of monies or properties of the Trust including, without restriction, returns of capital, in such amounts per unit,
payable at such time or times and to unitholders of record on such distribution date, as from time to time may be determined by the Manager, and make such designations, determinations, allocations and
elections for tax purposes of amounts or portions of amounts which it has received, paid, declared payable or allocated to unitholders and of expenses incurred by the Trust and of tax deductions of
which the Trust may be entitled, as the Manager may, in its sole discretion, determine. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>56</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Withholding Taxes  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager will deduct or withhold from distributions payable to any unitholder all amounts required by applicable law to be withheld
from such distributions, whether such distributions are in the form of cash, additional units or otherwise. In the event of a distribution in the form of additional units, the Manager may sell units
of such unitholder to pay such withholding taxes and to pay all reasonable expenses in respect of such sale and the Manager will have the power of attorney of such unitholder to do so. Any such sale
will be made in compliance with applicable law on any stock exchange on which the units are then listed and upon such sale, the affected unitholder will cease to be the holder of such units. In the
event that the net proceeds of any such sale of a unitholder's units exceed the statutory withholding required and the reasonable expenses incurred in respect of such sale, the Manager will remit such
excess to the&nbsp;unitholder. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Income Tax Statements  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or before March&nbsp;31 in each year, or in the case of a leap year on or before March&nbsp;30 in such year, if applicable, or
as otherwise required, the Manager will prepare and deliver or make available electronically, or cause to be prepared and delivered or be made available electronically, to unitholders information
pertaining to the Trust, including all distributions, designations, determinations, allocations and elections, which is required by the Tax&nbsp;Act or which is necessary to permit unitholders to
complete their individual income tax returns for the preceding&nbsp;year. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that amounts that were allocated, distributed or paid to unitholders as capital gains or as non-taxable payments are, for any reason, subsequently determined
(including as a result of an assessment or reassessment by any taxation authorities) to have been fully includible in the taxable income of the Trust for the relevant fiscal year, then the Manager
shall have the discretion to declare that all or part of such amounts shall be retroactively deemed to have been allocated, distributed and paid to unitholders out of the income of the Trust, and the
Manager may issue new or amended tax reporting slips to the relevant unitholders or former unitholders to report any such distributions to&nbsp;them. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
45&nbsp;days from the end of each taxable year of the Trust, the Manager will provide or cause to be provided to unitholders all information necessary to enable unitholders or
beneficial owners of units, as applicable, to elect to treat the Trust as a QEF within the meaning of Section&nbsp;1295 of the U.S.&nbsp;Internal Revenue Code for U.S.&nbsp;federal income tax
purposes and to comply with any reporting or other requirements incident to such election, including, but not limited to, providing or causing to be provided to unitholders or beneficial owners of
units, as applicable, a completed "PFIC Annual Information Statement" as required by U.S.&nbsp;Treasury Regulations Section&nbsp;1.1295-1(g). The Manager will comply and cause the
Trust to comply with all applicable requirements of the U.S.&nbsp;Treasury Regulations necessary to enable unitholders or beneficial owners of units, as applicable, to elect to treat the Trust as
a&nbsp;QEF. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Unclaimed Interest, Dividends or Distributions  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Trust's registrar or transfer agent holds interest, dividends or other distributions which are unclaimed or which
cannot be paid for any reason, the Trust's registrar or transfer agent will not be under any obligation to invest or reinvest the same but will administer such unclaimed amounts as directed by the
Manager in accordance with applicable laws. Any unitholder making a claim in respect of any amount payable pursuant to the trust agreement is required to give notice in writing of such claim to the
Trust's registrar or transfer agent and/or the Manager no later than the second anniversary of the date on which the amount was payable. Such notice must set out the basis for the claim, the amount
claimed and the specific grounds for the claim. The Trust's registrar or transfer agent will, unless otherwise required by applicable law, pay over to the Trust any such amounts which have been held
for more than six years. The Trust will indemnify and save harmless the Trust's registrar or transfer agent, as applicable, in respect of any claim made for such&nbsp;amounts. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>57</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="do14004_description_of_the_trust_agreement"> </A>
<A NAME="toc_do14004_1"> </A>
<BR></FONT><FONT SIZE=2><B>  DESCRIPTION OF THE TRUST AGREEMENT    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust is a closed-end mutual fund trust established on August&nbsp;28, 2009 under the laws of the Province of
Ontario, Canada, pursuant to the trust agreement between the Trust's settlor, the Manager and the Trustee, as amended and restated as of December&nbsp;7, 2009. The trust agreement governs all
aspects of the Trust. A copy of the trust agreement is available for inspection at the Manager's office. The following is a description of the material terms of the trust agreement. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> General  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust was established under the laws of the Province of Ontario, Canada, and its units (as&nbsp;described below under
"Description of the Trust Agreement&#151;Structure of the Trust") and its property are governed by the general laws of trusts of that Province and by the terms of the trust agreement. The Trust
will, for the benefit of its unitholders, engage in making investments in accordance with the investment objective, strategy and restrictions described under "Business of the
Trust&#151;Investment and Operating Restrictions." The business of the Trust will include all things necessary or advisable to give effect to the Trust's investment objective, strategy and
restrictions. The Trustee will act as the trustee of the assets, monies and investments from time to time of the Trust and will hold the same upon and subject to the provisions of the trust agreement.
The Trust will consist of (i)&nbsp;monies from time to time delivered to the Trustee for investment in the units pursuant to the Trust's investment and operating restrictions and (ii)&nbsp;such
investments and other assets as may from time to time be acquired by the Trustee through the application of such monies, together with accretions thereto, less amounts paid out by the Trustee from
time to time in accordance with the trust agreement. See "Business of the Trust&#151;Investment and Operating Restrictions." The head office and principal office and situs of administration of
the Trust is in Toronto, Ontario, Canada. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust is considered a mutual fund under Canadian securities legislation. The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not a
commodity pool for purposes of the Commodity Exchange Act of 1936, and none of the Manager, the Trustee or the underwriters for this offering is subject to regulation by the CFTC as a commodity pool
operator or commodity trading advisor in connection with the&nbsp;units. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Structure of the Trust  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An interest in the Trust is represented by one or more classes and series of transferable, redeemable units, including the units in
this offering. The attributes of each class or series of a class of units created and authorized for the Trust are as described below and in the trust agreement. The attributes of each class or series
of a class of units may not be changed without the prior approval of unitholders of that class or series of a class by way of an extraordinary resolution, which must be approved, in person or by
proxy, by unitholders holding units representing in aggregate not less than 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the value of the net assets of the Trust ascribed to such class or series of a class of units as
determined in accordance with the trust agreement, at a duly constituted meeting of unitholders, or at any adjournment thereof, called and held in accordance with the trust agreement, or a written
resolution signed by unitholders holding units representing in aggregate not less than 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the value of the net assets of the Trust ascribed to such class or series of a class of
units as determined in accordance with the trust agreement. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
class or series of a class of units will have the following attributes: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>each
unit will be without nominal or par value;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>each
whole unit of a particular class or series of a class will entitle the holder thereof to one vote at all meetings of unitholders where all classes and
series of units vote together and to one vote at all meetings of unitholders where that particular class or series of a class of units votes separately as a class or&nbsp;series;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>each
unit of a particular class or series of a class will entitle the holder thereof to participate </FONT> <FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2>, in accordance with the provisions of the trust agreement, with respect to all distributions
made to that class or series of a class
and, upon liquidation of the Trust, to participate </FONT><FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2> with other unitholders of that same class or series of a class in the net asset value
of the Trust remaining after the satisfaction </FONT></DD></DL>
</UL>
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<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>of
outstanding liabilities of the Trust and the class or series of a class as provided in the trust agreement;  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>distributions
will be allocated among the classes or series of a class of units in such manner as the Manager considers appropriate and&nbsp;equitable;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>no
pre-emptive rights will attach to the units;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>no
cancellation or surrender provisions will attach to the units except as set out in the trust agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>once
the net asset value per unit for the applicable class or series of a class, determined in accordance with trust agreement, at the time of issuance has
been paid, units will be non-assessable so that there will be no liability for future calls or assessments with respect to the&nbsp;units;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>all
units will be transferable, but only as contemplated by the trust agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>each
unit will entitle the holder thereof to require the Trust to redeem the unit as provided in the trust agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>subject
to limitations and requirements determined from time to time by the Manager and stated in the disclosure documents of the Trust, including this
prospectus, each unit of a particular class or series of a class of the Trust may be redesignated by the Manager as a unit of another class or series of the Trust based on the respective net asset
value per unit for each such class or series of units on the date of the redesignation;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
number of units and the classes and series of units of the Trust that may be issued is unlimited;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(l)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>fractional
units of a class or series of a class may be issued and will be proportionately entitled to all the same rights as whole units of that same class
or series, except voting rights (however fractional units held by a single unitholder may be&nbsp;combined). </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units
may be consolidated or subdivided by the Manager upon the Manager giving at least 21&nbsp;days' prior written notice to the Trustee and to each unitholder of its intention to do
so. Notwithstanding the foregoing, units may be consolidated without notice to unitholders in connection with a distribution to unitholders in accordance with the trust agreement. See "Distribution
Policy." </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
unit will be redeemable as set forth under "Redemption of Units", except during such times as the Manager has suspended the right to redeem in accordance with the trust agreement.
See "Redemption of Units&#151;Suspension of Redemptions." </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
right to conduct the business and affairs of the Trust is vested exclusively in the Trustee and the Manager, and the day-to-day management and administration
of the Trust will be conducted by the Manager. Unitholders will have no interest in the Trust other than their beneficial interest in the units held by them, and unitholders will not be called upon to
share or assume any losses of the Trust or suffer any assessment or further payments to the Trust or the Trustee of any kind by virtue of their ownership of the units. However, under the law governing
the Trust, unitholders could be held summarily liable for obligations of the Trust to the extent that claims against the Trust are not satisfied out of the assets of the Trust. See also "Description
of the Trust Agreement&#151;Unitholder Approval&#151;Unitholder Liability." </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Concerning the Unitholders  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each unitholder is entitled to one vote for each whole unit held by the unitholder. Meetings of unitholders will be held by the Manager
or the Trustee at such time and on such day as the Manager or the Trustee may from time to time determine for the purpose of considering the matters required to be placed before such meetings in
accordance with the trust agreement or applicable laws and for the transaction of such other related matters as the Manager or the Trustee determines. Unitholders holding units representing in
aggregate not less than 50% of the value of the net assets of the Trust as determined in accordance with the trust agreement may requisition a meeting of unitholders by giving a written notice to the
Manager or the Trustee setting out in detail the reason(s) for calling and holding such a meeting. The Trustee will, upon the written request of the Manager or the unitholders holding units
representing in aggregate not less than 50% of the value of the net assets of the Trust </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>59</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>as
determined in accordance with the trust agreement, requisition a meeting of unitholders, provided that in the event of a request to call a meeting of unitholders made by such unitholders the
Trustee will not be obligated to call any such meeting until it has been satisfactorily indemnified by such unitholders against all costs of calling and holding such meeting. Unless otherwise required
by applicable securities laws or stock exchange rules, the Trust need only hold meetings of unitholders as described above and is not required to hold annual or other periodic meetings. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meetings
of unitholders will be held at the principal office of the Trust or elsewhere in the municipality in which its office is located or, if the Manager so determines, at any other
place in Canada. Notice of the time and place of each meeting of unitholders will be given not less than 21&nbsp;days before the day on which the meeting is to be held to each unitholder of record
at 4:00&nbsp;p.m., Toronto time, on the day on which the notice is given. Notice of a meeting of unitholders will state the general nature of the matters to be considered by the meeting. A meeting
of unitholders may be held at any time and place without notice if all the unitholders entitled to vote thereat are present in person or represented by proxy or, if those not present or represented by
proxy waive notice of, or otherwise consent to, such meeting being&nbsp;held. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
quorum for the transaction of business at any meeting of unitholders will be at least two unitholders holding not less than 5% of the outstanding units on such date present in person
or represented by proxy and entitled to vote thereat. The chairman at a meeting of unitholders may, with the consent of the meeting and subject to such conditions as the meeting may decide, adjourn
the meeting from time to time and from place to&nbsp;place. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any meeting of unitholders every person will be entitled to vote who, as of the end of the business day immediately preceding the date of the meeting, is entered in the register of
the Trust, unless in the notice of meeting and accompanying materials sent to unitholders in respect of the meeting a record date is established for persons entitled to vote&nbsp;thereat. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purpose of determining the unitholders who are entitled to receive notice of and to vote at any meeting or any adjournment thereof, or for the purpose of any action other than as
provided in the trust agreement for valuation, computation and distribution of net income and net realized capital gains, any other additional distributions, and taxes, the Manager may fix a date not
more than 60&nbsp;days nor fewer than 30&nbsp;days prior to the date of any meeting of unitholders or other action as a record date for the determination of unitholders entitled to receive notice
of and to vote at such meeting, or any adjournment thereof, or to receive such distributions or to be treated as unitholders of record for purposes of such other action, and any unitholder who was a
unitholder at the time so fixed will be entitled to receive notice of and to vote at, such meeting, or any adjournment thereof, or to be treated as a unitholder of record for purposes of such other
action, even though he or she has since that date disposed of his or her units and no unitholder becoming such after that date will be entitled to receive notice of and to vote at such meeting, or any
adjournment thereof, or to be treated as a unitholder of record for purposes of such other&nbsp;action. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any meeting of unitholders, any unitholder entitled to vote thereat may vote by proxy and a proxy need not be a unitholder, provided that no proxy may be voted at any meeting unless
it has been placed on file with the Manager, or with such other agent of the Trust as the Manager may direct, prior to the commencement of such meeting. If approved by the Manager, proxies may be
solicited naming the Manager as proxy and the cost of such solicitation will be paid out of the property of the Trust. When any unit is held jointly by several persons, any one of them may vote at any
meeting in person or by proxy in respect of such unit, but if more than one of them is present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to
any vote to be cast, such vote will not be received in respect of such unit. The instrument appointing any proxy will be in such form and executed in such manner as the Manager may from time to
time&nbsp;determine. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any meeting of unitholders every question will, unless otherwise required by the trust agreement or applicable laws, be determined by an ordinary resolution on the question which must
be approved by the vote, in person or by proxy, of unitholders holding units representing in aggregate not less than 50% of the value of the net assets of the Trust as determined in accordance with
the trust agreement. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of the trust agreement or applicable laws, any question at a meeting of unitholders will be decided by a show of hands unless a poll thereon is required or
demanded. Upon a show of hands every </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>60</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>person
who is present and entitled to vote will have one vote. If demanded by any unitholder at a meeting of unitholders or required by applicable laws, any question at such meeting will be decided by
a poll. Upon a poll each person present will be entitled, in respect of the units which the unitholder is entitled to vote at the meeting upon the question, to one vote for each whole unit held and
the result of the poll so taken will be the decision of the unitholders upon the said&nbsp;question. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
resolution in writing forwarded to all unitholders entitled to vote on such resolution at a meeting of unitholders and signed by the requisite number of unitholders required to obtain
approval of the matter addressed in such resolution is as valid as if it had been passed at a meeting of unitholders in accordance with the trust agreement. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
resolution passed in accordance with the trust agreement will be binding on all unitholders and their respective heirs, executors, administrators, other legal representatives,
successors and assigns, whether or not such unitholder was present or represented by proxy at the meeting at which such resolution was passed and whether or not such unitholder voted against such
resolution. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Amendments to the Trust Agreement  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any provision of the trust agreement may be amended, deleted, expanded or varied by the Manager, with the approval of the Trustee, upon
notice to unitholders, if the amendment, in the opinion of counsel for either the Trustee or the Manager, does not constitute a material change and does not relate to any of the matters specified
below under "Unitholder Approval." Notwithstanding the foregoing, no amendment may be made which adversely affects the pecuniary value of the interest of any unitholder or restricts any protection
provided to the Trustee or impacts the responsibilities of the Trustee under the trust agreement. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
trust agreement may also be amended by the Manager without the approval of or notice to unitholders for the following purposes: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
remove any conflicts or other inconsistencies which may exist between any terms of the trust agreement and any provisions of any applicable law affecting
the&nbsp;Trust;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
make any change or correction in the trust agreement which is of a typographical nature or is required to cure or correct any ambiguity or defective or
inconsistent provision, clerical omission, mistake or manifest error contained therein;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
bring the trust agreement into conformity with applicable laws, rules and policies of securities regulatory authorities, stock exchanges on which the
units are listed or with current practice within the securities industry, provided that any such amendment does not adversely affect the rights, privileges or interests of any&nbsp;unitholder;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
maintain, or permit the Manager to take such steps as may be desirable or necessary to maintain the status of the Trust as a "mutual fund trust" for the
purposes of the Tax&nbsp;Act;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
provide added protection to unitholders. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unitholders
will receive notice of any such amendment at least 60&nbsp;days before the effective date of the amendment, unless the Manager and the Trustee agree that such an amendment
shall become effective at an earlier date if, in the opinion of the Manager and the Trustee, an earlier date is desirable, provided such amendment does not adversely affect the rights, privileges or
interests of any&nbsp;unitholder. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Unitholder Approval  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain matters relating to the Trust require approval by the unitholders. Such approval may be given at a meeting duly called for that
purpose pursuant to the trust agreement or by written resolution. Any provision of the trust agreement may be amended, deleted, expanded or varied with the approval of the unitholders for the
following purposes by resolution passed by an ordinary resolution, which must be approved by the vote, in person or by proxy, of unitholders holding units representing in aggregate not less than 50%
of the value of the net assets of the Trust as determined in accordance with the trust agreement, at a duly constituted meeting of unitholders, or at any adjournment thereof, called and held in
accordance with the trust agreement, or a written </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>61</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>resolution
signed by unitholders holding units representing in aggregate not less than 50% of the value of the net assets of the Trust as determined in accordance with the trust agreement, other than
items&nbsp;(i), and (ii), which require approval of unitholders by an extraordinary resolution, which must be approved by the vote, in person or by proxy, of unitholders holding units representing
in aggregate not less than 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the value of the net assets of the Trust as determined in accordance with the trust agreement, at a duly constituted meeting of unitholders, or at
any adjournment thereof, called and held in accordance with the trust agreement, or a written resolution signed by unitholders holding units representing in aggregate not less than
66<SUP>2</SUP>/<SMALL>3</SMALL>% of the value of the net assets of the Trust as determined in accordance with the trust agreement: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>a
change in the fundamental investment objective of the Trust;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>a
change in the investment and operating restrictions of the Trust, unless such change or changes are necessary to ensure compliance with applicable laws
or other requirements imposed from time to time by applicable securities regulatory authorities or stock exchanges on which the units are&nbsp;listed;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>any
change in the basis of calculating a fee or expense that is charged to the Trust or directly to its unitholders by the Trust or the Manager in
connection with the holding of units which could result in an increase in charges to the Trust or to its unitholders other than a fee or expense charged by a person that is at arm's length to the
Trust and the Trust has provided written notice to unitholders no later than 60&nbsp;days before the effective date of such&nbsp;change;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
introduction of a fee or expense to be charged to the Trust or directly to its unitholders by the Trust or the Manager in connection with the holding
of units which could result in an increase in charges to the Trust or to its unitholders;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>a
reduction in the frequency of calculating the value of net assets of the Trust, the NAV, the value of the net assets of a class or the net asset value per
unit of a&nbsp;class;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>a
change in the Manager, unless the successor manager is an affiliate of the current Manager or the successor manager occurs primarily as a result of a
reorganization of the current Manager;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Trust undertakes a reorganization with, or transfers its assets to, another investment fund, if (A)&nbsp;the Trust ceases to continue after the
reorganization or transfer of assets, and (B)&nbsp;the transaction results in the unitholders becoming unitholders in the other investment fund, unless the independent review committee has approved
such action according to applicable Canadian law, the action complies with applicable Canadian securities legislation and written notice of such action will be sent to unitholders at least
60&nbsp;days before the effective date of such action;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(viii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Trust undertakes a reorganization with, or acquires assets from, another investment fund, if (A)&nbsp;the Trust continues after the reorganization
or acquisition of assets, (B)&nbsp;the transaction results in the unitholders of the other investment fund becoming unitholders in the Trust, and (C)&nbsp;the transaction would be a material
change to the&nbsp;Trust. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
reorganization or transfer of assets pursuant to clause&nbsp;(vii) or&nbsp;(viii) above, including a transaction approved by the independent review committee pursuant to
clause&nbsp;(vii)(B), must satisfy the following criteria: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
reorganization of the Trust with another investment fund or the transfer of assets must be accomplished on a tax-deferred rollover basis for
unitholders and for unitholders of the other investment fund and must be a tax-deferred transaction for U.S.&nbsp;federal income tax purposes for U.S.&nbsp;unitholders and for
unitholders of the other investment&nbsp;fund;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
investment fund with which the Trust is reorganized or which receives the Trust's assets: (A)&nbsp;is classified as a corporation for
U.S.&nbsp;federal income tax purposes, (B)&nbsp;does not take any action inconsistent with its classification as a corporation for U.S.&nbsp;federal income tax purposes, and (C)&nbsp;does not
elect to be treated as an entity other than a corporation for such purposes;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
investment fund surviving the reorganization or transfer of assets: (A)&nbsp;within 45&nbsp;days from the end of each taxable year of the
investment fund, determines, or causes to be determined, whether the investment fund was a PFIC in such taxable year, (B)&nbsp;provides or causes to be provided to unitholders of the investment fund
all information necessary to enable unitholders or beneficial owners of units of </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>62</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>the
investment fund, as applicable, to elect to treat the investment fund as a QEF for U.S.&nbsp;federal income tax purposes and to comply with any reporting or other requirements incident to such
election, and (C)&nbsp;within 45&nbsp;days from the end of each taxable year of the investment fund in which the investment fund is a PFIC, provides, or causes to be provided, to unitholders or
beneficial owners of units of the investment fund, as applicable, a completed "PFIC Annual Information Statement" as required by U.S.&nbsp;Treasury Regulations Section&nbsp;1.1295-1(g)
and&nbsp;otherwise complies with the applicable requirements of the U.S.&nbsp;Treasury Regulations. </FONT></P>

</UL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, any material amendment, modification or variation in the provisions of or rights attaching to a particular class or series of a class of units must be approved by an
extraordinary resolution of the unitholders of that class or series of class of units, as the case may&nbsp;be. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consent of the Trustee is required to any amendment if the amendment restricts any protection provided to the Trustee or impacts the responsibilities of the Trustee under the trust
agreement. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
auditors of the Trust may not be changed by the Manager unless the independent review committee has approved the change of auditors in accordance with applicable Canadian securities
legislation, and written notice will be sent to unitholders and the Trustee no later than 60&nbsp;days before the effective date of the change of&nbsp;auditors. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice
of any amendment to the trust agreement will be given in writing to unitholders, and any such amendment will take effect on a date specified therein and not less than
60&nbsp;days after notice of the amendment is given to unitholders, except that the Manager and the Trustee may agree that any amendment will become effective at an earlier date if in the opinion of
the Manager and the Trustee an earlier date is desirable, provided such amendment does not adversely affect the rights, privileges or interests of any&nbsp;unitholder. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Unitholder Liability  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The trust agreement provides that no unitholder will be held to have any personal liability as a unitholder and that there will be no
resort to the unitholder's private property for satisfaction of any obligation or claim arising out of or in connection with any contract or obligation of any of the Trust, the Manager or the Trustee
or any obligation that a unitholder would otherwise have to indemnify the Trustee for any personal liability incurred by the Trustee as such, but rather, only the Trust's assets are intended to be
liable and subject to levy or execution for such satisfaction. If the Trust acquires any investments subject to existing contractual obligations, the Manager, or the Trustee on the direction of the
Manager, as the case may be, will use its best efforts to have any obligations modified so as to achieve disavowal of contractual liability. Further, the trust agreement provides that the Manager will
cause the operations of the Trust to be conducted, with the advice of counsel, in such a way and in such jurisdictions as to avoid, as far as possible, any material risk of liability on the
unitholders of claims against the Trust and will, to the extent it determines to be possible and reasonable, including the cost of premiums, cause the Trust to carry insurance for the benefit of the
unitholders in such amounts as it considers adequate to cover any such foreseeable non-contractual or non-excluded contractual liability. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Unitholder Reporting  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager will forward to unitholders a copy of the audited annual financial statements of the Trust within 90&nbsp;days of each
fiscal year-end as well as unaudited interim financial statements of the Trust, which will be reviewed by the Trust's auditors, within 60&nbsp;days of the end of each interim period.
Within 45&nbsp;days of the end of each fiscal quarter, the Manager will make also available to unitholders an unaudited quarterly summary of the assets of the Trust and the value of net assets of
the Trust as of the end of such&nbsp;quarter. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> The Trustee  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, the Trustee, subject only to the specific limitations contained in the trust agreement, has the full, absolute, and
exclusive power, control and authority over the Trust's property to do all such acts and things as it, in its sole judgment and discretion deems necessary or incidental to, or desirable for, the
carrying out of any of the purposes of the Trust or conducting the business of the Trust,
including varying the investments of the Trust in accordance with the investment objectives, strategies or restrictions of the&nbsp;Trust. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>63</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specifically,
the Trustee has and may exercise, at any time and from time to time, the following powers and authorities which may or may not be exercised by it in its sole judgment and
discretion, and in such manner and upon such terms and conditions as it may from time to time deem&nbsp;proper: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
hold the property of the Trust other than the physical gold bullion that it may acquire exercising the same degree of care which it gives to its own
property of a similar kind under its own&nbsp;custody;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
deliver any cash at any time held by it as directed by the Manager to purchase, or otherwise acquire, on behalf of the Trust, physical gold bullion and
to retain the same in trust in its capacity as Trustee; provided, however, that the Trustee will have no responsibility for the custody, authenticity or validity of title of any property of the Trust
consisting of such physical gold bullion held by the Mint including, without limitation, the weight, amount, purity, contents or any assaying thereof;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>with
any cash at any time held by it to purchase, or otherwise acquire, and to sell, on behalf of the Trust, any securities, currencies, assets or other
property of the Trust (other than the Trust's physical gold bullion) of a kind permitted pursuant to the Trust's investment objective, strategy and restrictions and to hold and retain the same in
trust in its capacity as&nbsp;Trustee;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
enter into and settle foreign exchange transactions on behalf of the Trust for purposes of facilitating settlement of trades of property of the Trust
held by it at any time and any such transactions may be entered into with such counterparties as the Trustee may choose, in its sole discretion, including its&nbsp;affiliates;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
sell, convey, exchange for other securities or other property, convert, transfer, assign, pledge, encumber or otherwise dispose of any property of the
Trust held by it at any time, by any means considered reasonable by the Trustee and to receive the consideration and grant discharges therefor;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
commence, defend, adjust or settle suits or legal proceedings in connection with the Trust and to represent the Trust in any such suits or legal
proceedings and to keep the Manager informed; provided, however, that the Trustee will not be obliged or required to do so unless it has been indemnified to its satisfaction against all expenses and
liabilities sustained or anticipated by the Trustee by reason&nbsp;thereof;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>subject
to applicable securities legislation, to lend money whether secured or&nbsp;unsecured;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
exercise any conversion privileges, subscription rights, warrants and/or other rights or options available in connection with any property of the Trust
at any time held by the Trustee, and to make any payments incidental thereto; to consent to, or otherwise participate in or dissent from, the reorganization, consolidation, amalgamation or merger of
any corporation, company or association, or to the sale, mortgage, pledge or lease of the property of any corporation, company or association, or of any of the securities of which may at any time be
held by it, and to do any act with reference thereto, including the delegation of discretionary powers, the exercise of options, the making of agreements or subscriptions and the payment of expenses,
assessments or subscriptions which it may deem necessary or advisable in connection therewith; to hold any property of the Trust which it may so acquire and generally to exercise any of the powers of
any owner with respect to property of the Trust, provided that where direction from the Manager is not provided within the time frame specified by the Trustee in any notice provided in accordance with
the trust agreement, the Trustee will take no&nbsp;action;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
vote personally, or by general or by limited proxy, any property of the Trust which may be held by it at any time, and similarly to exercise personally
or by general or by limited power of attorney any right appurtenant to any property of the Trust held by it at any time, provided that where direction is not provided by the Manager within the time
frame as set out in the voting materials forwarded to it in accordance with the trust agreement, the Trustee will take no&nbsp;action;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
incur and pay out of the property of the Trust held by it at any time any charges or expenses and disburse any assets of the Trust, which charges,
expenses or disbursements are, in the opinion of the Trustee or the Manager, as the case may be, necessary or incidental to or desirable for the carrying out of any of the purposes of the Trust or
conducting the business of the Trust including, without limitation, the management fee, fees payable to the custodians, the valuation agent, and the registrar and transfer agent, custodian settlement
fees, any expenses related to the implementation and on-going operation </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>64</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>of
an independent review committee under applicable Canadian securities legislation, brokerage fees and commissions, applicable taxes, or other governmental levies, charges and assessments of whatever
kind or
nature, imposed upon or against the Trustee in connection with the Trust or the property of the Trust or upon or against the property of the Trust or any part thereof and for any of the purposes under
the trust agreement;  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
renew or extend or participate in the renewal or extension of any property of the Trust held by it at any time, upon such terms as it may deem advisable,
and to agree to a reduction in the rate of interest on any property of the trust or of any guarantee pertaining thereto, in any manner and to any extent that it may deem advisable; to waive any
default whether in the performance of any covenant or condition of any property of the Trust, or in the performance of any guarantee, or to enforce rights in respect of any such default in such manner
and to such extent as it may deem advisable; to exercise and enforce any and all rights of foreclosure, to bid on property on sale or foreclosure with or without paying a consideration therefore and
in connection therewith to release the obligation on the covenant secured by such security and to exercise and enforce in any action, suit or proceeding at law or in equity any rights or remedies in
respect of any such security or guarantee pertaining thereto;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(l)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
make, execute, acknowledge and deliver any and all deeds, leases, mortgages, conveyances, contracts, waivers, releases of other documents of transfer and
any and all other instruments in writing that may be necessary or proper for the accomplishment of any of the powers granted under the trust agreement, whether for a term extending beyond the office
of the Trustee or beyond the possible termination of the Trust or for a lesser&nbsp;term;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(m)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>in
its sole discretion, to advance monies to the Trust for the purposes of settlement of transactions and overdrafts against the property of the Trust held
by it at any time, on such terms and conditions as the Trustee may, in its sole discretion, determine, provided that, in order to secure the obligations of the Trust to repay such borrowings, the
principal of and interest charged on such borrowing will be paid out of the relevant property of the Trust and will constitute a charge against the relevant property of the Trust until&nbsp;paid;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(n)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
purchase, hold, sell or exercise call or put options on securities, indices of shares or other securities, financial and stock index futures contracts,
securities or currency futures or forward contracts or other financial or derivative instruments, all whether or not any such options, indices, contracts or instruments are traded on a regular
exchange and in connection therewith to deposit property of the Trust held by it at any time with the counterparty as margin and to grant security interest therein;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(o)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
deposit any property of the Trust, including securities and documents of title held by it under the trust agreement, with the custodian, including the
Trustee, any of its affiliates, a sub-custodian appointed by the Trustee or a&nbsp;depository;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(p)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
employ in respect of the Trust such counsel, auditors, advisors, agents or other person as the Trustee may deem necessary from time to time for the
purpose of discharging its duties under the trust agreement and to pay out of the Trust their reasonable expenses and compensation;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(q)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
issue units for consideration and redeem units as set forth in the trust agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(r)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
dispose of any property of the Trust for the purpose of paying obligations of the Trust or for repaying any loan authorized under the trust agreement,
and the Trustee will give prompt notice to the Manager of any such disposition;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(s)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
hold such portion of the property of the Trust held by it at any time that is uninvested in cash and, from time to time, to retain such cash balances on
deposit with the Trustee or any of its affiliates or with a chartered bank or other depository, in such account as the Trustee, in its sole discretion determines, whether or not such deposits will
earn&nbsp;interest;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(t)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
delegate any of the powers and duties of the Trustee to any one or more agents, representatives, officers, employees, independent contractors or other
persons without liability to the Trustee except as specifically provided in the trust agreement;&nbsp;and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>65</FONT></P>

<HR NOSHADE>
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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(u)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
do all such acts, to take all such proceedings and to exercise all such rights and privileges, although not specifically mentioned under the trust
agreement, as the Trustee may deem necessary to administer the Trust, and to carry out the purposes of the&nbsp;Trust. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
exercise of any one or more of the foregoing powers or any combination thereof from time to time will not exhaust the rights of the Trustee to exercise such power or powers or
combination of them thereafter from time to&nbsp;time. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following powers set forth above can be exercised by the Trustee only on the direction of the Manager: subsections&nbsp;(b), (c), (e), (f), (g), (h), (i), (j) as applicable, (k),
(l), (n), and (q), and&nbsp;with respect to subsection&nbsp;(n), to the extent that the Trustee is required to execute any documents relating to such investments which the Trustee did not
negotiate or in respect to which the Trustee is not responsible under the trust agreement, upon an indemnity being provided from the Manager acceptable to the Trustee in the circumstances. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may, in its sole discretion, appoint, employ, invest in, contract or deal with any individual, firm, partnership, association, trust or body corporate with which it may be
directly or indirectly affiliated or in which it may be directly or indirectly interested, whether on its own account or for the account of another (in&nbsp;a fiduciary capacity or otherwise) and,
without limiting the foregoing, the Trustee&nbsp;may: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>purchase,
hold, sell, invest in or otherwise deal with securities or other property of the same class and nature as may be held by the Trust, whether on the
Trustee's own account or for the account of another (in&nbsp;a fiduciary capacity or&nbsp;otherwise);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>use
in other capacities, knowledge gained in its capacity as Trustee, provided that such use does not adversely affect the interests of the Trust and
provided further that the Trustee may not make use of any specific confidential information for its own benefit or advantage that, if generally known, might be expected to affect materially the value
of the property of the Trust or the&nbsp;units;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>retain
cash balances from time to time on hand in the Trust and pay interest to the Trust on such balances and the Trustee may, in its sole
discretion:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>hold
the same on a pooled basis and pay interest thereon at the rate from time to time established by the Trustee and paid with respect to cash balances so
held for similar accounts;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>hold
such cash balances on deposit with a Canadian chartered bank or such other deposit-taking institution in any jurisdiction, including itself or its
affiliates, in such interest bearing account as the Trustee, in its sole discretion, may determine;&nbsp;and,
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>provide
financial, investment or brokerage services related to any securities which form part of the property of the Trust or to the issuer of any
securities forming part of the property of the Trust, invest in the securities or other property of any body corporate with which the Trustee may be directly or indirectly associated, affiliated or
interested, or earn profits from any of the activities listed&nbsp;above, </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>all
without being liable to account therefor and without being in breach of the trust established under the trust agreement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>66</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Standard of Care and Indemnification of the Trustee  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the trust agreement, the Trustee is required to exercise the powers and discharge the duties of its office honestly and in
good faith and in connection therewith exercise the degree of care, diligence and skill that a reasonably prudent Canadian trust company would exercise in comparable circumstances. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
trust agreement provides that the Trustee will: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>be
fully protected in acting upon any instrument, certificate or other writing believed by it to be genuine and to be signed or presented by the proper
person or&nbsp;persons;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>be
under no 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;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>not
be responsible or liable except as provided in accordance with the trust agreement&nbsp;for:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(A)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
proper application by any unitholder of any part of its interests in the Trust if payments are made in accordance with written directions of such
unitholder as provided in the trust agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(B)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
adequacy of the Trust to meet and discharge any and all payments and liabilities in respect of a&nbsp;unitholder;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(C)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
compliance by any unitholder with the rules under the Tax&nbsp;Act or any applicable laws including limits on investments in non-Canadian
securities;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(D)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
validity of title to any Trust assets which the Trustee did not arrange itself to have registered;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(E)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>any
act or omission (other than an act or omission related solely to the Trustee) required or demanded by any governmental, taxing regulatory or other
competent authority in any country in which all or any part of the Trust assets is held or which has jurisdiction over the Trustee, the Manager or the&nbsp;Trust;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(F)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>any
loss or damage of any nature whatsoever resulting from official action, war or threat of war, insurrection or civil disturbance, interruption in postal,
telephone, telegraph, telex or other electromechanical communication systems or power supply, or any other factor beyond the Trustee's control which obstructs, affects, prohibits or delays the
Trustee, its directors, officers, employees or agents in carrying out the responsibilities provided for in the trust agreement, in whole or in&nbsp;part;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(G)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>any
ongoing monitoring of the investment objectives, strategies or restrictions of the Trust or any risk factor whatsoever related thereto;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(H)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>any
property of the Trust which it does not hold or which is not directly controlled by it, its affiliates or its appointed agents (including any
sub-custodians), including any assets pledged or loaned to a third party or any property of the Trust held by the&nbsp;Mint;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(I)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>any
compliance, reporting or filings in accordance with applicable securities legislation or U.S.&nbsp;tax laws, regulations, rules or policies that apply
to the Trust, including for greater certainty the additional trustee duties. </FONT></DD></DL>
</DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may rely and act upon any statement, report or opinion prepared by or any advice received from the Trust's auditors, solicitors or other professional advisors of the Trust
and will not be responsible nor held liable for any loss or damage resulting from so relying or acting if the advice was within the area of professional competence of the person from whom it was
received, the Trustee acted in good faith in relying thereon and the professional advisor was aware that the Trustee was receiving the advice in its capacity as Trustee of the Trust and the Trustee
acted in good faith in relying thereon. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Trustee will in no way be responsible for, nor incur any liability based on, the action or failure to act or for acting pursuant to or in reliance on instructions of the
Manager, any custodian of the physical gold bullion (if&nbsp;not the Trustee), any custodian of the other assets of the Trust (if&nbsp;not the Trustee), the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>67</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>Trust's
valuation agent (if&nbsp;not the Trustee), the Trust's registrar and transfer agent (if&nbsp;not the Trustee), or any person or organization to whom its responsibilities are delegated
pursuant to the trust agreement. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee will not be liable to the Trust or to any unitholder for any loss or damage relating to any matter regarding the Trust, including any loss or diminution in the value of the
net assets of the Trust or to any particular asset of the Trust, except to the extent that the Trustee does not meet its standard of care described above. In no event will the Trustee be liable for
indirect, consequential or special damages including, but not limited to, loss of reputation, good will or&nbsp;business. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
to the extent that any such claim has been directly caused by the negligence, willful misconduct or dishonesty on the part of the Trustee, its affiliates, nominees or agents or
any of their respective directors, officers and employees or the Trustee's failure to meet its standard of care set forth above, the Trustee, its affiliates, nominees and agents and each of their
respective directors, officers and employees will at all times
be indemnified and held harmless by the Trust and to the extent that the property of the Trust is insufficient for such purpose, by the Manager, from and&nbsp;against: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>all
claims whatsoever (including costs, losses, damages, penalties, actions, suits, judgments, charges and expenses, including legal fees in connection
therewith) brought, commenced or prosecuted against any of them for or in respect of any act, deed, matter or thing whatsoever made, done, acquiesced in or omitted in or about or in relation to the
execution of the Trustee's duties as Trustee,&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>all
other liabilities, costs, charges and expenses which any of them sustains or incurs in or about or in relation to the affairs of the&nbsp;Trust. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
commencement of formal legal proceedings will not be a precondition for indemnification under the Trust Agreement. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
to the extent that any such claim, cost, charge or expense has been directly caused by the negligence, willful misconduct or dishonesty on the part of the Trustee, its affiliates,
nominees or agents or any of their respective directors, officers and employees or the Trustee's failure to meet its standard of care set forth above, with respect to any references in the trust
agreement to (i)&nbsp;distributions being at the discretion of the Trustee acting on the direction of the Manager or (ii)&nbsp;the Trustee having the power to vary the investments of the Trust in
accordance with the Trust's investment objective, strategy, and investment and operating restrictions, together with any duties, obligations or responsibilities related thereto, referred to herein as
the additional trustee duties, the Manager agrees&nbsp;that: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Trustee will not have any liability with respect to such additional trustee duties;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>in
addition to the foregoing indemnity provided to the Trustee under the trust agreement, the Manager agrees to indemnify the Trustee and its directors,
officers, employees and agents for: (i)&nbsp;all claims whatsoever (including costs, losses, damages, penalties, actions, suits, judgments, charges and expenses, including legal fees in connection
therewith) brought, commenced or prosecuted against any of them for or in respect of any act, deed, matter or thing whatsoever made, done, acquiesced in or omitted in or about or in relation to the
additional trustee duties; and (ii)&nbsp;all other liabilities, costs, charges and expenses which any of them sustains or incurs in or about or in relation to such additional trustee&nbsp;duties, </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>that
arise or result from any conflict between such additional trustee duties and the Trustee's defined duties, obligations and responsibilities as set out in the trust agreement (excluding such
additional trustee duties) and agreed upon by the&nbsp;Manager. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
time to time, in order to provide services to the Manager pursuant to the trust agreement, the Trustee may be required to engage sub-custodians in certain markets that
the Trustee has identified as being high risk and designated as "Designated Markets" in the trust agreement. The trust agreement contains a list of such Designated Markets, which the Trustee may amend
from time to time, subject to the Manager's ability to raise any concerns about markets to be added to such list. Currently, the list contains the following four Designated Markets: Argentina,
Nigeria, the Russian Federation, and Vietnam. Pursuant to the trust agreement, a Designated Market is a market where the risks of engaging a sub-custodian are significantly greater than
they would be in more established markets. Under the trust agreement, the Trustee is responsible for the negligence </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>68</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>and
wrongful acts of its sub-custodians. However, where the Trustee engages a sub-custodian in a Designated Market, the Trustee will not be responsible for the negligence or
wrongful acts of such sub-custodians and such negligence or wrongful acts will not be considered to be a breach by the Trustee of its standard of care or negligence for the purposes of the
trust agreement. Notwithstanding the aforementioned, the Trustee has agreed that it will continue to accept responsibility for the selection and on-going monitoring of its
sub-custodians in all markets, except Designated Markets, in accordance with its standard of care. The Manager has agreed that it and any investment manager the Manager engages for the
Trust will be responsible for apprising themselves of the specific risks to the Trust involved in the investment and reinvestment of the Trust's property in all markets in which such property is
located from time to time. The Trustee currently does not intend to engage sub-custodians in these&nbsp;markets. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Resignation or Removal of the Trustee and Successor Trustees  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee or any successor trustee may resign as Trustee of the Trust created by the trust agreement by giving notice to the
unitholders and to the Manager not less than ninety days prior to the date when such resignation takes effect. Such resignation will take effect on the date specified in such notice unless at or prior
to such date a successor trustee is appointed by the Manager in which case such resignation will take effect immediately upon the appointment of such successor trustee. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustee may be removed by the Manager at any time by notice to the Trustee and the unitholders not less than ninety days prior to the date that such removal is to take effect,
provided a successor trustee is appointed or the Trust is terminated and dissolved in accordance with the trust agreement. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that the Trustee resigns or is removed or becomes incapable of acting or if for any cause a vacancy occurs in the office of Trustee, a successor trustee will forthwith be
appointed by the Manager to fill
such vacancy. Following such appointment of a successor trustee, the Trustee will execute and deliver such documents as the Manager may reasonably require for the conveyance of any Trust assets (other
than the Trust's physical gold bullion) held in the Trustee's name to the successor trustee, and will account to the Manager for all of the Trust assets which the Trustee retains as trustee and will
thereupon be discharged as&nbsp;trustee. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that the Manager fails to appoint a successor to the Trustee, the Trust will be terminated and dissolved upon the effective date of the resignation or removal of the Trustee
and, after providing for liabilities of the Trust, the Trust's asset will be distributed to the unitholders </FONT><FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2>. The Trustee will continue
to act as trustee of the Trust until such Trust assets have been so distributed. Fees and expenses of the Trustee will be a charge, to the extent permitted by applicable law, on the assets of the
Trust or the interests of the unitholders to secure payment thereof. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> The Manager  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the trust agreement and management agreement, the Manager has the full authority and exclusive power to manage and direct
the business and affairs of the Trust including, without limitation, to provide the Trust with all necessary investment management services and all clerical, administrative and operational services. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
particular, the Manager has the following responsibilities with respect to the&nbsp;Trust: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
determine the investment objectives and strategies applicable to the Trust, including any restrictions on investments which it deems advisable and to
implement such investment objective, strategy and restrictions, provided that the investment objective, strategy and restrictions applicable to the Trust must concur with those set forth in the trust
agreement or any current disclosure document or like offering document of the Trust, or in any amendment thereto, or the management agreement, and provided further that any material change in such
investment objective, strategy and restrictions will be subject to the consent or approval of the unitholders in the manner provided for in the trust agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
ensure that the Trust complies with applicable laws, including those relating to the investment of the property of the Trust, the distribution of the
units and applicable stock exchange listing requirements; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>69</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
monitor the performance of the physical gold bullion and other property of the&nbsp;Trust;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
provide services in respect of the Trust's daily operations, including the processing of and determination of procedures applicable to subscriptions and
redemptions of units (including the acceptance and rejection of subscriptions, Gold Redemption Notices and Cash Redemption Notices) and to submit such subscriptions, Gold Redemption Notices and Cash
Redemption Notices to the Trust's transfer agent for processing, and any other services not otherwise specifically contemplated by the trust agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
offer units for sale to prospective purchasers including the power and authority to enter into arrangements regarding the distribution and sale of units,
including the underwriting agreement in respect of this offering, and other arrangements relating to the right to charge fees of any nature or kind (including, without limitation, sales commissions,
redemption fees, distribution fees and transfer fees) in connection with the distribution or sale of units. Any such fees may be deducted from the amount of a subscription, redemption proceeds or a
distribution if not paid separately by a&nbsp;unitholder;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
determine from time to time the form of certificates that will represent the&nbsp;units;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
conduct or cause to be conducted the day-to-day correspondence and administration of the&nbsp;Trust;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(viii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
provide to the Trust, adequate for carrying on the undertaking and business of the Trust, all requisite office accommodation, office facilities and
personnel, telephone and telecommunication services, stationery, office supplies, statistical and research services, record-keeping services, bookkeeping and internal accounting and audit services in
respect of the operations of the Trust and other usual and ordinary office services that may be required to properly and efficiently carry out its duties set forth in the trust agreement and the
management agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ix)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
provide to the Trust all other administrative and other services and facilities required by the Trust in relation to the unitholders and be responsible
for all aspects of the Trust's relationship with unitholders, including the preparation for and holding of meetings of unitholders, and other services for the provision of information
to&nbsp;unitholders;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(x)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
establish general matters of policy and governance of the Trust subject, where specifically provided in the trust agreement, to the approval of
the&nbsp;Trustee;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xi)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
establish the Trust's operating expense budgets and to authorize the payment of actual operating expenses incurred;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
appoint the auditors and to change the auditors of the Trust (with prior consent of the Trustee and independent review committee and after providing
notice to the unitholders);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xiii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
maintain the accounting records for the Trust and to cause the financial statements of the Trust to be audited for each fiscal&nbsp;year;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xiv)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
appoint the bankers of the Trust and to establish banking procedures to be implemented by the&nbsp;Trustee;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xv)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
appoint the Mint to hold the physical gold bullion and RBC Dexia to hold property of the Trust other than the physical gold bullion, all of which
appointments will be subject to the approval of the Trustee and any applicable securities authorities having jurisdiction over the&nbsp;Trust;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xvi)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
calculate the value of net assets of the Trust, the NAV, the value of the net assets of a class and the net asset value per unit of such class in
accordance with the trust agreement, to appoint the Trust's valuation agent and to review the valuation of the property of the Trust as calculated by such valuation agent on each business day and,
from time to time, consider the appropriateness of the valuation policies adopted by the&nbsp;Trust;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xvii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
appoint a transfer agent and distribution disbursing agent (which may be the transfer agent or an affiliate thereof) to make distributions of net
income and net realized capital gains and other distributions in accordance with the trust agreement and to pay cash redemption proceeds in accordance with the trust agreement on behalf of
the&nbsp;Trust; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>70</FONT></P>

<HR NOSHADE>
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<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xviii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
authorize, negotiate, enter into and execute all agreements, instruments or other documents relating to the affairs of the Trust including, without
limitation, any loan agreement, granting of a security interest and supporting documentation, or to perform any act or deed which the Manager deems necessary or advisable in the best interests of
the&nbsp;Trust;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xix)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
apply for listing of the units on the NYSE Arca, the TSX and/or other recognized stock exchange(s) and to prepare, execute and file with the
appropriate securities regulatory authorities or stock exchanges any other documents that are required or appropriate under relevant securities legislation or stock exchange rules and regulations in
respect of the&nbsp;Trust;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xx)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
prepare, execute and file with the appropriate securities regulatory authorities the prospectus or similar offering document, annual information forms,
management reports of fund performance or such other continuous disclosure documents relating to the Trust, and any amendments thereto, as may be required under applicable securities legislation;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xxi)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
prepare, certify, execute and distribute to unitholders and file with the securities regulatory authorities and applicable tax authorities all such
documents as may be necessary or desirable in connection with the issue, sale and distribution of units, including such interim financial statements, audited annual financial statements, reports to
unitholders and other disclosure as may be required under applicable securities legislation, and to make all designations, elections, determinations, allocations and applications under the
Tax&nbsp;Act as the Manager considers to be reasonable in the circumstances;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xxii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
determine and compute for distribution purposes the net income and net realized capital gains of the Trust and determine when, to what extent, and in
what manner distributions will be made payable to unitholders, as well as determine whether distributions are payable out of the income, dividends received from taxable Canadian corporations, capital
gains, capital or otherwise of the&nbsp;Trust;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xxiii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
authorize the issuance of additional units pursuant to the trust agreement and the consolidation of the units outstanding after such
a&nbsp;distribution;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xxiv)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
direct the Trust's transfer agent regarding the allotment and issue of units in accordance with the trust agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xxv)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
accept or reject any units tendered for redemption in accordance with the trust agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xxvi)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>on
or before March&nbsp;31 in each year, other than a leap year in which case on or before March&nbsp;30 in such year, to prepare and deliver to
unitholders the information pertaining to the Trust, including all distributions and allocations which is required by the Tax&nbsp;Act or which is necessary to permit unitholders to complete their
individual tax returns for the preceding&nbsp;year;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xxvii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>on
or before March&nbsp;31 in each year, other than a leap year in which case on or before March&nbsp;30 in such year, and such other date(s) in
each year, to prepare and deliver to the appropriate taxation authorities in Canada and the United&nbsp;States, all relevant tax filings and/or returns for the Trust that are required by applicable
laws;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xxviii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>as
set forth in full in the trust agreement, within 45&nbsp;days from the end of each taxable year of the Trust, to provide unitholders with all
information necessary to enable unitholders or beneficial owners of units, as applicable, to elect to treat the Trust as a QEF for U.S.&nbsp;federal income tax purposes, including a completed "PFIC
Annual Information Statement";
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xxix)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
use its best efforts to ensure that the Trust qualifies at all times as a "unit trust" pursuant to subsection&nbsp;108(2) of the Tax&nbsp;Act and
a "mutual fund trust" pursuant to subsection&nbsp;132(6) of the Tax&nbsp;Act;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xxx)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
keep proper records relating to the performance of its duties as Manager, which records will be accessible for inspection by the Trustee, its agents,
or the Manager's agents, including the auditors of the Trust, at any time, upon reasonable notice, during ordinary business&nbsp;hours; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>71</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xxxi)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>on
or before 90&nbsp;days following June&nbsp;30 in each year, to provide the Trustee with an interim certificate of compliance as described in the
trust agreement;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xxxii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>on
or before 90&nbsp;days following December&nbsp;31 of each year, to provide the Trustee with a certificate of compliance and a copy of the audited
annual financial statements of the Trust, together with the report of the auditors thereon;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xxxiii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
delegate any or all of the powers and duties of the Manager contained in the trust agreement to one or more agents, representatives, officers,
employees, independent contractors or other persons without liability to the Manager except as specifically provided in the trust agreement;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(xxxiv)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
do all such other acts and things as are incidental to the foregoing, and to exercise all powers which are necessary or useful to carry on the
business of the Trust, to promote any of the purposes for which the Trust is formed and to carry out the provisions of the trust agreement. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager will act as the investment manager to the Trust with responsibility for implementing the investment objective, strategy and restrictions of the Trust, including providing
investment advisory and portfolio management services to the Trust. The Manager may also arrange for the implementation of such investment objective, strategy and restrictions of the Trust or
portfolio management services by appointing, on behalf of the Trust, one or more investment managers, and delegating any of its investment advisory responsibilities to such investment managers. The
Manager, on behalf of the Trust, will enter, in its sole discretion, into an investment management agreement with any such investment manager to act for all or part of the portfolio investments of the
Trust and will advise the Trustee of such appointment. The appointment of any such investment manager will be deemed to be effective upon the later of the date of receipt by the Trustee of a direction
notifying the Trustee of such appointment or the effective date specified therein and such appointment will continue in force until receipt by the Trustee of a direction containing notice to the
contrary. Any instructions from an investment manager will be deemed to be instructions of the
Manager pursuant to the provisions of the trust agreement. The Trustee will also be entitled to rely conclusively on and will be fully protected in acting in accordance with the direction of the
investment manager in the exercise of powers conferred by the trust agreement. The investment manager will be a person or persons who, if required by applicable laws, will be duly registered and
qualified as a portfolio manager under applicable securities legislation and will determine, in its sole discretion, which portfolio securities and other assets of the Trust will be purchased, held or
sold and will execute or cause the execution of purchase and sale orders in respect such determinations. The Manager will ensure that any investment manager appointed by it acts in accordance with the
investment objective, strategy and restrictions of the Trust and applicable laws. As of the date hereof, the Manager does not intend to appoint an investment manager for the&nbsp;Trust. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager may open accounts, including margin accounts, for the Trust with any brokerage firms, banks or others and may invest assets of the Trust in, and may conduct, maintain and
operate these accounts for, the purchase, sale and exchange of stocks, bonds and other securities, and in connection therewith, may borrow money or securities on behalf of the Trust to complete
trades, obtain guarantees, pledge securities and engage in all other activities necessary or incidental to conducting, maintaining and operating such accounts in connection with the performance of
investment advisory and portfolio management services for the&nbsp;Trust. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager may, to the fullest extent now or hereafter permitted by applicable securities legislation regarding soft dollar transactions, cause the Trust to enter into soft dollar
arrangements and to effect transactions pursuant to such soft dollar arrangements. Soft dollar arrangements refer to arrangements in which an investment adviser uses the brokerage commissions of its
advisory clients to compensate brokers for the investment research and brokerage execution services that they provide to the investment adviser. As the Trust intends to hold only physical gold bullion
and cash or cash equivalents in its portfolio, the Manager does not anticipate entering into soft dollar arrangements on behalf of the Trust, but may do so if circumstances warrant. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager will make or cause to be made such arrangements as are expedient for the distribution of units, having regard to the requirements of applicable laws and applicable stock
exchange rules and regulations respecting such distribution of units in the jurisdiction or jurisdictions in which they are to be distributed. The Manager may distribute units itself in the offering
jurisdictions in which it is registered or is exempt from such registration under applicable securities legislation, and the Manager will retain the services of the underwriters </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>72</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2>for
this offering pursuant to an underwriting agreement to assist it in the distribution of the units in the offering jurisdictions. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Resignation of the Manager  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager has the right to resign as Manager of the Trust by giving notice in writing to the Trustee and the unitholders not less
than ninety days prior to the date on which such resignation is to take effect. Such resignation will take effect on the date specified in such notice. No approval of, or notice to, unitholders is
required to effect a reorganization of the current Manager which does not result in a change of control of the Manager. The Manager will appoint a successor manager of the Trust and, unless the
successor manager is an affiliate of the Manager, such appointment must be approved by an ordinary resolution of the unitholders, which must be approved, in person or by proxy, by unitholders holding
units representing in aggregate not less than 50% of the value of the net assets of the Trust as determined in accordance with the trust agreement, at a duly constituted meeting of unitholders, or at
any adjournment thereof, called and held in accordance with the trust agreement, or a written resolution signed by unitholders holding units representing in aggregate not less than 50% of the value of
the net assets of the Trust as determined in accordance with the trust agreement. If, prior to the effective date of the Manager's resignation, a successor manager is not appointed or the unitholders
do not approve of the appointment of the successor manager as required pursuant to the trust agreement, the Trust will be terminated and dissolved upon the effective date of the resignation of the
Manager and, after providing for all liabilities of the Trust, the Trust's assets will be distributed to unitholders on a </FONT><FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2> basis and the
Trustee and the Manager will continue to act as trustee and manager, respectively, of the Trust until such property of the Trust has been so&nbsp;distributed. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Standard of Care and Indemnification of the Manager  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager is required to exercise the powers and discharge the duties of its office honestly, in good faith and in the best interests
of the Trust and in connection therewith will exercise the degree of care, diligence and skill that a reasonably prudent professional manager would exercise in comparable circumstances. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager may employ or engage, and rely and act on information or advice received from auditors, underwriters, other distributors, brokers, depositories, the Mint, custodians,
electronic data processors, advisors, lawyers and others and will not be responsible or liable for the acts or omissions of such persons or for any other matter, including any loss or depreciation in
the value of the net assets of the Trust or any particular asset of the Trust, provided that the Manager acted in good faith in accordance with its standard of care set out in the trust agreement in
relying on such information or advice. All information provided by the Manager to the Trust or the Trustee will be complete, accurate, and contain no misrepresentations; however, the Manager will be
entitled to assume that any information received from the Trustee, the Mint, the custodian, or any sub-custodian, or their respective authorized representatives associated with the
day-to-day operation of the Trust is accurate and complete and no liability will be incurred by the Manager as a result of any error in such information or any failure to
receive any notices required to be delivered pursuant to the trust agreement, except to the extent that any such information provided to, or failure to receive any notices by, the Manager arises or
results from the Manager's failure to comply with the terms of the trust agreement or the management agreement in providing any required directions or information related thereto. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager will not be required to devote its efforts exclusively to or for the benefit of the Trust and may engage in other business interests and may engage in other activities
similar or in addition to those relating to the activities to be performed for the Trust. In the event that the Manager, its partners, employees, associates and affiliates or any of them now or
hereafter carry on activities competitive with those of the Trust or buy, sell or trade in assets and portfolio securities of the Trust or of other investment funds, none of them will be under any
liability to the Trust or to the unitholders for so&nbsp;acting. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager, its affiliates and agents, and their respective directors, partners, officers and employees will at all times be indemnified and held harmless by the Trust from and against
all legal fees, judgments and amounts paid in settlement, actually and reasonably incurred by them in connection with the Manager's services provided to the Trust pursuant to the trust agreement and
the management agreement, provided that the Trust has reasonable grounds to believe that the action or inaction that caused the payment of the legal fees, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>73</FONT></P>

<HR NOSHADE>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2>judgments
and amounts paid in settlement was in the best interests of the Trust and provided that such person or entities will not be indemnified by the Trust where: (i)&nbsp;there has been
negligence, willful misconduct, willful neglect, default, bad faith or dishonesty on the part of the Manager or such other person or entity; (ii)&nbsp;a claim is made as a result of a
misrepresentation contained in this or in any prospectus or like offering document of the Trust or any document filed in connection with the Trust's periodic filing requirements distributed or filed
in connection with the issue of the units or applicable securities laws; or (iii)&nbsp;the Manager has failed to fulfill its standard of care or its other obligations in accordance with applicable
laws or the provisions as set forth in the trust agreement and the management agreement, unless in an action brought against the Manager or such persons or entities they have achieved complete or
substantial success as a&nbsp;defendant. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Indemnification of the Trust by the Manager  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust will be indemnified and held harmless by the Manager against any costs, charges, claims, expenses, actions, suits or
proceedings arising from a claim made as a result of a misrepresentation contained in this or any prospectus or like offering document of the Trust or any document filed in connection with the Trust's
periodic filing requirements distributed or filed in connection with the issuance of the units or under applicable securities&nbsp;laws. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>74</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ds14004_computation_of_net_asset_value"> </A>
<A NAME="toc_ds14004_1"> </A>
<BR></FONT><FONT SIZE=2><B>  COMPUTATION OF NET ASSET VALUE    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The calculation of the value of net assets of the Trust will be the responsibility of the Manager, who may consult with the Trust's
valuation agent, the Mint, the Trust's custodians and the auditors. Pursuant to a valuation services agreement, the Manager appointed RBC Dexia as valuation agent to calculate the value of the net
assets of the Trust and the Class Net Asset Value (as&nbsp;hereinafter defined) for each class or series of a class of units as of 4:00&nbsp;p.m., Toronto time, on each business day. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the trust agreement, the value of the net assets of the Trust will be determined for the purposes of subscriptions and redemptions as of the valuation time on each business
day in U.S.&nbsp;dollars. The value of the net assets of the Trust determined on the last day of each year that is also a valuation date of the Trust will include all income, expenses of the Trust
or any other items to be accrued to December&nbsp;31 of such year and since the last calculation of the NAV or the Class Net Asset Value per unit (as hereinafter defined), for the purpose of the
distribution of net income and net realized capital gains of the Trust to&nbsp;unitholders. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
value of the net assets of the Trust as of the valuation time on each business day will be the amount obtained by deducting from the aggregate fair market value of the assets of the
Trust as of such date an
amount equal to the fair value of the liabilities of the Trust (excluding all liabilities represented by outstanding units) as of such date. The value of net assets per unit will be determined by
dividing the value of the net assets of the Trust on a date by the total number of units then outstanding on such date. Subject to directions from the Manager as required, the value of the net assets
of the Trust as of the valuation time on a date will be determined by the Trust's valuation agent in accordance with the&nbsp;following: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
assets of the Trust will be deemed to include the following property:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>all
physical gold bullion owned by or contracted for the Trust;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>all
cash on hand or on deposit, including any interest accrued thereon adjusted for accruals deriving from trades executed but not yet&nbsp;settled;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>all
bills, notes and accounts receivable;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>all
interest accrued on any interest-bearing securities owned by the Trust other than interest, the payment of which is in default;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>prepaid
expenses.
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
market value of the assets of the Trust will be determined as follows:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
value of physical gold bullion will be its market value based on the price provided by a widely recognized pricing service as directed by the Manager
and, if such service is not available, such physical gold bullion will be valued at a price provided by another pricing service as determined by the Manager, in consultation with the valuation agent;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
value of any cash on hand or on deposit, bills, demand notes, accounts receivable, prepaid expenses, and interest accrued and not yet received, will be
deemed to be the full amount thereof unless the Manager determines that any such deposit, bill, demand note, account receivable, prepaid expense or interest is not worth the full amount thereof, in
which event the value thereof will be deemed to be such value as the Manager determines to be the fair value&nbsp;thereof;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>short-term
investments including notes and money market instruments will be valued at cost plus accrued interest;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
value of any security or other property for which no price quotations are available or, in the opinion of the Manager (which may delegate such
responsibility to the Trust's valuation agent under the valuation services agreement), to which the above valuation principles cannot or should not be applied, will be the fair value thereof
determined from time to time in such manner as the Manager (or&nbsp;the Trust's valuation agent, as the case may be) will from time to time provide;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
value of all assets and liabilities of the Trust valued in terms of a currency other than the currency used to calculate the value of the net assets of
the Trust will be converted to the currency </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>75</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_ds14004_1_76"> </A>
<UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>used
to calculate the value of the net assets of the Trust by applying the rate of exchange obtained from the best available sources to the Trust's valuation agent as agreed upon by the Manager
including, but not limited to, the Trustee or any of its&nbsp;affiliates.  </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
liabilities of the Trust will be calculated on a fair value basis and will be deemed to include the&nbsp;following:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>all
bills, notes and accounts payable;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>all
fees (including management fees) and administrative and operating expenses payable and/or accrued by the&nbsp;Trust;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>all
contractual obligations for the payment of money or property, including distributions of net income and net realized capital gains of the Trust, if
any, declared, accrued or credited to the unitholders but not yet paid on the day before the valuation date as of which the value of the net assets of the Trust is being determined;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>all
allowances authorized or approved by the Manager or the Trustee for taxes or contingencies;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>all
other liabilities of the Trust of whatsoever kind and nature, except liabilities represented by outstanding units.
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>For
the purposes of determining the market value of any security or property pursuant to paragraph&nbsp;(b) above to which, in the opinion of the Trust's
valuation agent in consultation with the Manager, the above valuation principles cannot be applied (because no price or yield equivalent quotations are available as provided above, or the current
pricing option is not appropriate, or for any other reason), will be the fair value as determined in such manner by the Trust's valuation agent in consultation with the Manager and generally adopted
by the marketplace from time to time, provided that any change to the standard pricing principles as set out above will require prior consultation and written agreement with the Manager. For greater
certainty, fair valuing an investment comprising the property of the Trust may be appropriate if: (i)&nbsp;market quotations do not accurately reflect the fair value of an investment; (ii)&nbsp;an
investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded; (iii)&nbsp;a trading halt closes an
exchange or market early; or (iv)&nbsp;other events result in an exchange or market delaying its normal close.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>For
the purposes of determining the value of physical gold bullion, the Manager will rely solely on weights provided to the Manager by third parties. The
Manager, the Trustee or the Trust's valuation agent will not be required to make any investigation or inquiry as to the accuracy or validity of such&nbsp;weights.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Portfolio
transactions (investment purchases and sales) will be reflected in the first computation of the value of the net assets of the Trust made after
the date on which the transaction becomes binding.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
value of the net assets of the Trust and NAV on any day will be deemed to be equal to value of the net assets of the Trust (or&nbsp;per unit, as the
case may be) on such date after payment of all fees, including management fees, and after processing of all subscriptions and redemptions of units in respect of such&nbsp;date.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
value of the net assets of the Trust and the NAV determined by the Manager (or, if so delegated under the valuation services agreement, the Trust's
valuation agent) in accordance with the provisions of the trust agreement will be conclusive and binding on all unitholders.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
Manager and any investment manager retained by the Manager may determine such other rules regarding the calculation of the value of the net assets of
the Trust and the NAV which they deem necessary from time to time, which rules may deviate from&nbsp;IFRS. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>76</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_ds14004_1_77"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Calculation of Class Net Asset Value and Class Net Asset Value per Unit  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
net asset value for a particular class or series of a class of units, to which we will refer as the Class Net Asset Value, as of 4:00&nbsp;p.m.,
Toronto time, on each business day will be determined for the purposes of subscriptions and redemptions in accordance with the following calculation:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Class Net Asset Value last calculated for that class or series of a class;&nbsp;plus
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
increase in the assets attributable to that class or series of a class as a result of the issue of units of that class or series of a class or the
redesignation of units into that class or series of a class since the last calculation;&nbsp;minus
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
decrease in the assets attributable to that class or series of a class as a result of the redemption of units of that class or series of a class or
the redesignation of units out of that class or series of a class since the last calculation; plus or&nbsp;minus
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
proportionate share of the net change in non-portfolio assets attributable to that class or series of a class since the last calculation;
plus or&nbsp;minus
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
proportionate share of market appreciation or depreciation of the portfolio assets attributable to that class or series of a class since the last
calculation;&nbsp;minus
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
proportionate share of the common expenses of the Trust (other than expenses that are specifically chargeable to a particular class) allocated to that
class or series of a class since the last calculation;&nbsp;minus
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(vii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>any
expenses of the Trust (including management fees) that are specifically chargeable to a particular class or series of a class allocated to that class
or series of a class since the last calculation.
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>A
unit of a class or series of a class of the Trust being issued or a unit that has been redesignated as a part of that class or series of a class will be
deemed to become outstanding as of the next calculation of the applicable Class Net Asset Value immediately following the date at which the applicable Class Net Asset Value per unit that is the issue
price or redesignation basis of such unit is determined, and the issue price received or receivable for the issuance of the unit will then be deemed to be an asset of the Trust attributable to the
applicable class or series of a&nbsp;class.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>A
unit of a class or series of a class of the Trust being redeemed or a unit that has been redesignated as no longer being a part of that class or series of
a class will be deemed to remain outstanding as part of that class or series of a class until immediately following the valuation date as of which the applicable Class Net Asset Value per unit that is
the redemption price or redesignation basis of such unit is determined; thereafter, the redemption price of the unit being redeemed, until paid, will be deemed to be a liability of the Trust
attributable to the applicable class or series of a class and the unit which has been redesignated will be deemed to be outstanding as a part of the class or series of a class into which it has been
redesignated.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>On
any valuation date that a distribution is paid to unitholders of a class or series of a class of units, a second Class Net Asset Value will be calculated
for that class or series of a class, which will be equal to the first Class Net Asset Value calculated on that valuation date minus the amount of the distribution. The second Class Net Asset Value
will be used for determining the Class Net Asset Value per unit on such valuation date for purposes of determining the issue price and redemption price for units on such valuation date, as well as the
redesignation basis for units being redesignated into or out of such class or series of a class, and units redeemed or redesignated out of that class or series of a class as of such valuation date
will participate in such distribution while units subscribed for or redesignated into such class or series of a class as of such valuation date will&nbsp;not.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
Class Net Asset Value per unit of a particular class or series of a class of units as of any date is the quotient obtained by dividing the applicable
Class Net Asset Value as of such date by the total number of units of that class or series of a class outstanding at such valuation date. This calculation will be made without taking into account any
issuance, redesignation or redemption of units of that class or </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>77</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_ds14004_1_78"> </A>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>series
of a class to be processed by the Trust immediately after the valuation time of such calculation on that valuation date. The Class Net Asset Value per unit for each class or series of a class
of units for the purpose of the issue of units or the redemption of units will be calculated on each valuation date by or under the authority of the Manager (which may delegate such responsibility to
the Trust's valuation agent under the valuation services agreement) as of the valuation time on every valuation date as fixed from time to time by the Manager, and the Class Net Asset Value per unit
so determined for each class or series of a class will remain in effect until the valuation time as of which the Class Net Asset Value per unit for that class or series of a class is next determined. </FONT></P>

</UL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of the foregoing disclosure the following capitalized terms have the meanings set forth&nbsp;below: </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Net
change in non-portfolio assets" on a date means: </FONT></P>

<UL>
<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
aggregate of all income accrued by the Trust as of that date, including cash dividends and distributions, interest and compensation since the last
calculation of Class Net Asset Value or Class Net Asset Value per unit, as the case may be;&nbsp;minus
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
common expenses of the Trust (other than expenses that are specifically chargeable to a particular class or series of a class) to be accrued by the
Trust as of that date which have been accrued since the last calculation of Class Net Asset Value or Class Net Asset Value per unit, as the case may be; plus or&nbsp;minus
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>any
change in the value of any non-portfolio assets or liabilities stated in any foreign currency accrued on that date since the last
calculation of Class Net Asset Value or Class Net Asset Value per unit, as the case may be, including, without limitation, cash, accrued dividends or interest and any receivables or payables; plus
or&nbsp;minus
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>any
other item accrued on that date determined by the Manager to be relevant in determining the net change in non-portfolio assets. </FONT></DD></DL>
</UL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Proportionate
share", when used to describe (i)&nbsp;an amount to be allocated to any one class or series of a class of the Trust, means the total amount to be allocated to all
classes or series of classes of the Trust multiplied by a fraction, the numerator of which is the Class Net Asset Value of such class or series of a class and the denominator of which is the value of
the net assets of the Trust at such time, and (ii)&nbsp;a unitholder's interest in or share of any amount, means, after an allocation has been made to each class or series of a class as provided in
clause&nbsp;(i), that allocated amount multiplied by a fraction, the numerator of which is the number of units of that class or series of a class registered in the name of that unitholder and the
denominator of which is the total number of units of that class or series of a class then outstanding (if&nbsp;such unitholder holds units of more than one class or series of a class, then such
calculation is made in respect of each class or series of a class and aggregated). </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
calculation of the value of the net assets of the Trust and the NAV for each class or series of a class of units as of the valuation time on each valuation date is for the purposes
of determining subscription prices and redemption values of units and not for the purposes of accounting in accordance with IFRS. The value of the net assets of the Trust calculated in this manner
will be used for the purpose of calculating the Manager's and other service providers' fees and will be published net of all paid and payable&nbsp;fees. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Suspension of Calculation of Net Asset Value Per Unit  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During any period in which the right of unitholders to request a redemption of their units for physical gold bullion and/or cash is
suspended, the Manager, on behalf of the Trust, will direct the Trust's valuation agent to suspend the calculation of the value of the net assets of the Trust, the NAV, the Class Net Asset Value (as
hereinafter defined) and the net asset value per unit for each class or series of a class of units. During any such period of suspension, the Trust will not issue or redeem any units. As noted in
"Redemption of Units&#151;Suspension of Redemptions," in the event of any such suspension or termination thereof, the Manager will issue a press release announcing the suspension or the
termination of such suspension, as the case may&nbsp;be. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>78</FONT></P>

<HR NOSHADE>
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<A NAME="page_ds14004_1_79"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Reporting of Net Asset Value  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The value of the net assets of the Trust and the NAV will be updated on a daily basis or as determined by the Manager in accordance
with the trust agreement and will be made available as soon as practicable at no cost on the Trust's website (www.sprottphysicalgoldtrust.com) or by calling the Manager at
(416)&nbsp;943-6707 or toll free at 1-866-299-9906 (9:00&nbsp;a.m. to 5:00&nbsp;p.m., Toronto time). Information contained in, or connected to,
the Manager's website is not incorporated into, and does not form part of, this prospectus. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> The Valuation Services Agreement  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBC Dexia will be appointed as valuation agent of the Trust pursuant to a valuation services agreement between the Trust and RBC Dexia
as valuation agent. The valuation agent will be responsible for providing valuation services to the Trust and will calculate the value of the net assets of the Trust and NAV pursuant to the terms of
the valuation services agreement. See "Computation of Net Asset&nbsp;Value." </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
carrying out its duties as valuation agent, the valuation agent is required to exercise the powers and discharge the duties of its office honestly and in good faith and, in connection
therewith, will exercise the degree of care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
to the extent any liability arises directly out of the negligence, willful misconduct or lack of good faith of the valuation agent, the valuation agent will not be liable for any
act or omission in the course of, or connected with, rendering the services under the valuation services agreement or for loss to, or diminution of, the Trust's property. In no event will the
valuation agent be liable for any consequential or special damages including, but not limited to, loss of reputation, goodwill or business. The Manager will indemnify and hold harmless the valuation
agent, its affiliates and agents, and their respective directors, officers, and employees from and against all taxes, duties, charges, costs, expenses, damages, claims, actions, demands and any other
liability whatsoever to which any such persons or entities may become subject, including legal fees, judgments and amounts paid in settlement in respect of anything done or omitted to be done in
connection with the valuation services provided under the valuation services agreement, except to the extent incurred as a result of the negligence, willful misconduct or lack of good faith of the
indemnified party. Notwithstanding the foregoing, the liability of the valuation agent under the valuation services agreement will in no event
exceed the aggregate amount of fees received by the valuation agent from the Manager with respect to the services provided during the immediately preceding twelve&nbsp;months. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
valuation services agreement provides that it may be terminated by either party without penalty at any time by providing to the other party 60&nbsp;days' prior written notice of
such termination unless the parties mutually agree in writing to a different period. Either party may terminate the valuation services agreement immediately upon notice in the event that either party
is declared bankrupt or will be insolvent, the assets or the business of either party become liable to seizure or confiscation by a public or governmental authority, or the Manager's power and
authority to act on behalf of, or to represent, the Trust has been revoked, terminated or is otherwise no longer in full force and&nbsp;effect. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
valuation agent will receive fees for the valuation services provided to the&nbsp;Trust. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>79</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
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<A NAME="toc_du14004_1"> </A>
<BR></FONT><FONT SIZE=2><B>  TERMINATION OF THE TRUST    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust will be terminated and dissolved in the event any of the following occurs: </FONT></P>

<UL>
<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>there
are no outstanding units;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Trustee resigns or is removed and no successor trustee is appointed by the Manager by the time the resignation or removal becomes effective;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Manager resigns and no successor manager is appointed by the Manager and approved by unitholders by the time the resignation becomes effective;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Manager is, in the opinion of the Trustee, in material default of its obligations under the trust agreement and such default continues for
120&nbsp;days from the date the Manager receives notice of such default from the Trustee and no successor manager has been appointed by the unitholders;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Manager has been declared bankrupt or insolvent or has entered into a liquidation or winding-up, whether compulsory or voluntary
(and&nbsp;not merely voluntary liquidation for the purposes of amalgamation or reconstruction);
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
Manager makes a general assignment for the benefit of its creditors or otherwise acknowledges its insolvency;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the
assets of the Manager have become subject to seizure or confiscation by any public or governmental authority. </FONT></DD></DL>
</UL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Manager may, in its discretion, terminate the Trust, without unitholder approval, if, in the opinion of the Manager, after consulting with the independent review
committee, the value of net assets of the Trust has been reduced such that it is no longer economically feasible to continue the Trust and it would be in the best interests of the unitholders to
terminate the Trust, by giving the Trustee and each holder of units at the time at least 90&nbsp;days notice. To the extent such termination in the discretion of the Manager may involve a matter
that would be a "conflict of interest matter" as set forth in applicable Canadian regulations, the matter will be referred by the Manager to the Trust's independent review committee for its
recommendation. For a description of the independent review committee, see "Organization and Management Details of the Trust&#151;The Manager&#151;Independent Review Committee." </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of the winding-up of the Trust, the rights of unitholders to require redemption of any or all of their units will be suspended, and the Manager or, in the event
of (4), (5), (6)&nbsp;or (7)&nbsp;above, such other person appointed by the Trustee, the unitholders of the Trust or a court of competent jurisdiction, as the case may be, will make appropriate
arrangements for converting the investments of the Trust into cash and the Trustee will proceed to wind-up the affairs of the Trust in such manner as seems to it to be appropriate. The
assets of the Trust remaining after paying or providing for all obligations and liabilities of the Trust will be distributed among the unitholders registered as of 4:00&nbsp;p.m., Toronto time, on
the date on which the Trust is terminated in accordance with the trust agreement. Distributions of net income and net realized capital gains will, to the extent not inconsistent with the orderly
realization of the assets of the Trust, continue to be made in accordance with the trust agreement until the Trust has been wound&nbsp;up. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, if a notice of termination has been given by the Manager and if authorized by the vote of unitholders holding units representing in aggregate not less than
50% of the value of the net assets of the Trust as determined in accordance with the trust agreement, the assets of the Trust may be, in the event of the winding-up of the Trust,
distributed to the unitholders on the termination of the Trust </FONT><FONT SIZE=2><I>in&nbsp;specie</I></FONT><FONT SIZE=2> in whole or in part, and the Trustee will have complete discretion to
determine the assets to be distributed to any unitholder and their values for distribution purposes. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
after a period of six months from the effective date on which the Trust was terminated, the Trust's registrar and transfer agent is unable to locate the owner of any units as shown
on the Trust's register, such amount as would be distributed to such unitholder will be deposited by the Trust's registrar and transfer agent in an account in a chartered bank or trust company
(including the Trustee) in Canada in the name and to the order of such unitholder upon presentation by such unitholder of sufficient information determined by the chartered bank or trust company to be
appropriate to verify such unitholder's entitlement to such amount. Upon such deposit being made, the units represented thereby will be cancelled and the Trust's registrar and transfer agent, the
Manager, and the Trustee will be released from any and all further liability with respect to such moneys. Thereafter, the unitholder will have no rights against the Trust's registrar and transfer
agent, the Trustee or the Manager to such moneys or an accounting therefor. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>80</FONT></P>

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<A NAME="toc_du14004_2"> </A>
<BR></FONT><FONT SIZE=2><B>  PRINCIPAL UNITHOLDERS OF THE TRUST    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to this offering, the Trust has issued on August&nbsp;28, 2009 one unit in connection with the formation of the Trust. This
unit is owned by the settlor of the Trust, Sonia M. Yung, who is a partner of Heenan Blaikie&nbsp;LLP, Canadian counsel to the Trust and the Manager, and will be presented for cancellation upon the
completion of this offering. No other units have been issued by the&nbsp;Trust. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>81</FONT></P>

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<BR></FONT><FONT SIZE=2><B>  CERTAIN TRANSACTIONS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Management Agreement  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> General  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to a management agreement between the Manager and the Trust dated as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2009, the Manager is appointed
to
provide or engage others to provide all necessary or advisable investment management and administrative services and facilities for the Trust. The Manager will manage the Trust's property, including
the physical gold bullion owned by the Trust, and will have full discretionary power to act on behalf of the Trust without consulting the Trust or the Trustee. The Manager will follow the objective,
strategy and investment and operating restrictions described in this prospectus. Eric Sprott will be the primary portfolio manager authorized to trade and carry out the Trust's objectives with respect
to the Trust's property. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the management agreement, the Manager will manage the Trust's property by taking such action from time to time as the Manager, in its sole discretion, deems necessary or desirable
for the proper investment management of the Trust's property at all times in compliance with the Trust's investment and operating restrictions, and the Manager's investment discretion will, subject to
the Trust's investment objective, strategies, and investment and operating restrictions, be absolute. Subject to the Trust Agreement, the management agreement grants to the Manager all power and
authority necessary to give effect to the foregoing, including, without limitation, the power&nbsp;to: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>provide
or arrange to be provided research, information, data, advice, opportunities and recommendations with respect to the making, acquiring
(by&nbsp;purchase, investment, re-investment, exchange or otherwise), holding and disposing (through sale, exchange or otherwise) of Trust's property in the name of, on behalf of, and at
the risk of, the&nbsp;Trust;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>obtain
for the Trust such services as may be required in acquiring, disposing of and owning Trust property including, but not limited to, the placing of
orders with brokers and investment dealers to purchase, sell and otherwise trade in or deal with any Trust property in the name of, on behalf of, and at the risk of, the&nbsp;Trust;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>direct
the delivery of the Trust property sold, exchanged or otherwise disposed of from the Trust's account and to direct the payment for Trust property
acquired for the Trust's account upon delivery to the&nbsp;Mint or the custodian of the Trust's assets other than physical gold bullion, as the case may be;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>direct
the holding of all or any part of the Trust property in cash or cash equivalents from time to time available for investment in physical gold bullion,
securities and other assets, which cash or cash equivalents is to be invested or held on deposit with a Canadian chartered bank, trust company, custodian or prime broker appointed by the Trust from
time to time, and investing all or any part of said cash or cash equivalents from time to time available for investment in short-term debt obligations of or guaranteed by the Government of
Canada or a province thereof, or the Government of the United&nbsp;States or a state thereof, or such other short-term investment grade debt obligations as the Manager, in its
discretion, deems advisable;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>arrange
for, and complete, for and on behalf of the Trust, the purchase and sale of London Good Delivery physical gold bullion, at the best available prices
available over a prudent period of&nbsp;time;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>provide
to the Trust and the Mint delivery and payment particulars in respect of each purchase and sale of physical gold&nbsp;bullion;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>arrange
or cause to be arranged with the Mint, or other custodians possessing industry expertise, for the storage of physical gold bullion which is owned by
the Trust, including arrangements regarding indemnities or insurance in favor of the Trust for the loss of such physical gold bullion in accordance with industry practices;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>monitor
relationships with gold bullion brokers to ensure trades in gold bullion to be held as London Good Delivery bars are effected and executed in
accordance with LBMA compliance standards; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>82</FONT></P>

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<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>monitor
relationships with the Mint and any other custodian that has been appointed by the Trust to hold and store the Trust's physical gold bullion which
is owned by the&nbsp;Trust;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>exercise,
or direct the exercise of, any and all rights, powers and discretion in connection with the Trust property, including the power to vote the
securities at meetings of securityholders or executing proxies or other instruments on behalf of the Trust for that purpose, and to consent to any reorganization or similar transaction;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>make
any election to be made in connection with any mergers, acquisitions, tender offers, take-over bids, arrangements, bankruptcy proceedings
or other similar occurrences which may affect the Trust&nbsp;property;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(l)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>execute
any registration statement, prospectus or similar document filed with the Canadian or U.S.&nbsp;securities authorities on behalf of the
Trust;&nbsp;and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(m)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>generally
perform any other act necessary to enable it to carry out its obligations under the management agreement and the trust agreement. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager will be required to provide monthly reports to the Trust with respect to transactions affecting the property of the Trust (if&nbsp;any such transactions took place during
that month) and quarterly reports describing the Trust property (if&nbsp;no transactions took place during that&nbsp;quarter). </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager may provide investment management and other services to other persons and entities provided that the Manager will act in good faith and follow a policy of allocating
investment opportunities to the Trust on a basis that is, in the Manager's reasonable opinion, fair and equitable to the Trust relative to investment opportunities allocated to other persons or
entities for which the Manager is responsible, and of which the Manager has&nbsp;knowledge. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Fee  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For its services under the management agreement and under the trust agreement, the Manager will receive a monthly management fee equal
to <SUP>1</SUP>/<SMALL>12</SMALL> of 0.35% of the value of the net assets of the Trust (determined in accordance with the trust agreement), plus any applicable Canadian taxes. The management fee will be
calculated and accrued daily and payable monthly in arrears on the last day of each&nbsp;month. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
and to the extent the Manager renders services to the Trust other than those required to be rendered pursuant to the management agreement, such additional services and activities will
be compensated
separately and will be on such terms that are generally no less favorable to the Trust than those available from arm's length parties for comparable services. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Standard of Care  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The management agreement requires the Manager to exercise the powers granted and discharge its duties under the management agreement
honestly, in good faith and in the best interests of the Trust and, in connection therewith, exercise the degree of care, diligence and skill that a reasonably prudent professional manager would
exercise in comparable circumstances. The Manager does not in any way guarantee the performance of the Trust's property and will not be responsible for any loss in respect of the Trust's property,
except where such loss arises out of acts or omissions of the Manager done or suffered in breach of its standard of care or through the Manager's own negligence, willful misconduct, willful neglect,
default, bad faith or dishonesty or a material failure in complying with applicable Canadian laws or the provisions set forth in the management agreement or the trust agreement. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Liability of the Manager  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager will not be liable for any loss suffered by the Trust or any unitholder thereof, as the case may be, which arises out of
any action or inaction of the Manager if such course of conduct did not constitute a breach of its standard of care or negligence, willful misconduct, willful neglect, default, bad faith or dishonesty
or a material failure in complying with applicable Canadian laws or the provisions set forth in the management agreement or the trust agreement and if the Manager, in good faith, determined that such
course of conduct was </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>83</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>in
the best interests of the Trust. Also, the Manager will not be responsible for any losses or damages to the Trust arising out of any action or inaction by the Mint or any custodian or any
sub-custodian holding the Trust's property, unless such action or inaction arises out of or is the result of the Manager's breach of its standard of care or negligence, willful misconduct,
willful neglect, default, bad faith or dishonesty or a material failure in complying with applicable laws or the provisions set forth in the management agreement or the trust agreement. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager will not be responsible for any loss of opportunity whereby the value of any of the property of the Trust could have been increased, nor will it be responsible for any
decline in value of any of the property of the Trust unless such decline is the result of the Manager's breach of its standard of care or negligence, willful misconduct, willful neglect, default, bad
faith or dishonesty or a material failure in complying with applicable laws or the provisions set forth in the management agreement or the trust agreement. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager may rely and act upon any statement, report or opinion prepared by or any advice received from auditors, solicitors, notaries or other professional advisors of the Manager
and will not be responsible or held liable for any loss or damage resulting from relying or acting thereon if the advice was within the area of professional competence of the person from whom it was
received and the Manager acted reasonably and in good faith in relying thereon. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Indemnity  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust will indemnify and hold harmless the Manager and its partners, officers, agents and employees from and against any and all
expenses, losses, damages, liabilities, demands, charges, costs and claims of any kind or nature whatsoever (including legal fees, judgments and amounts paid in settlement, provided that the Trust has
approved such settlement in accordance with the trust agreement) in respect of the acts, omissions, transactions, duties, obligations or responsibilities of the Manager as Manager to the Trust, except
where such expenses, losses, damages, liabilities, demands, charges, costs or claims are caused by acts or omissions of the Manager done or suffered in breach of its standard of care or through the
Manager's own negligence, willful misconduct, willful neglect, default, bad faith or dishonesty or a material failure in complying with applicable Canadian laws or the provisions set forth in the
management agreement or the trust agreement. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Term of the Agreement  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The management agreement will continue until&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2014 and will be automatically renewed from time to time thereafter
for
additional terms of one year unless otherwise terminated by either party giving at least 90&nbsp;days' prior written notice (or&nbsp;such shorter period upon which the parties may mutually agree
in writing) to the other party of such termination. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust may terminate immediately the management agreement if the Manager is, in the opinion of the Trustee, in material default of its obligations under the management agreement or
the trust agreement and such default continues for 120&nbsp;days from the date that the Manager receives notice of such default from the Trustee and no successor manager has been appointed by the
unitholders of the Trust pursuant to the trust&nbsp;agreement. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Trust may terminate immediately the management agreement where (i)&nbsp;the Manager has been declared bankrupt or insolvent or has entered into liquidation or
winding-up, whether compulsory or voluntary (and&nbsp;not merely a voluntary liquidation for the purposes of amalgamation or reconstruction); (ii)&nbsp;the Manager&nbsp;makes a
general assignment for the benefit of its creditors or otherwise acknowledges its insolvency; or (iii)&nbsp;the assets of the Manager have become subject to seizure or confiscation by any public or
governmental authority. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
change of Manager (other than to its affiliate) requires the approval of the unitholders of the Trust and the approval of securities authorities in accordance with applicable
securities laws. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a detailed description of the trust agreement, see "Description of the Trust Agreement." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>84</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dy14004_tax_considerations"> </A>
<A NAME="toc_dy14004_1"> </A>
<BR></FONT><FONT SIZE=2><B>  TAX CONSIDERATIONS    <BR>    </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> U.S.&nbsp;Federal Income Tax Considerations  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the opinion of Seward&nbsp;&amp; Kissel&nbsp;LLP, the Trust's U.S.&nbsp;counsel, the following are the material
U.S.&nbsp;federal income tax consequences to U.S.&nbsp;Holders as defined below, of the ownership and disposition of units. This discussion does not purport to deal with the tax consequences of
owning units to all categories of investors, some of which, such as dealers in securities, regulated investment companies, tax-exempt organizations, investors whose functional currency is
not the U.S.&nbsp;dollar and investors that own, actually or under applicable constructive ownership rules, 10% or more of the units, may be subject to special rules. This discussion does not
address U.S.&nbsp;state or local tax, U.S.&nbsp;federal estate or gift tax or foreign tax consequences of the ownership and disposition of units. This discussion deals only with holders who
purchase units in connection with this offering and hold the units as a capital asset. You are
encouraged to consult your own tax advisors concerning the overall tax consequences arising in your own particular situation under U.S.&nbsp;federal, state, local or foreign law of the ownership
of&nbsp;units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following discussion of U.S.&nbsp;federal income tax matters is based on the U.S.&nbsp;Internal Revenue Code of 1986, as amended, to which we will refer as the Code, judicial
decisions, administrative pronouncements, and existing and proposed regulations issued by the U.S.&nbsp;Department of the Treasury, all of which are subject to change, possibly with retroactive
effect. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> U.S.&nbsp;Federal Income Tax Classification of the Trust  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust will file an affirmative election with the Internal Revenue Service, to which we will refer as IRS, to be classified as an
association taxable as a corporation for U.S.&nbsp;federal income tax&nbsp;purposes. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> U.S.&nbsp;Federal Income Taxation of U.S.&nbsp;Holders  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used herein, the term "U.S.&nbsp;Holder" means a beneficial owner of units that is a U.S.&nbsp;citizen or resident for
U.S.&nbsp;income tax purposes, a U.S.&nbsp;corporation or other U.S.&nbsp;entity taxable as a corporation, an estate the income of which is subject to U.S.&nbsp;federal income taxation
regardless of its source, or a trust if a court within the United&nbsp;States is able to exercise primary jurisdiction over the administration of the trust and one or more U.S.&nbsp;persons have
the authority to control all substantial decisions of the&nbsp;trust. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a partnership (including an entity treated as a partnership for U.S.&nbsp;federal income tax purposes) holds the units, the tax treatment of a partner will generally depend upon the
status of the partner and upon the activities of the partnership. However, a U.S.&nbsp;person that is an individual, trust or estate and that owns units through a partnership generally will be
eligible for the reduced rates of taxation described below that are applicable to U.S.&nbsp;Individual Holders (as&nbsp;defined below). If you are a partner in a partnership holding the units, you
are encouraged to consult your tax&nbsp;advisor. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>Distributions</U>  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As discussed under "Distribution Policy," the Trust does not anticipate making regular cash distributions to unitholders. Subject to
the PFIC discussion below, any distributions made by the Trust with respect to the units to a U.S.&nbsp;Holder will generally constitute dividends, which will generally be taxable as ordinary income
to the extent of the Trust's current or accumulated earnings and profits, as
determined under U.S.&nbsp;federal income tax principles. Distributions in excess of the Trust's earnings and profits will be treated first as a nontaxable return of capital to the extent of the
U.S.&nbsp;Holder's tax basis in his, her or its units on a dollar-for-dollar basis and thereafter as gain from the disposition of units. Since the Trust will be a PFIC, as
described below, dividends paid on the units to a U.S.&nbsp;Holder who is an individual, trust or estate, or a U.S.&nbsp;Individual Holder, will generally not be treated as "qualified dividend
income" that is taxable to U.S.&nbsp;Individual Holders at preferential tax rates (currently through taxable years ended before or on December&nbsp;31, 2010). Any dividends generally will be
treated as foreign-source income for U.S.&nbsp;foreign tax credit limitation purposes. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>85</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>Redemption of Units</U>  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described under "Redemption of Units," a U.S.&nbsp;Holder may have units redeemed for cash or physical gold bullion. Under
Section&nbsp;302 of the Code, a U.S.&nbsp;Holder generally will be treated as having sold his, her or its units (rather than having received a distribution on the units) upon the redemption of
units if the redemption completely terminates or significantly reduces the U.S.&nbsp;Holder's interest in the Trust. In such case, the redemption will be treated as described in the relevant section
below depending on whether the U.S.&nbsp;Holder makes a QEF election, a mark-to-market election or makes no election and therefore is subject to the Default PFIC Regime
(as&nbsp;defined&nbsp;below). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>Passive Foreign Investment Company Status and Significant Tax Consequences</U>  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special U.S.&nbsp;federal income tax rules apply to a U.S.&nbsp;Holder that holds stock in a foreign corporation classified as a
PFIC for U.S.&nbsp;federal income tax purposes. In general, the Trust will be treated as a PFIC with respect to a U.S.&nbsp;Holder if, for any taxable year in which such U.S.&nbsp;Holder held
the units,&nbsp;either: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>at least 75% of the Trust's gross income for such taxable year consists of passive income;&nbsp;or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>at least 50% of the average value of the assets held by the Trust during such taxable year produce, or are held for the
production of, passive&nbsp;income. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of these tests, "passive income" includes dividends, interest, and gains from the sale or exchange of investment property (including commodities). The income that the Trust
derives from its sales of physical gold bullion is expected to be treated as passive income for this purpose. Since substantially all of the Trust's assets will consist of physical gold bullion and
the Trust expects to derive substantially all of its income from the sales of physical gold bullion, it is expected the Trust will be treated as a PFIC for each of its taxable&nbsp;years. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming
the Trust is a PFIC, a U.S.&nbsp;Holder will be subject to different taxation rules depending on whether the U.S.&nbsp;Holder (1)&nbsp;makes an election to treat the Trust
as a QEF, which is referred to as a QEF election, (2)&nbsp;makes a mark-to-market election with respect to the units, or (3)&nbsp;makes no election and therefore is subject
to the Default PFIC Regime (as&nbsp;defined below). As discussed in detail below, making a QEF election or a mark-to-market election generally will mitigate the otherwise
adverse U.S.&nbsp;federal income tax consequences under the Default PFIC Regime. However, the mark-to-market election may not be as favorable as the QEF election because a
U.S.&nbsp;Holder generally will recognize income each year attributable to any appreciation in the U.S.&nbsp;Holder's units without a corresponding distribution of cash or other&nbsp;property. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>Taxation of U.S.&nbsp;Holders Making a Timely QEF Election</U>  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Making the Election</U>.&nbsp;&nbsp;&nbsp;&nbsp;A U.S.&nbsp;Holder would make a QEF election with respect to any year that the Trust is a PFIC by
filing IRS Form&nbsp;8621 with his, her or its U.S.&nbsp;federal income tax return. The Trust intends to annually provide each U.S.&nbsp;Holder with all necessary information in order to make
and maintain a QEF election. A U.S.&nbsp;Holder who makes a QEF election for the first taxable year in which he, she or it owns units, or an Electing Holder, will not be subject to the Default PFIC
Regime (as&nbsp;defined below) for any taxable year. We will refer to an Electing Holder that is a U.S.&nbsp;Individual Holder as a Non-Corporate Electing Holder. A U.S.&nbsp;Holder
who does not make a timely QEF election would be subject to the Default PFIC Regime for taxable years during his, her or its holding period in which a QEF election was not in effect, unless such
U.S.&nbsp;Holder makes a special "purging" election. A U.S.&nbsp;Holder who does not make a timely QEF election is encouraged to consult such U.S.&nbsp;Holder's tax advisor regarding the
availability of such purging election. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Current Taxation and Dividends</U>.&nbsp;&nbsp;&nbsp;&nbsp;An Electing Holder must report each year for U.S.&nbsp;federal income tax purposes
his, her or its </FONT><FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2> share of the Trust's ordinary earnings and the Trust's net capital gain, if any, for the Trust's taxable year that ends
with or within the taxable year of the Electing Holder, regardless of whether or not distributions were received from the Trust by the Electing Holder. A Non-Corporate Electing Holder's </FONT> <FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2>
share of the Trust's net capital gain generally will be taxable at a maximum rate of 28% under current law to the extent attributable to
sales of physical gold
bullion by the Trust if the Trust has held the gold bullion for more than one year. Otherwise such gain generally will be treated as ordinary income. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>86</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any holder redeems his, her or its units for physical gold bullion (regardless of whether the holder requesting redemption is a U.S.&nbsp;Holder or an Electing Holder), the Trust
will be treated as if it sold physical gold bullion for its fair market value in order to redeem the holder's units. As a result, any Electing Holder will be required to currently include in income
his, her or its </FONT><FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2> share of the Trust's gain from such deemed disposition (taxable to a Non-Corporate Electing Holder at a
maximum rate of 28% under current law if the Trust has held the physical gold bullion for more than one year) even though the deemed disposition by the Trust is not attributable to any action on the
Electing Holder's part. If any holder redeems units for cash and the Trust sells physical gold bullion to fund the redemption (regardless of whether the holder requesting redemption is a
U.S.&nbsp;Holder or an Electing Holder), an Electing Holder similarly will include in income his, her or its </FONT><FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2> share of the Trust's gain
from the sale of the physical gold bullion, which will be taxable as described above even though the Trust's sale of physical gold bullion is not attributable to any action on the Electing Holder's
part. An Electing Holder's adjusted tax basis in the units will be increased to reflect any amounts currently included in income under the QEF rules. Distributions of earnings and profits that had
been previously included in income will result in a corresponding reduction in the adjusted tax basis in the units and will not be taxed again once distributed. Any other distributions generally will
be treated as discussed above under "Tax Considerations&#151;U.S.&nbsp;Federal Income Tax Considerations&#151;U.S.&nbsp;Federal Income Taxation of
U.S.&nbsp;Holders&#151;Distributions." </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
inclusions under the QEF rules described above generally should be treated as foreign-source income for U.S.&nbsp;foreign tax credit limitation purposes, but Electing Holders
should consult their tax advisors in this&nbsp;regard. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Sale, Exchange or Other Disposition</U>.&nbsp;&nbsp;&nbsp;&nbsp;An Electing Holder will generally recognize capital gain or loss on the sale,
exchange, or other disposition of the units in an amount equal to the excess of the amount realized on such disposition over the Electing Holder's adjusted tax basis in the units. Such gain or loss
will be treated as long-term capital gain or loss if the Electing Holder's holding period in the units is greater than one year at the time of the sale, exchange or other disposition.
Long-term capital gains of U.S.&nbsp;Individual Holders currently are taxable at a maximum rate of 15%. An Electing Holder's ability to deduct capital losses is subject to certain
limitations. Any gain or loss generally will be treated as U.S.-source gain or loss for U.S.&nbsp;foreign tax credit limitation purposes. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Electing Holder that redeems his, her or its units will be required to currently include in income his, her or its </FONT><FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2>
share of the Trust's gain from the deemed or actual disposition of physical gold bullion, as described above, which will be taxable to a Non-Corporate Electing Holder at a maximum rate of
28% under current law if the Trust has held the physical gold bullion for more than one year. The Electing Holder's adjusted tax basis in the units will be increased to reflect such gain that is
included in
income. The Electing Holder will further recognize capital gain or loss on the redemption in an amount equal to the excess of the fair market value of the physical gold bullion or cash received upon
redemption over the Electing Holder's adjusted tax basis in the units. Such gain or loss will be treated as described in the preceding paragraph. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>Taxation of U.S.&nbsp;Holders Making a Mark-to-Market Election</U>  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Making the Election</U>.&nbsp;&nbsp;&nbsp;&nbsp;Alternatively, if, as is anticipated, the units are treated as marketable stock, a
U.S.&nbsp;Holder would be allowed to make a mark-to-market election with respect to the units, provided the U.S.&nbsp;Holder completes and files IRS Form&nbsp;8621 in
accordance with the relevant instructions and related Treasury Regulations. The units will be treated as marketable stock for this purpose if they are regularly traded on a qualified exchange or other
market. The units will be regularly traded on a qualified exchange or other market for any calendar year during which they are traded (other than in </FONT><FONT SIZE=2><I>de
minimis</I></FONT><FONT SIZE=2> quantities) on at least 15&nbsp;days during each calendar quarter. A qualified exchange or other market means either a U.S.&nbsp;national securities exchange that
is registered with the SEC, the NASDAQ, or a foreign securities exchange that is regulated or supervised by a governmental authority of the country in which the market is located and which satisfies
certain regulatory and other requirements. The Trust believes that both the TSX and the NYSE Arca should be treated as a qualified exchange or other market for this&nbsp;purpose. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Current Taxation and Dividends</U>.&nbsp;&nbsp;&nbsp;&nbsp;If the mark-to-market election is made, the U.S.&nbsp;Holder
generally would include as ordinary income in each taxable year the excess, if any, of the fair market value of the units at the end of the taxable year over such U.S Holder's adjusted tax basis in
the units. The U.S.&nbsp;Holder would also be </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>87</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>permitted
an ordinary loss in respect of the excess, if any, of the U.S.&nbsp;Holder's adjusted tax basis in the units over their fair market value at the end of the taxable year, but only to the
extent of the net amount previously included in income as a result of the mark-to-market election. Any income inclusion or loss under the preceding rules should be treated as
gain or loss from the sale of units for purposes of determining the source of the income or loss. Accordingly, any such gain or loss generally should be treated as U.S.-source income or loss for
U.S.&nbsp;foreign tax credit limitation purposes. A U.S.&nbsp;Holder's tax basis in his, her or its units would be adjusted to reflect any such income or loss amount. Distributions by the Trust to
a U.S.&nbsp;Holder who has made a mark-to-market election generally will be treated as discussed above under "Tax Considerations&#151;U.S.&nbsp;Federal Income Tax
Considerations&#151;U.S.&nbsp;Federal Income Taxation of U.S.&nbsp;Holders&#151;Distributions." </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT SIZE=2><U>Sale, Exchange or Other Disposition</U>.&nbsp;&nbsp;&nbsp;&nbsp;Gain realized on the sale, exchange, redemption or other disposition of the units
would be treated as ordinary income, and any loss realized on the sale, exchange, redemption or other disposition of the units would be treated as ordinary loss to the extent that such loss does not
exceed the net mark-to-market gains previously included by the U.S.&nbsp;Holder. Any loss in excess of such previous inclusions would be treated as a capital loss by the
U.S.&nbsp;Holder. A U.S.&nbsp;Holder's ability to deduct capital losses is subject to certain limitations. Any such gain or loss generally should be treated as U.S.-source income or loss for
U.S.&nbsp;foreign tax credit limitation purposes. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>Taxation of U.S.&nbsp;Holders Not Making a Timely QEF or Mark-to-Market Election</U>  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finally, a U.S.&nbsp;Holder who does not make either a QEF election or a mark-to-market election for that
year, or a Non-Electing Holder, would be subject to special rules, to which we will refer as the Default PFIC Regime, with respect to (1)&nbsp;any excess distribution (i.e.,&nbsp;the
portion of any distributions received by the Non-Electing Holder on the units in a taxable year in excess of 125% of the average annual distributions received by the
Non-Electing Holder in the three preceding taxable years, or, if shorter, the Non-Electing Holder's holding period for the units), and (2)&nbsp;any gain realized on the sale,
exchange, redemption or other disposition of the&nbsp;units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Default PFIC Regime: </FONT></P>

<UL>
<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the excess distribution or gain would be allocated ratably over the Non-Electing Holder's aggregate holding
period for the&nbsp;units;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the amount allocated to the current taxable year and any taxable year before the Trust became a PFIC would be taxed as
ordinary income;&nbsp;and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for
the applicable class of taxpayer for that year, and an interest charge for the deemed deferral benefit would be imposed with respect to the resulting tax attributable to each such other
taxable&nbsp;year. </FONT></DD></DL>
</UL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
distributions other than "excess distributions," by the Trust to a Non-Electing Holder will be treated as discussed above under "Tax
Considerations&#151;U.S.&nbsp;Federal Income Tax Considerations&#151;U.S.&nbsp;Federal Income Taxation of U.S.&nbsp;Holders&#151;Distributions." </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
penalties would not apply to a pension or profit sharing trust or other tax-exempt organization that did not borrow funds or otherwise utilize leverage in connection
with its acquisition of the units. If a Non-Electing Holder who is an individual dies while owning the units, such Non-Electing Holder's successor generally would not receive a
step-up in tax basis with respect to the&nbsp;units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>Foreign Taxes</U>  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions, if any, by the Trust may be subject to Canadian withholding taxes. A U.S.&nbsp;Holder may elect to either treat such
taxes as a credit against U.S.&nbsp;federal income taxes, subject to certain limitations, or deduct his, her or its share of such taxes in computing such U.S.&nbsp;Holder's U.S.&nbsp;federal
taxable income. No deduction for foreign taxes may be claimed by an individual who does not itemize deductions. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>88</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Backup Withholding and Information Reporting  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments made within the United&nbsp;States, or by a U.S.&nbsp;payor or U.S.&nbsp;middleman, of dividends on, or proceeds arising
from the sale or other taxable disposition of, units generally will be subject to information reporting and backup withholding, currently at the rate of 28%, if a U.S.&nbsp;Holder fails to furnish
its correct U.S.&nbsp;taxpayer identification number (generally on IRS Form&nbsp;W-9), and to&nbsp;make certain certifications, or otherwise fails to establish an exemption. Backup
withholding tax is not an additional tax. Rather, a U.S.&nbsp;Holder generally may obtain a refund of any amounts withheld under backup withholding rules that exceed his, her, or its income tax
liability by filing a refund claim with the&nbsp;IRS. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S.&nbsp;Holders
may be subject to certain IRS filing requirements as a result of holding units in the Trust. For example, a U.S.&nbsp;person who transfers property (including cash)
to a foreign corporation in exchange for stock in the corporation is in some cases required to file an information return on IRS Form&nbsp;926 with the IRS with respect to such transfer.
Accordingly, a U.S.&nbsp;Holder may be required to file Form&nbsp;926 with respect to its acquisition of units in this offering. U.S.&nbsp;Holders also may be required to file Form&nbsp;TD
F&nbsp;90-22.1 (Report of Foreign Bank and Financial Accounts) with respect to their investment in the Trust. U.S.&nbsp;Holders are encouraged to consult their own tax advisors with
respect to any applicable filing requirements. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Canadian Federal Income Tax Considerations  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the opinion of Heenan Blaikie&nbsp;LLP, Canadian counsel to the Trust, and Davies Ward Phillips&nbsp;&amp; Vineberg&nbsp;LLP,
Canadian counsel to the underwriters, the following is, as of the date hereof, a general summary of the principal Canadian federal income tax considerations generally applicable under the
Tax&nbsp;Act to the acquisition, holding and disposition of units acquired pursuant to this prospectus. This summary is generally applicable to a unitholder who deals at arm's length and is not
affiliated with the Trust and holds units as capital property. Units will generally be considered capital property to a unitholder unless the unitholder holds the units in the course of carrying on a
business of trading or dealing in securities or has acquired the units in a transaction or transactions considered to be an adventure in the nature of trade. Canadian-resident unitholders who are not
traders or dealers in securities and who might not otherwise be considered to hold their units as capital property may be entitled to have their units (and&nbsp;every other "Canadian security" owned
by them in that taxation year or any subsequent taxation year) treated as capital property by making the irrevocable election permitted by subsection&nbsp;39(4) of the Tax&nbsp;Act. Such
unitholders should consult their own tax advisors regarding the availability and appropriateness of making this election having regard to their particular circumstances and the anticipated commodity
holdings of the&nbsp;Trust. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
summary is not applicable to a unitholder that is a "financial institution", that is a "specified financial institution" or that has elected to determine its Canadian tax results in
accordance with the "functional currency" rules, or to an interest in which is a "tax shelter investment" (as&nbsp;all such terms are defined in the Tax&nbsp;Act). In addition, this summary does
not address the deductibility of interest by a unitholder who has borrowed to acquire units. All such unitholders should consult with their own tax&nbsp;advisors. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
summary is also based on the assumption (discussed below under "Tax Considerations&#151;Canadian Federal Income Tax Considerations&#151;SIFT Trust Rules") that the
Trust will at no time be a "SIFT trust" as defined in the Tax&nbsp;Act. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
summary is based on the current provisions of the Tax&nbsp;Act, the regulations thereunder, all specific proposals to amend the Tax&nbsp;Act and the regulations publicly
announced by the Minister of Finance (Canada) prior to the date hereof, to which we will refer as the Tax Proposals, and Canadian counsel's understanding of the current administrative and assessing
policies of the Canada Revenue Agency, to which we will refer as the CRA. There can be no assurance that the Tax Proposals will be implemented in their current form or at all, nor can there be any
assurance that the CRA will not change its administrative or assessing practices. This summary further assumes that the Trust will comply with the trust agreement and that the Manager and the Trust
will comply with a certificate issued to Canadian counsel regarding certain factual matters. Except for the Tax Proposals, this summary does not otherwise take into account or anticipate any change in
the law, whether by legislative, governmental or judicial decision or action, which may affect adversely any income tax consequences described herein, and does not take into account provincial,
territorial or foreign tax considerations, which may differ significantly from those described herein. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>89</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>This summary is not exhaustive of all possible Canadian federal tax considerations applicable to an investment in units. Moreover, the income and other tax
consequences of acquiring, holding or disposing of units will vary depending on a taxpayer's particular circumstances. Accordingly, this summary is of a general nature only and is not intended to
constitute legal or tax advice to any prospective purchaser of units. Prospective purchasers of units should consult with their own tax advisors about tax consequences of an investment in units based
on their particular circumstances.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of the Tax&nbsp;Act, all amounts relating to the acquisition, holding or disposition of units (including distributions, adjusted cost base and proceeds of
disposition), or transactions of the Trust, must be expressed in Canadian dollars. Amounts denominated in United&nbsp;States dollars must be converted into Canadian dollars using the rate of
exchange quoted by the Bank of Canada at noon on the day on which the amount first arose or such other rate of exchange as is acceptable to the&nbsp;CRA. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Qualification as a Mutual Fund Trust  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This summary is based on the assumptions that the Trust will qualify at all times as a "unit trust" and a "mutual fund trust" within
the meaning of the Tax&nbsp;Act and that the Trust will validly elect under the Tax&nbsp;Act to be a mutual fund trust from the date it was established. The Manager has advised Canadian counsel
that it expects that the Trust will meet the requirements necessary for it to qualify as a mutual fund trust no later than the closing of this offering and at all times thereafter and will elect to be
deemed a mutual fund trust throughout its first taxation&nbsp;year. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One
of the conditions to qualify as a mutual fund trust for the purposes of the Tax&nbsp;Act is that the Trust has not been established or maintained primarily for the benefit of
non-residents unless, at all times, all or substantially all of the Trust's property consists of property other than "taxable Canadian property" (or&nbsp;if certain Tax Proposals
released on September&nbsp;16, 2004 are enacted as proposed, "taxable Canadian property" within the meaning of the Tax&nbsp;Act and certain other types of "specified property"). Physical gold
bullion is not "taxable Canadian property" or "specified property." Accordingly, based on the investment objectives and investment restrictions, the Trust should not hold any such&nbsp;property. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, to qualify as a mutual fund trust: (i)&nbsp;the Trust must be a Canadian resident "unit trust" for purposes of the Tax&nbsp;Act; (ii)&nbsp;the only undertaking of the
Trust must be (a)&nbsp;the investing of its funds in property (other than real property or interests in real property), or (b)&nbsp;the acquiring, holding, maintaining, improving, leasing or
managing of any real property (or&nbsp;interest in real property) that is capital property of the Trust, or (c)&nbsp;any combination of the activities described in (a)&nbsp;and (b); and
(iii)&nbsp;the Trust must comply with certain minimum requirements regarding the ownership and dispersal of units, to which we will refer as the minimum distribution requirements. In this
connection, the Manager has advised counsel that it intends to
cause the Trust to qualify as a unit trust throughout the life of the Trust; that the Trust's undertaking conforms with the restrictions for mutual fund trusts; and that it has no reason to believe at
the date hereof that the Trust will not comply with the minimum distribution requirements at all material&nbsp;times. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>If the Trust were not to qualify as a mutual fund trust at all times, the income tax considerations described in this summary would, in some respects, be
materially and adversely different.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Canadian Taxation of the Trust  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each taxation year of the Trust will end on December&nbsp;31. In each taxation year, the Trust will be subject to tax under
Part&nbsp;I of the Tax&nbsp;Act on any income for the year, including net realized taxable capital gains, less the portion thereof that it deducts in respect of the amounts paid or payable in the
year to unitholders. An amount will be considered to be payable to a unitholder in a taxation year if it is paid to the unitholder in the year by the Trust or if the unitholder is entitled in that
year to enforce payment of the amount. The Trust intends to deduct, in computing its income in each taxation year, such amount in each year as will be sufficient to ensure that the Trust will
generally not be liable for income tax under Part&nbsp;I of the Tax&nbsp;Act. The Trust will be entitled for each taxation year to reduce (or&nbsp;receive a refund in respect of) its liability,
if any, for tax on its capital gains by an amount determined under the Tax&nbsp;Act based on the redemption of units during the year. Based on the foregoing, the Trust will generally not be liable
for income tax under Part&nbsp;I of the Tax&nbsp;Act. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>90</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
CRA has expressed the opinion that gains (or&nbsp;losses) of mutual fund trusts resulting from transactions in commodities should generally be treated for purposes of the
Tax&nbsp;Act as being derived from an adventure in the nature in trade, so that such transactions give rise to ordinary income rather than capital gains&#151;although the treatment in each
particular case remains a question of fact to be determined having regard to all the circumstances. In the view of Canadian counsel, the holding by the Trust of physical gold bullion with no intention
of disposing of such bullion except </FONT><FONT SIZE=2><I>in&nbsp;specie</I></FONT><FONT SIZE=2> on a redemption of units likely would not represent an adventure in the nature of trade so that a
disposition, on a redemption of units, of physical gold bullion that previously had been acquired with such intention would likely give rise to a capital gain (or&nbsp;capital loss) to the Trust.
The Manager has informed Canadian counsel that, as it intends for the Trust to be a long-term holder of physical gold bullion and does not anticipate that the Trust will sell its physical
gold bullion (otherwise than where necessary to fund expenses of the Trust), the Manager anticipates that the Trust generally will treat gains (or&nbsp;losses) as a result of dispositions of
physical gold bullion as capital gains (or&nbsp;capital losses), although depending on the circumstances, the Trust may instead include (or&nbsp;deduct) the full amount of such gains or losses in
computing its&nbsp;income. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust will also be required to include in its income for each taxation year all interest that accrues to it to the end of the year, or becomes receivable or is received by it before
the end of the year, except to the
extent that such interest was included in computing its income for a preceding taxation year. Upon the actual or deemed disposition of indebtedness, the Trust will be required to include in computing
its income for the year of disposition all interest that accrued on such indebtedness from the last interest payment date to the date of disposition except to the extent such interest was included in
computing the Trust's income for that or another taxation year, and such income inclusion will reduce the proceeds of disposition for purposes of computing any capital gain or&nbsp;loss. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the current provisions of the Tax&nbsp;Act, the Trust is entitled to deduct in computing its income reasonable administrative and other operating expenses (other than certain
expenses on account of capital) incurred by it for the purposes of earning income (other than taxable capital gains). No assurance can be provided that administration expenses of the Trust will not be
considered to be on account of capital. The Trust generally may also deduct from its income for the year a portion of the reasonable expenses incurred by it to issue units. The portion of the issue
expenses deductible by the Trust in a taxation year is 20% of the total issue expenses, pro rated where the Trust's taxation year is less than 365&nbsp;days. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;31, 2003, the Canadian Department of Finance announced a tax proposal relating to the deductibility of losses under the Tax&nbsp;Act, to which we will refer as the
October Proposal. Under the October Proposal, a taxpayer will be considered to have a loss from a business or property for a taxation year only if, in that year, it is reasonable to assume that the
taxpayer will realize a cumulative profit from the business or property during the time that the taxpayer has carried on, or can reasonably be expected to carry on, the business or has held, or can
reasonably be expected to hold, the property. Profit, for this purpose, does not include capital gains or capital losses. If the October Proposal were to apply to the Trust, certain losses of the
Trust or a unitholder could be limited. On February&nbsp;23, 2005, the Canadian Minister of Finance announced that an alternative proposal to replace the October Proposal would be released for
comment. No such alternative proposal has been released as of the date hereof. There can be no assurance that such alternative proposal will not adversely affect the Trust or a&nbsp;unitholder. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses
incurred by the Trust in a taxation year cannot be allocated to unitholders, but may be deducted by the Trust in future years in accordance with the Tax&nbsp;Act. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> SIFT Trust Rules  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust will be a "SIFT trust" as defined in the Tax&nbsp;Act for a taxation year of the Trust if in that year the units are listed
or traded on a stock exchange or other public market and the Trust holds one or more "non-portfolio properties," as defined in the Tax&nbsp;Act. If the Trust were a SIFT trust for a
taxation year of the Trust, it would effectively be taxed similarly to a corporation on income and capital gains in respect of such non-portfolio properties at a combined
federal/provincial tax rate comparable to rates that apply to income earned and distributed by Canadian corporations. Distributions of such income received by unitholders would be treated as dividends
from a taxable Canadian corporation. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>91</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Physical
gold bullion and other property of the Trust will be non-portfolio property if such property is used by the Trust (or&nbsp;by a person or partnership with which it
does not deal at arm's length within the meaning of the Tax&nbsp;Act) in the course of carrying on a business in Canada. In some circumstances, significant holdings of "securities"
(as&nbsp;broadly defined in the Tax&nbsp;Act) of other entities could also be non-portfolio property. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust is subject to investment restrictions, including a prohibition against carrying on any business, that are intended to ensure that it will not be a SIFT trust. In the view of
Canadian counsel, the mere holding by the Trust of physical gold bullion as capital property (or&nbsp;as an adventure in the nature of trade) would not represent the use of such property in carrying
on a business in Canada and, therefore, would not by itself cause the Trust to be a SIFT&nbsp;trust. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Canadian Taxation of Unitholders  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Unitholders Resident in Canada  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This part of the summary is applicable to a unitholder who, for the purposes of the Tax&nbsp;Act and any applicable tax treaty, is,
or is deemed to be, resident in Canada at all relevant times, to which we will refer as a Canadian unitholder. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian
unitholders will generally be required to include in their income for tax purposes for a particular year the portion of the income of the Trust for that particular taxation
year, including net realized taxable capital gains, if any, that is paid or payable to the Canadian unitholder in the particular taxation year, whether such amount is received in additional units or
cash. Provided that appropriate designations are made by the Trust, such portion of its net taxable capital gains as is paid or payable to a Canadian unitholder will effectively retain its character
and be treated as such in the hands of the unitholder for purposes of the Tax&nbsp;Act. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
non-taxable portion of any net realized capital gains of the Trust that is paid or payable to a Canadian unitholder in a taxation year will not be included in computing
the Canadian unitholder's
income for the year. Any other amount in excess of the income of the Trust that is paid or payable to a Canadian unitholder in such year also will not generally be included in the Canadian
unitholder's income for the year. However, where such other amount is paid or payable to a Canadian unitholder (other than as proceeds of disposition of units), the Canadian unitholder generally will
be required to reduce the adjusted cost base of a unit to the Canadian unitholder by such amount. To the extent that the adjusted cost base of a unit would otherwise be less than zero, the negative
amount will be deemed to be a capital gain realized by the Canadian unitholder from the disposition of the unit and the Canadian unitholder's adjusted cost base in respect of the unit will be
increased by the amount of such deemed capital gain to&nbsp;zero. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the actual or deemed disposition of a unit, including its redemption, a capital gain (or&nbsp;a capital loss) will generally be realized to the extent that the proceeds of
disposition of the unit exceed (or&nbsp;are exceeded by) the aggregate of the adjusted cost base of the unit to the Canadian unitholder and any costs of disposition. For the purpose of determining
the adjusted cost base to a Canadian unitholder of a unit, when a unit is acquired, the cost of the newly acquired unit will be averaged with the adjusted cost base of all units owned by the Canadian
unitholder as capital property that were acquired before that time. For this purpose, the cost of units that have been issued as an additional distribution will generally be equal to the amount of the
net income or capital gain distributed to the Canadian unitholder in units. A consolidation of units following a distribution paid in the form of additional units will not be regarded as a disposition
of units and will not affect the aggregate adjusted cost base to a Canadian unitholder of&nbsp;units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Tax&nbsp;Act, one-half of capital gains, to which we will refer as taxable capital gains, are included in an individual's income and one-half of
capital losses, to which we will refer as allowable capital loses, are generally deductible only against taxable capital gains. Any unused allowable capital losses may be carried back up to three
years and forward indefinitely and deducted against net taxable capital gains realized in any such other year to the extent and under the circumstances described in the Tax&nbsp;Act. Capital gains
realized by individuals may give rise to alternative minimum tax. If any transactions of the Trust are reported by it on capital account but are subsequently determined by the Canada Revenue Agency to
be on income account, there may be an increase in the net income of the Trust for tax purposes and the taxable component of redemption proceeds (or&nbsp;any other amounts) distributed to
unitholders, with the result that Canadian-resident unitholders </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>92</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>could
be reassessed by the Canada Revenue Agency to increase their taxable income by the amount of such&nbsp;increase. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
at any time, the Trust delivers physical gold bullion to any Canadian unitholder upon a redemption of a Canadian unitholder's units, the Canadian unitholder's proceeds of disposition
of the units will generally be equal to the aggregate of the fair market value of the distributed physical gold bullion and the amount of any cash received, less any capital gain or income realized by
the Trust on the disposition of such physical gold bullion and allocated to the Canadian unitholder. The cost of any physical gold bullion distributed by the Trust </FONT> <FONT SIZE=2><I>in&nbsp;specie</I></FONT><FONT SIZE=2> will generally be equal
to the fair market value of such physical gold bullion at the time of the distribution. Pursuant to the trust
agreement, the Trust has the authority to distribute, allocate and designate any income or taxable capital gains of the Trust to a Canadian unitholder who has redeemed units during a year in an amount
equal to the taxable capital gains or other income realized by the Trust as a result of such redemption (including any taxable capital gain or income realized by the Trust in distributing physical
gold bullion to a unitholder who has redeemed units for such physical gold bullion, and any taxable capital gain or income realized by it before, at or after the redemption on selling physical gold
bullion in order to fund the payment of the cash redemption proceeds), or such other amount that is determined by
the Trust to be reasonable. The Manager has advised Canadian counsel that it anticipates that the Trust will generally make such an allocation where the Manager determines that the Trust realized a
capital gain on such redemption and the Trust had net realized capital gains for that year. Any such allocations will reduce the redeeming Canadian unitholder's proceeds of&nbsp;disposition. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Unitholders Not Resident in Canada  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This portion of the summary is applicable to a unitholder who, at all relevant times for purposes of the Tax&nbsp;Act, has not been
and is not resident in Canada or deemed to be resident in Canada and does not use or hold, and is not deemed to use or hold its units in connection with a business that the unitholder carries on, or
is deemed to carry on, in Canada at any time, to which we will refer as a Non-Canadian unitholder. Prospective non-resident purchasers of units should consult their own tax
advisors to determine their entitlement to relief under any income tax treaty between Canada and their jurisdiction of residence, based on their particular circumstances. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
amount paid or credited by the Trust to a Non-Canadian unitholder as income of or from the Trust (other than an amount that the Trust has designated in accordance with
the Tax&nbsp;Act as a taxable capital gain, and including an amount paid on a redemption of units to a Non-Canadian unitholder that is designated as a distribution of income in
accordance with the trust agreement) generally will be subject to Canadian withholding tax at a rate of 25%, unless such rate is reduced under the provisions of an income tax treaty between Canada and
the Non-Canadian unitholder's jurisdiction of residence. Pursuant to the </FONT><FONT SIZE=2><I>Canada-United&nbsp;States Income Tax Convention</I></FONT><FONT SIZE=2>, as amended, to
which we will refer as the Treaty, a Non-Canadian unitholder who is resident of the United&nbsp;States and entitled to benefits under the Treaty will generally be entitled to have the
rate of Canadian withholding tax reduced to 15% of the amount of any distribution that is paid or credited as income of or from the Trust. A Non-Canadian unitholder that is a religious,
scientific, literary, educational or charitable organization that is resident in, and exempt from tax in, the United&nbsp;States may be exempt from Canadian withholding tax under the Treaty,
provided that certain administrative procedures are observed regarding the registration of such unitholder. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
amount paid or credited by the Trust to a Non-Canadian unitholder that the Trust has validly designated in accordance with the Tax&nbsp;Act as a taxable capital gain,
including such an amount paid on a redemption of units, generally will not be subject to Canadian withholding tax or otherwise be subject to tax under the Tax&nbsp;Act. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust does not presently own any "taxable Canadian property" (as&nbsp;defined in the Tax&nbsp;Act) and does not intend to own any taxable Canadian property. However, if the Fund
realizes a capital gain on the disposition of a taxable Canadian property and that gain is treated under the Tax&nbsp;Act and in accordance with a designation by the Trust as being distributed to a
Non-Canadian unitholder, there may be Canadian withholding tax at the rate of 25% (unless reduced by an applicable tax treaty) on both the taxable and non-taxable portions of
the&nbsp;gain. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>93</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
amount in excess of the income of the Trust that is paid or payable by the Trust to a Non-Canadian unitholder (including the non-taxable portion of capital
gains realized by the Trust) otherwise generally will not be subject to Canadian withholding tax. Where such excess amount is paid or becomes payable to a Non-Canadian unitholder,
otherwise than as proceeds of disposition or deemed disposition of units or any part thereof, the amount generally will reduce the adjusted cost base of the units held by such Non-Canadian
unitholder. (However, the non-taxable portion of net realized capital gains of the Trust that is paid or payable to a Non-Canadian unitholder will not reduce the adjusted cost
base of the units held by the Non-Canadian unitholder.) If, as a result of such reduction, the adjusted cost base to the Non-Canadian unitholder in any taxation year of units
would otherwise be a negative amount, the Non-Canadian unitholder will be deemed to realize a capital gain in such amount for that year from the disposition of units. Such capital gain
will not be subject to tax under the Tax&nbsp;Act, unless the units represent "taxable Canadian property" (as&nbsp;defined in the Tax&nbsp;Act) to such Non-Canadian unitholder. The
Non-Canadian unitholder's adjusted cost base in respect of units will, immediately after the realization of such capital gain, be&nbsp;zero. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
disposition or deemed disposition of a unit by a Non-Canadian unitholder, whether on a redemption or otherwise, will not give rise to any capital gain subject to tax under
the Tax&nbsp;Act, provided that the unit does not constitute "taxable Canadian property" of the Non-Canadian unitholder for purposes of the Tax&nbsp;Act. Generally, units will not be
"taxable Canadian property" of a Non-Canadian unitholder unless at any time during the 60-month period immediately preceding their disposition by such Non-Canadian
unitholder, the Non-Canadian unitholder or persons with whom the Non-Canadian unitholder did not deal at arm's length or any combination thereof, held 25% or more of the issued
units. Where the units held by a Non-Canadian unitholder are "taxable Canadian property", a capital gain from the disposition of units may be exempted from tax under the Tax&nbsp;Act
pursuant to an applicable income tax treaty or convention. A capital gain realized on the disposition of units by a Non-Canadian unitholder entitled to benefits under the Treaty
(and&nbsp;who is not a former resident of Canada for purposes of the Treaty) should be exempt from tax under the Tax&nbsp;Act. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Canadian
unitholders whose units constitute "taxable Canadian property" and who are not entitled to relief under an applicable income tax treaty are referred to the
discussion above under "Tax Considerations&#151;Canadian Taxation of Unitholders&#151;Unitholders Resident in Canada" relating to the Canadian tax consequences in respect of a
disposition of a&nbsp;unit. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager has advised Canadian counsel that it anticipates that the Trust generally will treat gains as a result of dispositions of physical gold bullion as capital gains
(see&nbsp;above under "&#151;Canadian Federal Income Tax Considerations&#151;Canadian Taxation of the Trust") and that it anticipates that when the Trust distributes physical gold
bullion on the redemption of a Non-Canadian unitholder's units, any resulting taxable capital gain of the Trust (to&nbsp;the extent that there are resulting net realized capital gains of
the Trust for the related taxation year) will be designated as a taxable capital gain of such unitholder. If such treatment is accepted by the CRA, there will be no Canadian withholding tax applicable
to such distribution, and the Non-Canadian unitholder will not be subject to tax
under the Tax&nbsp;Act on the amount so designated. However, if the CRA were to consider that such gain instead was a gain from an adventure in the nature of trade, the distribution of such gain
generally would be subject to Canadian withholding tax, as discussed above. Similarly, if the Trust disposed of physical gold bullion (or&nbsp;other assets) at a gain and designated
one-half of that gain as a taxable capital gain of a Non-Canadian unitholder who had redeemed units for cash, the full amount of such gain generally would be subject to
Canadian withholding tax if the CRA were to treat such gain as being from an adventure in the nature of trade rather than as a capital&nbsp;gain. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the foregoing, if the CRA were to assess or re-assess the Trust itself on the basis that gains were not on capital account, then the Trust could be required to
pay Canadian income tax on such gains under Part&nbsp;I of the Tax&nbsp;Act, which could reduce the Net Asset Value for all unitholders, including non-residents of&nbsp;Canada. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Physical
gold bullion distributed by the Trust </FONT><FONT SIZE=2><I>in&nbsp;specie</I></FONT><FONT SIZE=2> will not be a qualified investment for such plans. Accordingly, such plans
(and, in the case of certain plans, the annuitants or beneficiaries thereunder or holders thereof) may be subject to adverse tax consequences including, in the case of registered education savings
plans, revocation of such&nbsp;plans. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>94</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ea14004_u.s._erisa_considerations"> </A>
<A NAME="toc_ea14004_1"> </A>
<BR></FONT><FONT SIZE=2><B>  U.S.&nbsp;ERISA CONSIDERATIONS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This disclosure was written in connection with the promotion and marketing of units by the Trust and the underwriters for this offering
and it cannot be used by any unitholder for the purpose of avoiding penalties that may be asserted against the unitholder under the U.S.&nbsp;Internal Revenue Code of 1986, as amended, to which we
will refer as the Code. Prospective purchasers of the units should consult their own tax advisors with respect to the application of the U.S.&nbsp;federal income tax laws to their particular
situations. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
U.S.&nbsp;Employee Retirement Income Security Act of 1974, as amended, or ERISA, imposes certain requirements on employee benefit plans subject to Title I of ERISA and on entities
that are deemed to hold the assets of such plans (to&nbsp;such employee benefit plans and entities we will refer herein collectively as ERISA Plans), and on those persons who are fiduciaries with
respect to ERISA Plans. Investments by ERISA Plans are subject to ERISA's general fiduciary requirements, including, but not limited to, the requirement of investment prudence and diversification and
the requirement that an ERISA Plan's investments be made in accordance with the documents governing the ERISA&nbsp;Plan. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;406
of ERISA and Section&nbsp;4975 of the Code prohibit certain transactions involving the assets of an ERISA Plan (as&nbsp;well as those plans and accounts that are
not subject to ERISA but which are subject to Section&nbsp;4975 of the Code, such as individual retirement accounts, and entities that are deemed to hold the assets of such plans and accounts
(to&nbsp;such plans and accounts, together with ERISA Plans, we will refer to herein as Plans) and certain persons (to&nbsp;whom we will refer as parties in interest or disqualified persons)
having certain relationships to such Plans, unless a statutory or administrative exemption is applicable to the transaction. A party in interest or disqualified person who engages in a prohibited
transaction may be subject to excise taxes and other penalties and liabilities under ERISA and the&nbsp;Code. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Plan fiduciary that proposes to cause a Plan to purchase the units should consult with its counsel regarding the applicability of the fiduciary responsibility and prohibited
transaction provisions of ERISA and Section&nbsp;4975 of the Code to such an investment, and to confirm that such purchase will not constitute or result in a non-exempt prohibited
transaction or any other violation of an applicable requirement of ERISA or the&nbsp;Code. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-U.S.&nbsp;plans,
governmental plans (as&nbsp;defined in Section&nbsp;3(32) of ERISA) and certain church plans (as&nbsp;defined in Section&nbsp;3(33) of ERISA),
while not subject to the fiduciary responsibility provisions of ERISA or the prohibited transaction provisions of ERISA and Section&nbsp;4975 of the Code, may nevertheless be subject to other
federal, state, local or non-U.S.&nbsp;laws or regulations that are substantially similar to the foregoing provisions of ERISA and the Code, to which we will refer as Similar Law.
Fiduciaries of any such plans should consult with their counsel before purchasing the units to determine the need for, if necessary, and the availability of, any exemptive relief under any
Similar&nbsp;Law. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
ERISA and the U.S.&nbsp;Department of Labor's "Plan Asset Regulations" at 29&nbsp;C.F.R. &sect;2510.3-101, as modified by Section&nbsp;3(42) of ERISA, when
a Plan acquires an equity interest in an entity that is neither a "publicly-offered security" nor a security issued by an investment company registered under the Investment Company Act of 1940, as
amended, the Plan's assets include both the equity interest and an undivided interest in each of the underlying assets of the entity, unless it is established that either less than 25&nbsp;percent
of the total value of each class of equity interests in the entity is held by "benefit plan investors" (as&nbsp;defined in 3(42) of ERISA) (the&nbsp;"25&nbsp;percent test"), or the entity is an
"operating company," as defined in the Plan Asset Regulations. In order to be considered a "publicly offered security," the units must be (i)&nbsp;freely transferable, (ii)&nbsp;part of a class of
securities that is owned by 100 or more investors independent of the Trust and of one another, and (iii)&nbsp;either (1)&nbsp;part of a class of securities registered under Section&nbsp;12(b)
or&nbsp;12(g) of the Exchange Act or (2)&nbsp;sold to the Plan as part of an offering of securities to the public pursuant to an effective registration statement under the Unites States Securities
Act of 1933, as amended and the class of securities of which the securities are a part is registered under the Exchange Act within 120&nbsp;days (or&nbsp;such later time as may be allowed by the
Securities and Exchange Commission) after the end of the Trust's fiscal year during which the offering of such securities to the public occurred. It is anticipated that the Trust will not qualify as
an "operating company," and the Trust does not intend to monitor investment by benefit plan investors in the Trust for purposes of satisfying the 25&nbsp;percent test. The Trust anticipates,
however, that it will qualify for the exemption under the Plan Asset Regulations for "publicly offered securities," although there can be no assurance in that&nbsp;regard. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>95</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ec14004_underwriting"> </A>
<A NAME="toc_ec14004_1"> </A>
<BR></FONT><FONT SIZE=2><B>  UNDERWRITING    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Underwriters  </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms and subject to the conditions contained in an underwriting agreement
dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2009, the underwriters
named below, for whom Morgan Stanley&nbsp;&amp;&nbsp;Co. Incorporated and RBC&nbsp;Dominion Securities&nbsp;Inc. are acting as representatives, have severally agreed to purchase, and the Trust has
agreed to sell to them, the number of units indicated below: </FONT></P>
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<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


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<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="77pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
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<TR VALIGN="BOTTOM">
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:21pt;"><FONT SIZE=1><B>Name

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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of units </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Morgan Stanley&nbsp;&amp;&nbsp;Co. Incorporated</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RBC&nbsp;Dominion Securities&nbsp;Inc.&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
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 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
underwriters are offering the units subject to their acceptance of the units from the Trust and subject to prior sale. The underwriting agreement provides that the obligations of the
several underwriters to pay for and accept delivery of the units offered by this prospectus are subject to the approval of certain legal matters by their counsel and to certain other conditions. The
obligations of the underwriters under the underwriting agreement may be terminated at their discretion on the basis of their assessment of any material and adverse change in the state of the financial
markets and may also be terminated upon the occurrence of certain stated events. Subject to the terms and provisions of the underwriting agreement, the underwriters are obligated to take and pay for
all of the units offered by this prospectus if any such units are taken. However, the underwriters are not required to take or pay for the units covered by the underwriters' over-allotment
option described below. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
offering is being made concurrently in the United&nbsp;States and in all of the provinces and territories of Canada. The units will be offered in the United&nbsp;States through
the underwriters listed above, either directly or indirectly, through their respective U.S.&nbsp;broker-dealer affiliates or agents. The units will be offered in each of the provinces and
territories of Canada through those underwriters or their Canadian affiliates who are registered to offer the units for sale in such provinces and territories and such other registered dealers as may
be designated by the underwriters. Subject to applicable law, the underwriters may offer the units outside of the United&nbsp;States and&nbsp;Canada. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
underwriters initially propose to offer part of the units directly to the public at the public offering price listed on the cover page of this prospectus and part to certain dealers
at a price that represents a concession not in excess of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per unit under the public offering price. Any
underwriters may allow, and such dealers may re-allow, a concession
not in excess of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per unit to other underwriters or to certain dealers. After the initial offering of the
units, the offering price and other selling terms may from time to time be
varied by the representatives of the underwriters. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust has granted to the underwriters an option, exercisable for 30&nbsp;days from the date of this prospectus, to purchase up to an aggregate
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additional units
from the Trust at the public offering price listed on the cover page of this prospectus, less underwriting discounts and commissions. The underwriters may exercise this option solely for the purpose
of covering over-allotments, if any, made in connection with
this offering. To the extent the option is exercised, each underwriter will become obligated, subject to certain conditions, to purchase approximately the same percentage of the additional units as
the number listed next to the underwriter's name in the preceding table bears to the total number of units listed next to the names of all underwriters in the preceding table. The following table
shows the per units and total underwriting discounts and commissions to be paid by the Trust assuming no exercise and full exercise of the underwriters' over-allotment option to purchase
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additional units from the&nbsp;Trust. </FONT></P>
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<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>No Exercise </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Full Exercise </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Per unit</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>96</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust has also granted the underwriters certain rights of first refusal to act as its joint lead managers and joint bookrunners in connection with certain future transactions. FINRA
has also deemed the rights of first refusal the Trust granted to the underwriters to be compensation in connection with this offering. Pursuant to FINRA Rule&nbsp;5110(c)(3)(A)(ix), such rights of
first refusal will be deemed to have a compensation value of 1% of the proceeds of this&nbsp;offering. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust intends to file an application to list its units on the NYSE Arca and the TSX, under the symbols "PHYS" and "PHY", respectively. Listing on the NYSE Arca and TSX is subject to
the Trust fulfilling all of the requirements of the NYSE Arca and TSX, respectively. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order to facilitate the offering of the units, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of the units. Specifically, the
underwriters may sell more units than they are obligated to purchase under the underwriting agreement, creating a short position. A short sale is "covered" if the short position is no greater than the
number of units available for purchase by the
underwriters under the over-allotment option. The underwriters can close out a covered short sale by exercising the over-allotment option or purchasing units in the open
market. In determining the source of units to close out a covered short sale, the underwriters will consider, among other things, the open market price of units compared to the price available under
the over-allotment option. The underwriters may also sell units in excess of the overallotment option, creating a "naked" short position. The underwriters must close out any naked short
position by purchasing units in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the units in
the open market after pricing that could adversely affect investors who purchase in this offering. As an additional means of facilitating this offering, the underwriters may bid for, and purchase, the
units in the open market to stabilize the price of the units. These activities may raise or maintain the market price of the units above independent market levels or prevent or retard a decline in the
market price of the units. The underwriters are not required to engage in these activities and may end any of these activities at&nbsp;anytime. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with policy statements of the Canadian provincial securities commissions, the underwriters may not, throughout the period of distribution, bid for or purchase the units.
Exceptions, however, exist where the bid or purchase is not made to create the appearance of active trading in, or rising prices of, the units. These exceptions include a bid or purchase permitted
under the by-laws and rules of applicable regulatory authorities and the TSX relating to market stabilization and passive market making activities and a bid or purchase made for and on
behalf of a customer where the order was not solicited during the period of distribution. Subject to the foregoing and applicable laws, in connection with the offering and pursuant to the first
exception mentioned above, the underwriters may over-allot or effect transactions that stabilize or maintain the market price of the units at levels other than those which might otherwise
prevail on the open market. Any of the foregoing activities may have the effect of preventing or slowing a decline in the market price of the units. They may also cause the price of the units to be
higher than the price that would otherwise exist in the open market in the absence of these transactions. The underwriters may conduct these transactions on the NYSE Arca, the TSX, in the OTC market
or otherwise. If the underwriters commence any of these transactions, they may discontinue them at any&nbsp;time. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust and the Manager have agreed to indemnify the underwriters against certain liabilities, including liabilities under the U.S.&nbsp;Securities Act and applicable securities laws
in the provinces and territories of&nbsp;Canada. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
prospectus in electronic format may be made available on websites or through other online services maintained by one or more of the underwriters or by their affiliates. Other than the
prospectus in electronic format, the information on any underwriter's website and any information contained in any other website maintained by any underwriters or its affiliates is not part of this
prospectus or the registration statement of which this prospectus forms&nbsp;a part, has not been approved and/or endorsed by the Trust or the underwriters and should not be relied upon
by&nbsp;investors. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Pricing of the Offering  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to this offering, there has been no public market for the units. The initial public offering price has been determined by
negotiations among the Trust, the Manager and the underwriters. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>97</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_ec14004_1_98"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Expenses of Issuance and Distribution  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with this offering, the Trust will pay approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for filing and listing fees, and fees to the
Trust's transfer agent and registrar and selling commissions of the underwriters. All other expenses for this offering, estimated to be approximated $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million, will be paid
by
the Manager. The underwriters have agreed to reimburse the Manager for certain of these&nbsp;expenses. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth the estimated expenses payable by the Trust in connection with this offering and the distribution of the units sold in this offering (excluding
underwriting commissions): </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


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 </FONT></P>

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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="20pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:65pt;"><FONT SIZE=1><B>Nature of Expense

<!-- COMMAND=ADD_SCROPPEDRULE,65pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Amount </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Securities and Exchange Commission Registration Fee</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Filing Fees to Applicable Canadian Securities Regulatory Authorities</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Financial Industry Regulatory Authority Fee</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>NYSE Arca Listing Fee</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Toronto Stock Exchange Listing Fee</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounting Fees and Expenses</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Legal Fees and Expenses</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Printing Expenses</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Transfer Agent and Registrar Fee</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Miscellaneous</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Selling Restrictions  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other than in the United&nbsp;States and each of the provinces and territories of Canada, no action has been taken by the Trust that
would permit a public offering of the units offered by this prospectus in any jurisdiction where action for that purpose is required. The units offered by this prospectus may not be offered or sold,
directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such units be distributed or published in any
jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised
to inform
themselves about and to observe any restrictions relating to this offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer
to buy any units offered by this prospectus in any jurisdiction in which such an offer or a solicitation is&nbsp;unlawful. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Notice to Prospective Investors in the European Economic Area  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In relation to each member state of the European Economic Area that has implemented the Prospectus Directive (each, a "relevant member
state"), an offer to the public of any units which are the subject of the offering contemplated by this prospectus may not be made in that relevant member state prior to the publication of a
prospectus in relation to such units that has been approved by the competent authority in that relevant member state and published in accordance with the Prospectus Directive as implemented in that
relevant member state or, where appropriate, approved in another relevant member state and notified to the competent authority in that relevant member state, all in accordance with the Prospectus
Directive, except that an offer to the public in that relevant member state of units may be made at any time under the following exemptions under the Prospectus Directive, if they have been
implemented in that relevant member&nbsp;state: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
legal entities which are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is
solely to invest in&nbsp;securities;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>to
any legal entity which has two or more of (1)&nbsp;an average of at least 250&nbsp;employees during the last financial year; (2)&nbsp;a total
balance sheet of more than &euro;43,000,000 and (3)&nbsp;an annual net turnover of more than &euro;50,000,000, as shown in its last annual or consolidated accounts; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>98</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=101,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=745380,FOLIO='98',FILE='DISK114:[09ZEJ4.09ZEJ14004]EC14004A.;14',USER='JDAY',CD=';9-DEC-2009;12:43' -->
<A NAME="page_ec14004_1_99"> </A>
<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>by
the underwriters to fewer than 100&nbsp;natural or legal persons (other than qualified investors as defined in the Prospective Directive) subject to
obtaining the prior consent of Morgan Stanley&nbsp;&amp;&nbsp;Co. Incorporated and RBC Capital Markets Corporation for any such offer;&nbsp;or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>in
any other circumstances falling within Article&nbsp;3(2) of the Prospectus Directive, </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>provided
that no such offer of units will result in a requirement for the publication by the Trust or any underwriter of a prospectus pursuant to Article&nbsp;3 of the Prospectus Directive and each
person who initially acquires any units or to whom any offer is made pursuant to this prospectus will be deemed to have represented, warranted and agreed that it is a "qualified investor" within the
meaning of Article&nbsp;2(1)(e) of the Prospectus Directive. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of this notice, the expression an "offer to the public" in relation to any units in any relevant member state means the communication in any form and by any means of
sufficient information on the terms of the offer and any units to be offered so as to enable an investor to decide to purchase or subscribe for any units, as the expression may be varied in that
member state by any measure implementing the Prospectus Directive in that member state, and the expression "Prospectus Directive" means Directive 2003/71/EC and includes any relevant implementing
measure in each relevant member&nbsp;state. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus has been prepared on the basis that all offers of units will be made pursuant to an exemption under the Prospectus Directive, as implemented in member states of the
European Economic Area, from the requirement to produce a prospectus for offers of the units. Accordingly any person making or intending to make any offer within the European Economic Area of units
which are the subject of the placement contemplated by this prospectus should only do so in circumstances in which no obligation arises for the Trust or the underwriters to produce a prospectus for
such offer. Neither the Trust nor the underwriters have authorized, nor do they authorize, the making of any offer of units through any financial intermediary other than offers made by the
underwriters which constitute the final placement of units contemplated in this prospectus. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Notice to Prospective Investors in the United&nbsp;Kingdom  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus and any other material in relation to the units described herein is only being distributed to, and is only directed at,
persons in the United&nbsp;Kingdom that are qualified investors within the meaning of Article&nbsp;2(1)(e) of the Prospectus Directive that also (i)&nbsp;have professional experience in matters
relating to investments falling within Article&nbsp;19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (to&nbsp;which we will refer to as the Order)
or (ii)&nbsp;who fall within Article&nbsp;49(2)(a) to&nbsp;(d) of the Order or (iii)&nbsp;to whom it may otherwise lawfully be communicated, to whom we will refer as relevant persons. The
units are only available to, and any invitation, offer or agreement to purchase or otherwise acquire such units will be engaged in only with, relevant persons. This prospectus and its contents are
confidential and should not be distributed, published or reproduced (in&nbsp;whole or in part) or disclosed by recipients to any other person in the United&nbsp;Kingdom. Any person in the
United&nbsp;Kingdom that is not a relevant person should not act or rely on this prospectus or any of its&nbsp;contents. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
invitation or inducement to engage in investment activity (within the meaning of Section&nbsp;21 of the Financial Services and Markets Act 2000, to which we will refer as the FSMA)
in connection with the issue or sale of the units may be communicated or caused to be communicated except in circumstances in which Section&nbsp;21(1) of the FSMA does not apply to the Trust or the
underwriters. In addition, all applicable provisions of the FSMA must be complied with with respect to anything done in relation to the units in, from or otherwise involving the United&nbsp;Kingdom. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Notice to Prospective Investors in Hong Kong  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust has not been authorized by the Securities and Futures Commission in Hong Kong for public offering in Hong Kong. Accordingly,
no person may issue or possess for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to the units, which is directed at, or the contents of
which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to units that are, or are intended to
be, disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made thereunder. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>99</FONT></P>

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<BR></FONT><FONT SIZE=2><B>  LEGAL MATTERS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of the units offered in this prospectus are being passed upon for the Trust by Heenan Blaikie&nbsp;LLP. Seward&nbsp;&amp;
Kissel&nbsp;LLP, New&nbsp;York, New&nbsp;York, is acting as U.S.&nbsp;counsel to the Trust. Shearman&nbsp;&amp; Sterling&nbsp;LLP, Toronto, Ontario, Canada, is acting as U.S.&nbsp;counsel
for the underwriters in this offering. Certain legal matters relating to the issue and sale in Canada of units offered hereby will be passed upon by Heenan Blaikie&nbsp;LLP on behalf of the Trust
and by Davies Ward Phillips Vineberg&nbsp;LLP on behalf of the underwriters. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ee14002_experts"> </A>
<A NAME="toc_ee14002_2"> </A>
<BR></FONT><FONT SIZE=2><B>  EXPERTS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The statement of financial position of Sprott Physical Gold Trust as of December&nbsp;7, 2009 included in this prospectus and in the
registration statement have been so included in reliance on the report of Ernst&nbsp;&amp; Young&nbsp;LLP, Chartered Accountants, Licensed Public Accountants, Toronto, Ontario, Canada, an independent
registered public accounting firm, appearing elsewhere in this prospectus and in the registration statement given on the authority of said firm as experts in auditing and&nbsp;accounting. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
matters referred to under "Canadian Federal Income Tax Considerations" and certain other legal matters relating to the units offered hereby will be passed upon on behalf of the Trust
and the Manager by Heenan Blaikie&nbsp;LLP and on behalf of the underwriters by Davies Ward Phillips Vineberg&nbsp;LLP. Except in respect of the initial unit issued by the Trust, which will be
cancelled on the completion of this offering, as of the date hereof, partners and associates of each of Heenan Blaikie&nbsp;LLP and Davies Ward Phillips Vineberg&nbsp;LLP, respectively,
beneficially own, directly or indirectly, less than 1% of the units of the Trust or the securities of any associate or affiliate of the Trust. See "Principal Unitholders of the Trust"&nbsp;above. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ee14002_where_you_can_find_additional_information"> </A>
<A NAME="toc_ee14002_3"> </A>
<BR></FONT><FONT SIZE=2><B>  WHERE YOU CAN FIND ADDITIONAL INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust has filed with the SEC a registration statement on Form&nbsp;F-1, which includes exhibits, schedules and
amendments, under the Securities Act, with respect to this offering of the Trust's securities. Although this prospectus, which forms&nbsp;a part of the registration statement, contains all material
information included in the registration statement, parts of the registration statement have been omitted as permitted by rules and regulations of the SEC. Please refer to the registration statement
and its exhibits for further information about the Trust, its securities and this offering. The registration statement and its exhibits, as well as the Trust's other reports filed with the SEC, can be
inspected and copied at the SEC's public reference room at 100&nbsp;F Street, N.E., Washington,&nbsp;D.C. 20549-1004. The public may obtain information about the operation of the
public reference room by calling the SEC at 1-800-SEC-0330. In addition, the SEC maintains a web site at http://www.sec.gov which contains the
Form&nbsp;F-1 and&nbsp;other reports, proxy and information statements, and information regarding issuers that file electronically with the&nbsp;SEC. </FONT></P>

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<A NAME="toc_fa14002_1"> </A>
<BR></FONT><FONT SIZE=2><B>  REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>To
the Trustee of the Sprott Physical Gold Trust (the&nbsp;"Trust"). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have audited the statement of financial position of the Trust as at December&nbsp;7, 2009. This statement of financial position is the responsibility of the Trust's management. Our
responsibility is to express an opinion on this financial statement based on our&nbsp;audit. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
conducted our audit in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United&nbsp;States). Those
standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statement is free of material misstatement. We were not engaged to perform an audit of the
Trust's internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for
our&nbsp;opinion. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
our opinion, this financial statement presents fairly, in all material respects, the financial position of the Trust as at December&nbsp;7, 2009 in conformity with International
Financial Reporting Standards as issued by the International Accounting Standards Board. </FONT></P>
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<TD style="font-family:times;"><FONT SIZE=2>Toronto, Canada<BR>
December&nbsp;8, 2009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Ernst&nbsp;&amp; Young&nbsp;LLP<BR>
Chartered Accountants<BR>
Licensed Public Accountants<BR></FONT>
</TD>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> FINANCIAL STATEMENTS  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="fc14002_sprott_physical_gold_trust_sta__spr02982"> </A>
<A NAME="fc14002_statement_#160;of_#160;financial_#160;position"> </A>
<A NAME="toc_fc14002_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SPROTT PHYSICAL GOLD TRUST<BR>  <BR>    STATEMENT OF FINANCIAL POSITION<BR>  <BR>    As of December&nbsp;7, 2009    <BR>    </B></FONT></P>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Assets</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Unitholder's Equity</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unitholder's Equity (Note&nbsp;1):</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Units (1&nbsp;Unit)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;<BR></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;<BR></FONT></P>
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<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Scott Dexter, Director<BR>
Sprott Asset Management GP&nbsp;Inc.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Kirstin McTaggart, Director<BR>
Sprott Asset Management GP&nbsp;Inc.</FONT></TD>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>The accompanying notes are an integral part of this statement of financial position.  </I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-2</FONT></P>

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<A NAME="fe14002_notes_#160;to_#160;statement_#__not01267"> </A>
<A NAME="toc_fe14002_1"> </A></FONT> <FONT SIZE=2><B><BR>  SPROTT PHYSICAL GOLD TRUST    <BR>    <BR>    NOTES TO STATEMENT OF FINANCIAL POSITION    <BR>    <BR>    As of December&nbsp;7, 2009    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ORGANIZATION OF THE TRUST  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Sprott
Physical Gold Trust (the&nbsp;"Trust") is a closed-end mutual fund trust created under the laws of the Province of Ontario, Canada, pursuant to a trust agreement dated as of
August&nbsp;28, 2009, as amended and restated as of December&nbsp;7, 2009 (the&nbsp;"Trust Agreement"). The beneficiaries of the Trust will be the holders of Units (as&nbsp;defined below)
being offered pursuant to this prospectus. The Trust is authorized to issue an unlimited number of redeemable, transferable trust units ("Units"). On August&nbsp;28, 2009 the Trust issued one Unit
for $10.00&nbsp;cash. For the period from August&nbsp;28,&nbsp;2009 to December&nbsp;7,&nbsp;2009, the Trust had no operations. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Sprott
Asset Management&nbsp;LP acts as the manager of the Trust pursuant to the Trust's trust agreement and the management agreement. RBC Dexia Investor Services Trust, a trust company organized
under the laws of Canada, acts as the trustee of the Trust. RBC Dexia Investor Services Trust will also act as custodian for the Trust's assets other than physical gold bullion on behalf of the Trust.
The Royal Canadian Mint will act as custodian for the physical gold bullion owned by the&nbsp;Trust. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Subject
to the terms of the Trust Agreement, Units may be redeemed at the option of the unitholder on a monthly basis for physical gold bullion or cash. Units redeemed for physical gold bullion will
be entitled to a redemption price equal to 100% of the net asset value of the redeemed units on the last business day of the month in which the redemption request is processed. A unitholder redeeming
units for physical gold bullion will be responsible for expenses in connection with effecting the redemption and applicable delivery expenses, including the handling of the notice of redemption, the
delivery of the physical bullion for units that are being redeemed and the applicable gold storage in-and-out fees. Units redeemed for cash will be entitled to a redemption
price equal to 95% of the lesser of (i)&nbsp;the volume-weighted average trading price of the Units traded on the New York Stock Exchange Arca (the&nbsp;"NYSE&nbsp;Arca") or, if trading has been
suspended on the NYSE Arca, the trading price of the units traded on the Toronto Stock Exchange (the&nbsp;"TSX"), for the last five days on which the respective exchange is open for trading for the
month in which the redemption request is processed and (ii)&nbsp;the net asset value of
the redeemed Units as of 4:00&nbsp;p.m., Toronto time, on the last day of the month on which the NYSE Arca is open for trading for the month in which the redemption request is&nbsp;processed. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Trust intends to file an application to list the Units on the NYSE Arca and the TSX. </FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USE OF INTERNATIONAL FINANCIAL REPORTING STANDARDS  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Trust's financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. </FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MANAGEMENT FEES  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Subsequent
to the initial public offering of the Units, the Trust will pay the Manager a monthly management fee equal to <SUP>1</SUP>/<SMALL>12</SMALL>&nbsp;of 0.35% of the value of net assets of the Trust
(determined in accordance with the Trust
agreement) plus any applicable Canadian taxes, calculated and accrued daily and payable monthly in arrears on the last day of each&nbsp;month. </FONT></P>

</UL>
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NAME="je14004_exhibit_a"> </A>
<A NAME="toc_je14004_1"> </A>
<BR></FONT><FONT SIZE=2><B>  EXHIBIT A    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="je14004_form_of_gold_redemption_notice"> </A>
<A NAME="toc_je14004_2"> </A>
<BR></FONT><FONT SIZE=2><B>  FORM OF GOLD REDEMPTION NOTICE    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="263pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="263pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>DATE:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2><B> TO:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Equity Transfer&nbsp;&amp; Trust Company ("</FONT><FONT SIZE=2><B>Equity Transfer</B></FONT><FONT SIZE=2>"), as the registrar and transfer agent of the Sprott Physical Gold Trust (the&nbsp;"</FONT><FONT
SIZE=2><B>Trust</B></FONT><FONT SIZE=2>")</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Ticker Symbol: <U></U></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>CUSIP number <U></U></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Fax No:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2><B> AND TO:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Sprott Asset Management&nbsp;LP (the&nbsp;"</FONT><FONT SIZE=2><B>Manager</B></FONT><FONT SIZE=2>"), as the manager of the Trust</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2><B> RE:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2><B> Gold Redemption Notice under Section&nbsp;6.1 of the Trust Agreement of the Trust</B></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
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<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="100%" ALIGN="LEFT" >


<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
undersigned (the&nbsp;"</FONT><FONT SIZE=2><B>Unitholder</B></FONT><FONT SIZE=2>"), the holder of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> units of the Trust
(the&nbsp;"</FONT><FONT SIZE=2><B>Units</B></FONT><FONT SIZE=2>") designated above by its Toronto Stock Exchange or New&nbsp;York Stock Exchange Arca ticker symbol and CUSIP number, requests the
redemption for physical gold bullion of the aforementioned Units in accordance with, and subject to the terms and conditions set forth in, an amended and restated trust agreement of the Trust dated as
of December&nbsp;7, 2009, as the same may be further amended, restated or supplemented from time to time, and directs Equity Transfer to cancel such Units on
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. All physical gold bullion
shall be delivered to the following address by armored transportation service carrier, which the undersigned hereby authorizes
the Manager or its agent to retain on the undersigned's behalf. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


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 </FONT></P>

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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="121pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Delivery instructions:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
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 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="286pt" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="286pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Signature of Unitholder</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Signature Guarantee</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Print Name</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Print Address</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2><B>NOTE:&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2>The name and address of the Unitholder set forth in this Gold Redemption Notice must correspond with the name and address as recorded
on the register of the Trust maintained by Equity Transfer. The signature of the person executing this Gold Redemption Notice must be guaranteed by a Canadian chartered bank, or by a medallion
signature guarantee from a member of a recognized Signature Medallion Guarantee Program. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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</FONT></P>

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<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="jg14004_exhibit_b"> </A>
<A NAME="toc_jg14004_1"> </A>
<BR></FONT><FONT SIZE=2><B>  EXHIBIT B    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="jg14004_form_of_cash_redemption_notice"> </A>
<A NAME="toc_jg14004_2"> </A>
<BR></FONT><FONT SIZE=2><B>  FORM OF CASH REDEMPTION NOTICE    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="65pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="263pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="263pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>DATE:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2><B> TO:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Equity Transfer&nbsp;&amp; Trust Company ("</FONT><FONT SIZE=2><B>Equity Transfer</B></FONT><FONT SIZE=2>"), as the registrar and transfer agent of the Sprott Physical Gold Trust (the&nbsp;"</FONT><FONT
SIZE=2><B>Trust</B></FONT><FONT SIZE=2>")</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Ticker Symbol: <U></U></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>CUSIP number <U></U></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Attention:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Fax No:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2><B> AND TO:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Sprott Asset Management&nbsp;LP (the&nbsp;"</FONT><FONT SIZE=2><B>Manager</B></FONT><FONT SIZE=2>"), as the manager of the Trust</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2><B> RE:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2><B> Cash Redemption Notice under Section&nbsp;6.3 of the Trust Agreement of the Trust</B></FONT></TD>
</TR>
</TABLE></DIV>
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<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="100%" ALIGN="LEFT" >


<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
undersigned (the&nbsp;"</FONT><FONT SIZE=2><B>Unitholder</B></FONT><FONT SIZE=2>"), the holder of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> units of the Trust
(the&nbsp;"</FONT><FONT SIZE=2><B>Units</B></FONT><FONT SIZE=2>") designated above by its Toronto Stock Exchange or New&nbsp;York Stock Exchange Arca ticker symbol and CUSIP number, requests the
redemption for cash of the aforementioned Units in accordance with, and subject to the terms and conditions set forth in, an amended and restated trust agreement of the Trust dated as of
December&nbsp;7, 2009, as the same may be further amended, restated or supplemented from time to time, and directs Equity Transfer to cancel such Units on
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


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 </FONT></P>

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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="112pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Wiring instructions:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


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 </FONT></P>

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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="286pt" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="286pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Signature of Unitholder</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Signature Guarantee</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Print Name</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Print Address</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2><B>NOTE:&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT SIZE=2>The name and address of the Unitholder set forth in this Cash Redemption Notice must correspond with the name and address as recorded
on the register of the Trust maintained by Equity Transfer. The signature of the person executing this Cash Redemption Notice must be guaranteed by a Canadian chartered bank, or by a medallion
signature guarantee from a member of a recognized Signature Medallion Guarantee Program. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<IMG SRC="g716406.jpg" ALT="GRAPHIC" WIDTH="591" HEIGHT="154">
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NAME="page_ja14001_1_1"> </A> </FONT> <FONT SIZE=2>


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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ja14001_part_ii__information_not_required_in_the_prospectus"> </A>
<A NAME="toc_ja14001_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PART II: INFORMATION NOT REQUIRED IN THE PROSPECTUS    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="ja14001_item_6._indemnification_of_directors_and_officers"> </A>
<A NAME="toc_ja14001_2"> </A></FONT> <FONT SIZE=2><B>  ITEM&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;INDEMNIFICATION OF DIRECTORS AND OFFICERS    <BR>    </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>Not
applicable </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="ja14001_item_7._recent_sales_of_unregistered_securities."> </A>
<A NAME="toc_ja14001_3"> </A></FONT> <FONT SIZE=2><B>  ITEM&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;RECENT SALES OF UNREGISTERED SECURITIES.    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust issued one unit in connection with its formation on August&nbsp;28, 2009. This unit is held by Ms.&nbsp;Sonia M. Yung,
the Trust's settlor and a non-affiliate of the Trust. The unit will be presented for cancellation after this&nbsp;offering.  </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="ja14001_item_8._exhibits_and_financial_statement_schedules"> </A>
<A NAME="toc_ja14001_4"> </A></FONT> <FONT SIZE=2><B>  ITEM&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS AND FINANCIAL STATEMENT SCHEDULES    <BR>    </B></FONT></P>
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<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:30pt;"><FONT SIZE=1><B>Exhibit<BR>
number

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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:41pt;"><FONT SIZE=1><B>Description

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</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>1.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Underwriting Agreement*</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>3.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Trust Agreement*</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>3.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Amended and Restated Trust Agreement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>4.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Form of Unit Certificate</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>5.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Legal opinion as to the validity of the Units</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>8.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Tax opinion of Seward&nbsp;&amp; Kissel&nbsp;LLP</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>10.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Precious Metals Storage Agreement*</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>10.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Management Agreement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>10.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Agreement with Valuation Agent</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>10.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Transfer Agency Agreement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>23.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Consent of Heenan Blaikie&nbsp;LLP (included in Exhibit&nbsp;5.1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>23.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Consent of Seward&nbsp;&amp; Kissel&nbsp;LLP (included in Exhibit&nbsp;8.1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>23.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Consent of Ernst&nbsp;&amp; Young&nbsp;LLP</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>24.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Powers of Attorney (included on signature page hereto)</FONT></TD>
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<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>To
be filed by amendment. </FONT></DD></DL>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="jb14001_item_9._undertakings"> </A>
<A NAME="toc_jb14001_1"> </A></FONT> <FONT SIZE=2><B>  ITEM&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;UNDERTAKINGS    <BR>    </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A.</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
undersigned registrant hereby undertakes: </FONT></DD></DL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;To
provide to the underwriters at the closing specified in the underwriting agreement certificates in such denominations and registered in such names as required by the underwriters
to permit prompt delivery to each&nbsp;purchaser. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;That
for purposes of determining any liability under the Securities Act of 1933, as amended (the&nbsp;"Act"), the information omitted from the form of prospectus filed as part of
this registration
statement in reliance upon Rule&nbsp;430A and&nbsp;contained in the form of prospectus filed by the registrant pursuant to Rule&nbsp;424(b)(1) or&nbsp;(4) under the Act shall be deemed to be
part of this registration statement as of the time it was declared effective. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;That
for the purpose of determining any liability under the Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial </FONT> <FONT SIZE=2><I>bona&nbsp;fide</I></FONT><FONT SIZE=2> offering thereof. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>(4)&nbsp;&nbsp;&nbsp;&nbsp;That
insofar as indemnification for liabilities arising under the Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such&nbsp;issue. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-2</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="jc14001_signatures"> </A>
<A NAME="toc_jc14001_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SIGNATURES    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on Form&nbsp;F-1 and&nbsp;has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Toronto, Province of Ontario, Canada on the eighth day of December,&nbsp;2009. </FONT></P>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><B> SPROTT PHYSICAL GOLD TRUST<BR>
By Sprott Asset Management&nbsp;LP, as manager of the Registrant</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>/s/ Eric S. Sprott<BR>


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</FONT> <FONT SIZE=2> Name: Eric S. Sprott<BR>
Title: Chief Executive Officer<BR></FONT>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="jc14001_powers_of_attorney"> </A>
<A NAME="toc_jc14001_2"> </A>
<BR></FONT><FONT SIZE=2><B>  POWERS OF ATTORNEY    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Jack Rigney, Anthony
Tu-Sekine, and Paul M. Miller, or any of them, with full power to act alone, his or her true lawful attorneys-in-fact and agents, with full powers of substitution
and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments or supplements to this registration statement, whether
pre-effective or post-effective, including any subsequent registration statement for the same offering which may be filed under Rule&nbsp;462(b) under the Securities Act of
1933, as amended, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents full power and authority to do and perform each and every act and thing necessary to be done, as fully for all intents and purposes as he or she
might or could do in person hereby ratifying and confirming all that said attorneys-in-fact and agents, or his or her substitute, may lawfully do or cause to be done by
virtue&nbsp;hereof. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-3</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons on December&nbsp;8, 2009 in the
capacities indicated. </FONT></P>
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<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
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<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Sprott Asset Management&nbsp;LP,<BR>
Manager of the Registrant</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:times;"><FONT SIZE=2>/s/ Eric S. Sprott<BR>


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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Chief Executive Officer and Director* (Principal Executive Officer)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Eric S. Sprott</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:times;"><FONT SIZE=2>/s/ Steven Rostowsky<BR>


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</FONT> <FONT SIZE=2> Steven Rostowsky</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Chief Financial Officer and Director* (Principal Financial Officer and Principal Accounting Officer)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
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<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>/s/ Kirstin H. McTaggart<BR>


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</FONT>
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<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Chief Compliance Officer and Director*</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Kirstin H. McTaggart</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
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<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>/s/ Kevin Bambrough<BR>


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</FONT>
 </TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Director*</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Kevin Bambrough</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
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<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>/s/ Scott P. Dexter<BR>


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</FONT>
 </TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Director*</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Scott P. Dexter</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>/s/ John Embry<BR>


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</FONT>
 </TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Director*</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>John Embry</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>/s/ James R. Fox<BR>


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</FONT>
 </TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Director*</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>James R. Fox</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>/s/ Peter J. Hodson<BR>


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</FONT>
 </TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Director*</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Peter J. Hodson</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>/s/ Allan Jacobs<BR>


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</FONT>
 </TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Director*</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Allan Jacobs</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>/s/ Anne L. Spork<BR>


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</FONT>
 </TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Director*</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Anne L. Spork</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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 <P style="font-family:times;text-align:justify"><FONT SIZE=2>*&nbsp;&#151;&nbsp;Director
of Sprott Asset Management&nbsp;GP&nbsp;Inc., general partner of the Manager of the Registrant </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-4</FONT></P>

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NAME="jd14001_authorized_representative"> </A>
<A NAME="toc_jd14001_1"> </A>
<BR></FONT><FONT SIZE=2><B>  AUTHORIZED REPRESENTATIVE    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, the undersigned, the duly authorized representative of the
Registrant in the United&nbsp;States, has signed this registration statement in the City of Newark, State of Delaware, December&nbsp;8, 2009. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>PUGLISI&nbsp;&amp;
ASSOCIATES </FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


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<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>/s/ Donald J. Puglisi<BR>


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</FONT> <FONT SIZE=2> Donald J. Puglisi<BR>
Managing Director<BR>
Authorized Representative in the United&nbsp;States<BR></FONT>
</TD>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-5</FONT></P>

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<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>2
<FILENAME>a2195768zex-3_2.htm
<DESCRIPTION>EXHIBIT 3.2
<TEXT>
<HTML>
<HEAD>
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<div>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 3.2</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Execution Copy</font></i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SPROTT ASSET MANAGEMENT LP</font></b></p>

<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">

<p style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SPROTT
PHYSICAL GOLD TRUST</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMENDED
AND RESTATED TRUST AGREEMENT</font></b></p>

<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">

<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Dated
as of December&nbsp;7, 2009</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>
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<div>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TABLE
OF CONTENTS</font></u></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="85%" valign="bottom" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Page</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 1 INTERPRETATION</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Definitions</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article&nbsp;and Section&nbsp;Headings</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.3</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statute References</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.4</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Business Day</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.5</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number, Gender</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.6</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">References to &#147;Agreement&#148; etc.</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.7</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Time of Day</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.8</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Currency</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.9</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exercise of Discretion</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 2 ESTABLISHMENT OF THE
  FUND</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Establishment of the Trust</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Appointment of the Trustee</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Constituency of the Trust</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.4</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name of the Trust</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.5</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Head Office; Situs</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.6</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purpose of the Trust</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.7</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment by the Trust</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.8</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nature of the Trust</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.9</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mutual Fund Trust Election</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.10</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Federal Income Tax Classification</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.11</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Term</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 3 STRUCTURE OF THE FUND</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Division of the Trust into Units</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Repurchase of Initial Unit</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.3</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.4</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consolidation and Subdivision</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.5</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Calculation of Net Asset Value of the Trust and Net Asset Value per Unit</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.6</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Calculation of Class&nbsp;Net Asset Value and Class&nbsp;Net Asset Value
  per Unit</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.7</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Suspension of Right of Redemption and Calculation of Net Asset Value</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.8</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Delegation by the Manager</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 4 NET INCOME AND NET REALIZED CAPITAL GAINS</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Valuation on Distribution Date</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Computation of Net Income and Net Realized Capital Gains</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distribution of Net Income and Net Realized Capital Gains to Unitholders</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.4</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional Distributions, Designations, Determinations, Allocations and
  Elections</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.5</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Withholding Taxes</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.6</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income Tax Statements</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.7</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Qualified Electing Trust Election and Reporting</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.8</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax Definitions</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 5 SALE AND TRANSFER OF
  UNITS</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Allotment and Issue</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No Certificates</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.3</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transfer of Units</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.4</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Successors in Interest of Unitholders</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.5</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Units held Jointly or in Fiduciary Capacity</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.6</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchases for Cancellation</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.7</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Death, Bankruptcy, Insolvency or Incompetence of a Unitholder</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.8</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Death of a Unitholder</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.9</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lost Certificates</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.10</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Declaration as to Beneficial Owner</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 6 REDEMPTION OF UNITS</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.1</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Redemption of Units for Gold Bullion</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.2</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Manner of Payment - Gold Bullion</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.3</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Redemption of Units for Cash</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.4</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effect of Redemption</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.5</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joint Holders</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.6</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Suspension of Redemption Right</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.7</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Performance of Trusts</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 7 POWERS AND DUTIES OF
  THE TRUSTEE</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.1</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">General Powers</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.2</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Specific Powers</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.3</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Forwarding Materials</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.4</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dealing with Others and Self</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 8 POWERS AND DUTIES OF
  THE MANAGER</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Powers of the Manager</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.2</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Duties of the Manager</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.3</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Portfolio Execution</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.4</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Soft Dollar Transactions</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.5</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributors</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 9 INDEPENDENT REVIEW COMMITTEE</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.1</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Independent Review Committee</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 10 FEES, COMPENSATION AND EXPENSES</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ii</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=3,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=826868,FOLIO='ii',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-03_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 07:47 2009' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee&#146;s Fee</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Manager&#146;s Fee</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.3</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment Manager&#146;s Fee</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.4</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gold Custodian and Custodian&#146;s Fees</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.5</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Expenses of the Trust</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 11 TRUSTEE LIABILITY AND INDEMNIFICATION</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Standard of Care</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.2</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reliance</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.3</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">General Disclaimer of Liability</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.4</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indemnification of the Trustee</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.5</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional Indemnification of the Trustee</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.6</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exception</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 12 MANAGER LIABILITY AND INDEMNIFICATION</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.1</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Standard of Care</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.2</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reliance</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.3</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Engaging in Competition</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.4</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indemnification of the Manager</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.5</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Liability for Investment Decisions</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 13 CHANGE OF TRUSTEE</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.1</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Resignation of Trustee</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.2</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Removal of Trustee</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.3</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Appointment of Successor</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.4</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Termination Upon Failure to Appoint Successor</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 14 TERMINATION OF THE MANAGER</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.1</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Resignation, Insolvency or Bankruptcy of the Manager</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.2</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Successor Manager</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 15 CONCERNING THE
  UNITHOLDERS</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.1</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Liability of Unitholders</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.2</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indemnification of the Trust by the Manager</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 16 MEETINGS OF UNITHOLDERS</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.1</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Time of Meetings</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.2</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Place of Meeting</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.3</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice of Meeting</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.4</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Meetings Without Notice</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.5</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Quorum</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.6</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman, Secretary and Scrutineers</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.7</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Persons Entitled to be Present</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.8</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Right to Vote</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.9</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Votes to Govern</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iii</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.10</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Show of Hands</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.11</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Polls</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.12</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adjournment</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.13</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Resolutions in Writing</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.14</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Record Dates</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.15</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proxies</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.16</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Validity of Proxies</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.17</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revocation of Proxy</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.18</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Solicitation of Proxies</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.19</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Proxy Solicitation</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.20</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Resolutions Binding</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.21</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Minutes of Meetings</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 17 SPECIAL FUNCTIONS</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.1</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrar and Transfer Agent</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.2</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unit Register</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.3</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Auditors</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.4</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Valuation Agent</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.5</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Custodian of Gold Bullion</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.6</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Custodian of Trust Property Other Than Gold Bullion</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 18 REPORTS AND EXECUTION OF DOCUMENTS</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">59</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.1</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Records</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">59</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.2</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reports to Unitholders</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">59</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.3</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Material to be Furnished to the Trustee</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.4</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Documents Requiring Trustee&#146;s Consent</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.5</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Execution of Documents</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.6</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Execution of Documents by the Manager</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">61</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.7</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Material to be Furnished to Unitholders</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">61</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 19 NOTICE</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">61</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.1</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice to Unitholders</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">61</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.2</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Methods of Communication</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">62</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.3</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deemed Delivery</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">63</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.4</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone Directions</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">63</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.5</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone Communications</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">63</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.6</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Internet</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">63</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.7</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Verification</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">64</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 20 AMENDMENTS</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">64</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.1</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-Material Amendments</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">64</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.2</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unitholder Approval</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">65</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.3</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Change of Auditors</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">67</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.4</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice to Unitholders</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">67</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iv</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=5,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=907692,FOLIO='iv',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-03_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 07:47 2009' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.5</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Approval of Trustee</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">68</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 21 TERMINATION OF THE TRUST</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">68</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21.1</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Termination of the Trust</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">68</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21.2</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice of Termination</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">68</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21.3</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effect of Termination</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">68</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21.4</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Termination of Trust Agreement</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">69</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 22 INVESTMENT POLICY</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">69</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.1</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment Objective</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">69</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.2</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment Strategy</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">69</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.3</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment and Operating Restrictions</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">69</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.4</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment and Reinvestment by the Trust</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">71</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 23 GENERAL</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">71</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compliance with Law and Policy</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">71</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.2</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Governing Law</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">71</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.3</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Computation of Time</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">72</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.4</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Omissions and Errors</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">72</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.5</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Time</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">72</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.6</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Counterparts and Facsimile</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">72</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.7</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Complete Agreement</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">72</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.8</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Severability</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">72</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.9</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inspection of Documents</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">72</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.92%;">
  <p align="left" style="margin:0in 0in .0001pt 20.0pt;text-align:left;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE A &#150; Annual Certificate of Compliance</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE B &#150; Interim Certificate of Compliance</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE C &#150; Certificate of Authorized Signing Authorities</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE D &#150; List of Designated Markets</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE E &#150; Gold Redemption Notice</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE F &#150; Cash Redemption Notice</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">v</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>
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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS
AMENDED AND RESTATED TRUST AGREEMENT</font></b><font size="2" style="font-size:10.0pt;"> made and entered
into as of the 7</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font><font size="2" style="font-size:10.0pt;">&#160;day of
December, 2009</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BETWEEN</font></b><font size="2" style="font-size:10.0pt;">:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in .2pt .0001pt 141.75pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SPROTT ASSET MANAGEMENT LP</font></b><font size="2" style="font-size:10.0pt;">, </font></p>

<p align="left" style="margin:0in .2pt .0001pt 141.75pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a limited partnership formed
under the laws of the Province of Ontario</font></p>

<p align="left" style="margin:0in .2pt .0001pt 141.75pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in .2pt .0001pt 141.75pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(hereinafter referred to as
the &#147;<b>Manager</b>&#148;)</font></p>

<p align="left" style="margin:0in .2pt .0001pt 141.75pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in .2pt .0001pt 141.75pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OF THE FIRST PART</font></p>

<p align="right" style="margin:0in .2pt .0001pt 141.75pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in .2pt .0001pt 141.75pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- and -</font></p>

<p align="left" style="margin:0in .2pt .0001pt 141.75pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in .2pt .0001pt 141.75pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RBC
DEXIA INVESTOR SERVICES TRUST</font></b><font size="2" style="font-size:10.0pt;">, </font></p>

<p align="left" style="margin:0in .2pt .0001pt 141.75pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a trust company
incorporated under the federal laws of Canada</font></p>

<p align="left" style="margin:0in .2pt .0001pt 141.75pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 56.9pt .0001pt 141.75pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(hereinafter
referred to as the &#147;<b>Trustee</b>&#148;)</font></p>

<p align="left" style="margin:0in 56.9pt .0001pt 141.75pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in .2pt .0001pt 141.75pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OF THE SECOND
PART</font></p>

<p align="right" style="margin:0in .2pt .0001pt 141.75pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS
</font></b><font size="2" style="font-size:10.0pt;">Sprott Physical Gold Trust (the &#147;<b>Trust</b>&#148;) is a closed-end mutual fund trust established under
the laws of the Province of Ontario pursuant to a trust agreement dated as of August&nbsp;28,
2009 (the &#147;<b>Original Trust Agreement</b>&#148;), the
units of which will be listed for trading on the Toronto Stock Exchange and the
New York Stock Exchange Arca;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AND
WHEREAS </font></b><font size="2" style="font-size:10.0pt;">the Trust was created to invest and hold
substantially all of its assets in physical gold bullion, which will provide
holders of units of the Trust with a secure, convenient and exchange-traded
investment alternative for investors interested in holding physical gold
bullion without the inconvenience that is typical of a direct investment in
physical gold bullion;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AND
WHEREAS </font></b><font size="2" style="font-size:10.0pt;">the Trustee and the Manager were appointed as the
trustee and the manager of the Trust pursuant to the Original Trust Agreement
and, as such, are responsible for the management and administration of the
Trust;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AND
WHEREAS</font></b><font size="2" style="font-size:10.0pt;"> the Manager wishes to amend and restate the
Original Trust Agreement, with the effect of continuing without interruption
the Trust, upon the terms and conditions set out herein and the Trustee has
approved such amendments and is willing to continue to act as the Trustee of
the Trust on and subject to the terms and conditions herein contained;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AND
WHEREAS</font></b><font size="2" style="font-size:10.0pt;"> the Trustee and the Manager intend that certain of
the operations and affairs of the Trust shall be managed by the Manager.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOW
THEREFORE THIS AGREEMENT WITNESSES </font></b><font size="2" style="font-size:10.0pt;">that in
consideration of the respective covenants and agreements set forth herein (the
receipt and sufficiency of which are hereby acknowledged) the parties agree
that the Trust Property (as hereinafter defined) shall be held and administered
by the Trustee and the Manager upon the trusts, terms and conditions
hereinafter set forth.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 1</font></b><font style="font-weight:bold;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;"><br>
</font></b></font><font size="2" style="font-size:10.0pt;text-transform:none;">INTERPRETATION</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1</font></b><font size="1" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Definitions</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In this Trust
Agreement, unless there is something in the subject matter or context
inconsistent therewith, the following terms have the meanings ascribed to them
below:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Additional Trustee Duties</b>&#148; has the meaning ascribed thereto
in Section 11.5 hereof;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Affiliate</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">has the meaning
ascribed thereto in the <i>Securities Act </i>(Ontario),
as amended from time to time;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Applicable Laws</b>&#148;<b>  </b>means</font><font size="2" style="font-size:10.0pt;">, unless the
context otherwise dictates, any applicable statute of Canada or of a province
or territory of Canada or any applicable statute of the United States of
America or of a state or territory of the United States of America or any
applicable regulations, orders, instruments, policies or other laws made under
statutory authority by any governmental or regulatory body or agency having
jurisdiction over the Trust including, but not limited to, Securities
Legislation and the Tax Act;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Annual</b>
<b>Certificate of Compliance</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">has the meaning
ascribed thereto in clause 8.2(a)(xxxi) hereof and is substantially in the form
of Schedule A attached hereto;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Associate</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">has the meaning ascribed thereto in the <i>Securities Act </i>(Ontario), as amended from
time to time;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Auditors</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means a firm of
chartered accountants duly licensed and recognized to practice in the Province
of Ontario and appointed from time to time by the Manager pursuant to the
provisions of Section&nbsp;17.3 hereof.&#160;
The initial Auditors shall be Ernst&nbsp;&amp; Young LLP;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Business Day</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means any day on
which the NYSE Arca or the TSX are open for trading;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Broker</b>&#148; means a CDS Participant in Canada or a DTC
Participant in the United States;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Cash Redemption
Notice</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means
a written request signed by a Unitholder, which must be guaranteed by a
Canadian chartered bank, or by a medallion signature guarantee from a member of
a recognized Signature Medallion Guarantee Program, in accordance with Section&nbsp;6.3
hereof substantially in the form of Schedule F attached hereto, or in such
other form as the Manager may from time to time in its sole discretion determine;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>CBCA</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means the <i>Canada Business Corporations Act</i>,<i>  </i>R.S.C.
1985, c.C-44, as amended from time to time;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>CBCA Corporation</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means a
corporation incorporated under the CBCA, any of the securities of which (i)&nbsp;are
or were part of a distribution to the public, (ii)&nbsp;remain outstanding, and
(iii)&nbsp;are held by more than one Person;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>CDS</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means CDS
Clearing and Depository Services Inc.;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">&#147;CDS Participant</font></b><font size="2" style="font-size:10.0pt;">&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means
a registered dealer or other financial institution in Canada that is a direct or
indirect participant in the CDS book-entry only system and a Person through
whom the Unitholder deals directly to initiate any transaction in Units;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=8,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=467799,FOLIO='2',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-05_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 08:41 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Certificate of
Authorized Signing Authorities</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">has
the meaning ascribed thereto in subsection 11.2(a)&nbsp;hereof and is
substantially in the form of Schedule C attached hereto;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Class&nbsp;Expenses</b>&#148; in respect of any particular class or
series of a class of Units means the expenses of the Trust (including
Management Fees) that are allocated only to that class or series of a class;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Class&nbsp;Net Asset Value</b>&#148; in respect of any particular
class or series of a class of Units is the portion of the Net Asset Value of
the Trust attributed to such class or series of a class determined in
accordance with<b>  </b>Section&nbsp;3.5 and Section&nbsp;3.6
hereof;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Class&nbsp;Net Asset Value per Unit</b>&#148; in respect of any
particular class or series of a class of Units is the portion of the Class&nbsp;Net
Asset Value of the Trust attributed to each Unit of such class or series of a
class determined in accordance with<b>  </b>Section&nbsp;3.5
and Section&nbsp;3.6 hereof;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(r)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Code</b>&#148; means the U.S. <i>Internal Revenue Code of
1986</i>, as amended from time to time;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(s)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Common Expenses</b>&#148; means those expenses of the Trust other
than Class&nbsp;Expenses;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(t)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Corporate Action</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means any
conversion privileges, subscription rights, warrants or other rights or options
available in connection with any securities forming part of the Trust Property,
including those relating to the reorganization, recapitalization, takeover,
consolidation, amalgamation, merger, liquidation, filing for or declaration of
bankruptcy or plans of arrangement, of any corporation, association or other
entity;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(u)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Counsel</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means any Person
qualified and engaged in the practice of law in the Province of Ontario;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Court</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means any court
of competent jurisdiction in the Province of Ontario;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(w)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Custodian</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means the
custodian of the Trust Property, other than the Gold Bullion, appointed
pursuant to Section&nbsp;17.6 hereof and shall include the Trustee and any
sub-custodians appointed by the Trustee which from time to time hold the Trust
Property other than the Gold Bullion pursuant to this Trust Agreement or a
separate written custodial agreement;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Depository</b>&#148;
</font><font size="2" style="font-size:10.0pt;">means any authorized domestic or foreign depository or clearing or
settlement agency or system, including a transnational book-based system, CDS
or DTC;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(y)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Designated Market</b>&#148; has the meaning ascribed thereto in Subsection
17.6(k)&nbsp;hereof;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(z)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Disclosure Documents</b>&#148; means any<b>  </b>(final)
prospectus of the Trust filed in all provinces and territories of Canada and
any registration statement of the Trust filed with the United States Securities
and Exchange Commission, or similar offering documents as may be used by the
Manager or required by applicable Securities Legislation in connection with
qualifying the distribution of the Units to the public, including any
amendments to such offering documents;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(aa)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Distribution Date</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">has the meaning
ascribed thereto in Section&nbsp;4.1 hereof;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=9,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=482806,FOLIO='3',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-05_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 08:41 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(bb)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>DTC</b>&#148; means The Depository Trust Company;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(cc)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>DTC Participant</b>&#148; means a registered broker/dealer or other
financial institution in the United States that is a direct or indirect
participant in the DTC book-entry only system and a Person through whom the
Unitholder deals directly to initiate any transaction in Units;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(dd)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Extraordinary Resolution</b>&#148; means a resolution approved, in
person or by proxy, by Unitholders holding Units representing in aggregate not
less than 66</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">2</font><font size="2" style="font-size:10.0pt;">/</font><font size="1" style="font-size:6.5pt;position:relative;top:1.0pt;">3</font><font size="2" style="font-size:10.0pt;">% of the Net
Asset Value of the Trust as determined in accordance with this Trust Agreement,
at a duly constituted meeting of Unitholders, or at any adjournment thereof,
called and held in accordance with this Trust Agreement, or a written
resolution signed by Unitholders holding Units representing in aggregate not
less than 66</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">2</font><font size="2" style="font-size:10.0pt;">/</font><font size="1" style="font-size:6.5pt;position:relative;top:1.0pt;">3</font><font size="2" style="font-size:10.0pt;">% of the Net
Asset Value of the Trust as determined in accordance with this Trust Agreement;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ee)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Fee Agreement</b>&#148; has the meaning ascribed thereto in Section&nbsp;10.1
hereof;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ff)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Fiscal Year</b>&#148;</font><font size="2" style="font-size:10.0pt;"> means the fiscal
year of the Trust ending on the last day of December&nbsp;in each year or such
other date as may be determined from time to time by the Manager;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(gg)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Gold Bullion</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means physical
gold bullion in London Good Delivery bar form that is unencumbered, fully
allocated and stored at the Gold Custodian by or on behalf of the Trust;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(hh)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Gold Custodian</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means the
custodian of the Gold Bullion appointed pursuant to Section&nbsp;17.5 hereof
and shall include the Royal Canadian Mint and any sub-custodians appointed by
the Royal Canadian Mint which from time to time hold the Gold Bullion pursuant
to the Storage Agreement or a separate written custodial agreement;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Gold Redemption
Notice</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means
a written request signed by a Unitholder, which must be guaranteed by a
Canadian chartered bank, or by a medallion signature guarantee from a member of
a recognized Signature Medallion Guarantee Program, as described in Section&nbsp;6.1
hereof substantially in the form of Schedule E attached hereto, or in such
other form as the Manager may from time to time in its sole discretion
determine;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(jj)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>IFRS</b>&#148; means International Financial Reporting Standards as
issued by the International Accounting Standards Board;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(kk)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Independent
Review Committee</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means
the independent review committee of the Trust established pursuant to NI
81-107;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ll)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Initial Unit</b>&#148; has the meaning ascribed thereto in Section&nbsp;2.1
hereof;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(mm)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Interim</b>
<b>Certificate of Compliance</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">has the meaning ascribed
thereto in clause 8.2(a)(xxxii) and is substantially in the form of Schedule B
attached hereto;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(nn)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Investment
Manager</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means
the Person(s)&nbsp;appointed by the Manager, on behalf of the Trust, from time
to time pursuant to the provisions hereof and any portfolio management
agreement, to determine, in its sole discretion, which securities or other
assets shall be purchased, held or sold for the Trust and to execute or cause
the execution of purchase and sale orders in respect of such determinations;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=10,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=630030,FOLIO='4',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-05_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 08:41 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(oo)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Investment Policy</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means the
investment objective, the investment strategy, and the investment and operating
restrictions of the Trust, as described in Article&nbsp;22 hereof;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(pp)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>London Good Delivery status</b>&#148; means physical gold bullion
that contains between 350 to 430&#160; troy
ounces with no less than the required minimum fineness related thereto as
determined by the London Bullion Market Association from time to time;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(qq)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Manager</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means Sprott
Asset Management LP, acting as the manager of the Trust, or any successor
manager appointed in accordance with this Trust Agreement and subject to the
Management Agreement;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(rr)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Management Agreement</b>&#148; means the management agreement between the Manager and the Trust to be
dated on or about the date of filing the final Disclosure Documents with the
applicable Securities Authorities, as the same may be amended, restated or
supplemented from time to time;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ss)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Management Fee</b>&#148; has the meaning ascribed thereto in Section&nbsp;10.2
hereof;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(tt)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Manager
Reorganization</b>&#148; means any change of the Manager which occurs
primarily as a result of restructuring corporations, limited partnerships or
other entities under similar control and ownership and which results in no
material change to the day-to-day management, administration or operation of
the Trust;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(uu)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Monthly
Redemption Date</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means
the last business day of a month when the NYSE Arca is open for trading;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Net Asset Value
of the Trust</b>&#148; </font><font size="2" style="font-size:10.0pt;">is the amount determined
from time to time in accordance with Section&nbsp;3.5 hereof;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ww)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Net Asset Value
per </b></font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Unit</font></b><font size="2" style="font-size:10.0pt;">&#148; </font><font size="2" style="font-size:10.0pt;">is the amount determined
from time to time in accordance with Section&nbsp;3.5 hereof;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xx)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Net Change in Non-Portfolio Assets</b>&#148; on a Valuation Date
means:</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the aggregate of all income
accrued by the Trust as of that Valuation Date, including cash dividends and
distributions, interest and compensation since the last calculation of Class&nbsp;Net
Asset Value or Class&nbsp;Net Asset Value per Unit, as the case may be; minus</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Common Expenses to be
accrued by the Trust as of that Valuation Date which have been accrued since
the last calculation of Class&nbsp;Net Asset Value or Class&nbsp;Net Asset
Value per Unit, as the case may be; plus or minus</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any change in the value of
any non-portfolio assets or liabilities stated in any foreign currency accrued
on that Valuation Date since the last calculation of Class&nbsp;Net Asset Value
or Class&nbsp;Net Asset Value per Unit, as the case may be, including, without
limitation, cash, accrued dividends or interest and any receivables or
payables; plus or minus</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any
other item accrued on that Valuation Date determined by the Manager to be
relevant in determining the Net Change in Non-Portfolio Assets;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

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</div>
<!-- ZEQ.=1,SEQ=11,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=617133,FOLIO='5',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-05_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 08:41 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(yy)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Net Income</b>&#148;</font><font size="2" style="font-size:10.0pt;"> has
the meaning ascribed thereto in subsection 4.2(a)&nbsp;hereof;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(zz)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Net Realized
Capital Gains</b>&#148;</font><font size="2" style="font-size:10.0pt;"> has the meaning ascribed
thereto in subsection 4.2(b)&nbsp;hereof;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(aaa)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>NI 81-102</b>&#148; means National Instrument
81-102 <i>Mutual Funds</i>, as amended
from time to time;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(bbb)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>NI 81-106</b>&#148; means National Instrument
81-106 <i>Investment Fund Continuous Disclosure</i>,
as amended from time to time;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ccc)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>NI 81-107</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means National
Instrument 81-107 <i>Independent Review
Committee for Investment Funds</i>,
as amended from time to time;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ddd)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>NYSE Arca</b>&#148; means the New York Stock Exchange Arca;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(eee)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Ordinary
Resolution</b>&#148;</font><font size="2" style="font-size:10.0pt;"> means a resolution
approved, in person or by proxy, by Unitholders holding Units representing in
aggregate not less than 50% of the Net Asset Value of the Trust as determined
in accordance with this Trust Agreement, at a duly constituted meeting of
Unitholders, or at any adjournment thereof, called and held in accordance with
this Trust Agreement, or a written resolution signed by Unitholders holding Units
representing in aggregate not less than 50% of the Net Asset Value of the Trust
as determined in accordance with this Trust Agreement;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(fff)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Original Trust Agreement</b>&#148; means the trust agreement dated as
of August&nbsp;28, 2009 between the Settlor, the Manager and the Trustee which
established the Trust;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ggg)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Person</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means any
individual, partnership, limited partnership, joint venture, syndicate, sole
proprietorship, company or corporation with or without share capital,
unincorporated association, trust, trustee, executor, administrator or other
legal personal representative, regulatory body or agency, government or
governmental agency, authority or entity however designated or constituted;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(hhh)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>PFIC</b>&#148; means a &#147;passive foreign investment company&#148; within
the meaning of Section&nbsp;1297 of the Code;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Proportionate Share</b>&#148;, when used to describe (i)&nbsp;an
amount to be allocated to any one class or series of a class of Units, means
the total amount to be allocated to all classes or series of classes of Units multiplied
by a fraction, the numerator of which is the Class&nbsp;Net Asset Value of such
class or series of a class and the denominator of which is the Net Asset Value
of the Trust at such time, and (ii)&nbsp;a Unitholder&#146;s interest in or share of
any amount, means, after an allocation has been made to each class or series of
a class of Units as provided in clause&nbsp;(i), that allocated amount
multiplied by a fraction, the numerator of which is the number of Units of that
class or series of a class registered in the name of that Unitholder and the
denominator of which is the total number of Units of that class or series of a
class then outstanding (if such Unitholder holds Units of more than one class
or series of a class, then such calculation is made in respect of each class or
series of a class of Units and aggregated);</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(jjj)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>QEF</b>&#148; has the meaning ascribed thereto in Section&nbsp;4.7
hereof;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=12,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=501130,FOLIO='6',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-05_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 08:41 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(kkk)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Register</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means the
register or registers of the Trust established and maintained by the Registrar
and Transfer Agent pursuant to Section&nbsp;17.2 hereof;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(lll)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Registrar and
Transfer Agent</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means
the registrar and transfer agent of the Units appointed by the Manager in
accordance with Section&nbsp;17.1 hereof. The initial Registrar and Transfer
Agent shall be Equity Transfer&nbsp;&amp; Trust Company;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(mmm)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Securities
Authorities</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means
the Ontario Securities Commission and equivalent securities regulatory
authorities in each other province and territory of Canada, and the United
States Securities and Exchange Commission;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(nnn)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">&#147;Securities Legislation</font></b><font size="2" style="font-size:10.0pt;">&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means
the laws, regulations, rules, requirements and policies of the Securities
Authorities which are in effect from time to time and applicable to the Trust
including, but not limited to NI 81-102, NI 81-106, NI 81-107 and the United
States <i>Securities Act of 1933</i>, as amended;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ooo)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Settlor</b>&#148; means Sonia M. Yung, an individual resident in the
Province of Ontario;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ppp)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">&#147;Storage Agreement</font></b><font size="2" style="font-size:10.0pt;">&#148; means the precious metals storage agreement between the Manager, on
behalf of the Trust,&#160; and the Gold
Custodian, to be dated on or about the date of filing the final Disclosure
Documents with the applicable Securities Authorities, as the same may be
amended, restated or supplemented from time to time;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(qqq)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Sub-Custodian
Guidelines</b>&#148;</font><font size="2" style="font-size:10.0pt;"> has the meaning ascribed
thereto in subsection 17.6(h)&nbsp;hereof;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(rrr)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Tax Act</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means the <i>Income Tax </i>Act<i>  </i>(Canada) and the
regulations, rules, requirements and policies promulgated thereunder, as
amended from time to time;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(sss)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Termination Event</b>&#148; has the meaning ascribed thereto in
subsection 14.1(c)&nbsp;hereof;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ttt)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>TSX</b>&#148; means the Toronto Stock Exchange;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(uuu)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Trust</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means Sprott
Physical Gold Trust, a
closed-end mutual fund trust established under the laws of the Province of
Ontario and governed by this Trust Agreement;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vvv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Trust Agreement</b>&#148;
</font><font size="2" style="font-size:10.0pt;">means this amended and restated trust agreement between the Manager and
the Trustee made and entered into as of the day and year first above written,
as the same may be further amended, restated, supplemented or replaced from
time to time;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(www)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Trust Property</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">at any time,
means any and all securities, cash (including free credit balances), property
and assets, real and personal, tangible and intangible, transferred, conveyed
or paid to the Trust including, without limitation:</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all
funds realized from the sale of Units;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Gold Bullion from time to time delivered to
and received by the Trust or held for its account as directed by the Manager
and accepted by the Gold Custodian on behalf of the Trust in accordance with
the Storage Agreement;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

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</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all investments, sums or property of any type
or description (other than the Gold Bullion) from time to time delivered to and
received by the Trust or held for its account as directed by the Manager and
accepted by the Trustee on behalf of the Trust in accordance with this Trust
Agreement;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any proceeds of disposition of any of the foregoing
property and assets; and</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all income, interest, profit, gains and
accretions and additional rights arising from or accruing to such foregoing
property or such proceeds of disposition;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-36.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxx)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Trustee</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means RBC Dexia
Investor Services Trust, acting as the trustee of the Trust, or any successor
trustee appointed in accordance with this Trust Agreement;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-36.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-36.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(yyy)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Underwriters</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means registered
dealers that have entered into an Underwriting Agreement with the Manager, on
behalf of the Trust, in connection with the initial public offering of the Units,
and &#147;<b>Underwriter</b>&#148; means any one of them;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-36.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-36.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(zzz)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Underwriting
Agreement</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means
an agreement between the
Manager, on behalf of the Trust, and the Underwriters to be dated on or about the date of filing the final Disclosure Documents
with the applicable Securities Authorities relating to the initial public
offering of the Units;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-36.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-36.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(aaaa)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Unit</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means a unit of
beneficial interest, in any class or series of a class of the Trust, as
presently constituted pursuant to Section&nbsp;3.1 hereof as the same may from
time to time hereinafter be constituted, and collectively referred to as the &#147;<b>Units</b>&#148;;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-36.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-36.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(bbbb)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Unitholders</b>&#148;
</font><font size="2" style="font-size:10.0pt;">means Persons whose name appears on the Register as a registered holder
of one or more Units or fractions thereof and &#147;<b>Unitholder</b>&#148;
means any one of them;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-36.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-36.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(cccc)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Valuation Agent</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means the service
provider to the Trust appointed pursuant to Section&nbsp;17.4 hereof and the
Valuation Services Agreement to provide certain valuation services for the
Trust.&#160; The initial Valuation Agent shall
be RBC Dexia Investor Services Trust;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-36.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-36.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(dddd)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Valuation Date</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means each
Business Day, unless the Manager determines that the assets of the Trust should
be valued less frequently, either generally or in respect of one or more
specific instances, in which event &#147;<b>Valuation Date</b>&#148;
shall mean such Business Day or Business Days as the Manager determines;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-36.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-36.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(eeee)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Valuation Services Agreement</b>&#148; means the valuation services agreement between the Manager and the Valuation
Agent to be dated on or about the date of filing the final Disclosure Documents
with the applicable Securities Authorities, as the same may be amended,
restated or supplemented from time to time;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-36.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-36.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ffff)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Valuation Time</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means 4:00&nbsp;p.m.
(Toronto time) on a Valuation
Date or such other time on a Valuation Date as the Manager deems appropriate;
and</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-36.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(gggg)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Voting Materials</b>&#148;
</font><font size="2" style="font-size:10.0pt;">means all proxies, proxy
solicitation materials and other communications received by the Manager
relating to the securities forming part of the Trust Property that call for
voting.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

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</div>
<!-- ZEQ.=1,SEQ=14,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=820224,FOLIO='8',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-05_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 08:41 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2</font></b><font size="1" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Article&nbsp;and
Section&nbsp;Headings</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article&nbsp;and
section headings have been inserted for convenience only and are not to affect
the construction or interpretation of this Trust Agreement.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.3</font></b><font size="1" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Statute
References</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In this Trust
Agreement, any reference herein to a statute, rule, regulation, policy
statement, ruling, notice, order or other instrument promulgated thereunder or
provision therein shall be deemed to be a reference to such statute, rule,
regulation, policy statement, ruling, notice, order or other instrument
promulgated thereunder or provision therein as amended, re-enacted or replaced
from time to time and references to specific parts, paragraphs or sections
thereof shall include all amendments, re-enactments or replacements thereof.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.4</font></b><font size="1" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Business
Day</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise
specified, if under this Trust Agreement any payment or calculation is to be
made, or any other action is to be taken, on or as of a day which is not a
Business Day, that payment or calculation is to be made, and that other action
is to be taken, as applicable, on or as of the next day that is a Business Day.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.5</font></b><font size="1" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Number,
Gender</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless elsewhere
otherwise expressly provided in this Trust Agreement or unless the context
otherwise requires, words importing the singular include the plural and vice
versa, and words importing the masculine gender include the feminine and neuter
gender.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.6</font></b><font size="1" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">References
to &#147;Agreement&#148; etc.</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise
specified, references in this Trust Agreement to sections and schedules are to
sections of, and schedules to, this Trust Agreement. References in this Trust
Agreement to &#147;<b>Agreement</b>&#148;, &#147;<b>herein</b>&#148;,
&#147;<b>hereafter</b>&#148;, &#147;<b>hereby</b>&#148;,
&#147;<b>hereto</b>&#148;, &#147;<b>hereof</b>&#148;
and &#147;<b>hereunder</b>&#148; and similar expressions
shall be deemed to refer to this Trust Agreement and shall not be limited to
the particular article or section in which such words appear.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.7</font></b><font size="1" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Time
of <font style="font-weight:bold;"><b>D</b></font>ay</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise
specified, references to time of day or date mean the local time or date in the
City of Toronto, Province of Ontario, Canada.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.8</font></b><font size="1" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Currency</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise
specified herein or where required by Applicable Laws, all references herein to
currency shall be references to currency of the United States of America.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.9</font></b><font size="1" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Exercise
of Discretion</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The term &#147;<b>power</b>&#148;, as used in this section, shall be deemed to mean and
include those things which a party hereto may or will in the future do or
refrain from doing in the management, supervision and carrying out of the Trust
created by this Trust Agreement in accordance with the terms hereof and Applicable
Laws.&#160; Every power in this Trust
Agreement or by law conferred on a party hereto shall be an </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">absolute and
uncontrolled power and no such party shall be held liable for any loss or
damage occurring as a result of such party concurring or failing to concur in
the exercise of any such power. The parties hereto shall be entitled to
exercise their powers in their sole and absolute discretion, whenever, and as
often, from time to time, as they deem advisable without application for
approval by any court or governmental official, and as to which their judgment
shall be final and binding upon all parties interested or potentially
interested in the Trust.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 2</font></b><font style="font-weight:bold;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;"><br>
</font></b></font><font size="2" style="font-size:10.0pt;text-transform:none;">ESTABLISHMENT
OF THE FUND</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1</font></b><font size="1" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Establishment
of the Trust</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustee
confirms that to constitute and settle the trust the Settlor has given to the
Trustee the sum of Ten Dollars ($10.00) for the Trust and has thereby
established for the benefit of the holders of its Units from time to time, a
trust for the Trust and has been issued one Unit (the &#147;<b>Initial Unit</b>&#148;).</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2</font></b><font size="1" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Appointment
of the Trustee</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustee
agrees to act as the trustee of the assets, monies and investments from time to
time of the Trust and shall hold the same upon and subject to the provisions of
this Trust Agreement.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3</font></b><font size="1" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Constituency
of the Trust</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust shall,
in addition to those assets already under administration, consist of monies
from time to time delivered to the Trustee for investment and such investments
and other assets as may from time to time be acquired by the Trustee through
the application of such monies, together with accretions thereto, less amounts
paid out by the Trustee from time to time in accordance herewith.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.4</font></b><font size="1" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Name
of the Trust</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The trust hereby
created shall be known as the &#147;Sprott Physical Gold Trust&#148; or such other name
as the Manager may from time to time designate and the Trust may at any time
adopt a French version of its name at the sole discretion of the Manager.&#160; Any mention of the name of the Trust herein
shall refer to both the English and French forms of the name of the Trust, and
insofar as may be practical, legal and convenient, the affairs of the Trust
shall be conducted and transacted under that name, it being the intention that
such name shall refer to the Trust and shall not refer to the Trustee or to the
Unitholders.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.5</font></b><font size="1" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Head
Office<font style="font-weight:bold;"><b>; </b></font>Situs</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The head office
and the principal office and situs of the administration of the Trust shall be
in Toronto, Ontario, Canada at the address of the Manager or at such other
location as shall be designated by the Manager, but may only be changed to
another location in Ontario designated by the Manager.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.6</font></b><font size="1" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Purpose
of the Trust</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust created
hereby is a closed-end mutual fund trust. The Trust will, for the benefit of
its Unitholders, engage in making investments in accordance with the Investment
Policy<b>  </b>set out in Article&nbsp;22
hereof.&#160; Some or all of the Trust&#146;s
assets may from time to time be invested in cash and interest-bearing accounts,
short-term government debt or short-term investment grade corporate debt for
working capital purposes as the Manager may deem prudent in the
circumstances.&#160; The business of the Trust
shall include all things necessary or advisable to give effect to the Trust&#146;s
Investment Policy.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.7</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Investment by the
Trust</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustee shall
from time to time settle any or all of the investments of the Trust (other than
the Gold Bullion) and reinvest the proceeds thereof or exchange any or all of
such investments of the Trust for other investments, always only in accordance
with the direction of the Manager or a duly appointed Investment Manager.&#160; The Trust, the Trustee, the Manager or any
Investment Manager shall not, in carrying out investment activities, be in any
way restricted by the provisions of the laws of any jurisdiction limiting or
purporting to limit investments which may be made by trustees (and in
particular shall not be limited by sections 27 and 27.1 of the <i>Trustee Act</i> (Ontario)), but shall be limited by the
Investment Policy contained herein and Applicable Laws to which the Trust is
subject.&#160; It shall be the responsibility
of the Manager to ensure that all investments of the Trust Property held by the
Trustee and the Gold Custodian are made in such a way as to comply with any
statement made in any current Disclosure Documents or like offering document of
the Trust as to the Investment Policy applicable to the Trust and so as to
comply with this Trust Agreement and Applicable Laws.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.8</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Nature of t<font style="font-weight:bold;"><b>he</b></font>
Trust</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">An interest in
the Trust is represented by Units.&#160; The
Trust, its Units and its property shall be governed by the general law of
trusts, except as such general law of trusts has been or is from time to time
modified, altered or abridged for unit trusts and for the Trust by Applicable
Laws or requirements imposed by applicable Securities Authorities or other
regulatory authorities or by the terms, conditions and trusts set forth in this
Trust Agreement.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Except as
provided in Section&nbsp;2.10 hereof with respect to the U.S. federal income
tax classification of the Trust, the Trust is not, is not intended to be, shall
not be deemed to be, and shall not be treated as, a general partnership,
limited partnership, syndicate, association, joint venture, agency, corporation
or joint stock company nor shall the Trustee or the Unitholders or any of them
for any purpose be, or be deemed to be, treated in any way whatsoever to be
liable or responsible hereunder as partners or joint ventures.&#160; The Unitholders shall be beneficiaries and
their relationship to the Trustee shall be solely in that capacity in
accordance with the rights conferred and obligations imposed upon them
hereunder.&#160; The Trustee shall not be, or
be deemed to be, the agent of the Unitholders.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The beneficial
interest of a Unitholder shall be limited to the right to participate in
distributions when and as declared by the Manager as contemplated by Article&nbsp;4,
and distributions upon the termination of the Trust as contemplated in<b>  </b>Article&nbsp;21.&#160; The
ownership of the Trust Property is vested in the Trustee and the right to
conduct the affairs of the Trust is vested in the Trustee and the Manager,
subject to the provisions of this Trust Agreement, and the Unitholders shall
have no interest in the assets of the Trust or right to intervene in the
conduct of the affairs of the Trust except as expressly provided herein.&#160; In purchasing Units, a Unitholder assumes no
personal liability whatsoever to any Person in connection with the assets or
affairs of the Trust.&#160; In the event a
Unitholder should be required to satisfy any obligation of the Trust, such
Unitholder shall be entitled to reimbursement from any available assets of the
Trust in accordance with Section&nbsp;15.1 hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>

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</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.9</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Mutual Fund Trust
Election</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In respect of the
first taxation year of the Trust, the Manager, on behalf of the Trust, shall
elect pursuant to subsection 132(6.1) of the Tax Act that the Trust be deemed
to be a &#147;mutual fund trust&#148; for the entire year.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.10</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">U.S. Federal
Income Tax Classification</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager, on
behalf of the Trust, shall file an affirmative election with the U.S. Internal
Revenue Service under U.S. Treasury Regulations Section&nbsp;301.7701-3 for the
Trust to be classified as an association taxable as a corporation for U.S.
federal income tax purposes.&#160; Such
election shall be filed before the Trust&#146;s initial public offering of its Units
and shall be effective as of the date of establishment of the Trust.&#160; The Manager, on behalf of the Trust, shall
not take any action inconsistent with the treatment of the Trust as an
association taxable as a corporation for U.S. federal income tax purposes and
shall not elect to treat the Trust as an entity other than as an association
taxable as a corporation for such purposes.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.11</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Term</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Trust
Agreement shall continue in full force and effect unless otherwise terminated
in accordance with its provisions.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 3</font></b><font size="2" style="font-size:10.0pt;text-transform:none;"><br>
</font><font size="2" style="font-size:10.0pt;text-transform:none;">STRUCTURE OF THE FUND</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Division of the
Trust into Units</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to Article&nbsp;20, the Manager shall have sole discretion in
determining whether the capital of the Trust is divided into one or more
classes of Units and into one or more series of each such class, the attributes
that shall attach to each class or series of Units and whether any class or
series of Units should be redesignated as a different class or series of Units
from time to time.&#160; The class or classes
of Units and the series of each such class of Units created and authorized for
the Trust, including any redesignation of any class or any series of a class of
Units, shall be as shown from time to time in the Register kept for the
Trust.&#160; Until changed by the Manager,
each class or series of a class of Units shall have the following attributes:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">each Unit shall be without
nominal or par value;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">each whole Unit of a
particular class or a series of a class shall entitle the holder thereof to one
vote at all meetings of Unitholders where all classes and series of Units vote
together and to one vote at all meetings of Unitholders where that particular
class or series of a class of Units votes separately as a class or series;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">each Unit of a particular
class or series of a class shall entitle the holder thereof to participate <i>pro rata</i>, in accordance with the provisions hereof, with respect
to all distributions made to that class or series of a class and, upon
liquidation of the Trust, to participate <i>pro rata</i> with
other Unitholders of that same class or series of a class in the Net Asset
Value of the Trust remaining after the satisfaction of outstanding liabilities
of the Trust and the class or series of a class as provided in Article&nbsp;21
hereof;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>

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</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">distributions shall be
allocated among the classes or series of a class of Units in such manner as the
Manager considers appropriate and equitable;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">there shall be no
pre-emptive rights attaching to the Units;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">there shall be no
cancellation or surrender provisions attaching to the Units except as set out
herein;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">once the Net Asset Value per
Unit for the applicable class or series of a class, determined in accordance
with<b>  </b>Section&nbsp;3.6 hereof, at the time
of issuance has been paid, Units shall be non-assessable so that there shall be
no liability for future calls or assessments with respect to the Units;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all Units shall be
transferable, but only as contemplated herein;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">each Unit shall entitle the
holder thereof to require the Trust to redeem the Unit as provided in Article&nbsp;6;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">subject to limitations and
requirements determined from time to time by the Manager and disclosed in the
Disclosure Documents, each Unit of a particular class or series of a class of
the Trust may be redesignated by the Manager as a Unit of another class or
series of the Trust based on the respective Net Asset Value per Unit for each
such class or series of Units on the date of the redesignation;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the number of Units and the
classes and series of Units of the Trust that may be issued is unlimited; and</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">fractional Units of a class
or series of a class may be issued and shall be proportionately entitled to all
the same rights as whole Units of that same class or series, except voting
rights (however fractional Units held by a single Unitholder may be combined).</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each class and
series of a class of Units shall also have the features and characteristics
disclosed from time to time in the Disclosure Documents or such other offering
documents of the Trust.&#160; The Trustee and
the Manager may be Unitholders.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Repurchase of
Initial Unit</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At the request of
the Settlor, the Trust will purchase and the Settlor will sell the Initial Unit
for a purchase price of $10.00.&#160; Upon
completion of such purchase and sale, the Initial Unit will be cancelled and
will no longer be outstanding for any of the purposes of this Trust Agreement.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.3</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Voting</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to Section&nbsp;3.1
hereof, each Unitholder shall be entitled to one vote for each whole Unit held
by such Unitholder.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.4</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Consolidation and
Subdivision</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Units may be consolidated or
subdivided by the Manager upon the Manager giving at least 21 days&#146; prior
written notice to the Trustee and to each Unitholder of its intention to do
so.&#160; Notwithstanding the foregoing, Units
may be consolidated without notice to Unitholders in connection with a
distribution to Unitholders pursuant to Section&nbsp;4.3 hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>

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</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.5</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Calculation of
Net Asset Value of the Trust and Net Asset Value per Unit</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The calculation
of the Net Asset Value of the
Trust shall be the responsibility of the Manager, who may consult with the
Valuation Agent, any Investment Manager, the Gold Custodian, the Custodian
and/or the Auditors.&#160; The Net Asset Value
of the Trust shall be determined for the purposes of subscriptions and
redemptions as at the Valuation Time on each Valuation Date in United States
dollars.&#160; The Net Asset Value of the
Trust determined on the last Valuation Date of each year shall include all
income, Common Expenses, Class&nbsp;Expenses or any other items to be accrued
to December&nbsp;31</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">st</font><font size="2" style="font-size:10.0pt;">&#160;of each year and since the last calculation of
the Net Asset Value per Unit or the Class&nbsp;Net Asset Value per Unit for the
purpose of the distribution of Net Income and Net Realized Capital Gains of the
Trust to Unitholders.&#160; The &#147;<b>Net Asset Value of the Trust</b>&#148; as at the Valuation Time on
each Valuation Date shall be the amount obtained by deducting from the
aggregate fair market value of the assets of the Trust as of such Valuation
Date an amount equal to the fair value of the liabilities of the Trust
(excluding all liabilities represented by outstanding Units) as of such
Valuation Date.&#160; The &#147;<b>Net Asset
Value per Unit</b>&#148; shall be determined by dividing the Net Asset
Value of the Trust on a Valuation Date by the total number of Units then
outstanding on such Valuation Date.&#160; The Net
Asset Value of the Trust as at the Valuation Time on a Valuation Date shall be
determined in accordance with the following:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The assets of the Trust
shall be deemed to include the following property:</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all Gold Bullion owned by or
contracted for the Trust;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all cash on hand or on
deposit, including any interest accrued thereon adjusted for accruals deriving
from trades executed but not yet settled;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;  </font><font size="2" style="font-size:10.0pt;">all bills,
notes and accounts receivable;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all interest accrued on any
interest-bearing securities owned by the Trust other than interest, the payment
of which is in default; and</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">prepaid expenses.</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The market value of the
assets of the Trust shall be determined as follows:</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the value of Gold
Bullion shall be its market value based on the price provided by a widely
recognized pricing service as directed by the Manager and, if such service is
not available, such Gold Bullion shall be valued at a price provided by another
pricing service as determined by the Manager in consultation with the Valuation
Agent;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the value of any
cash on hand or on deposit, bills, demand notes, accounts receivable, prepaid
expenses, and interest accrued and not yet received, shall be deemed to be the
full amount thereof unless the Manager shall have determined that any such
deposit, bill, demand note, account receivable, prepaid expense or interest is
not worth the full amount thereof, in which event the value thereof shall be
deemed to be such value as the Manager shall determine to be the fair value
thereof;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">short-term
investments including notes and money market instruments shall be valued at
cost plus accrued interest;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the value of any
security or other property for which no price quotations are available or, in
the opinion of the Manager, to which the above valuation principles </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">cannot or should not be
applied, shall be the fair value thereof determined from time to time in such
manner as the Manager shall from time to time provide; and</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the value of all
assets and liabilities of the Trust valued in terms of a currency other than
the currency used to calculate the Net Asset Value of the Trust shall be
converted to the currency used to calculate the Net Asset Value of the Trust by
applying the rate of exchange obtained from the best available sources to the Valuation
Agent as agreed upon by the Manager including, but not limited to, the Trustee
or any of its Affiliates.</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The liabilities of the Trust
shall be calculated on a fair value basis and shall be deemed to include the
following:</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all bills, notes and
accounts payable;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all fees (including
Management Fees) and administrative and operating expenses payable and/or
accrued by the Trust;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all contractual obligations
for the payment of money or property, including distributions of Net Income and
Net Realized Capital Gains, if any, declared, accrued or credited to the
Unitholders but not yet paid on the day before the Valuation Date as of which
the Net Asset Value of the Trust is being determined;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all allowances authorized or
approved by the Manager or the Trustee for taxes or contingencies; and</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all other liabilities of the
Trust of whatsoever kind and nature, except liabilities represented by outstanding
Units.</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-autospace:none;text-indent:-25.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160; For the purposes of determining the market
value of any security or property pursuant to Subsection 3.5(b) to which, in
the opinion of the Valuation Agent in consultation with the Manager, the above
valuation principles cannot be applied (because no price or yield equivalent
quotations are available as provided above, or the current pricing option is
not appropriate, or for any other reason), shall be the fair value as
determined in such manner by the Valuation Agent in consultation with the
Manager and generally adopted by the marketplace from time to time, provided
that any change to the standard pricing principles as set out above shall
require prior consultation and written agreement with the Manager. For greater
certainty, fair valuing an investment comprising the Trust Property may be
appropriate if: (i) market quotations do not accurately reflect the fair value
of an investment; (ii) an investment&#146;s value has been materially affected by
events occurring after the close of the exchange or market on which the investment
is principally traded; (iii) a trading halt closes an exchange or market early;
or (iv) other events result in an exchange or market delaying its normal close.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-autospace:none;text-indent:-25.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-autospace:none;text-indent:-25.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">For the purposes of determining the value of Gold Bullion,
the Manager relies solely on weights provided to the Manager by third
parties.&#160; The Manager, the Trustee or the
Valuation Agent shall not be required to make any investigation or inquiry as
to the accuracy or validity of such weights.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-autospace:none;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-autospace:none;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Portfolio transactions (investment purchases and sales) will
be reflected in the first computation of the Net Asset Value of the Trust made
after the date on which the transaction becomes binding.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-autospace:none;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-autospace:none;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Net Asset Value of the Trust and Net Asset Value per
Unit on the first Business Day following a Valuation Date shall be deemed to be
equal to the Net Asset Value of the Trust (or per Unit, as the case may be) on
the such Valuation Date after payment of all fees, including Management Fees,
and after processing of all subscriptions and redemptions of Units in respect
of such Valuation Date.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-autospace:none;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-autospace:none;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Net Asset
Value of the Trust and the Net Asset Value per Unit determined by the Manager
in accordance with the provisions of this </font><font size="2" style="font-size:10.0pt;">section shall be conclusive and binding on all Unitholders.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-autospace:none;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-autospace:none;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Manager and any Investment Manager may determine such
other rules&nbsp;regarding the calculation of the Net Asset Value of the Trust
and the Net Asset Value per Unit which they deem necessary from time to time,
which rules&nbsp;may deviate from IFRS.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=21,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=247411,FOLIO='15',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-07_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 23:23 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.6</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Calculation of Class&nbsp;Net
Asset Value and Class&nbsp;Net Asset Value per Unit</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Net Asset Value for a
particular class or series of a class of Units (the &#147;<b>Class&nbsp;Net
Asset Value</b>&#148;) as at the Valuation Time on a Valuation Date shall be
determined for the purposes of subscriptions and redemptions in accordance with
the following calculation:</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Class&nbsp;Net Asset
Value last calculated for that class or series of a class; plus</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the increase in the assets
attributable to that class or series of a class as a result of the issue of
Units of that class or series of a class or the redesignation of Units into
that class or series of a class since the last calculation; minus</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the decrease in the assets
attributable to that class or series of a class as a result of the redemption
of Units of that class or series of a class or the redesignation of Units out
of that class or series of a class since the last calculation; plus or minus</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Proportionate Share of
the Net Change in Non-Portfolio Assets attributable to that class or series of
a class since the last calculation; plus or minus</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Proportionate Share of
market appreciation or depreciation of the portfolio assets attributable to
that class or series of a class since the last calculation; minus</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Proportionate Share of
the Common Expenses allocated to that class or series of a class since the last
calculation; minus</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any Class&nbsp;Expenses
allocated to that class or series of a class since the last calculation.</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">A Unit of a class or series
of a class of the Trust being issued or a Unit that has been redesignated as a
part of that class or series of a class shall be deemed to become outstanding
as of the next calculation of the applicable Class&nbsp;Net Asset Value
immediately following the Valuation Date at which the applicable Class&nbsp;Net
Asset Value per Unit that is the issue price or redesignation basis of such
Unit is determined and the issue price received or receivable for the issuance
of the Unit shall then be deemed to be an asset of the Trust attributable to
the applicable class or series of a class.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">A Unit of a class or series
of a class of the Trust being redeemed or a Unit that has been redesignated as
no longer being a part of that class or series of a class shall be deemed to
remain outstanding as part of that class or series of a class until immediately
following the Valuation Date as of which the applicable Class&nbsp;Net Asset
Value per Unit that is the redemption price or redesignation basis of such Unit
is determined; thereafter, the redemption price of the Unit being redeemed,
until paid, shall be deemed to be a liability of the Trust attributable to the
applicable class or series of a class and the Unit which has been redesignated
will be deemed to be outstanding as a part of the class or series of a class
into which it has been redesignated.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On any Valuation Date that a
distribution is paid to Unitholders of a class or series of a class of Units, a
second Class&nbsp;Net Asset Value shall be calculated for that class or series
of a class, which shall be equal to the first Class&nbsp;Net Asset Value
calculated on that Valuation Date minus the amount of the distribution.&#160; For greater certainty, the second Class&nbsp;Net
Asset Value shall be used for determining the Class&nbsp;Net Asset Value per
Unit on such </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>

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</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.35pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Valuation Date for purposes of determining the issue
price and redemption price for Units on such Valuation Date, as well as the
redesignation basis for Units being redesignated into or out of such class or
series of a class, and Units redeemed or redesignated out of that class or
series of a class as at such Valuation Date shall participate in such
distribution while Units subscribed for or redesignated into such class or
series of a class as at such Valuation Date shall not.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Class&nbsp;Net Asset
Value per Unit of a particular class or series of a class of Units as at any
Valuation Date is the quotient obtained by dividing the applicable Class&nbsp;Net
Asset Value as at such Valuation Date by the total number of Units of that
class or series of a class outstanding at such Valuation Date. This calculation
shall be made without taking into account any issuance, redesignation or
redemption of Units of that class or series of a class to be processed by the
Trust immediately after the Valuation Time of such calculation on that
Valuation Date.&#160; The Class&nbsp;Net Asset
Value per Unit for each class or series of a class of Units for the purpose of
the issue of Units or the redemption of Units shall be calculated on each
Valuation Date by or under the authority of the Manager as at the Valuation
Time on every Valuation Date as shall be fixed from time to time by the Manager
and the Class&nbsp;Net Asset Value per Unit so determined for each class or
series of a class shall remain in effect until the Valuation Time as of which
the Class&nbsp;Net Asset Value per Unit for that class or series of a class is
next determined.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.7</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Suspension of Right
of Redemption and Calculation of Net Asset Value</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During any period in which the right of Unitholders to request a
redemption of their Units for Gold Bullion and/or cash is suspended pursuant </font><font size="2" style="font-size:10.0pt;">to Section&nbsp;6.6
hereof, the Manager, on behalf of the Trust, shall direct the Valuation Agent
to suspend the calculation of the Net Asset Value of the Trust, the Net Asset
Value per Unit, the Class Net Asset Value and the Class&nbsp;Net Asset Value
per Unit for each class or series of a class of Units.&#160; During any such period of suspension, the
Trust shall not issue or redeem any Units.&#160;
The calculation of the Net Asset Value of the Trust, the Net Asset Value
per Unit, the Class Net Asset Value and the Class&nbsp;Net Asset Value per Unit
for each class or series of a class of Units shall resume in compliance with
applicable Securities Legislation or any approval granted by Canadian
Securities Authorities having jurisdiction.&#160;
In the event of such a suspension, (i)&nbsp;a Unitholder who has
delivered a Gold Redemption Notice or a Cash Redemption Notice, as the case may
be, for which the redemption amount has not yet been calculated may either
withdraw such notice prior to the end of the suspension period or receive
delivery of Gold Bullion and/or payment of cash, as the case may be, based on
the redemption price of the Units determined on the first Valuation Date that
the Class&nbsp;Net Asset Value per Unit of the applicable class or series of a
class of Units is calculated following the termination of the suspension; and (ii)&nbsp;a
subscriber who has submitted a purchase order for which the issue price for the
Units has not yet been calculated may either withdraw such subscriber&#146;s
purchase order prior to the end of such suspension period or receive Units
based on the issue price determined on the first Valuation Date that the Class&nbsp;Net
Asset Value per Unit of the applicable class or series of a class of Units is
calculated following the termination of the suspension.&#160; Subject to Section 6.6 hereof, in the event
of any such suspension or the termination thereof, the Manager shall issue a
press release announcing the suspension or the termination of such suspension,
as the case may be.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.8</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Delegation by the
Manager</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager shall be
entitled to delegate any of its powers and obligations with respect to
determining the Net Asset Value of the Trust, the Net Asset Value per Unit, the
Class&nbsp;Net Asset Value and the Class&nbsp;Net Asset Value per Unit for each
class or series of a class of Units to a service provider including, but not
limited to, the Valuation Agent or any of its Affiliates, by entering into the
Valuation Services Agreement relating to, among other things, the calculation
of the Net Asset Value of the Trust, the Net Asset Value per Unit, the Class&nbsp;Net
Asset Value and the Class&nbsp;Net Asset Value per Units for each class or </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>

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</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">series of a class of Units
as at the Valuation Time on each Valuation Date.&#160; For greater certainty, the calculation of the
Net Asset Value of the Trust, the Net Asset Value per Unit, the Class&nbsp;Net
Asset Value and the Class&nbsp;Net Asset Value per Unit for each class or
series of a class of Units as at the Valuation Time on each Valuation Date
pursuant to this Article&nbsp;3 is for the purposes of determining subscription
prices and redemption values of Units and not for the purposes of accounting in
accordance with IFRS.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 4<br>
NET INCOME AND NET REALIZED CAPITAL GAINS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Valuation on
Distribution Date</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As at the
Valuation Time on the last Valuation Date in each Fiscal Year or such other
date as the Manager may, in its sole discretion, determine (a &#147;<b>Distribution Date</b>&#148;), the Manager shall, in
the manner hereinafter provided, determine the amount of the Net Income and the
Net Realized Capital Gains of the Trust for the period since the immediately
preceding Distribution Date (or in the case of the first Distribution Date,
from the inception date of the Trust).</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Computation of
Net Income and Net Realized Capital Gains</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Net Income and the Net Realized Capital Gains of the Trust shall be computed as
of the Valuation Time on each Distribution Date in accordance with the
following;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Net</b>
<b>Income</b>&#148; for any taxation year of
the Trust shall be the net income for the year determined pursuant to the
provisions of the Tax Act having regard to the provisions thereof that relate
to the calculation of income of a trust, other than subsection 104(6), and
taking into account such adjustments thereto as are determined by the Manager;
provided, however, that capital gains and capital losses shall be excluded from
the computation of net income.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Net Realized Capital Gains</b>&#148; of the Trust for any taxation year
of the Trust shall be determined as the amount, if any, by which the aggregate
of the capital gains of the Trust in the taxation year exceeds:</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the aggregate of the capital
losses of the Trust in the taxation year; and</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the amount determined by the
Manager in respect of any unapplied net capital losses for prior taxation years
which the Trust is permitted by the Tax Act to deduct in computing the taxable
income of the Trust for the applicable taxation year and provided that, in the
sole discretion of the Manager, the Net Realized Capital Gains of the Trust for
a taxation year may be calculated without subtracting the full amount of the
net capital losses of the Trust carried forward from previous taxation years.</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Distribution of
Net Income and Net Realized Capital Gains to Unitholders</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Commencing with the Fiscal
Year ending December&nbsp;31, 2009, the Manager intends to cause the Trust to
make annual distributions to Unitholders of Net Income, if any, for each year
calculated in accordance with Section&nbsp;4.2.&#160;
Commencing with the Fiscal Year ending December&nbsp;31, 2009, the
Manager also intends to cause the Trust to make annual distributions to
Unitholders of such portion of Net Realized Capital Gains, if any, for each
year as determined in accordance with Section&nbsp;4.2 hereof.&#160; All such distributions to Unitholders are in
the discretion of the Trustee, acting on the direction of the Manager.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>

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</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Having regard to the present
intention of the Manager to allocate, distribute and make payable to
Unitholders all Net Income or Net Realized Capital Gains so that the Trust will
not have any liability for tax under Part&nbsp;I of the Tax Act in any taxation
year, it is the intention of the Manager that the total amount due and payable
pursuant to this Section&nbsp;4.3 on the last Distribution Date in any year
shall not be less than the amount necessary to ensure that the Trust will not
be liable for income tax under Part&nbsp;I of the Tax Act for such year after
taking into account the Trust&#146;s entitlement to a capital gains refund, if any.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Manager may direct that
such&nbsp;distribution or payment shall&nbsp;be due and payable by the
Trust&nbsp;in&nbsp;cash or in additional Units.&nbsp; Where distributions are
payable in additional Units, the Registrar and Transfer Agent, acting on the
direction of the Manager, may round up or round down the number of Units in
order to avoid the Trust issuing fractional Units.&#160; Any additional Units that are issued in this
manner shall be of the same class or series of a class at a price equal to the
Net Asset Value per Unit as at the Valuation Time on the applicable
Distribution Date and the Units shall be immediately consolidated so that the
number of outstanding Units following the distribution shall equal the number
of Units outstanding prior to the distribution, and the Manager is hereby
irrevocably constituted attorney for each Unitholder to so apply such
distributions on behalf of each Unitholder on the relevant Distribution
Date.&nbsp;&nbsp;&nbsp;</font><font size="2" style="font-size:10.0pt;">Notwithstanding
the foregoing, where Canadian tax is required to be withheld in respect of a
Unitholder&#146;s share of a distribution paid in&nbsp; Units, the consolidation
will result in such Unitholder holding that number of Units equal to the
product of (i)&nbsp;the sum of the number of Units held by such Unitholder
prior to the distribution and the number of Units received by such Unitholder
in connection with the distribution (net of the total of the number of whole or
fractional Units withheld by the Trust to satisfy the Trust&#146;s withholding
obligations and the number of whole or fractional Units withheld pursuant to Section&nbsp;4.5
on account of the reasonable expenses incurred in respect of the sale of such
Units withheld on account of withholding taxes), and (ii)&nbsp;a quotient, the
numerator of which is the aggregate number of Units outstanding prior to the
distribution, and the denominator of which is the aggregate number of Units
that would be outstanding following distribution and before the consolidation
if no withholding were required in respect of any part of the distribution
payable to any Unitholders.&#160; Such
Unitholder will be required to surrender the certificates, if any, representing
such Unitholder&#146;s original Units in exchange for a certificate representing
such Unitholder&#146;s post-consolidation Units.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Distributions, if any, of
Net Income or Net Realized Capital Gains will generally be made to Unitholders
who were Unitholders of record as of 5:00&nbsp;p.m. (Toronto time) on the last
Business Day prior to any relevant Distribution Date.&#160; The amounts to be paid to a Unitholder shall
be the amount of Net Income or Net Realized Capital Gains determined as
described in Section&nbsp;4.2 and Section&nbsp;4.3 divided by the total number
of Units outstanding on the Distribution Date multiplied by the number of Units
held by such Unitholder on the applicable Distribution Date.&#160; Notwithstanding the foregoing, the Manager
may adopt a method of allocating an appropriate proportion of Net Income and
Net Realized Capital Gains to<b>  </b>Unitholders
that redeemed Units during the year, including as described in Subsection
6.4(b).</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All distributions, if
declared and paid, shall be calculated and, if a cash distribution, paid in
United States currency.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>

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</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.4</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Additional
Distributions, Designations, Determinations, Allocations and Elections</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to
any distributions made to Unitholders as described under Section&nbsp;4.3
hereof, on the direction of the Manager, the Trust shall at such times and in
such manner as directed by the Manager make such additional distributions of
monies or properties of the Trust including, without restriction, returns of
capital, in such amounts per Unit, payable at such time or times and to
Unitholders of record on such Distribution Date, as from time to time may be
determined by the Manager, and also make such designations, determinations,
allocations and elections for tax purposes of amounts or portions of amounts
which it has received, paid, declared payable or allocated to Unitholders and
of expenses incurred by the Trust and of tax deductions of which the Trust may
be entitled, as the Manager may, in its sole discretion, determine.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.5</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Withholding Taxes</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager shall
deduct or withhold from distributions payable to any Unitholder all amounts
required by Applicable Law to be withheld from such distributions, whether such
distributions are in the form of cash, additional Units or otherwise.&#160; In the event of a distribution in the form of
additional Units, subject to applicable Securities Legislation, the Manager may
sell Units of such Unitholder to pay such withholding taxes and to pay all
reasonable expenses in respect of such sale and the Manager shall have the
power of attorney of such Unitholder to do so.&#160;
Any such sale shall be made in compliance with applicable Securities
Legislation on any stock exchange on which the Units are then listed and upon
such sale, the affected Unitholder shall cease to be the holder of such
Units.&#160; In the event that the net
proceeds of any such sale of a Unitholder&#146;s Units exceed the statutory
withholding required and the reasonable expenses incurred in respect of such
sale, the Manager shall remit such excess to the Unitholder.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.6</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Income Tax
Statements</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On or before March&nbsp;31
in each year, or in the case of a leap year on or before March&nbsp;30 in such
year, if applicable, or as otherwise required by the Tax Act, the Manager shall
prepare and deliver or make available electronically, or cause to be prepared
and delivered or made available electronically, to Unitholders information
pertaining to the Trust, including all distributions, designations,
determinations, allocations and elections, which is required or permitted by
the Tax Act or which is necessary to permit Unitholders to complete their
individual income tax returns for the preceding year.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">It is the Manger&#146;s
intention to claim the maximum amount of deduction available to the Trust under
paragraph 104(6)(b)&nbsp;of the Tax Act for each relevant Fiscal Year of the
Trust.&#160; In the event that amounts that
were allocated, distributed or paid&nbsp;to Unitholders as capital gains or as
non-taxable payments are, for any reason, subsequently determined&nbsp;
(including as a result&nbsp;of&nbsp;an assessment or reassessment by&nbsp;any
taxation authorities) to&nbsp;have&nbsp;been fully includible in the taxable
income of the Trust for the relevant Fiscal Year, then the Manager shall have
the discretion to&nbsp;increase its claim under paragraph 104(6)(b)&nbsp;of the
Tax Act for that Fiscal Year,&nbsp;which shall include the discretion&nbsp;to
issue&nbsp;new or amended&nbsp; tax reporting slips to the relevant Unitholders
or former Unitholders and to declare that all or part of such amounts shall be
retroactively deemed to have been allocated, distributed and paid to
Unitholders out of the income of the Trust.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>

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</div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.7</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Qualified
Electing Trust Election and Reporting</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Within 45 days
from the end of each taxable year of the Trust, the Manager shall provide or
cause to be provided to Unitholders all information necessary to enable
Unitholders or beneficial owners of Units, as applicable, to elect to treat the
Trust as a &#147;qualified electing fund&#148; within the meaning of Section&nbsp;1295 of
the Code (a &#147;<b>QEF</b>&#148;<b>)</b>
for U.S. federal income tax purposes and to comply with any reporting or other
requirements incident to such election including, but not limited to, providing
or causing to be provided to Unitholders or beneficial owners of Units, as
applicable, a completed &#147;PFIC Annual Information Statement&#148; as required by U.S.
Treasury Regulations Section&nbsp;1.1295-1(g).&#160;
The Manager shall comply and cause the Trust to comply with all
applicable requirements of the U.S. Treasury Regulations necessary to enable
Unitholders or beneficial owners of Units, as applicable, to elect to treat the
Trust as a QEF.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.8</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Tax
Definitions</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless the context
otherwise requires, any term in this Article&nbsp;4 which is defined for the
purposes of the Tax Act shall have for the purposes of this Article&nbsp;4 the
meaning that it has for the purposes of the Tax Act.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 5</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">SALE
AND TRANSFER OF UNITS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Allotment
and Issue</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Within
the limitations of this Article&nbsp;5, the Registrar and Transfer Agent, on
the direction of the Manager, shall allot and issue Units at such time or times
at such price and in such manner, and to such Person or Persons as the Manager
in its sole discretion shall determine, having regard to such matters as would
be considered by the board of directors of a CBCA Corporation when issuing
shares in comparable circumstances.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Notwithstanding
Subsection 5.1(a), the Trust&#146;s initial public offering of Units shall be made
at a price of $10.00 per Unit.&#160; The
Manager shall not direct the Registrar and Transfer Agent to allot and issue
Units of the same class subsequent to the Trust&#146;s initial public offering,
except: (i)&nbsp;if the gross proceeds per Unit to be received by the Trust are
not less than 100% of the most recently calculated Net Asset Value per Unit
immediately prior to, or upon, the determination of the pricing of such
issuance; or (ii)&nbsp;by way of Unit distribution in connection with an income
distribution.&#160; Immediately after a <i>pro rata</i> distribution of Units to all Unitholders in
satisfaction of any non-cash distribution, the number of outstanding Units will
be consolidated as described in Section&nbsp;4.3 hereof such that each
Unitholder will hold, after the consolidation, the same number of Units as the
Unitholder held before the non-cash distribution, subject to any reduction
contemplated in Section&nbsp;4.5 where withholding is required.&#160; Subject to the foregoing, the Trust may also
allot and issue additional classes of Units or series of Units within each
class at such time or times, and in such manner, as the Manager in its sole
discretion shall determine.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Pursuant
to Section&nbsp;2.1 the Initial Unit shall be issued to the Settlor as fully
paid in respect of the initial contribution to the Trust by the Settlor in
order to settle the Trust as a trust.&#160;
Subscriptions for Units to be issued in any offering subsequent to the
Trust&#146;s initial public offering will be subject to rejection or allotment by the
Manager in whole or in part.&#160; If the
Manager has not approved the subscription, the Manager shall so advise the
subscriber </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">within two days of the receipt of the subscription and forthwith return
to the subscriber the amount tendered by the subscriber with his, her or its
subscription without interest.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">No
Certificates</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon issuance of Units, a book-entry only certificate representing the
Units shall be deposited initially with CDS, DTC or their nominees.&#160; Subject to termination of the CDS or DTC
book-entry only system by the Manager, beneficial Unitholders will not be
entitled to receive a certificate or other instrument representing Units or
evidencing beneficial ownership of Units from the Manager, the Registrar and
Transfer Agent, CDS, DTC or any other Person and the ownership of Units shall
be evidenced solely and conclusively by the Register.&#160; If the Manager determines to terminate the
CDS or DTC book-entry only system, the Manager shall cause certificates
evidencing the Units to be issued and delivered to the Unitholders shown on the
Register as of the effective date of such termination, such certificates to be
prepared in compliance with all Applicable Laws to the same extent as if the Trust
were a CBCA Corporation.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.3</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Transfer
of Units</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Units
shall be, for all purposes of the Trust and this Trust Agreement, personal and
moveable property, and subject to Section&nbsp;5.2 and Subsections 5.3(b)&nbsp;and
(c)&nbsp;shall be transferable at any time and from time to time by endorsement
and delivery of such evidence or instrument of transfer as the Manager or the
Registrar and Transfer Agent may accept.&#160;
If Units in fully registered certificated form are issued to Unitholders,
transfers shall be recorded on the Register and shall only become effective
when so recorded.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
Units are freely transferable and the Manager shall not impose any restriction
on the transfer of Units unless such restriction is necessary, in the opinion
of Counsel to the Trust, as a condition of obtaining or maintaining the status
of the Trust as a &#147;mutual fund trust&#148; under the Tax Act or to obtain, maintain
or renew any licences, rights, status or powers pursuant to any other
Applicable Laws or comply with Securities Legislation.&#160; If any such restriction is or becomes
necessary, the Manager shall have the power to restrict the transfer of Units
on the books of the Trust and shall promptly direct the Registrar and Transfer
Agent, with notice to the Trustee.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Notwithstanding
the foregoing, the Manager may determine not to take any of the actions
described above if the Manager has been advised by its Counsel that the failure
to take any of such actions would not adversely impact the status of the Trust
as a &#147;mutual fund trust&#148; for purposes of the Tax Act or, alternatively, may
take such other action or actions as may be necessary to maintain the status of
the Trust as a &#147;mutual fund trust&#148; for purposes of the Tax Act.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.4</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Successors
in Interest of Unitholders</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any Person becoming entitled to any Units as a consequence of the
death, bankruptcy, insolvency or incompetence of any Unitholder, or otherwise
by operation of law, shall be recorded as the holder of such Units in the
Register maintained in accordance with Section&nbsp;17.2 hereof, upon
production of evidence thereof, satisfactory to the Registrar and Transfer
Agent in accordance with Section&nbsp;5.7 hereof, but until such record is
made, the Unitholder of record shall continue to be and be deemed to be the
legal and beneficial holder of such Units for all purposes whether or not the
Trust, the Manager, or the Registrar and Transfer Agent shall have actual or
other notice of such death, bankruptcy, insolvency, incompetence or other
event.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.5</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Units
held Jointly or in Fiduciary Capacity</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager or the Registrar and Transfer Agent may treat two or more
Persons holding any Unit as joint tenants of the entire interest therein unless
their ownership is expressly otherwise recorded on the Register, but no entry
shall be made in the Register that any Person is in any other manner entitled
to any future, limited or contingent interest in any Unit; provided, however,
that any Person recorded as a holder of any Unit may, subject to the provisions
herein contained, be described in the Register or on any certificate as a
fiduciary of any kind and any customary words may be added to the description
of the holder to identify the nature of such fiduciary relationship.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.6</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Purchases
for Cancellation</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust may at any time and from time to time purchase Units for
cancellation at prices not exceeding the Net Asset Value per Unit on the
Valuation Date immediately prior to such purchase, subject to compliance with
applicable Securities Legislation and stock exchange requirements.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.7</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Death,
Bankruptcy, Insolvency or Incompetence of a Unitholder</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Neither the Trust nor the Manager shall be affected by any notice of
death, bankruptcy, insolvency, incompetence or other event affecting a
Unitholder but they may, nonetheless, upon becoming aware of any such event,
take such action as they may deem appropriate to ensure compliance with
Applicable Laws to the extent each is obliged hereunder to ensure such
compliance and they shall not become liable to a Unitholder for so doing.&#160; Any Person becoming entitled to any Units in
consequence of the death, bankruptcy, insolvency, incompetence or other event
of any Unitholder, the transfer of Units, or otherwise by operation of law,
shall be recorded as the holder of such Units upon production to the Registrar
and Transfer Agent of the proper evidence thereof.&#160; Until such production is made, the Unitholder
of record shall be deemed to be the holder of such Units for all purposes
hereof and the Registrar and Transfer Agent, the Manager, the Trustee and the
Trust shall not be affected by any notice of such death, bankruptcy,
insolvency, incompetence or other event and, in particular, shall not be
affected by reason that a transfer of Units is processed, or the Net Asset
Value per Unit for the purposes of redemption is calculated, on the day when
the actual transfer or redemption of Units occurs and not on the day when
notice of death, bankruptcy, insolvency, incompetence or other event is
received by the Registrar and Transfer Agent or the Manager.&#160; Notwithstanding the foregoing, upon receipt
from a Unitholder of notice that his or her Units have been pledged or
otherwise encumbered, the Manager or the Registrar and Transfer Agent may, but
need not, place such restrictions on transfer of the affected Units as are
deemed appropriate by the Manager in its discretion.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.8</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Death
of a Unitholder</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The death of a Unitholder during the continuance of the Trust shall not
terminate the Trust or any of the mutual or respective rights and obligations
created by or arising hereunder nor give such Unitholder&#146;s legal
representatives a right to an accounting or to take any action in the Courts or
otherwise against other Unitholders or the Manager, or the Trust Property, but
shall merely entitle the personal representative of the deceased Unitholder to
be registered as the holder of such Units pursuant to the provisions of
Sections 5.4 and 5.7 in place of the deceased Unitholder and upon acceptance
thereof such personal representative shall succeed to all rights of the
deceased Unitholder hereunder.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>

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</div>
<!-- ZEQ.=1,SEQ=29,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=117067,FOLIO='23',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-09_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 12:31 2009' -->


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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.9</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Lost
Certificates</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If Units in fully registered certificated form are issued to
Unitholders and any certificate for Units is lost, stolen, destroyed or
mutilated, the Manager may authorize the issuance of a new certificate for the
same number of Units in lieu thereof.&#160;
The Manager may in its discretion, before the issuance of such new
certificate, require the holder of the lost, stolen, destroyed or mutilated
certificate, to make an affidavit or statutory declaration setting forth such
facts as to the loss, theft, destruction or mutilation as the Manager may deem
necessary and may require the subscriber to supply to the Trust a &#147;lost certificate
bond&#148; or a similar bond in such reasonable sum as the Manager may direct
indemnifying the Manager and the Registrar and Transfer Agent for so
doing.&#160; The Manager or the Registrar and
Transfer Agent shall have the power to acquire from an insurer or insurers a
blanket lost security bond or bonds in respect of the replacement of lost,
stolen, destroyed or mutilated certificate.&#160;
The Trust shall pay all premiums and other sums of money payable for
such purpose out of the Trust Property with such contribution, if any, by those
insured as may be determined by the Manager.&#160;
If such blanket lost security bond is acquired, the Manager may
authorize and direct (upon such terms and conditions as the Manager may from
time to time impose) the Registrar and Transfer Agent to whom the indemnity of
such bond extends to take such action to replace any lost, stolen, destroyed or
mutilated certificate without further action or approval by the Manager.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.10</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Declaration
as to Beneficial Owner</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager may require any Unitholder as shown on the Register to
provide a declaration, in the form prescribed by the Manager, as to the
beneficial owner of Units registered in such Unitholder&#146;s name and as to the
jurisdiction in which such beneficial owner is resident.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 6</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">REDEMPTION OF UNITS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.1</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight:bold;"><b><font size="2" style="font-size:10.0pt;">Redemption of
Units for Gold Bullion</font></b></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject the
Manager&#146;s right, on behalf of the Trust, to suspend redemptions in certain
circumstances described in Section&nbsp;6.6, Units may be redeemed at the
option of the Unitholder on a monthly basis for Gold Bullion as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All
redemptions of Units for Gold Bullion shall be determined using United States
dollars, regardless of whether the Units to be redeemed were acquired on the
NYSE Arca or the TSX.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Unitholders
whose Units are redeemed for Gold Bullion will be entitled to receive a
redemption price equal to 100% of the Class&nbsp;Net Asset Value of the
redeemed Units as at the Valuation Time on the applicable Monthly Redemption
Date in respect of which the redemption request is processed.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Redemption
requests must be for amounts that are at least equivalent to the value of one
London Good Delivery bar, or an integral multiple thereof, plus applicable
expenses.&#160; Any fractional amount of
redemption proceeds in excess of a London Good Delivery bar, or an integral
multiple thereof, will be paid in cash at a rate equal to 100% of the Class&nbsp;Net
Asset Value of the redeemed Units as at the Valuation Time on the applicable
Monthly Redemption Date that represents such excess amount.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>

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</div>
<!-- ZEQ.=1,SEQ=30,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=113305,FOLIO='24',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-09_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 12:31 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">A
Unitholder redeeming Units for Gold Bullion will be responsible for the
expenses in connection with effecting the redemption and applicable delivery
expenses, including the handling of the Gold Redemption Notice, the delivery of
the Gold Bullion for the Units that are being redeemed and the applicable Gold
Bullion storage in-and-out fees charged by the Gold Custodian.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">A
Unitholder that owns a sufficient number of Units who desires to exercise
redemption privileges for Gold Bullion must do so by instructing his, her or
its Broker, who must be a direct or indirect DTC Participant or a CDS
Participant, to deliver to the Registrar and Transfer Agent (at its office in
Toronto, Ontario) on behalf of the Unitholder a Gold Redemption Notice of the
Unitholder&#146;s intention to redeem Units for Gold Bullion.&#160; A Gold Redemption Notice must be received by
the Registrar and Transfer Agent no later than 4:00&nbsp;p.m. (Toronto time) on
the 15</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font><font size="2" style="font-size:10.0pt;">&#160;day of the month in which the Gold Redemption
Notice will be processed or, if such day is not a Business Day, then on the
immediately following day that is a Business Day.&#160; Any Gold Redemption Notice received after
such time will be processed on the next Monthly Redemption Date.&#160; Any Gold Redemption Notice must include a
valid signature guarantee to be deemed valid by the Trust</font><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Except
as provided under Section&nbsp;6.6 and subject to Subsections (g)&nbsp;and (h)&nbsp;below,
by instructing a Broker to deliver to the Registrar and Transfer Agent a Gold
Redemption Notice, the Unitholder shall be deemed to have irrevocably
surrendered the Unitholder&#146;s Units for redemption and appointed such Broker to
act as the Unitholder&#146;s exclusive settlement agent with respect to the exercise
of such redemption privilege and the receipt of payment in connection with the
settlement of obligations arising from such exercise.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Once
a Gold Redemption Notice is received by the Registrar and Transfer Agent, the
Registrar and Transfer Agent, together with the Manager, shall determine
whether such Gold Redemption Notice complies with the applicable requirements,
is for an amount of Gold Bullion that is equal to at least one London Good
Delivery bar in the Trust&#146;s inventory at the Gold Custodian plus applicable
expenses, and contains delivery instructions that are acceptable to the
armoured service transportation carrier.&#160;
If the Registrar and Transfer Agent and the Manager determine that the
Gold Redemption Notice complies with all applicable requirements, the Registrar
and Transfer Agent will provide a notice to such redeeming Unitholder&#146;s Broker
confirming that the Gold Redemption Notice was received and determined to be
complete.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Any
Gold Redemption Notice delivered to the Registrar and Transfer Agent regarding
a Unitholder&#146;s intent to redeem Units that the Registrar and Transfer Agent or
the Manager, in their sole discretion, determines to be incomplete, not in
proper form, not duly executed or for an amount of Gold Bullion less than at
least one London Good Deliver bar held by the Trust at the Gold Custodian, or
in an amount that cannot be satisfied based on the bar sizes of Gold Bullion
owned by the Trust shall for all purposes be void and of no effect, and the
redemption privilege to which it relates shall be considered for all purposes
not to have been exercised thereby.&#160; If
the Registrar and Transfer Agent and the Manager determine that the Gold
Redemption Notice does not comply with the applicable requirements, the Registrar
and Transfer Agent will provide a notice to such Unitholder&#146;s Broker explaining
the deficiency.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">If
the Gold Redemption Notice is determined to have complied with the foregoing
requirements in this Section&nbsp;6.1, the Registrar and Transfer Agent and the
Manager will determine as at the Valuation Time on the applicable Monthly
Redemption Date the </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=31,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=817186,FOLIO='25',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-09_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 12:31 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">amount of Gold Bullion and the amount of cash that
will be delivered to the redeeming Unitholder.&#160;
Also on such Monthly Redemption Date, the redeeming Unitholder&#146;s Broker
will deliver the redeemed Units to CDS or DTC, as the case may be, for
cancellation.&#160; Due to the fact that
London Good Delivery bars vary in weight from 350 to 430 troy ounces, the
Registrar and Transfer Agent and the Manager shall have some discretion on the
amount of Gold Bullion the redeeming Unitholder will receive based on the
weight of London Good Delivery bars owned by the Trust and the amount of cash
necessary to cover the expenses associated with the redemption and delivery
that must be paid by the redeeming Unitholder.&#160;
Once such determination has been made, the Registrar and Transfer Agent
will inform the Broker through which the Unitholder has delivered its Gold
Redemption Notice of the amount of Gold Bullion and cash that the redeeming
Unitholder will receive upon the redemption of the Unitholder&#146;s Units.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Based
on instructions received from the Manager, the Gold Custodian will release the
requisite amount of Gold Bullion from its custody to the armoured transportation
service carrier pursuant to Section&nbsp;6.2.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">As
directed by the Manager, any cash to be received by a redeeming Unitholder in
connection with a redemption of Units for Gold Bullion pursuant to this Section&nbsp;6.1
will be delivered or caused to be delivered by the Manager to the Unitholder&#146;s
brokerage account within 10 Business Days after the month in which the
redemption is processed.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><font style="font-weight:bold;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.2</font></b></font><font style="font-weight:bold;"><b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b></font><font style="font-weight:bold;"><b><font size="2" style="font-size:10.0pt;">Manner of Payment - Gold
Bullion</font></b></font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">A Unitholder redeeming Units
for Gold Bullion will receive the Gold Bullion from the Gold Custodian.&#160; Gold Bullion received by a Unitholder as a
result of a redemption of Units will be delivered by armoured transportation
service carrier pursuant to delivery instructions provided by the Unitholder.&#160; The armoured transportation service carrier
will be engaged by, or on behalf of, the redeeming Unitholder.&#160; Such Gold Bullion can be delivered:</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to an account established by
the Unitholder at an institution located in North America authorized to accept
and hold London Good Delivery bars;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">in the United States, to any
physical address (subject to approval by the</font><font size="2" style="font-size:10.0pt;"> armoured</font><font size="2" style="font-size:10.0pt;"> transportation service carrier);</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">in Canada, to any business
address (subject to approval by the armoured transportation service carrier);
and</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">outside of the United States
and Canada, to any address approved by the armoured transportation service
carrier.</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Costs associated with the
redemption of Units and the delivery of Gold Bullion will be borne by the
redeeming Unitholder.&#160; Also, the
redeeming Unitholder will be responsible for in-and-out fees charged by the
Gold Custodian.&#160; Unitholders interested
in redeeming Units for Gold Bullion should contact the Manager for current
costs associated with the delivery of Gold Bullion pursuant to the Unitholder&#146;s
delivery instructions.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The armoured transportation
service carrier will receive Gold Bullion in connection with a redemption of
Units approximately 10 Business Days after the end of the month in which </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=32,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=110228,FOLIO='26',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-09_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 12:31 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the redemption is processed.&#160;
Once Gold Bullion representing the redeemed Units has been placed with
the armoured transportation service carrier, the Gold Custodian will no longer
bear the risk of loss of, and damage to, such Gold Bullion.&#160; In the event of a loss after the Gold Bullion
has been placed with the armoured transportation service carrier, the
Unitholder will not have recourse against the Trust.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.3</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight:bold;"><b><font size="2" style="font-size:10.0pt;">Redemption of
Units for Cash</font></b></font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject the
Manager&#146;s right, on behalf of the Trust, to suspend redemptions in certain
circumstances described in Section&nbsp;6.6, Units may be redeemed at the
option of the Unitholder on a monthly basis for cash as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All redemptions of Units for
cash shall be determined using United States dollars, regardless of whether the
Units to be redeemed were acquired on the NYSE Arca or the TSX.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Unitholders whose Units are
redeemed for cash will be entitled to receive a redemption price per Unit </font><font size="2" style="font-size:10.0pt;">equal to 95% of
the lesser of:</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the volume-weighted average
trading price of the Units traded on the NYSE Arca or, if trading has been
suspended on the NYSE Arca, the trading price of the Units traded on the TSX,
for the last five days on which the respective exchange is open for trading for
the month in which the redemption request is processed; and</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Class&nbsp;Net Asset
Value of the redeemed Units as at the Valuation Time on the applicable Monthly
Redemption Date.</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Cash proceeds from the
redemption of Units will be transferred to a redeeming Unitholder approximately
three Business Days after the end of the month in which such redemption request
is processed by the Trust.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">To redeem Units for cash, a
Unitholder must </font><font size="2" style="font-size:10.0pt;">instruct the Unitholder&#146;s Broker to deliver a Cash
Redemption Notice to the Registrar and Transfer Agent (at its office in
Toronto, Ontario).&#160; </font><font size="2" style="font-size:10.0pt;">A Cash
Redemption Notice must be received by the Registrar and Transfer Agent no later
than 4:00&nbsp;p.m. (Toronto time) on the 15</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font><font size="2" style="font-size:10.0pt;">&#160;day of the
month in which the Cash Redemption Notice will be processed or, if such day is
not a Business Day, then on the immediately following day that is a Business
Day.&#160; Any Cash Redemption Notice received
after such time will be processed on the next Monthly Redemption Date.&#160; </font><font size="2" style="font-size:10.0pt;">Any Cash Redemption Notice
must include a valid signature guarantee to be deemed valid by the Trust</font><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Except as provided under Section&nbsp;6.6
and Subsection 6.3(f)&nbsp;below, b</font><font size="2" style="font-size:10.0pt;">y instructing a Broker to
deliver to the Registrar and Transfer Agent a Cash Redemption Notice, the
Unitholder shall be deemed to have irrevocably surrendered the Unitholder&#146;s
Units for redemption and appointed such Broker to act as the Unitholder&#146;s
exclusive settlement agent with respect to the exercise of such redemption
privilege and the receipt of payment in connection with the settlement of
obligations arising from such exercise.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Any Cash Redemption Notice
delivered to the Registrar and Transfer Agent regarding a Unitholder&#146;s intent
to redeem Units that the Registrar and Transfer Agent or the Manager determines
to be incomplete, not in proper form or not duly executed shall for all
purposes </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=33,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=453524,FOLIO='27',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-09_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 12:31 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">be void and of no effect and the redemption privilege to which it
relates shall be considered for all purposes not to have been exercised thereby.&#160; For each Cash Redemption Notice, the
Registrar and Transfer Agent shall notify the redeeming Unitholder&#146;s Broker
that such Cash Redemption Notice has been deemed insufficient or accepted and
duly processed, as the case may be.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Upon receipt of the Cash
Redemption Notice, the Registrar and Transfer Agent and the Manager will
determine </font><font size="2" style="font-size:10.0pt;">as at the Valuation Time</font><font size="2" style="font-size:10.0pt;"> on the applicable Monthly
Redemption Date the amount of cash that will be delivered to the redeeming
Unitholder.&#160; Also on such Monthly Redemption
Date, the redeeming Unitholder&#146;s Broker will deliver the redeemed Units to CDS
or DTC, as the case may be, for cancellation.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.4</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Effect
of Redemption</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Determination
of the Class&nbsp;Net Asset Value for the applicable class or series of a class
of Units being redeemed under Section&nbsp;6.1 or Section&nbsp;6.3, as
applicable, shall constitute a redemption of the Units being so redeemed and
the Unitholder shall thereafter cease to have any further rights with respect
to such Units and, upon payment of the redemption proceeds (plus the amount of
any distribution declared but not paid on the Units redeemed as of the
effective date of the Gold Redemption Notice or the Cash Redemption Notice),
the Manager, the Trustee and the Trust shall be discharged from all liability
to the Unitholder with respect to the Units so redeemed and the amount so paid.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">In
accordance with Article&nbsp;4, where a Unitholder has requested a redemption
during the year pursuant to Section&nbsp;6.1 or Section&nbsp;6.3 hereof, the
Manager, in its sole discretion, may allocate and, where applicable, designate
to such Unitholder an amount equal to any Net Income or Net Realized Capital
Gains realized by the Trust for the year as a result of the disposition of any
Trust Property to satisfy the Gold Redemption Notice or the Cash Redemption
Notice, as the case may be, given by such Unitholder or such other amount that
is determined by the Manager to be reasonable.&#160;
Without limiting the generality of the foregoing, the Manager may also
allocate and, where applicable, designate to such Unitholder a portion of any
income or capital gains of the Trust for the year that otherwise would only
have been allocated under Subsection 4.3(d) to Unitholders who were Unitholders
of record as of 5:00 p.m. (Toronto time) on the last Business Day prior to a
Distribution Date occurring in the year.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.5</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Joint
Holders</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Where a Unit to be redeemed is registered in more than one name, the
redemption proceeds shall be deemed to be owed to the holders of such Unit upon
joint account and may be paid to all or any of such registered holders and the
payment to and/or receipt by all or any of such registered holders shall
constitute a valid discharge of the Trust for the proceeds so paid or
delivered.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.6</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Suspension
of Redemption Right</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-25.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Manager, on behalf of
the Trust, may suspend the right of Unitholders to request a redemption of
their Units or postpone the date of delivery or payment of the redemption
proceeds (whether Gold Bullion and/or cash, as the case may be) with the prior approval
of Canadian Securities Authorities having jurisdiction, where required, for any
period during which the Manager determines that conditions exist which render
impractical the sale of assets of the Trust or which impair the ability of the
Manager to determine the Net Asset Value of the Trust and the Net Asset Value
per Unit or the redemption amount for the Units.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=34,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=541439,FOLIO='28',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-09_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 12:31 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-25.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">In the event of any such suspension, the
Manager shall issue a press release announcing the suspension and shall advise
the Trustee, the Valuation Agent and any other agents appointed by the Manager,
as applicable.&#160; The suspension may apply
to all requests for redemption received prior to the suspension, but as for
which payment has not been made, as well as to all requests received while the
suspension is in effect.&#160; All Unitholders
making such requests shall be advised by the Manager of the suspension and that
the redemption shall be effected at a price determined on the first Valuation
Date that the Net Asset Value per Unit is calculated following the termination
of the suspension.&#160; All such Unitholders
shall have, and shall be advised that during such suspension of redemptions
that they have, the right to withdraw their requests for redemption.&#160; The suspension shall terminate in any event
on the first Business Day on which the condition giving rise to the suspension
has ceased to exist or when the Manager has determined that such condition no
longer exists, provided that no other condition under which a suspension is
authorized then exists, at which time the Manager shall issue a press release
announcing the termination of the suspension and shall advise the Trustee, the
Valuation Agent and any other agents appointed by the Manager, as applicable.&#160; Subject to applicable Securities Legislation,
any declaration of suspension made by the Manager, on behalf of the Trust,
shall be conclusive.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-25.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">During any period in which
the right of Unitholders to request a redemption of their Units for Gold
Bullion and/or cash is suspended, the Manager, on behalf of the Trust, shall
direct the Valuation Agent to suspend the calculation of the Net Asset Value of
the Trust, the Net Asset Value per Unit, the Class&nbsp;Net Asset Value and the
Class&nbsp;Net Asset Value per Unit for each class or series of a class of
Units.&#160; During any such period of
suspension, the Trust shall not issue or redeem any Units.&#160; As noted above, in the event of any such
suspension or termination thereof, the Manager shall issue a press release
announcing the suspension or the termination of such suspension, as the case
may be.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.7</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Performance
of Trusts</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager, the Trustee, the Unitholders, the Registrar and Transfer
Agent, the Valuation Agent or other agent of the Trust shall not be bound to
recognize or see to the performance of any trust, express, implied or
constructive, or of any charge, pledge or equity to which any of the Units or
any interests therein are or may be subject, or to ascertain or inquire whether
any sale or transfer of any such Units or interests therein by any such
Unitholder or his or her personal representatives is authorized by such trust,
charge, pledge or equity, or to recognize any Person as having any interest
therein, except for the Person recorded as a Unitholder on the Register.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 7</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">POWERS
AND DUTIES OF THE TRUSTEE</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.1</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">General
Powers</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustee, subject only to the specific limitations contained in this
Trust Agreement, shall have full, absolute, and exclusive power, control and
authority over the Trust Property to do all such acts and things as it, in its
sole judgment and discretion deems necessary or incidental to, or desirable
for, the carrying out of any of the purposes of the Trust or conducting the
business of the Trust, including varying the investments of the Trust in
accordance with the Investment Policy.&#160;
In construing the provisions of this Trust Agreement, presumption shall
be in favour of the granted powers and authority to the Trustee.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>

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</div>
<!-- ZEQ.=1,SEQ=35,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=142340,FOLIO='29',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-09_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 12:31 2009' -->



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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.2</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Specific
Powers</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The enumeration of specific powers and authorities herein are in
addition to the general powers granted in Section&nbsp;7.1 or by statute and
shall not be construed as limiting the general powers or authority or any other
specific power or authority conferred herein on the Trustee.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the specific limitations contained in this Trust Agreement
and without any action or consent by the Unitholders, the Trustee shall have
and may exercise, at any time and from time to time, the following powers and
authorities which may or may not be exercised by it in its sole judgment and
discretion, and in such manner and upon such terms and conditions as it may
from time to time deem proper:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to hold the
Trust Property other than the Gold Bullion that it may acquire hereunder
exercising the same degree of care which it gives to its own property of a
similar kind under its own custody;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to deliver any
cash at any time held by it as directed by the Manager to purchase, or
otherwise acquire, on behalf of the Trust, Gold Bullion and to retain the same
in trust hereunder in its capacity as Trustee; provided, however, that the
Trustee shall have no responsibility for the custody, authenticity or validity
of title of any Trust Property consisting of such Gold Bullion held by the Gold
Custodian including, without limitation, the weight, amount, purity, contents
or any assaying thereof;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">subject to
Subsection 8.1(b)&nbsp;and Subclause 11.2(b)(iii)(G)&nbsp;hereof, with any cash
at any time held by it to purchase, or otherwise acquire, and to sell, on
behalf of the Trust, any securities, currencies, assets or other such Trust
Property (other than the Gold Bullion) of a kind permitted pursuant to the
Investment Policy and to hold and retain the same in trust hereunder in its
capacity as Trustee;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to enter into
and settle foreign exchange transactions on behalf of the Trust for purposes of
facilitating settlement of trades of such Trust Property held by it at any time
and any such transactions may be entered into with such counterparties as the
Trustee may choose, in its sole discretion, including its Affiliates;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to sell,
convey, exchange for other securities or other property, convert, transfer,
assign, pledge, encumber or otherwise dispose of any such Trust Property held
by it at any time, by any means considered reasonable by the Trustee and to
receive the consideration and grant discharges therefor;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to commence,
defend, adjust or settle suits or legal proceedings in connection with the
Trust and to represent the Trust in any such suits or legal proceedings and to
keep the Manager informed; provided, however, that the Trustee shall not be
obliged or required to do so unless it has been indemnified to its satisfaction
against all expenses and liabilities sustained or anticipated by the Trustee by
reason thereof;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">subject to
applicable Securities Legislation, to lend money whether secured or unsecured;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to exercise any
Corporate Action in connection with any such Trust Property at any time held by
the Trustee, and to make any payments incidental thereto; to consent to, or
otherwise participate in or dissent from, the reorganization, consolidation,
amalgamation or merger of any corporation, company or association, or to the
sale, mortgage, pledge or lease of the property of any corporation, company or
association, or of any of the securities </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>

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</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 64.1pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of which may at any time be
held by it, and to do any act with reference thereto, including the delegation
of discretionary powers, the exercise of options, the making of agreements or
subscriptions and the payment of expenses, assessments or subscriptions which
it may deem necessary or advisable in connection therewith; to hold any such
Trust Property which it may so acquire and generally to exercise any of the
powers of any owner with respect to such Trust Property, provided that where
direction from the Manager is not provided within the time frame specified by
the Trustee in any notice provided in accordance with Subsection 7.3(a), the
Trustee shall take no action;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to vote
personally, or by general or by limited proxy, any such Trust Property which
may be held by it at any time, and similarly to exercise personally or by
general or by limited power of attorney any right appurtenant to any Trust
Property held by it at any time, provided that where direction is not provided
by the Manager within the time frame as set out in the Voting Materials
forwarded to it in accordance with Subsection 7.3(b), the Trustee shall take no
action;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to incur and
pay out of such Trust Property held by it at any time any charges or expenses
and disburse any assets of the Trust, which charges, expenses or disbursements
are, in the opinion of the Trustee or the Manager, as the case may be,
necessary or incidental to or desirable for the carrying out of any of the
purposes of the Trust or conducting the business of the Trust including,
without limitation, the Management Fee, fees payable to the Gold Custodian, the
Custodian, the Valuation Agent and the Registrar and Transfer Agent, custodian
settlement fees, any expenses related to the implementation and on-going
operation of the Independent Review Committee, brokerage fees and commissions,
federal and provincial income taxes, goods and services taxes and withholding
taxes, or other governmental levies, charges and assessments of whatever kind
or nature, imposed upon or against the Trustee in connection with the Trust or
such Trust Property or upon or against such Trust Property or any part thereof
and for any of the purposes herein;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to renew or
extend or participate in the renewal or extension of any such Trust Property
held by it at any time, upon such terms as it may deem advisable, and to agree
to a reduction in the rate of interest on any such Trust Property or of any
guarantee pertaining thereto, in any manner and to any extent that it may deem
advisable; to waive any default whether in the performance of any covenant or
condition of any such Trust Property, or in the performance of any guarantee,
or to enforce rights in respect of any such default in such manner and to such
extent as it may deem advisable; to exercise and enforce any and all rights of
foreclosure, to bid on property on sale or foreclosure with or without paying a
consideration therefore and in connection therewith to release the obligation
on the covenant secured by such security and to exercise and enforce in any
action, suit or proceeding at law or in equity any rights or remedies in
respect of any such security or guarantee pertaining thereto;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to make,
execute, acknowledge and deliver any and all deeds, leases, mortgages,
conveyances, contracts, waivers, releases of other documents of transfer and
any and all other instruments in writing that may be necessary or proper for
the accomplishment of any of the powers herein granted, whether for a term
extending beyond the office of the Trustee or beyond the possible termination
of the Trust or for a lesser term;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">in its sole discretion, to
advance monies to the Trust for the purposes of settlement of transactions and
overdrafts against such Trust Property held by it at any time, on such terms
and conditions as the Trustee may, in its sole discretion, determine, provided
that, in </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>

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</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 64.1pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">order to secure the
obligations of the Trust to repay such borrowings, the principal of and
interest charged on such borrowing shall be paid out of the Trust Property and
shall constitute a charge against the Trust Property until paid;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to purchase,
hold, sell or exercise call or put options on securities, indices of shares or
other securities, financial and stock index futures contracts, securities or
currency futures or forward contracts or other financial or derivative
instruments, all whether or not any such options, indices, contracts or
instruments are traded on a regular exchange and in connection therewith to
deposit such Trust Property held by it at any time with the counterparty as
margin and to grant security interest therein;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to deposit any
such Trust Property, including securities and documents of title held by it
hereunder, with the Custodian, including the Trustee, any of its Affiliates, a
sub-custodian appointed by the Trustee or a Depository;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to employ in
respect of the Trust such Counsel, auditors, advisors, agents or other Person
as the Trustee may deem necessary from time to time for the purpose of
discharging its duties hereunder and to pay out of the Trust their reasonable
expenses and compensation;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to issue Units
for consideration, and redeem Units, as set forth herein;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(r)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to dispose of
any Trust Property for the purpose of paying obligations of the Trust or for
repaying any loan authorized hereby and the Trustee shall give prompt notice to
the Manager of any such disposition;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(s)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to hold such
portion of the such Trust Property held by it at any time that is uninvested in
cash and, from time to time, to retain such cash balances on deposit with the
Trustee or any of its Affiliates or with a chartered bank or other Depository,
in such account as the Trustee, in its sole discretion determines, whether or
not such deposits will earn interest;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(t)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to delegate any
of the powers and duties of the Trustee to any one or more agents, representatives,
officers, employees, independent contractors or other Persons without liability
to the Trustee except as specifically provided in this Trust Agreement; and</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(u)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to do all such
acts, to take all such proceedings and to exercise all such rights and
privileges, although not specifically mentioned herein, as the Trustee may deem
necessary to administer the Trust, and to carry out the purposes of the Trust
established hereunder.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exercise of any one or more of the foregoing powers or any
combination thereof from time to time shall not be deemed to exhaust the rights
of the Trustee to exercise such power or powers or combination of them
thereafter from time to time.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following enumerated powers shall only be exercised by the Trustee
on the direction of the Manager or any Investment Manager:&#160; Subsections 7.2 (b), (c), (e), (f), (g), (h),
(i), (j) as applicable, (k), (l), (n)&nbsp;and (q), and with respect to
Subsection 7.2(n), to the extent that the Trustee is required to execute any
documents relating to such investments which the Trustee did not negotiate or
in respect to which the Trustee is not responsible hereunder, upon an indemnity
being provided from the Manager acceptable to the Trustee in the circumstances.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>

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</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.3</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Forwarding
Materials</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">With
respect to the Corporate Actions referred to in Subsection 7.2(h), the Trustee
shall promptly forward to the Manager (or on direction from the Manager, to an
Investment Manager), a notice:</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">that
contains a summary of any information or materials which are actually received
by the Trustee; and</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">which
requests directions from the Manager with respect to such Corporate Action,
where required.</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">With
respect to Voting Materials (including all proxies, proxy solicitation
materials and other communications received by the Trustee relating to
securities forming part of the Trust Property), the Trustee shall promptly
forward, or arrange to have promptly forwarded, to the Manager (or to such
Investment Manager which the Manager has designated as having responsibility
for a security which forms part of the Trust Property) such materials.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Other
than as described in Subsections 7.3(a)&nbsp;and 7.3(b), the Trustee shall not
be obligated to forward or summarize any securityholder communications,
including securityholder mailings, notices or reports.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
Trustee shall have no responsibility or liability for ensuring the accuracy or
adequacy of such third party information contained in any summary of Corporate
Action materials or information described in Subsection 7.3(a)&nbsp;or Voting
Materials described in Subsection 7.3(b).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.4</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Dealing
with Others and Self</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the foregoing, the Trustee may, and is hereby expressly
authorized from time to time, in its sole discretion, to appoint, employ,
invest in, contract or deal with any individual, firm, partnership,
association, trust or body corporate with which it may be directly or
indirectly affiliated or in which it may be directly or indirectly interested,
whether on its own account or for the account of another (in a fiduciary
capacity or otherwise) and, without limiting the generality of the foregoing,
the Trustee may:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">purchase, hold,
sell, invest in or otherwise deal with securities or other property of the same
class and nature as may be held by the Trust, whether on the Trustee&#146;s own
account or for the account of another (in a fiduciary capacity or otherwise);</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">use in other
capacities, knowledge gained in its capacity as Trustee hereunder; provided
that such use does not adversely affect the interests of the Trust and provided
further that the Trustee may not make use of any specific confidential
information for its own benefit or advantage that, if generally known, might be
expected to affect materially the value of the Trust Property or the Units;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">retain cash
balances from time to time on hand in the Trust and pay interest to the Trust
on such balances and the Trustee may, in its sole discretion:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">hold the same
on a pooled basis and pay interest thereon at the rate from time to time
established by the Trustee and paid with respect to cash balances so held for
similar accounts; or</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">hold such cash
balances on deposit with a Canadian chartered bank or such other deposit-taking
institution in any jurisdiction, including itself or its Affiliates, in such
interest bearing account as the Trustee, in its sole discretion, may determine;
and,</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">provide
financial, investment or brokerage services related to any securities which
form part of the Trust Property or to the issuer of any securities forming part
of the Trust Property, invest in the securities or other property of any body
corporate with which the Trustee may be directly or indirectly associated,
affiliated or interested, or earn profits from any of the activities listed
herein,</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">all without being liable to
account therefor and without being in breach of the trust established
hereunder.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 8</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">POWERS
AND DUTIES OF THE MANAGER</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Powers
of the Manager</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Manager
hereby reserves and retains full authority and exclusive power to manage and
direct the business and affairs of the Trust including, without limitation, to
provide the Trust with all necessary investment management services to the
Trust Property and all clerical, administrative and operational services to the
Trust as set forth in this Article&nbsp;8 or elsewhere in this Trust Agreement
or in the Management Agreement.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">For greater
certainty, it is hereby confirmed that the Trustee shall have no responsibility
for the investment management of the Trust Property or for any investment
decisions in respect of the Trust save and except for carrying out the
instructions given to it pursuant to this Trust Agreement.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.2</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Duties
of the Manager</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Except
as otherwise expressly provided herein, the Manager shall have the following
duties with respect to the Trust:</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to determine the investment objectives and strategies applicable to
  the Trust, including any restrictions on investments which it deems advisable
  and to implement such Investment Policy, provided that the Investment Policy
  applicable to the Trust must concur with those set forth in Article&nbsp;22
  or any current Disclosure Document or like offering document of the Trust, or
  in any amendment thereto, or the Management Agreement, and provided further
  that any material change in such Investment Policy shall be subject to the
  consent or approval of the Unitholders in the manner provided for in
  Article&nbsp;20;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to ensure that the Trust complies with Applicable Laws including
  those relating to the investment of the Trust Property, the distribution of
  the Units and applicable stock exchange listing requirements;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to monitor the performance
  of the Gold Bullion and other Trust Property;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=40,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=312018,FOLIO='34',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-11_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 07:47 2009' -->


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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to provide services in respect of the Trust&#146;s daily operations,
  including the processing of and determination of procedures applicable to
  subscriptions and redemptions of Units (including the acceptance and
  rejection of subscriptions, Gold Redemption Notices and Cash Redemption
  Notices) and to submit such subscriptions, Gold Redemption Notices and Cash
  Redemption Notices to the Registrar and Transfer Agent for processing, and any
  other services not otherwise specifically contemplated by this Trust
  Agreement;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to offer Units for sale to prospective purchasers including the power
  and authority to enter into arrangements regarding the distribution and sale
  of Units, including the Underwriting Agreement, and other arrangements
  relating to the right to charge fees of any nature or kind (including,
  without limitation, sales commissions, redemption fees, distribution fees and
  transfer fees) in connection with the distribution or sale of Units. Any such
  fees may be deducted from the amount of a subscription, redemption proceeds
  or a distribution if not paid separately by a Unitholder;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to determine from time to time the form of certificates that will
  represent the Units;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to conduct or cause to be conducted the day-to-day correspondence and
  administration of the Trust;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to provide to the Trust, adequate for carrying on the undertaking and
  business of the Trust, all requisite office accommodation, office facilities
  and personnel, telephone and telecommunication services, stationery, office
  supplies, statistical and research services, record-keeping services,
  bookkeeping and internal accounting and audit services in respect of the
  operations of the Trust and other usual and ordinary office services that may
  be required to properly and efficiently carry out its duties set forth in
  this Trust Agreement and the Management Agreement;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ix)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to provide to the Trust all other administrative and other services
  and facilities required by the Trust in relation to the Unitholders and be
  responsible for all aspects of the Trust&#146;s relationship with Unitholders,
  including the preparation for and holding of meetings of Unitholders, and
  other services for the provision of information to Unitholders;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to establish general matters of policy and governance of the Trust
  subject, where specifically provided in this Trust Agreement, to the approval
  of the Trustee;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xi)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to establish the Trust&#146;s operating expense budgets and to authorize
  the payment of actual operating expenses incurred;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xii)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to appoint the Auditors and to change the Auditors (with the prior
  consent of the Trustee and the Independent Review Committee, and after
  providing notice to the Unitholders pursuant to Section&nbsp;17.3);</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xiii)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to maintain the accounting
  records for the Trust and to cause the financial statements of the Trust to
  be audited for each Fiscal Year;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=41,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=792531,FOLIO='35',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-11_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 07:47 2009' -->


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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xiv)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to appoint the bankers of the Trust and to establish banking
  procedures to be implemented by the Trustee;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xv)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to appoint the Gold Custodian to hold the Gold Bullion and the
  Custodian to hold the Trust Property other than the Gold Bullion, all of
  which appointments shall be subject to the approval of the Trustee and any
  applicable Securities Authorities having jurisdiction over the Trust;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xvi)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to calculate the Net Asset Value of the Trust, the Net Asset Value
  per Unit, the Class&nbsp;Net Asset Value and the Class&nbsp;Net Asset Value per
  Unit in accordance with Sections 3.5, 3.6, 3.7 and 3.8 hereof, as applicable,
  to appoint the Valuation Agent and to review the valuation of the Trust
  Property as calculated by such Valuation Agent on each Valuation Date and,
  from time to time, consider the appropriateness of the valuation policies
  adopted by the Trust;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xvii)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to appoint a Registrar and Transfer Agent and distribution disbursing
  agent (which may be the Registrar and Transfer Agent or an Affiliate thereof)
  to make distributions of Net Income and Net Realized Capital Gains and other
  distributions in accordance with Article&nbsp;4 and to pay cash redemption
  proceeds in accordance with Section&nbsp;6.1 or Section&nbsp;6.3<b>  </b>on behalf of the Trust;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xviii)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to authorize, negotiate, enter into and execute all agreements,
  instruments or other documents relating to the affairs of the Trust
  including, without limitation, any loan agreement, granting of a security
  interest and supporting documentation, or to perform any act or deed which
  the Manager deems necessary or advisable in the best interests of the Trust;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xix)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to apply for listing of the Units on the NYSE Arca, the TSX and/or
  other recognized stock exchange(s)&nbsp;and to prepare, execute and file with
  the appropriate Securities Authorities or stock exchanges any other documents
  that are required or appropriate under relevant Securities Legislation or
  stock exchange rules&nbsp;and regulations in respect of the Trust;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xx)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to prepare, execute and file with the appropriate Securities
  Authorities the Disclosure Documents, annual information forms, management
  reports of fund performance or such other continuous disclosure documents
  relating to the Trust, and any amendments thereto, as may be required under
  applicable Securities Legislation;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxi)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to prepare, certify, execute and distribute to Unitholders and file
  with the Securities Authorities and applicable tax authorities all such
  documents as may be necessary or desirable in connection with the issue, sale
  and distribution of Units, including such interim financial statements,
  audited annual financial statements, reports to Unitholders and other
  disclosure as may be required under applicable Securities Legislation, and to
  make all designations, elections, determinations, allocations and
  applications under the Tax Act as the Manager considers to be reasonable in
  the circumstances;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxii)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to determine and compute
  for distribution purposes the Net Income and Net Realized Capital Gains of
  the Trust and, subject to Sections 4.3, 4.4 and 4.5, determine when, to what
  extent, and in what manner distributions shall be made</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=42,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=885692,FOLIO='36',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-11_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 07:47 2009' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">payable to Unitholders, as well as determine whether distributions
  are payable out of the income, dividends received from taxable Canadian
  corporations, capital gains, capital or otherwise of the Trust;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxiii)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to authorize the issuance of additional Units pursuant to
  Section&nbsp;4.7 and the consolidation of the Units outstanding after such a
  distribution;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxiv)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to direct the Registrar and Transfer Agent regarding the allotment
  and issue of Units in accordance with Section&nbsp;5.1;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxv)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to accept or reject any Units tendered for redemption in accordance
  with Article&nbsp;6;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxvi)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">on or before March&nbsp;31 in each year, other than a leap year in
  which case on or before March&nbsp;30 in such year, to prepare and deliver to
  Unitholders the information pertaining to the Trust, including all
  distributions and allocations which is required by the Tax Act or which is
  necessary to permit Unitholders to complete their individual tax returns for
  the preceding year;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxvii)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">on or before March&nbsp;31 in each year, other than a leap year in
  which case on or before March&nbsp;30 in such year, and such other
  date(s)&nbsp;in each year, to prepare and deliver to the appropriate taxation
  authorities in Canada and the United States, all relevant tax filings and/or
  returns for the Trust that are required by Applicable Laws;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxviii)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as set forth in full in Section&nbsp;4.7 hereof, within 45 days from
  the end of each taxable year of the Trust, to provide Unitholders with all
  information necessary to enable Unitholders or beneficial owners of Units, as
  applicable to elect to treat the Trust as a QEF for U.S. federal income tax
  purposes, including a completed &#147;PFIC Annual Information Statement&#148;;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxix)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to use its best efforts to ensure that the Trust qualifies at all
  times as a &#147;unit trust&#148; pursuant to subsection 108(2)&nbsp;of the Tax Act and
  a &#147;mutual fund trust&#148; pursuant to subsection 132(6)&nbsp;of the Tax Act;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxx)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to keep proper records relating to the performance of its duties as
  Manager hereunder, which records shall be accessible for inspection by the
  Trustee, its agents, or the Manager&#146;s agents, including the Investment
  Manager and the Auditors, at any time, upon reasonable notice, during
  ordinary business hours;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxxi)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">on or before 90 days following December&nbsp;31 in each year, to
  provide the Trustee with a certificate of compliance (&#147;<b><font style="font-weight:bold;">Annual </font>Certificate of Compliance</b>&#148;)
  substantially in the form attached as Schedule A hereto and a copy of the
  audited annual financial statements of the Trust, together with the report of
  the Auditors thereon;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxxii)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">on or before 90 days
  following June&nbsp;30 in each year, to provide the Trustee with an interim
  certificate of compliance (&#147;<b>Interim Certificate of
  Compliance</b>&#148;) substantially in the form attached as Schedule B
  hereto;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxxiii)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to delegate any or all of the powers and duties of the Manager
  contained in this Trust Agreement to one or more agents, representatives,
  officers, employees, independent contractors or other Persons without
  liability to the Manager except as specifically provided in this<b>  </b>Trust Agreement; and</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxxiv)</font></p>
  </td>
  <td width="80%" valign="bottom" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to do all such other acts and things as are incidental to the
  foregoing, and to exercise all powers which are necessary or useful to carry
  on the business of the Trust, to promote any of the purposes for which the
  Trust is formed and to carry out the provisions of this Trust Agreement.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
Manager may act as the Investment Manager to the Trust with responsibility for
implementing the Investment Policy, including providing investment advisory and
portfolio management services to the Trust, or arrange for the implementation
of such Investment Policy or portfolio management services by appointing, on
behalf of the Trust, one or more Investment Managers, and delegating any of its
investment advisory responsibilities to such Investment Managers.&#160; The Manager, on behalf of the Trust, shall
enter, in its sole discretion, into an investment management agreement with any
such Investment Manager to act for all or part of the portfolio investments of
the Trust and shall advise the Trustee of such appointment. The appointment of
any such Investment Manager shall be deemed to be effective upon the later of
the date of receipt by the Trustee of a direction notifying the Trustee of such
appointment or the effective date specified therein and such appointment shall
continue in force until receipt by the Trustee of a direction containing notice
to the contrary. Any instructions from an Investment Manager shall be deemed to
be instructions of the Manager pursuant to the provisions hereof.&#160; The Trustee shall also be entitled to rely
conclusively on and shall be fully protected in acting in accordance with the
direction of the Investment Manager in the exercise of powers conferred by this
Trust Agreement. The Investment Manager will be a Person or Persons who, if
required by Applicable Laws, will be duly registered and qualified as a
portfolio manager under applicable Securities Legislation and will determine,
in its sole discretion, which portfolio securities and other assets of the
Trust shall be purchased, held or sold and shall execute or cause the execution
of purchase and sale orders in respect such determinations.&#160; The Manager shall ensure that any Investment
Manager appointed hereunder shall act in accordance with the Investment Policy
and Applicable Laws.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Any
Investment Manager shall have the right to resign as Investment Manager of the
Trust by giving notice in writing to the Manager and the Trustee not less than
60 days prior to the date on which such resignation is to take effect. The
Manager may at any time terminate the appointment of any Investment Manager of the
Trust by giving notice in writing to the Trustee and the Investment Manager not
less than 60 days prior to the date on which such resignation is to take
effect. The Manager, in its sole discretion, may appoint a successor investment
manager of the Trust.&#160; If prior to the
effective date of the Investment Manager&#146;s resignation, a successor investment
manager is not appointed, the Manager shall assume the duties and
responsibilities of such investment manager until such time as a successor
shall be appointed and/or approved, as the case may be.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.3</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Portfolio
Execution</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager may open
accounts, including margin accounts, for the Trust with any brokerage firms,
banks or others and may invest assets of the Trust in, and may conduct,
maintain and operate these accounts for, the purchase, sale and exchange of
stocks, bonds and other securities, and in connection therewith, may borrow
money or securities on behalf of the Trust to complete trades, obtain
guarantees, </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>

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</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">pledge securities and engage
in all other activities necessary or incidental to conducting, maintaining and
operating such accounts in connection with the performance of investment
advisory and portfolio management services for the Trust.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.4</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Soft
Dollar Transactions</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager may, to the
fullest extent now or hereafter permitted by applicable Securities Legislation
regarding soft dollar transactions, cause the Trust to enter into soft dollar
arrangements and to effect transactions pursuant to such soft dollar
arrangements.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.5</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Distributors</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Manager</font><font size="2" style="font-size:10.0pt;"> shall make or cause to be made such arrangements as
are expedient for the distribution of Units, having regard to the requirements
of Applicable Laws and applicable stock exchange rules&nbsp;and regulations
respecting such distribution of Units in the jurisdiction or jurisdictions in
which they are to be distributed.&#160; It is
understood and agreed that: (i)&nbsp;the Manager or the Investment Manager may
distribute Units itself in the offering jurisdictions in which it is
registered, or is exempt from such registration, under applicable Securities
Legislation; and (ii)&nbsp;the Manager will retain the services of the
Underwriters pursuant to the Underwriting Agreement to assist it in the
distribution of the Units in the offering jurisdictions.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 9</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">INDEPENDENT REVIEW COMMITTEE</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.1</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Independent
Review Committee</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Pursuant
to the requirements contained in NI 81-107, the Manager shall establish an
Independent Review Committee for the Trust.&#160;
The Independent Review Committee shall consist of at least three
members, each of whom shall be independent of the Manager and its Affiliates,
and free from any interest and any business or other relationship which could,
or could be reasonably perceived to, materially interfere with the exercise of
an Independent Review Committee member&#146;s judgement.&#160; The Independent Review Committee for the
Trust may also act as the independent review committee for other investment
funds managed by the Manager or any of its Affiliates.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
Manager shall refer all conflict of interest matters to the Independent Review
Committee for its review and/or approval.&#160;
The Manager shall establish a written charter for the Independent Review
Committee which shall include its mandate, responsibilities and functions, and
the written policies and procedures it will follow when performing its
functions, including dealing with conflict of interest matters.&#160; The Manager shall maintain records in respect
of these matters and shall provide assistance to the Independent Review
Committee in carrying out its functions.&#160;
The Independent Review Committee shall conduct regular assessments and
provide reports, at least annually, to the Trust and to Unitholders in respect
of its functions.&#160; The report prepared by
the Independent Review Committee shall be made available on the Trust&#146;s website
(www.sprottphysicalgoldtrust.com) or, at a Unitholder&#146;s request, sent to the
Unitholder at no cost.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>

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</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
Independent Review Committee shall:</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">review
and provide input on the Manager&#146;s written policies and procedures that deal
with conflict of interest matters;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">review
conflict of interest matters referred to it by the Manager and make
recommendations to the Manager regarding whether the Manager&#146;s proposed actions
in connection with the conflict of interest matter achieve a fair and
reasonable result for the Trust;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">consider and, if
deemed appropriate, approve the Manager&#146;s decision on a conflict of interest matter
that the Manager refers to the Independent Review Committee for approval; and</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">perform such
other duties as may be required of the Independent Review Committee under
applicable Securities Legislation.</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All
fees and expenses of the Independent Review Committee incurred in connection
with its duties with respect to the Trust shall be paid by the Trust and the
Independent Review Committee shall have the authority to retain, at the expense
of the Trust, independent counsel or other advisors if the Independent Review
Committee deems it appropriate to do so.&#160;
The members of the Independent Review Committee shall be indemnified by
the Trust, except in cases of wilful misconduct, bad faith, negligence or
breach of their standard of care.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 10</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">FEES, COMPENSATION AND EXPENSES</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Trustee&#146;s
Fee</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Trustee shall be entitled to such compensation as may be agreed upon, from time
to time but not less than annually, by the Trustee and the Manager by written
agreement (the &#147;<b>Fee Agreement</b>&#148;).&#160; Such compensation, as well as all other
disbursements made and expenses incurred (including out-of-pocket expenses) by
the Trustee in the performance of its duties and obligations hereunder shall be
paid by the Trust out of its Trust Property, unless such compensation,
disbursements or expenses have been first paid by the Manager pursuant to the
Fee Agreement.&#160; Unless other arrangements
are agreed upon by the Manager, the Trustee shall receive no other compensation
for its services as trustee hereunder but nothing herein shall prevent the
Trustee from receiving additional compensation in connection with other
services that may be performed by the Trustee for the Trust, including services
performed for and dealings with the Trust by the Trustee other than in its capacity
as trustee of the Trust including, but not limited to, as the Custodian of the
Trust Property other than the Gold Bullion and as the Valuation Agent.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Manager&#146;s
Fee</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As compensation for providing management, administrative and investment
management services to the Trust pursuant to this Trust Agreement and the
Management Agreement, the Manager shall be entitled to receive a monthly
management fee (the &#147;<b>Management Fee</b>&#148;)
plus any applicable federal and provincial taxes, which shall be paid by the
Trust at such times and in the amount specified in the Management Agreement.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>
<!-- ZEQ.=1,SEQ=46,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=1042866,FOLIO='40',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-11_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 07:47 2009' -->



<div style="font-family:Times New Roman;">

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.3</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Investment Manager&#146;s Fee</p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As compensation for providing investment management
services to all or any portion of the Trust Property, any Investment Manager
appointed by the Manager from time to time shall be entitled to receive
management fees in respect of each class or series of a class of Units
calculated in such manner and payable at such times as the Manager and the
Investment Manager may agree upon from time to time pursuant to a written
agreement and subject to the requirements of applicable Securities
Legislation.&#160; As at the date hereof, the
Manager does not intend to appoint an Investment Manager for the Trust.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.4</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Gold Custodian and Custodian&#146;s
Fees</p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As compensation for custodial services rendered to
the Trust with respect to the Gold Bullion and other Trust Property, the Gold
Custodian and the Custodian shall be entitled to receive such fees as the
Manager may approve from time to time pursuant to a separate written agreement
with each of the Gold Custodian and the Custodian.&#160; If the Trustee also acts as the Custodian of
the Trust Property other than the Gold Bullion then the fees of the Custodian
shall be set forth in the Fee Agreement between the Manager and the Trustee.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.5</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Expenses of the Trust</p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In connection with the Trust&#146;s
initial public offering of Units, the Trust will be responsible for paying the
filing and listing fees of the applicable Securities Authorities and stock
exchanges, the fees and expenses payable to the Registrar and Transfer Agent,
and the selling commissions of the Underwriters as disclosed in the Disclosure
Documents.&#160; All other costs and expenses
for the Trust&#146;s initial public offering, including the costs of creating and
organizing the Trust, the costs of printing and preparing the Disclosure
Documents, legal expenses, marketing and advertising expenses, other reasonable
out-of-pocket expenses incurred by the Underwriters other than the Underwriters&#146;
legal expenses, and other incidental expenses will be paid by the Manager.</p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Except as otherwise provided herein
and subject to the Management Agreement, the Trust shall be responsible for all
costs and expenses incurred in connection with the on-going operation and
administration of the Trust including, but not limited to:&#160; the fees and expenses payable to and incurred
by the Trustee, the Manager, any Investment Manager, the Gold Custodian, the
Custodian, any sub-custodians, the Registrar and Transfer Agent, and the
Valuation Agent; transaction and handling costs for the Gold Bullion; storage
fees for the Gold Bullion; custodian settlement fees; counterparty fees; legal,
audit, accounting, bookkeeping and record-keeping fees and expenses; costs and
expenses of reporting to Unitholders and conducting Unitholder meetings;
printing and mailing costs; filing and listing fees payable to applicable
Securities Authorities and stock exchanges; other administrative expenses and
costs incurred in connection with the Trust&#146;s continuous disclosure public
filing requirements and investor relations; any applicable Canadian taxes
payable by the Trust or to which the Trust may be subject including federal and
provincial income taxes, goods and services tax, and withholding taxes;
interest expenses and borrowing costs, if any; brokerage expenses and
commissions; costs and expenses relating to the issuance of Units; costs and
expenses of preparing financial and other reports; any expenses associated with
the implementation and on-going operation of the Independent Review Committee;
costs and expenses arising as a result of complying with all Applicable Laws;
and any expenditures incurred upon the termination of the Trust.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=47,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=388000,FOLIO='41',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-13_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 23:28 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Trust will be responsible for
the fees and expenses of any action, suit or other proceedings in which, or in
relation to which, the Trustee, the Manager, the Gold Custodian, the Custodian,
any sub-custodians, the Registrar and Transfer Agent, the Valuation Agent or
the Underwriters and/or any of their respective officers, directors, employees,
consultants or agents is entitled to indemnity by the Trust.</p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 11<br>
TRUSTEE LIABILITY AND INDEMNIFICATION</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Standard of Care</p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustee shall exercise the powers and discharge the duties of its
office honestly and in good faith and in connection therewith shall exercise
the degree of care, diligence and skill that a reasonably prudent Canadian
trust company would exercise in comparable circumstances.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.2</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Reliance</p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Manager shall from time to
time furnish the Trustee with a certificate of authorized signing authorities (&#147;<b>Certificate of Authorized Signing Authorities</b>&#148;)
substantially in the form attached hereto as Schedule C, signed by its
authorized officers setting out the name(s)&nbsp;and title(s)&nbsp;of the
authorized officer(s)&nbsp;of the Manager and of any other Person(s)&nbsp;or
representative(s), including any Investment Manager appointed by the Manager,
and authorized to act on behalf of the Manager at the time specified in such
certificate, together with specimen signatures of all such officers, Persons or
representatives, and the Trustee shall be entitled to rely upon the
identification of such Persons as specified in such certificate as the Person(s)&nbsp;entitled
to act on behalf of the Manager for the purposes of this Trust Agreement until
a later certificate respecting the same is delivered to the Trustee.</p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Trustee shall:</p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">be fully
protected in acting upon any instrument, certificate or other writing believed
by it to be genuine and to be signed or presented by the proper Person or
Persons;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">be under no
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;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">not be responsible for or
liable except as provided in accordance with this Trust Agreement for:</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 120.5pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the proper application by any
Unitholder of any part of its interests in the Trust if payments are made in
accordance with written directions of such Unitholder as herein provided;</p>

<p align="left" style="margin:0in 0in .0001pt 120.5pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 120.5pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the adequacy of the Trust to meet
and discharge any and all payments and liabilities in respect of a Unitholder;</p>

<p align="left" style="margin:0in 0in .0001pt 120.5pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 120.5pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the compliance by any Unitholder
with the rules&nbsp;under the Tax Act or any Applicable Laws including limits
on investments in non-Canadian securities;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=48,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=457842,FOLIO='42',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-13_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 23:28 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 120.5pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the validity of title to any Trust
Property which the Trustee did not arrange itself to have registered;</p>

<p align="left" style="margin:0in 0in .0001pt 120.5pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 120.5pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(E)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any act or omission (other than an
act or omission related solely to the Trustee) required or demanded by any
governmental, taxing regulatory or other competent authority in any country in
which all or part of the Trust Property is held or which has jurisdiction over
the Trustee, the Manager or the Trust;</p>

<p align="left" style="margin:0in 0in .0001pt 120.5pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 120.5pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(F)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any loss or damage of any nature
whatsoever resulting from official action, war or threat of war, insurrection
or civil disturbance, interruption in postal, telephone, telegraph, telex or
other electromechanical communication systems or power supply, or any other
factor beyond the Trustee&#146;s control which obstructs, affects, prohibits or
delays the Trustee, its directors, officers, employees or agents in carrying
out the responsibilities provided for herein, in whole or in part;</p>

<p align="left" style="margin:0in 0in .0001pt 120.5pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 120.5pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(G)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any ongoing monitoring of the
Investment Policy of the Trust as set out in Section&nbsp;22 hereof or any risk
factor whatsoever related thereto;</p>

<p align="left" style="margin:0in 0in .0001pt 120.5pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 120.5pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(H)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any Trust Property which it does
not hold or which is not directly controlled by it, its Affiliates or its
appointed agents (including any sub-custodians), including any assets pledged
or loaned to a third party or the Gold Bullion held by the Gold Custodian; or</p>

<p align="left" style="margin:0in 0in .0001pt 120.5pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 120.5pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any compliance, reporting or
filings in accordance with applicable Securities Legislation or United States
tax laws, regulations, rules&nbsp;or policies that apply to the Trust,
including for greater certainty the Additional Trustee Duties.</p>

<p align="left" style="margin:0in 0in .0001pt 120.5pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Trustee may rely and act upon
any statement, report or opinion prepared by or any advice received from the
Auditors, Counsel or other professional advisors of the Trust and shall not be
responsible nor held liable for any loss or damage resulting from so relying or
acting if the advice was within the area of professional competence of the
Person from whom it was received, the Trustee acted in good faith in relying thereon
and the professional advisor was aware that the Trustee was receiving the
advice in its capacity as trustee of the Trust and the Trustee acted in good
faith in relying thereon.</p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Trustee shall in no way be
responsible for, nor incur any liability based on, the action or failure to act
or for acting pursuant to or in reliance on instructions of the Manager, any
Investment Manager, the Gold Custodian (if not the Trustee), the Custodian (if
not the Trustee), the Valuation Agent (if not the Trustee), the Registrar and
Transfer Agent (if not the Trustee), or any Person or organization to whom its
responsibilities are delegated pursuant to this Trust Agreement.</p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.3</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>General Disclaimer of Liability</p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Trustee shall not be liable to
the Trust or to any Unitholder for any loss or damage relating to any matter
regarding the Trust, including any loss or diminution in the Net Asset Value of
the Trust or to any particular asset of the Trust, except to the extent that
the Trustee does not meet its standard of care set out in Section&nbsp;11.1
hereof.&#160; In no event shall the Trustee be
liable for indirect, consequential or special damages including, but not
limited to, loss of reputation, good will or business.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=49,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=90737,FOLIO='43',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-13_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 23:28 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Trustee shall not be liable to
the Trust or to any Unitholder for the acts, omissions, receipts, neglects or
defaults of any Person, firm or corporation employed or engaged by it as
permitted hereunder, or for joining in any receipt or act of conformity, or for
any loss, damage or expense caused to the Trust through the insufficiency or
deficiency of any security in or upon which any of the monies of or belonging
to the Trust shall be paid out or invested, or for any loss or damage arising
from the bankruptcy, insolvency or tortious act of any Person, firm or
corporation with whom or which any monies or Trust Property shall be lodged or
deposited, or for any loss occasioned by error in judgment or oversight on the
part of the Trustee, or for any other loss, damage or misfortune which may
happen in the execution by the Trustee of its duties hereunder, except to the
extent that the Trustee does not meet its standard of care set out in Section&nbsp;11.1
hereof.</p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>For greater certainty, the Trustee
shall not be liable to the Trust or to any Unitholder for the acts, omissions,
receipts, neglect or default of the Gold Custodian or the Registrar and
Transfer Agent (unless the Trustee is the Registrar and Transfer Agent or the
Gold Custodian and it has breached its standard of care set out in Section&nbsp;11.1
in respect thereof).</p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>For greater certainty, the
Trustee, in incurring any debts, liabilities or obligations, or in taking or
omitting any other actions for or in connection with the affairs of the Trust
is, and will be conclusively deemed to be, acting for and on behalf of the
Trust, and not in its own personal capacity.</p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.4</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Indemnification of the Trustee</p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Without limiting any protection or
indemnity of the Trustee under any other provision hereof, or otherwise at law,
the Trustee, its Affiliates, nominees and agents and each of their respective
directors, officers and employees shall at all times be indemnified and held
harmless by the Trust and to the extent that the Trust Property is insufficient
for such purpose, by the Manager, from and against:</p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all claims
whatsoever (including costs, losses, damages, penalties, actions, suits,
judgments, charges and expenses, including legal fees in connection therewith)
brought, commenced or prosecuted against any of them for or in respect of any
act, deed, matter or thing whatsoever made, done, acquiesced in or omitted in
or about or in relation to the execution of the Trustee&#146;s duties as Trustee,
and</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all other
liabilities, costs, charges and expenses which any of them sustains or incurs
in or about or in relation to the affairs of the Trust.</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">For greater
certainty, the commencement of formal legal proceedings shall not be a
precondition for indemnification hereunder.&#160;
Further, none of the provisions of this Trust Agreement shall require
the Trustee to expend or risk its own funds, appear in, prosecute or defend
proceedings, or otherwise incur financial liability in the performance of any
of its duties or in the exercise of any of its rights or powers hereunder,
unless the Trustee is first indemnified to its satisfaction, acting
reasonably.&#160; This provision shall survive
the resignation or removal of the Trustee, or the termination of this Trust
Agreement.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">11.5&#160;&#160;&#160;&#160;&#160;&#160;&#160; Additional Indemnification of the Trustee</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect
to any references in this Trust Agreement to (i) distributions being at the
discretion of the Trustee acting on the direction of the Manager or (ii) the
Trustee having the power to vary the investments of the Trust in accordance
with the Investment Policy together with any duties, obligations or
responsibilities related thereto (the &#147;<b>Additional Trustee Duties</b>&#148;),
the Manager agrees that:</font></p>

<p align="left" style="margin:0in 0in .0001pt .75in;text-align:left;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 64.1pt;text-align:left;text-indent:-28.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Trustee shall not have any liability
with respect to such Additional Trustee Duties; and</font></p>

<p align="left" style="margin:0in 0in .0001pt 64.1pt;text-align:left;text-indent:-28.1pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 64.1pt;text-align:left;text-indent:-28.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160; in addition to the indemnity provided to
the Trustee under Section 11.4 hereof, the Manager agrees to indemnify the
Trustee and its directors, officers, employees and agents for:</font></p>

<p align="left" style="margin:0in 0in .0001pt 89.3pt;text-align:left;text-indent:-.35in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 89.3pt;text-align:left;text-indent:-.35in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160; all claims whatsoever (including costs,
losses, damages, penalties, actions, suits, judgments, charges and expenses,
including legal fees in connection therewith) brought, commenced or prosecuted
against any of them for or in respect of any act, deed, matter or thing
whatsoever made, done, acquiesced in or omitted in or about or in relation to
the Additional Trustee Duties; and</font></p>

<p align="left" style="margin:0in 0in .0001pt 89.3pt;text-align:left;text-indent:-.35in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 89.3pt;text-align:left;text-indent:-.35in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160; all other liabilities, costs, charges and
expenses which any of them sustains or incurs in or about or in relation to
such Additional Trustee Duties.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=50,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=474905,FOLIO='44',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-13_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 23:28 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">that arise or result from any conflict
between such Additional Trustee Duties and the Trustee&#146;s defined duties,
obligations and responsibilities as set out in this Trust Agreement (excluding
such Additional Trustee Duties) and agreed upon by the Manager.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.6</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Exception</p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;11.4 and, subject to Subsection 11.2(b)(iii)(I), Section
11.5 do not apply to the extent that any such claim, cost, charge or expense
has been directly caused by the negligence,</font><font size="2" style="font-size:10.0pt;"> wilful</font><font size="2" style="font-size:10.0pt;"> misconduct or dishonesty on the part of the
Trustee, its Affiliates, nominees or agents and any of their respective
directors, officers and employees or the Trustee&#146;s failure to meet its standard
of care set out in Section&nbsp;11.1 hereof.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 12<br>
MANAGER LIABILITY AND INDEMNIFICATION</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.1</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Standard of Care</p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Manager shall exercise the
powers and discharge the duties of its office honestly, in good faith and in
the best interests of the Trust and in connection therewith shall exercise the
degree of care, diligence and skill that a reasonably prudent professional
manager would exercise in comparable circumstances.</p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Manager agrees that any
information supplied to the Trust and/or the Trustee will be accurate and
complete and will contain no misrepresentations; provided that, respecting
information derived by the Manager from a Person other than the Manager, the
Manager&#146;s obligation hereunder shall be subject to its standard of care and no
liability shall be incurred by the Trust or the Trustee as a result of any
error in such information.</p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.2</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Reliance</p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Manager may employ or engage,
and rely and act on information or advice received from the Auditors, the
Underwriters, other distributors, Brokers, Depositories, the Gold Custodian,
the Custodian, electronic data processors, advisers, Counsel and others and
shall not be responsible or liable for the acts or omissions of such Persons or
for any other matter, including any loss or depreciation in the Net Asset Value
of the Trust or any particular asset of the Trust, provided that the Manager
acted in good faith in accordance with its standard of care set out in
Subsection 12.1(a)&nbsp;in relying on such information or advice.</p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Manager shall be entitled to
assume that any information received from the Trustee, the Gold Custodian, the
Custodian or any sub-custodian, or their respective authorized representatives
associated with the day-to-day operation of the Trust is accurate and complete
and no liability shall be incurred by the Manager as a result of any error in
such information or any failure to receive any notices required to be delivered
pursuant to this Trust Agreement, except to the extent that any such
information provided to, or failure to receive any notices by, the Manager
arises or results from the Manager&#146;s failure to comply with the terms of this
Trust Agreement or the Management Agreement in providing any required
directions or information related thereto.</p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.3</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Engaging in Competition</p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the event that the Manager, its
partners, employees, associates and Affiliates or any of them now or hereafter
carry on activities competitive with those of the Trust or buy, sell or trade
in assets and portfolio securities of the Trust or of other investment funds,
none of them shall be under any liability to the Trust or to the Unitholders
for so acting.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>

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</div>
<!-- ZEQ.=1,SEQ=51,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=888664,FOLIO='45',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-13_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 23:28 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>It is agreed and understood that
the Manager shall not be required to devote its efforts exclusively to or for
the benefit of the Trust and may engage in other business interests and may
engage in other activities similar or in addition to those relating to the
activities to be performed for the Trust.</p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.4</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Indemnification of the Manager</p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Manager, its Affiliates and
agents, and their respective directors, partners, officers and employees shall
at all times be indemnified and held harmless by the Trust from and against all
legal fees, judgments and amounts paid in settlement, actually and reasonably
incurred by them in connection with the Manager&#146;s services provided to the
Trust pursuant to this Trust Agreement and the Management Agreement, provided
that the Trust has reasonable grounds to believe that the action or inaction
that caused the payment of the legal fees, judgments and amounts paid in
settlement was in the best interests of the Trust and provided that such Person(s)&nbsp;shall
not be indemnified by the Trust where:</p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>there has been negligence, wilful
misconduct, wilful neglect, default, bad faith or dishonesty on the part of the
Manager or such other Person;</p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a claim is made as a result of a
misrepresentation contained in any current Disclosure Documents or continuous
disclosure documents of the Trust distributed or filed in connection with the
issuance of the Units or under applicable Securities Legislation; or</p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Manager has failed to fulfill its standard of care set out in Section&nbsp;12.1
or its other obligations in accordance with Applicable Laws or the provisions set
forth in this Trust Agreement and the Management Agreement,</p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">unless in an action brought against the
Manager or such Persons they have achieved complete or substantial success as a
defendant.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In order for the Trust, acting
through the Trustee, to satisfy itself as to whether the indemnification
provided for in Subsection 12.4(a)&nbsp;is in the best interests of the Trust,
before paying out any such indemnity hereunder, the Trust, acting through the
Trustee, may obtain a satisfactory legal opinion that the Trust has reasonable
grounds to believe that the indemnification is in the best interests of the
Trust, and instead of or in addition to the obtainment of such a legal opinion,
the Trustee in its sole discretion and at the expense of the Trust, may call a
meeting of the Unitholders pursuant to this Trust Agreement to direct the
Trustee as to any such payments out of the Trust.</p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.5</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liability for Investment Decisions</p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All investments of the Trust made by or upon the direction of the
Manager or any Investment Manager shall be for the benefit of the Unitholders
and at the sole risk of the Trust.&#160;
Notwithstanding any other provision of this Trust Agreement but subject
to the Manager&#146;s standard of care set out in Subsection 12.1(a), the Manager
may dispose of assets of the Trust or cause such assets to be disposed of in
order to discharge any borrowing authorized under this Trust Agreement, any
charge against the Trust as set out in this Trust Agreement or any other
obligation of the Trust.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46</font></p>

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</div>
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<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 13<br>
CHANGE OF TRUSTEE</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.1</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Resignation of Trustee</p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustee or any successor trustee may resign as Trustee of the Trust
created by this Trust Agreement by giving notice to the Unitholders and to the
Manager not less than 90 days prior to the date when such resignation shall
take effect.&#160; Such resignation shall take
effect on the date specified in such notice unless at or prior to such date a
successor trustee is appointed by the Manager in which case such resignation
shall take effect immediately upon the appointment of such successor trustee.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.2</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Removal of Trustee</p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustee may be removed by the Manager at any
time by notice to the Trustee and the Unitholders not less than 90 days prior
to the date that such removal is to take effect; provided a successor trustee
is appointed or the Trust is terminated and dissolved in accordance with Article&nbsp;21
hereof.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.3</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Appointment of Successor</p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event that the Trustee resigns or is removed or becomes
incapable of acting or if for any cause a vacancy shall occur in the office of
the Trustee, a successor trustee shall forthwith be appointed by the Manager to
fill such vacancy.&#160; Forthwith following
such appointment of a successor trustee, the Trustee shall execute and deliver
such documents as the Manager may reasonably require for the conveyance of any
Trust Property (other than the Gold Bullion) held in the Trustee&#146;s name to the
successor trustee and, shall account to the Manager for all of the Trust
Property which the Trustee retains as trustee and shall thereupon be discharged
as trustee.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.4</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Termination Upon Failure to
Appoint Successor</p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event that the Manager shall fail to appoint a successor to the
Trustee, the Trust shall be terminated and dissolved upon the effective date of
the resignation or removal of the Trustee (which shall be considered to be the
effective date on which the Trust is to be terminated for the purposes of Article&nbsp;21)
under Sections 13.1 and 13.2 hereof, as the case may be, and, after providing
for all liabilities of the Trust, the Trust Property shall be distributed to
the Unitholders in accordance with the termination provisions set out in Article&nbsp;21
hereof and the Trustee shall continue to act as trustee of the Trust until such
Trust Property has been so distributed.&#160;
Fees and expenses of the Trustee shall be a charge, to the extent
permitted by Applicable Law, on the Trust Property or the interests of the
Unitholders to secure payment thereof.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 14<br>
TERMINATION OF THE MANAGER</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.1</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Resignation, Insolvency or
Bankruptcy of the Manager</p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Manager shall have the right
to resign as Manager of the Trust by giving notice in writing to the Trustee
and the Unitholders not less than 90 days prior to the date on which such
resignation is to take effect.&#160; Such
resignation shall take effect on the date specified in such notice.&#160; Notwithstanding the foregoing, no approval
of, or notice to, Unitholders is required to effect a Manager
Reorganization.&#160; The Manager shall
appoint a successor manager of the Trust, and, unless the successor manager is
an Affiliate of the Manager, such appointment must be approved by the
Unitholders by an Ordinary Resolution.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47</font></p>

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</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If, prior to the effective date of
the Manager&#146;s resignation, a successor manager is not appointed or the Unitholders
do not approve of the appointment of the successor manager as required
hereunder, the Trust shall be terminated and dissolved upon the effective date
of the resignation of the Manager (which shall be considered to be the
effective date on which the Trust is to be terminated for the purposes of Article&nbsp;21)
and, after providing for all liabilities of the Trust, the Trust Property shall
be distributed to the Unitholders in accordance with the provisions of Article&nbsp;21,
and the Trustee and the Manager shall continue to act as trustee and manager,
respectively, of the Trust until such Trust Property has been so distributed.</p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Trust shall be terminated
immediately following the occurrence of a Termination Event. On such
termination, the Trust Property shall be distributed to Unitholders in
accordance with the provisions of Section&nbsp;21.3.&#160; For the purposes of this Article&nbsp;14 and Section&nbsp;21.1
of this Trust Agreement, each of the following events shall be a &#147;<b>Termination Event</b>&#148;:</p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Manager is,
in the opinion of the Trustee, in material default of its obligations under
this Trust Agreement and such default continues for 120 days from the date that
the Manager receives notice of such default from the Trustee and no successor
manager has been appointed by the Unitholders;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Manager has
been declared bankrupt or insolvent or has entered into liquidation or
winding-up, whether compulsory or voluntary (and not merely a voluntary
liquidation for the purposes of amalgamation or reconstruction);</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Manager makes a general
assignment for the benefit of its creditors or otherwise acknowledges its
insolvency; or</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the assets of the Manager
have become subject to seizure or confiscation by any public or governmental
authority.</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.2</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Successor Manager</p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any successor manager, by accepting its appointment
as such, shall automatically become a party to this Trust Agreement and be
bound by the terms hereof as if the successor manager had been an original
signatory thereof provided that such successor manager shall not be responsible
or liable for any act or omission of the Manager preceding its appointment as
successor manager of the Trust.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 15</font></b><font style="text-transform:none;"><br>
CONCERNING THE UNITHOLDERS</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.1</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liability of Unitholders</p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No Unitholder shall be held to have any personal
liability as such and no resort shall be had to the Unitholder&#146;s private
property for satisfaction of any obligation or claim arising out of or in
connection with any contract or obligation of any of the Trust, the Manager or
the Trustee or any obligation which a Unitholder would otherwise have to
indemnify the Trustee for any personal liability incurred by the Trustee as
such, but rather, only the Trust Property is intended to be liable and subject
to levy or execution for such satisfaction. If the Trust acquires any
investments subject to existing contractual obligations, the Manager, or the
Trustee on the direction of the Manager, as the case may be, shall use its best
efforts to have any obligations modified so as to achieve disavowal of
contractual liability. Further, </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Manager shall cause the operations of the Trust
to be conducted, with the advice of Counsel, in such a way and in such
jurisdictions as to avoid, as far as possible, any material risk of liability
on the Unitholders of claims against the Trust and shall, to the extent it
determines to be possible and reasonable, including the cost of premiums, cause
the Trust to carry insurance for the benefit of the Unitholders in such amounts
as it considers adequate to cover any such foreseeable non-contractual or
non-excluded contractual liability.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.2</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Indemnification of the Trust by
the Manager</p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust shall be indemnified and held harmless by
the Manager against any costs, charges, claims, expenses, actions, suits or
proceedings arising from a claim made as a result of a misrepresentation
contained in any current Disclosure Document or continuous disclosure documents
of the Trust distributed or filed in connection with the issuance of the Units
or under applicable Securities Legislation.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 16<br>
MEETINGS OF UNITHOLDERS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.1</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Time of Meetings</p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Meetings of the Unitholders shall be held by the
Manager or the Trustee at such time and on such day as the Manager or the
Trustee may from time to time determine for the purpose of considering the
matters required to be placed before such meetings in accordance with this
Trust Agreement or Applicable Laws and for the transaction of such other
related matters as the Manager or the Trustee determines.&#160; Unitholders holding Units representing in
aggregate not less than 50% of the Net Asset Value of the Trust may requisition
a meeting of Unitholders by giving a written notice to the Manager or the
Trustee setting out in detail the reason(s)&nbsp;for calling and holding such a
meeting.&#160; The Trustee shall, upon the
written request of the Manager or the Unitholders holding Units representing in
aggregate not less than 50% of the Net Asset Value of the Trust, requisition a meeting
of Unitholders, provided that in the event of a request to call a meeting of
Unitholders made by such Unitholders, the Trustee shall not be obligated to
call any such meeting until it has been satisfactorily indemnified by such
Unitholders against all costs of calling and holding such meeting.&#160; Unless otherwise required under Applicable
Laws or stock exchange rules, the Trust need only to hold meetings of
Unitholders as described above and is not required to hold annual or other
periodic meetings.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.2</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Place of Meeting</p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:3.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to Section&nbsp;16.4
hereof, meetings of Unitholders shall be held at the principal office of the
Trust or elsewhere in the municipality in which the office is located or, if
the Manager shall so determine, at any other place in Canada.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.3</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Notice of Meeting</p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to Section&nbsp;16.4
hereof, notice of the time and place of each meeting of Unitholders shall be
given not less than 21 days before the day on which the meeting is to be held
to each Unitholder of record at 4:00&nbsp;p.m. (Toronto time) on the day on
which the notice is given. Notice of a meeting of Unitholders shall state the
general nature of the matters to be considered by the meeting.&#160; The Trustee, the Auditors and any Investment
Manager of the Trust are entitled to receive all notices and other
communications relating to any meeting of Unitholders that any Unitholder is
entitled to receive and shall be entitled to attend at any meeting of
Unitholders.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

</div>
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<div style="font-family:Times New Roman;">

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.4</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Meetings Without Notice</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A meeting of
Unitholders may be held at any time and place without notice if all the
Unitholders entitled to vote thereat are present in person or represented by
proxy or, if those not present or represented by proxy waive notice of, or
otherwise consent to, such meeting being held.</font></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.5</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Quorum</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A quorum for the transaction of business at any
meeting of Unitholders shall be at least two Unitholders holding not less than
5% of the outstanding Units on such date present in person or represented by
proxy and entitled to vote thereat.&#160; If a
quorum is not present at a meeting within 30 minutes after the time fixed for
the meeting, the meeting shall be adjourned to a date fixed by the chairman of
the meeting not later than 14 days thereafter at which adjourned meeting the
Unitholders present in person or represented by proxy shall constitute a
quorum.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.6</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Chairman,
Secretary and Scrutineers</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Person designated by the Manager shall be the
chairman of any meeting of Unitholders.&#160;
If such Person is not present within 15 minutes after the time fixed for
holding the meeting or if the Manager has not appointed a chairman, the Persons
present and entitled to vote shall choose any of their number to be chairman.
The chairman of the meeting shall appoint a Person, who need not be a
Unitholder, to act as secretary of the meeting.&#160;
If desired, one or more scrutineers, who need not be Unitholders, may be
appointed by a resolution or by the chairman with the consent of the meeting.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.7</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Persons
Entitled to be Present</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The only Persons entitled to attend a meeting of
Unitholders shall be those entitled to vote thereat, the Trustee, the Manager,
any Investment Manager and the Auditors.&#160;
Any other Person may be admitted only on the invitation of the chairman
of the meeting or with the consent of the meeting.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.8</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Right
to Vote</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At any meeting of Unitholders, every Person shall be
entitled to vote who, as at the end of the Business Day immediately preceding
the date of the meeting, is entered in the Register maintained in accordance
with Section&nbsp;17.2 hereof, unless in the notice of meeting and accompanying
materials sent to Unitholders in respect of the meeting a record date is
established for Persons entitled to vote thereat.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.9</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Votes
to Govern</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At any meeting of Unitholders, every question shall,
unless otherwise required by this Trust Agreement or Applicable Laws, be
determined by an Ordinary Resolution on the question.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.10</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Show
of Hands</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the provisions of this Trust Agreement or
Applicable Laws, any question at a meeting of Unitholders shall be decided by a
show of hands unless a poll thereon is required or demanded as hereinafter
provided.&#160; Upon a show of hands every
Person who is present and entitled to vote shall have one vote. &#160;Whenever a vote by show of hands shall have
been taken upon a question, unless a poll thereon is so required or demanded, a
declaration by the chairman of the meeting that the vote upon the question has
been carried or carried by a particular majority or not carried and an entry to
that effect in the minutes of the meeting shall be <i>prima face</i>
evidence of the fact without proof of the number or proportion of the </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">votes recorded in favour of or against any
resolution or other proceeding in respect of the said question, and the result
of the vote so taken shall be the decision of the Unitholders upon the said
question.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.11</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Polls</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If demanded by any Unitholder at a meeting of
Unitholders or required by Applicable Laws, any question at such meeting shall
be decided by a poll.&#160; A poll so demanded
shall be taken in such manner as the chairman shall direct.&#160; Upon a poll each Person present shall be
entitled, in respect of the Units which the Unitholder is entitled to vote at
the meeting upon the question, to one vote for each Unit held and the result of
the poll so taken shall be the decision of the Unitholders upon the said
question.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.12</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Adjournment</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The chairman at a meeting of Unitholders may, with
the consent of the meeting and subject to such conditions as the meeting may
decide, adjourn the meeting from time to time and from place to place.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.13</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Resolutions
in Writing</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding Section&nbsp;16.10 hereof, a
resolution in writing forwarded to all Unitholders entitled to vote on such
resolution at a meeting of Unitholders and signed by the requisite number of
Unitholders required to obtain approval of the matter addressed in such
resolution is as valid as if it had been passed at a meeting of Unitholders in
accordance with this Article&nbsp;16.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.14</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Record
Dates</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the purpose of determining the Unitholders who
are entitled to receive notice of and to vote at any meeting, or any
adjournment thereof, or for the purpose of any action other than as provided in
Article&nbsp;4 hereof, the Manager may fix a date not more than 60 days nor
fewer than 30 days prior to the date of any meeting of Unitholders, or other
action, as a record date for the determination of Unitholders entitled to
receive notice of and vote at such meeting, or any adjournment thereof, or to
receive such distributions, or to be treated as Unitholders of record for
purposes of such other action, and any Unitholder who was a Unitholder at the
time so fixed shall be entitled to receive notice of and vote at such meeting,
or any adjournment thereof, or to be treated as a Unitholder of record for
purposes of such other action, even though the Unitholder has since that date
disposed of the Unitholder&#146;s Units and no Unitholder becoming such after that date
shall be entitled to receive notice of and vote at such meeting, or any
adjournment thereof, or to be treated as a Unitholder of record for purposes of
such other action.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.15</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Proxies</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At any meeting of Unitholders, any Unitholder
entitled to vote thereat may vote by proxy and a proxy need not be a
Unitholder, provided that no proxy shall be voted at any meeting unless it
shall have been placed on file with the Manager, or with such other agent of
the Trust as the Manager may direct, prior to the commencement of such
meeting.&#160; If approved by the Manager,
proxies may be solicited naming the Manager as proxy and the cost of such
solicitation shall be paid out of the Trust Property.&#160; When any Unit is held jointly by several
Persons, any one of them may vote at any meeting in person or by proxy in
respect of such Unit, but if more than one of them shall be present at such
meeting in person or by proxy, and such joint owners or their proxies so
present disagree as to any vote to be cast, such vote shall not be received in
respect of such Unit. The instrument appointing any proxy shall be in such form
and executed in such manner as the Manager may from time to time determine.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>

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</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.16</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Validity
of Proxies</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An instrument appointing a proxy purporting to be
executed by or on behalf of a Unitholder shall be valid unless challenged at
the time of, or prior to, its exercise and the person challenging such
instrument shall have the burden of proving to the satisfaction of the chair of
the meeting of Unitholders at which such instrument is proposed to be used that
such instrument is invalid. Any decision of the chair of the meeting in respect
of the validity of such instrument shall be final. Proxies shall be valid only
at the meeting with respect to which they were solicited, or any adjournment
thereof, but in any event shall cease to be valid one year from their date.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.17</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Revocation
of Proxy</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A vote cast in accordance with the terms of a proxy
shall be valid notwithstanding the previous death, incapacity, insolvency or
bankruptcy of the Unitholder giving the proxy or the revocation of the proxy
unless written notice of such death, incapacity, insolvency, bankruptcy or
revocation shall have been received by the chair of the meeting prior to the
time such vote is cast.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.18</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Solicitation
of Proxies</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No Person shall solicit proxies in respect of a
meeting of Unitholders unless the Person making the solicitation, concurrently
with or prior thereto, delivers or sends an information circular to each
Unitholder whose proxy is solicited. &#147;Solicit&#148; or &#147;solicitation&#148; includes any
request for a proxy whether or not accompanied by or included in a form of
proxy, any request to execute or not to execute a form of proxy or to revoke a
proxy, and the sending or delivery of a form of proxy or other communication to
a Unitholder under circumstances reasonably intended or calculated to result in
the procurement, withholding or revocation of a proxy but does not include the
sending or delivery of a form of proxy to a Unitholder in response to an
unsolicited request made by him or her on his or her behalf or the performance
by any Person of ministerial acts or professional services on behalf of a
person or company soliciting a proxy. Subject to the provisions of this Trust
Agreement and to Applicable Laws, the information circular required hereunder
shall conform, insofar as is applicable, to the form and content prescribed for
information circulars by or pursuant to applicable Securities Legislation; for
such purposes; &#147;management&#148; shall mean Sprott Asset Management LP in its
capacity as Manager; &#147;company&#148; or &#147;corporation&#148; shall mean the Trust; &#147;director&#148;
or &#147;senior officer&#148; shall mean a director or senior officer of the Manager; &#147;equity
share&#148;, &#147;voting security&#148; or &#147;share&#148; shall mean a Unit; and &#147;shareholder&#148; shall
mean a Unitholder.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.19</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Form&nbsp;of
Proxy Solicitation</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Where there is a solicitation of proxies (other than
with respect to the exception set forth in Section&nbsp;16.18):</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
form of proxy sent to a Unitholder by a Person soliciting proxies shall
indicate in bold-faced type by whom the proxy is being solicited and the form
of proxy or the information circular shall state the name, address and
principal occupation or employment within the preceding five years of each
Person soliciting proxies and shall disclose the beneficial ownership of Units
of each such Person;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
form of proxy shall provide means whereby the Unitholder whose proxy is
solicited is afforded an opportunity to specify that his or her votes shall be
cast by the nominees in favour of or against, in accordance with such
Unitholder&#146;s choice, each matter or group of </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52</font></p>

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<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">related matters
identified therein or in the information circular as intended to be acted upon;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">no
proxy shall confer authority to vote at any meeting other than the meeting
specified in the notice of meeting or any adjournment thereof;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
information circular or form of proxy shall state that the votes represented by
the proxy shall be cast and that, where the Unitholder whose proxy is solicited
specifies a choice with respect to any matter to be acted upon pursuant to
paragraph (b)&nbsp;above, the votes shall be cast in accordance with the specifications
so made; and</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
information circular or form of proxy shall indicate in bold-faced type that
the Unitholder has the right to appoint a person, who need not be a Unitholder,
to attend and act for him or her and on his or her behalf at the meeting other
than the person, if any, designated in the form of proxy, and shall contain
instructions as to the manner in which the Unitholder may exercise such right.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.20</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Resolutions
Binding</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any resolution passed in accordance with the
provisions hereof shall be binding on all Unitholders and their respective
heirs, executors, administrators, other legal representatives, successors and
assigns, whether or not such Unitholder was present or represented by proxy at
the meeting at which such resolution was passed and whether or not such
Unitholder voted against such resolution.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.21</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Minutes
of Meetings</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Minutes of the meeting shall be made by the
corporate secretary of the Manager (who shall act as secretary of the meeting)
and duly entered in minute books to be kept by the Manager.&#160; Any such minutes signed by the chair of the
meeting shall be conclusive evidence of the matters therein stated, and until
the contrary is proved, every such meeting in respect of the proceedings of
which minutes have been made shall be deemed to have been duly held and
convened and all resolutions passed thereat to have been duly passed.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 17<br>
SPECIAL FUNCTIONS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.1</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Registrar
and Transfer Agent</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
Manager shall appoint one or more chartered banks or banking institutions,
trust companies, or other Persons, to act as the registrar and transfer agent
(the &#147;<b>Registrar and Transfer Agent</b>&#148;) for the
Units and may provide for the transfer of Units in one or more places within or
outside Canada (provided that if such appointments are made there shall be a
Registrar and Transfer Agent within the Province of Ontario). Such Registrar
and Transfer Agent shall perform those functions and duties usually performed
by a registrar and transfer agent of shares of corporations having share
capital, including maintaining the Register as provided for in Section&nbsp;17.2
and all other necessary or appropriate books (which may be kept on a computer
or similar device) for recording original issuances of Units and registering
and transferring the Units.&#160; In the case
of an original issuance of Units, the Registrar and Transfer Agent may rely and
act upon the written instruction of the Manager without inquiry into the
receipt by the Trust of, or the sufficiency of, the consideration for such
original issuance of Units.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
Manager, on behalf of the Trust, will enter into a written agreement with such
Registrar and Transfer Agent which agreement shall provide that any fees
required to be paid to the Registrar and Transfer Agent for services rendered,
other than in respect of a transfer of Units, shall be the responsibility of
the Trust.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.2</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Unit Register</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Subject
to the approval or rejection by and direction from the Manager in connection with
any purchase, redemption or transfer of Units hereunder, the Registrar and
Transfer Agent appointed pursuant to Section&nbsp;17.1 shall maintain records
(the &#147;<b>Register</b>&#148;) for and on behalf of the
Trust which shall contain the name and the latest known address of each
Unitholder and the number of Units of each class and each series of a class
from time to time held by the Unitholder, the certificate numbers of the
certificates, if any, representing such Units and a record of all transfers
thereof, and such Register shall be available at the offices of the Registrar
and Transfer Agent in Toronto, Ontario or in such other office in Canada as the
Manager deems appropriate and to which the Trustee consents.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">As
part of the Register, the Registrar and Transfer Agent shall maintain
participation records for the Trust, showing with respect to each Unitholder:</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the date of
each issue of Units to such Unitholder, the number of Units issued of each
class and each series of a class and the applicable Class&nbsp;Net Asset Value
per Unit for which each Unit is issued;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the date of
each transfer of Units to and from such Unitholder, and the number of Units of
each class and each series of a class transferred;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the date of each redemption
of Units, the number of Units redeemed of each class and each series of a class
and the Class&nbsp;Net Asset Value per Unit at which each Unit is redeemed;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the date of each
redesignation of Units, the number of Units redesignated of each class and each
series of a class and the Class&nbsp;Net Asset Value per Unit at which each
Unit is redesignated;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the number of
Units held immediately after any subdivision or consolidation of Units;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the number of Units of each
class and each series of a class currently held; and</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the date and details of each
distribution of the Trust to the Unitholder.</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
Registrar and Transfer Agent shall deliver to the Manager within three Business
Days following a Valuation Date, and at such other times as the Manager may
request, a certified list of the Unitholders which list shall contain the name,
the last known address and the number of Units of each class and each series of
a class currently held by each Unitholder.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
Trust, the Trustee (in its capacity as such, regardless of the fact that the
Trustee may be or may have been the Registrar and Transfer Agent) and the
Manager shall at all times be entitled to rely entirely upon the Register
maintained by the Registrar and Transfer Agent </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .9in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as a record of
ownership of the Trust and the registered Unitholders shall be deemed to be the
true owners thereof for all purposes hereof.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Only Unitholders
whose Units are so recorded on the Register shall be entitled to receive
distributions and to exercise or enjoy the rights of Unitholders hereunder. The
Person registered as a Unitholder on the Register shall be treated as the owner
of such Unit for all purposes, including payment of any distributions, giving
notice to Unitholders and determining the right to attend and vote at meetings
of Unitholders. Accordingly, the Manager shall not be bound to recognize any
transfer or attempted transfer, pledge or other disposition of a Unit, or any
equitable or other claim with respect thereto, whether or not the Trust or the
Manager shall have actual or other notice thereof, until such Unit shall have
been transferred on the Register as herein provided.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.3</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Auditors</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager hereby confirms that a firm of qualified
chartered accountants has been appointed as the auditors of the Trust (the &#147;<b>Auditors</b>&#148;).&#160; Subject
to Section&nbsp;20.3 hereof, the Manager may from time to time, with the prior
consent of the Independent Review Committee, and after providing notice to the
Unitholders and the Trustee, appoint another firm of chartered accountants
qualified to practice in the Province of Ontario to act as the auditors of the
Trust. The Auditors shall make a report to the Manager and the Unitholders on
the annual financial statements of the Trust and fulfill such other
responsibilities as they may properly be called upon to assume.&#160; Any such report shall be reviewed by the
Manager, and if acceptable to the Manager shall be approved by the Manager (and
if required, shall be signed by the Manager to evidence such approval) on
behalf of the Trust.&#160; The Auditors shall
have access to all records relating to the affairs of the Trust including the
relevant records of the Manager, the Trustee, any Investment Manager, the Gold
Custodian, the Custodian, any sub-custodians, the Registrar and Transfer Agent
and the Valuation Agent, subject to any confidentiality and/or privacy
requirements that may apply in the circumstances.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.4</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Valuation Agent</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager shall appoint a valuation agent for the
Trust (the &#147;<b>Valuation Agent</b>&#148;).&#160; The Valuation Agent shall act in accordance
with the terms and conditions of the Valuation Services Agreement including,
but not limited to, that the Valuation Agent, in carrying out its duties and
obligations as Valuation Agent, shall exercise the degree of care, diligence
and skill that a reasonably prudent person would exercise in comparable
circumstances.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.5</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Custodian of Gold Bullion</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager shall appoint the Gold Custodian to hold
the Gold Bullion.&#160; The Gold Custodian
shall hold the Gold Bullion in accordance with the terms and conditions of the
Storage Agreement including, but not limited to, that the Gold Custodian, in
carrying out its duties and obligations as Gold Custodian, must exercise:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
degree of care, diligence and skill that a reasonably prudent person would
exercise in comparable circumstances, or</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">at
least the same degree of care as the Gold Custodian exercises with respect to
its own property of a similar kind, if this is a higher standard of care than
the degree of care referred to in Subsection 17.5(a).</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55</font></p>

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</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.6</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Custodian of Trust Property Other Than Gold Bullion</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Trustee
shall be the Custodian of the Trust Property other than the Gold Bullion. In
carrying out its duties and obligations as Custodian, the Trustee shall
exercise: (i)&nbsp;the degree of care, diligence and skill that a reasonably
prudent person would exercise in comparable circumstances; or (ii)&nbsp;at
least the same degree of care as the Trustee exercises with respect to its own
property of a similar kind in the relevant market, if this is a higher degree
of care than the degree of care referred to above.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Notwithstanding
any other provision herein, the Trustee shall not be responsible for the
holding or control of any Trust Property that is not directly held by the
Trustee or its appointed sub-custodians, including any assets pledged or loaned
to a third party or the Gold Bullion held with the Gold Custodian.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The</font><font size="2" style="font-size:10.0pt;"> Manager, in
accordance with Applicable Law and with the consent of the Trustee, shall have
the authority to appoint a replacement or an additional custodian of the Trust
Property other than the Gold Bullion and to make contractual arrangements for
that purpose.&#160; In the event any Person
other than the Trustee is appointed Custodian of such Trust Property, the
contract with any such custodian may include provisions whereby the Manager may
give instructions directly to that custodian concerning the investment of such
Trust Property and that custodian may act thereon without approval by the
Trustee.&#160; The Trustee shall be under no
obligation to supervise and shall have no responsibility or liability for acts
of omission or commission of any such custodian under such arrangements where
the Trustee is not the custodian.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On the
direction of the Manager, the Trustee shall register such Trust Property held
by it at any time in its own name as trustee of the Trust or in the name or
names of nominees, including any sub-custodians appointed by the Trustee, CDS,
DTC or in bearer form.&#160; The Trustee is
hereby expressly empowered to keep such Trust Property, wholly or partly, in
its principal office or in any one or more of its branches in any province of
Canada or at the office of any sub-custodian, including itself or its
Affiliates, to hold securities constituting such Trust Property through the
facilities of CDS or DTC or any other domestic or foreign depository or
clearing agency which is duly authorized to operate a book-based system
(including a transnational book-based system) in the country, province, state
or political subdivision of any country in which such depository or clearing
agency is located (provided that such depositories or clearing agencies shall
not be deemed to be agents or sub-custodians of the Trustee), all as the
Trustee may determine so long as such Trust Property at all times is kept
distinct from the assets of the Trustee and those of its sub-custodians,
nominees or any other Person in the registers and other books of account kept by
the Trustee or such Persons.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Where such
Trust Property is issued in bearer form, such Trust Property shall be
designated or segregated by the Trustee or sub-custodian or their respective
nominees so as to establish that the beneficial ownership of such Trust
Property is vested in the Trustee. Comparable provisions shall be included in
any custodianship or sub-custodianship agreements entered into by or under
authority of the Custodian.&#160; The Trust
Property registered in accordance with Subsection 17.6(d)&nbsp;or issued in
accordance with this Subsection 17.6(e)&nbsp;shall be recorded in an account
with an account number or other designation in the records of the Trustee or
the sub-custodian or their respective nominees sufficient to establish that the
beneficial ownership of such Trust Property is vested in the Trust.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Trustee may
appoint sub-custodians (who may be affiliated with or otherwise related to the
Trustee) and enter into sub-custodianship agreements on terms consistent with
this Trust Agreement; provided, however, that written consent to such
appointment has been provided by the Manager. For the purposes of this Trust
Agreement, such consent is deemed to have been obtained in respect of the appointment
of those sub-custodians which are part of the Trustee&#146;s international network
of sub-custodians.&#160; Further, upon notice
to the Manager of the appointment of any additional sub-custodians in the
Trustee&#146;s international network, the Manager will be deemed to have consented
to such appointment.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">A sub-custodian
appointed by the Trustee shall be permitted to appoint a sub-sub-custodian only
upon the prior written consent of the Trustee and the Manager, and further
provided that adequate provision is made in the sub-custodianship agreement for
the Trust, acting directly or through the sub-custodian, to enforce its rights
in respect of such Trust Property which is held by the appointed
sub-sub-custodian.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Any
sub-custodian appointed by or under the authority of the Trustee shall meet any
guideline for acting as a sub-custodian prescribed by Securities Authorities in
Canada from time to time (the &#147;<b>Sub-Custodian</b>  <b>Guidelines</b>&#148;) and shall execute an agreement
in a form that complies with the Sub-Custodian Guidelines.&#160; The Trustee shall annually review this Trust
Agreement and all sub-custodian agreements to determine if those agreements are
in compliance with the Sub-Custodian Guidelines, and shall also make reasonable
enquiries as to whether each sub-custodian satisfies the applicable
requirements of the Sub-Custodian Guidelines.&#160;
The Trustee shall make or cause to be made any changes as may be
necessary to ensure that this Trust Agreement and the sub-custodian agreements
are in compliance with the Sub-Custodian Guidelines, and that all
sub-custodians of the Trust satisfy such applicable requirements.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Where required
under Applicable Laws, the Trustee shall, within 60 days following the end of
each Fiscal Year of the Trust, advise the Trust in writing of the names and
addresses of all sub-custodians of the Trust, whether this Trust Agreement and
the sub-custodian agreements are in compliance with the Sub-Custodian
Guidelines, and whether, to the best of the knowledge and belief of the
Trustee, each sub-custodian satisfies the applicable requirements of the
Sub-Custodian Guidelines.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Trustee, in
its capacity as Custodian, shall account for all such Trust Property received
and held by it, shall disburse or retain any income received thereon and/or capital
pursuant to directions from the Manager and shall provide monthly statements of the account in
such format as may be agreed to by the parties.&#160;
Additional statements which are required to satisfy the requirements of
any regulatory or administrative agencies will also be provided as requested
by, and at the expense of, the Manager.&#160;
T</font><font size="2" style="font-size:10.0pt;">he Manager will within 30
days following the issue date of any such statement give the Trustee written
notice of any alleged omissions from or additions wrongly made to or inaccurate
entries in any such statement.&#160; </font><font size="2" style="font-size:10.0pt;">T</font><font size="2" style="font-size:10.0pt;">he Manager agrees that at the end of the 30-day
period, the Trustee shall be fully released and discharged from any liability
or accountability to anyone with respect to acts or transactions disclosed in
any such statement except as to any alleged errors of which the Manager has
identified by giving written notice to the Trustee.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">If, in order to
provide services to the Manager pursuant to this Trust Agreement, the Trustee
is required to engage sub-custodians in certain markets which the Trustee has
identified as being high risk and has designated as &#147;<b>Designated
Markets</b>&#148; by listing them in Schedule D attached hereto.&#160; A Designated Market is a market where the
risks of </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">57</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .9in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">engaging a sub-custodian are
significantly greater than they would be in more established markets.&#160; Notwithstanding any other provision of this
Trust Agreement, in such Designated Markets where the Trustee is providing
custodial services (whether directly or through a sub-custodian) in respect of
the Trust, the Trustee may not be able to accept some of the liabilities or
responsibilities which are contemplated by the Trust Agreement.&#160; Under the
Trust Agreement, the Trustee is responsible for the negligence and wrongful
acts of its sub-custodians.&#160; However,
where the Trustee engages a sub-custodian in a Designated Market, the Manager
hereby acknowledges and agrees that the Trustee will not be responsible for the
negligence or wrongful acts of such sub-custodians and that such negligence or
wrongful acts will not be considered to be a breach by the Trustee of its
standard of care or negligence for the purposes of this Trust Agreement.&#160; Notwithstanding the aforementioned, the
Trustee will continue to accept responsibility for the selection and on-going
monitoring of its sub-custodians in all markets, except Designated Markets, in
accordance with its standard of care.&#160; From</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">time to time, the Trustee
may add to or delete markets from the list of Designated Markets attached as
Schedule D hereto, and the Trustee will provide the Manager with written notice
of such changes.&#160; The Manager agrees that
it will have 60 days from the date of any such notice to raise concerns
regarding any new Designated Market which is added to the list.&#160; After this 60-day period, that added market
will be deemed to be a Designated Market for the purposes of the Trust
Agreement.&#160; The Manager acknowledges and
agrees that it and any Investment Manager
are responsible for apprising themselves of the specific risks to the Trust
involved in the investment and reinvestment of such Trust Property in all
markets in which such Trust Property is located from time to time.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 18<br>
REPORTS AND EXECUTION OF DOCUMENTS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.1</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Records</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager</font><font size="2" style="font-size:10.0pt;"> shall maintain or cause to
be maintained appropriate accounting records for the Trust.&#160; The accounting records for the Trust shall be
open for examination by the Trustee, by the Auditors and by Unitholders or
their authorized representatives during normal business hours on any Business
Day at the office of the Manager or such other office as the Manager may
determine, provided that reasonable notice has been given to the Manager of any
such examination.</font></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.2</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Reports to Unitholders</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">At the time of
investment in Units, a statement shall be issued by the Registrar and Transfer
Agent, in such form and on such terms and conditions as the Manager may, in its
sole discretion, determine, and such statement will be forwarded to each
Unitholder, which statement will indicate the number of Units held by the
Unitholder and such other information as may be required by Applicable Laws;
provided, however, that the information disclosed on such statements shall
always be in accordance with the number of the Unitholder&#146;s Units reflected on
the Register.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Manager
shall cause an audit of the financial statements of the Trust for each Fiscal
Year to be made by the Auditors. The financial statements of the Trust so
audited shall include such statements as are required by Applicable Laws.&#160; A copy of such statements, together with the
Auditors&#146; report thereon, shall be filed with the appropriate Securities
Authorities pursuant to Applicable Laws unless and to the extent an exemption
from such filing is available under Applicable Laws.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">58</font></p>

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</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Manager
shall approve and forward to Unitholders such audited annual financial
statements and unaudited interim financial statements as it is required under
Applicable Laws to deliver, within the time limits specified under such
laws.&#160; The Trustee shall not be required
to prepare or approve any audited financial statements of the Trust.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">In</font><font size="2" style="font-size:10.0pt;"> the absence of the filing
in writing with the Manager or the Trustee of any objection to the statements
or reports supplied in accordance with this Section&nbsp;18.2 within 90 days of
their mailing, Unitholders shall be deemed to have approved such statements or
reports and the Trustee and the Manager shall be released, relieved and
discharged with respect to all matters and things set forth in the statements
and reports (except for such matters or things with reference to which any
objection in writing has been filed with the Manager and except for any loss or
other diminution of the assets of the Trust resulting from the negligence,
wilful misconduct or lack of good faith of the Manager in preparing such
statements or reports) as if they had been settled by the decree of a court of
competent jurisdiction.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Manager
shall prepare, file and deliver to Unitholders (if required) all management
reports of fund performance and other continuous disclosure documents required
by applicable Securities Legislation.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Manager
will make available to Unitholders as soon as practicable on its website an
unaudited schedule of Class&nbsp;Net Asset Value per Unit for each class and
series of a class of Units as at the Valuation Time on each Valuation Date.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">No Unitholder
shall be entitled to any other accounting with respect to the Trust or the
Unitholder&#146;s holding of Units in the Trust, except as may be required by
Applicable Laws.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.3</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Material to be Furnished to the Trustee</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager will cause to be furnished to the
Trustee from time to time, in addition to any other documents required to be furnished
hereunder:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">a copy of each
of the Disclosure Documents for investment in Units;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">a copy of each
continuous disclosure document relating to the Trust filed with, furnished or
otherwise provided to, any Securities Authority under applicable Securities
Legislation;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">on or before 90
days following December&nbsp;31 of each year</font><font size="2" style="font-size:10.0pt;">, a copy of the audited
annual financial statement of the Trust, together with the report of the
Auditors thereon;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">on or before 90
days following December&nbsp;31 of each year</font><font size="2" style="font-size:10.0pt;">, an Annual Certificate of
Compliance, substantially in the form set out in Schedule A attached hereto,
with respect to the Trust;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">on or before 90
days following June&nbsp;30 in each year, an Interim Certificate of Compliance,
substantially in the form set out in Schedule B attached hereto, with respect
to the Trust; and</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">a Certificate
of Authorized Signing Authorities, substantially in the form set out in
Schedule C attached hereto, specifying the names and titles of those Persons
authorized to </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">59</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .9in;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">give
approvals, consents or directions on behalf of the Manager including specimen
signatures of each such Person.</font></p>

<p align="left" style="margin:0in 0in .0001pt 70.9pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.4</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Documents Requiring Trustee&#146;s Consent</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager will provide to the Trustee for its
prior written consent draft copies of all agreements, literature, certificates,
Disclosure Documents, continuous disclosure documents to be filed with
Securities Authorities, advertisements, printed matter and other material which
contain any reference to the Trustee or which relate to the functions being
performed hereunder or which may affect the Trustee, except material which is
circulated among or sent to employees, Unitholders and correspondence in the
ordinary course of business and which merely reflects in accurate terms,
information contained in the then current Disclosure Documents.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.5</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Execution of Documents</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustee shall have the authority to sign on
behalf of the Trust all documents and any documents so signed shall be binding
upon the Trust without any further authorization or formality.&#160; The Trustee shall have power from time to
time to appoint any Person or Persons on behalf of the Trust either to sign
documents generally or to sign specific documents.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.6</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Execution of Documents by the Manager</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any approval, consent, direction, order (including, but not limited to,
the signing of any Disclosure Documents or Unit certificate) or request
required or permitted by this Trust Agreement to be given or made by the
Manager shall (except where otherwise expressly provided herein) be
sufficiently given or made if expressed in writing signed in the name of the
Manager by its duly authorized representative(s)&nbsp;designated from time to
time in writing.&#160; If at any time, the
Manager shall fail to give or make any such approval, consent, direction, order
or request as required by this Trust Agreement and no express provision is made
for the action to be taken by the Trustee, the Trustee may act herein without
any such approval, consent, direction, order or request, in its sole
discretion.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.7</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Material to be Furnished to Unitholders</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to Article&nbsp;20, the Manager will cause
to be furnished to the Unitholders and the Trustee any notice of:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any
change to the Investment Policy of the Trust;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
Manager&#146;s desire to change the Fiscal Year of the Trust;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any
change in the location of the principal office of the Trust;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any
change to the Person designated by the Manager as the Registrar and Transfer
Agent or Valuation Agent of the Trust;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any
proposed change to the method of calculation of the Management Fee payable by
the Trust;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any
meeting of the Unitholders of the Trust;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
intention by the Manager to terminate and dissolve or reorganize the Trust; and</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>
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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any
material amendment to the Trust Agreement governing the Trust, together with a
written explanation for the reasons for such amendment.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 19<br>
NOTICE</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">Notice to Unitholders</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any
notice to be given or any document or instrument in writing to be sent to a
Unitholder may be effectively given or sent by mailing it to the Unitholder by
pre-paid ordinary mail addressed to the address of the Unitholder appearing on
the Register referred to in Section&nbsp;17.2 and shall be conclusively deemed
to have been received by the Unitholder on the fifth Business Day after it was
so mailed; provided that accidental failure to give notice to any Unitholder
shall not affect any action taken pursuant to such notice.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">Methods of Communication</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any notice to be given or any document or instrument in writing to the
Trustee or the Manager (including for greater certainty, all directions and
instructions) must be given through one of the following methods of
communication:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">personal or
courier delivery;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">facsimile (in
accordance with the Manager&#146;s guidelines);</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">S.W.I.F.T.;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">one of the
Trustee&#146;s secured client access channels;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">directly
between electromechanical or electronic terminals (other than the internet or
unsecured lines of communication);</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">telephone
(subject to Sections 19.4, 19.5 and 19.7); or</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">internet
(subject to Sections 19.6 and 19.7).</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Communications should be addressed, as applicable, as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">in the case of the Trustee:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RBC Dexia Investor Services
Trust</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">155 Wellington Street West,
5</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font><font size="2" style="font-size:10.0pt;">&#160;Floor</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RBC Centre</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Toronto, Ontario</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">M5V 3L3</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Head of Funds</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (416) 974-5273</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (416) 955-1240</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">61</font></p>

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</div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">in the case of the Manager:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sprott Asset Management LP</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Royal Bank Plaza, South
Tower</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200 Bay Street</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Suite&nbsp;2700, P.O.&nbsp;Box
27</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Toronto, Ontario</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">M5J 2J1</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Kirstin McTaggart, Chief
Compliance Officer</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (416) 943-4065</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (416) 943-6497</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or
at such other address and number as the party to whom such communication is to
be given shall have last notified the party giving the same in the manner
provided in this section.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.3&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">Deemed Delivery</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Section&nbsp;19.2:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any
communication delivered personally shall be deemed to have been given and received
on the day it is so delivered (or if that day is not a Business Day, on the
next succeeding Business Day); and</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any
communication given by facsimile, S.W.I.F.T., secured client access channels,
directly between electromechanical or electronic terminals (other than the
internet or unsecured lines of communication) or the internet (subject to
Sections 19.6 and 19.7) shall be deemed to have been given and received on the
Business Day it is transmitted provided that it was received before 3:00&nbsp;p.m.
(Toronto time) and, if received after 3:00&nbsp;p.m. (Toronto time), it shall
be deemed to have been given and received on the Business Day following the day
of transmission provided in each case that confirmation of transmission is
available from the party giving the communication.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.4&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">Telephone Directions</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With
respect to telephone directions, the Manager shall endeavor to forward
directions (other than by telephone) confirming such telephone directions on
the same day that such verbal directions are given to the Trustee.&#160; The fact that such confirming directions are
not received or that contrary directions are received by the Trustee shall in
no way affect the validity of transactions effected by the Trustee on the basis
of the telephone directions.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.5&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">Telephone Communications</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Manager agrees that some or all telephone conversations between the parties,
including directions or communication given by telephone, may be recorded by
the Trustee and that, in the event of any disagreement as to the content of any
directions or communication given by telephone, such recording shall be
conclusive and determinative of the contents of the directions or
communication.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">62</font></p>

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</div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.6&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">Internet</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager agrees and confirms, in connection with the services
provided by the Trustee to the Trust, that the Trustee may forward reports and
information to the Manager and/or to the Manager&#146;s authorized agents, and may
receive and act upon communications and instructions (including, without
limitation, directions) received from the Manager and/or the Manager&#146;s
authorized agents through the use of such form of electronic means of
communications (including the internet which is not a secure means of
communication) as may be agreed to from time to time in writing.&#160; Without limiting the terms of this Trust
Agreement, the Manager agrees and acknowledges that the Trustee shall bear no
responsibility or liability whatsoever for any errors and omissions, or direct,
indirect or consequential losses or damages that are attributable to the use of
the internet for the purposes set out herein and resulting or arising from
viruses or worms, or the interception, tampering or breach of confidentiality
of data or information transmitted which is not encrypted and authenticated in
accordance with the Trustee&#146;s encryption standards.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.7&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">Verification</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All
directions and instructions shall be given in one of the methods authorized by Section&nbsp;19.2
and shall be given by authorized officer(s)&nbsp;of the Manager and of any
other Person(s)&nbsp;or representative(s)&nbsp;including any Investment Manager
appointed by the Manager and authorized to act on behalf of the Manager.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Without
limiting the provisions of this Trust Agreement and subject to Subsection 11.2(a)&nbsp;and
Section&nbsp;19.6 hereof, the Manager also agrees that the Trustee may rely and
act upon any instructions or directions received from authorized officer(s)&nbsp;of
the Manager and of any other Person(s)&nbsp;or representative(s)&nbsp;including
any Investment Manager appointed by the Manager and authorized to act on behalf
of the Manager without the Trustee having to take any further actions of any
kind to verify or otherwise ascertain the validity of such instructions or
directions except to verify such personnel is duly authorized by the Manager in
accordance with the Certificate of Authorized Signing Authorities then on file
with the Trustee, and any such instructions or directions shall be binding on
the Manager on whose behalf the instructions or directions shall have been
given.&#160; The Trustee shall be entitled to
rely solely on such certificate then on file without further inquiry for
verification purposes.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 20<br>
AMENDMENTS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">Non-Material Amendments</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Any
provision of this Trust Agreement may be amended, deleted, expanded or varied
by the Manager, with the approval of the Trustee, upon notice to Unitholders in
accordance with Section&nbsp;20.4, if the amendment, in the opinion of Counsel
for either the Trustee or the Manager, does not constitute a material change and
does not relate to any of the matters specified in Section&nbsp;20.2, but no
amendment under this Section&nbsp;20.1 shall be made which adversely affects
the pecuniary value of the interest of any Unitholder or restricts any
protection provided to the Trustee or increases the responsibilities of the
Trustee hereunder.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">This
Trust Agreement may also be amended by the Manager without the approval of, or
notice to, Unitholders for the following purposes:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">63</font></p>

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</div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to
remove any conflicts or other inconsistencies which may exist between any terms
of this Trust Agreement and any provisions of any Applicable Law affecting the
Trust;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to
make any change or correction in this Trust Agreement which is of a
typographical nature or is required to cure or correct any ambiguity or
defective or inconsistent provision, clerical omission, mistake or manifest
error contained therein;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to bring this
Trust Agreement into conformity with Applicable Laws, rules&nbsp;and policies of
Securities Authorities, stock exchanges on which the Units are listed or with
current practice within the securities industry, provided that any such
amendment does not adversely affect the rights, privileges or interests of any
Unitholder;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to maintain, or
permit the Manager to take such steps as may be desirable or necessary to
maintain, the status of the Trust as a &#147;mutual fund trust&#148; for the purposes of
the Tax Act; or</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to
provide added protection to Unitholders.</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">Unitholder Approval</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Subject
to Subsections 20.2(b), (c)&nbsp;and (d)&nbsp;hereof, certain matters relating
to the Trust require approval by the Unitholders.&#160; Such approval must be given at a meeting duly
called for that purpose or by written resolution pursuant to Article&nbsp;16.&#160; Any provision of this Trust Agreement may be
amended, deleted, expanded or varied with the approval of the Unitholders for
the following purposes by resolution passed by an Ordinary Resolution, other
than Clauses 20.2(a)(i)&nbsp;and (ii)&nbsp;which require approval of Unitholders
by an Extraordinary Resolution:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">a change in the
fundamental investment objective of the Trust;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">a change in the
investment and operating restrictions of the Trust, unless such change or
changes are necessary to ensure compliance with Applicable Laws or other
requirements imposed from time to time by applicable Securities Authorities or
stock exchanges on which the Units are listed;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any change in the basis of
calculating a fee or expense that is charged to the Trust or directly to its
Unitholders by the Trust or the Manager in connection with the holding of Units
which could result in an increase in charges to the Trust or to its
Unitholders;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the introduction of a fee or
expense to be charged to the Trust or directly to its Unitholders by the Trust
or the Manager in connection with the holding of Units which could result in an
increase in charges to the Trust or to its Unitholders;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">a reduction in
the frequency of calculating the Net Asset Value of the Trust, the Net Asset Value
per Unit, the Class&nbsp;Net Asset Value or the Class&nbsp;Net Asset Value per
Unit;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">64</font></p>

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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">a change in the Manager,
unless the successor manager is an Affiliate of the current Manager or the
successor manager occurs primarily as a result of a Manager Reorganization;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Trust undertakes a
reorganization with, or transfers its assets to, another investment fund, if</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 120.5pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Trust ceases to continue
after the reorganization or transfer of assets, and</font></p>

<p style="margin:0in 0in .0001pt 120.5pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 120.5pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the transaction
results in the Unitholders becoming unitholders in the other investment fund;
or</font></p>

<p style="margin:0in 0in .0001pt 120.5pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Trust undertakes a
reorganization with, or acquires assets from, another investment fund, if</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 120.5pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Trust continues after
the reorganization or acquisition of assets,</font></p>

<p style="margin:0in 0in .0001pt 120.5pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 120.5pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the transaction
results in the unitholders of the other investment fund becoming Unitholders in
the Trust, and</font></p>

<p style="margin:0in 0in .0001pt 120.5pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 120.5pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the transaction
would be a material change to the Trust.</font></p>

<p style="margin:0in 0in .0001pt 120.5pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Despite
Subsection 20.2(a), the approval of Unitholders is not required to be obtained
for a change referred to in Clause 20.2(a)(iii)&nbsp;if</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
Trust is at arm&#146;s length to the Person charging the fee or expense to the Trust
which is changed,</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
Disclosure Documents disclose that, although the approval of Unitholders will
not be obtained before making the change, Unitholders will be sent a written
notice at least 60 days before the effective date of the change that is to be
made which could result in an increase in charges to the Trust, and</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the notice
referred to in Clause 20.2(b)(ii)&nbsp;is sent 60 days before the effective
date of the change.</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Despite
subsection 20.2(a), the approval of Unitholders is not required to be obtained
for a change referred to in clause 20.2(a)(vii)&nbsp;if</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
Independent Review Committee has approved the change in accordance with NI
81-107,</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
Trust is being reorganized with, or its assets are being transferred to,
another investment fund to which NI 81-102 and NI 81-107 apply and that is
managed by the Manager or its Affiliate,</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
reorganization or transfer of assets of the Trust complies with the criteria
set forth in NI 81-102,</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Disclosure
Documents disclose that, although the approval of Unitholders will not be
obtained before making the change, Unitholders will be sent a written notice at
least 60 days before the effective date of the change, and</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">65</font></p>

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</div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
notice to Unitholders referred to in Clause 20.2(c)(iv)&nbsp;is sent 60 days
before the effective date of the change.</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Any
reorganization or transfer of assets pursuant to Clauses 20.2(a)(vii)&nbsp;or (viii)&nbsp;above,
including a transaction approved by the Independent Review Committee pursuant
to Clause 20.2(c)(i), must satisfy the following criteria:</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
reorganization of the Trust with another investment fund or the transfer of
assets must be accomplished on a tax-deferred rollover basis for Unitholders
and for unitholders of the other investment fund and must be a tax-deferred
transaction for U.S. federal income tax purposes for U.S. Unitholders and for
unitholders of the other investment fund;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
investment fund with which the Trust is reorganized or which receives the Trust&#146;s
assets: (A)&nbsp;is classified as a corporation for U.S. federal income tax
purposes, (B)&nbsp;does not take any action inconsistent with its
classification as a corporation for U.S. federal income tax purposes, and (C)&nbsp;does
not elect to be treated as an entity other than a corporation for such
purposes; and</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the investment
fund surviving the reorganization or the transfer of assets: (A)&nbsp;within 45
days from the end of each taxable year of the investment fund, determines, or
causes to be determined, whether the investment fund was a PFIC in such taxable
year, (B)&nbsp;provides or causes to be provided to unitholders of the
investment fund all information necessary to enable unitholders or beneficial
owners of units of the investment fund, as applicable, to elect to treat the
investment fund as a QEF for U.S. federal income tax purposes and to comply
with any reporting or other requirements incident to such election, and (C)&nbsp;within
45 days from the end of each taxable year of the investment fund in which the
investment fund is a PFIC, provides, or causes to be provided, to unitholders
or beneficial owners of units of the investment fund, as applicable, a
completed &#147;PFIC Annual Information Statement&#148; as required by U.S. Treasury
Regulations Section&nbsp;1.1295-1(g)&nbsp;and otherwise complies with the
applicable requirements of the U.S. Treasury Regulations.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">In
addition, any material amendment, modification or variation in the provisions
of, or rights attaching to, a particular class or series of a class of Units
must be approved by an Extraordinary Resolution of the Unitholders of that
class or series of a class of Units, as the case may be.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.3&#160;&#160;&#160;&#160;&#160;&#160;&#160; Change of Auditors</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Auditors appointed by the Manager pursuant to Section&nbsp;17.3 may
not be changed unless:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
Independent Review Committee has approved the change of Auditors in accordance
with NI 81-107;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
Disclosure Documents disclose that, although the approval of Unitholders will
not be obtained before making the change, Unitholders will be sent a written
notice at least 60 days before the effective date of the change; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
notice to Unitholders referred to in Subsection 20.3(b)&nbsp;is sent 60 days
before the effective date of the change.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">66</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.4&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notice to Unitholders</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice of any amendment under Section&nbsp;20.1 shall be given in
writing to Unitholders and any such amendment shall take effect on a date to be
specified therein, which date shall be not less than 60 days after notice of
the amendment is given to Unitholders, except that the Manager and the Trustee
may agree that any amendment pursuant to Section&nbsp;20.1 shall become
effective at an earlier date if, in the opinion of the Manager and the Trustee,
an earlier date is desirable, provided such amendment does not adversely affect
the rights, privileges or interests of any Unitholder.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.5&#160;&#160;&#160;&#160;&#160;&#160;&#160; Approval of Trustee</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the approval of the Trustee is also required for any
amendment to this Trust Agreement if the amendment restricts any protection
provided to the Trustee or impacts the responsibilities of the Trustee
hereunder.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 21<br>
TERMINATION OF THE TRUST</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">21.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">Termination of the Trust</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 4.5pt;text-indent:-4.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust will be terminated
and dissolved in the event of any of the following:</font></p>

<p style="margin:0in 0in .0001pt 4.5pt;text-indent:-4.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">there are no
outstanding Units;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Trustee
resigns or is removed and no successor trustee is appointed by the Manager
within the time limit prescribed in Section&nbsp;13.4 hereof;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Manager
resigns and no successor manager is appointed by the Manager and approved by
Unitholders within the time limit prescribed in Section&nbsp;14.1 hereof; or</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">a Termination
Event Occurs.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">21.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">Notice of Termination</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager may at any time terminate and dissolve the Trust&#160; if, in the opinion of the Manager, after
consulting with the Independent Review Committee, the Net Asset Value of the
Trust has been reduced such that it is no longer economically feasible to
continue the Trust and it would be in the best interests of the Unitholders to
terminate the Trust, by giving to the Trustee and each then Unitholder written
notice of its intention to terminate at least 90 days before the effective date
on which the Trust is to be terminated.&#160;
To the extent such termination of the Trust in the discretion of the
Manager may involve a matter that would be a &#147;conflict of interest&#148; matter as
set forth under NI 81-107, the matter will be referred by the Manager to the
Independent Review Committee for its recommendation.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">21.3&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">Effect of Termination</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">In
the event of the winding-up of the Trust, the rights of Unitholders to require
redemption of any or all of their Units shall be suspended, the Manager or, in
the event of Subsection 21.1(d), such other Person appointed by the Trustee, the
Unitholders or a court of competent jurisdiction, as the case may be, shall
make appropriate arrangements for converting the investments of the Trust into
cash, and the Trustee shall proceed to wind-up the affairs of the Trust in such
manner as seems to it to be appropriate.&#160;
The assets of the Trust remaining after paying or providing for all
obligations and liabilities of the </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">67</font></p>

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</div>
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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 64.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust shall be distributed
among the Unitholders named in the Register as at 4:00&nbsp;p.m. (Toronto time)
on the effective date on which the Trust is to be terminated in accordance with
Article&nbsp;21 hereof.&#160; Distributions of
Net Income and Net Realized Capital Gains shall, to the extent not inconsistent
with the orderly realization of the assets of the Trust, continue to be made in
accordance with this Trust Agreement until the Trust has been wound up.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Notwithstanding
the foregoing, if a notice of termination has been given by the Manager and if
authorized by the vote of Unitholders holding Units representing in aggregate
not less than 50% of the Net Asset Value of the Units as determined in
accordance with this Trust Agreement, the assets of the Trust may be, in the
event of the winding-up the Trust, distributed to the Unitholders on the
termination of the Trust <i>in specie</i> in
whole or in part, and the Trustee shall have complete discretion to determine
the assets to be distributed to any Unitholder and their values for
distribution purposes.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">If
after a period of six months from the effective date on which the Trust was
terminated, the Registrar and Transfer Agent is unable to locate the owner of
any Units as shown on the Register, such amount as would be distributed to such
Unitholder shall be deposited by the Registrar and Transfer Agent in an account
in a chartered bank or trust company (including the Trustee) in Canada in the
name and to the order of such Unitholder upon presentation by such Unitholder
of sufficient information determined by the chartered bank or trust company to
be appropriate to verify such Unitholder&#146;s entitlement to such amount.&#160; Upon such deposit being made, the Units
represented thereby shall be cancelled and the Registrar and Transfer Agent,
the Manager and the Trustee shall thereupon be released from any and all
further liability with respect to such moneys.&#160;
Thereafter the Unitholder shall have no rights as against the Registrar
and Transfer Agent, the Manager or the Trustee to such moneys or an accounting
therefor.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">21.4&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><font size="2" style="font-size:10.0pt;">Termination of Trust Agreement</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon termination and dissolution of the Trust pursuant to this Article&nbsp;21,
this Trust Agreement shall terminate and all of the assets of the Trust shall
be distributed in accordance with Section&nbsp;21.3 above.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 22<br>
INVESTMENT POLICY</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; Investment Objective</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust was created to invest and hold substantially all of its
assets in physical gold bullion. The Trust seeks to provide a secure,
convenient and exchange-traded investment alternative for investors interested
in holding physical gold bullion without the inconvenience that is typical of a
direct investment in physical gold bullion.&#160;
The Trust does not anticipate making regular cash distributions to
Unitholders.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; Investment Strategy</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust intends to achieve its objective by investing primarily in
long-term holdings of unencumbered, fully allocated, physical gold bullion and
will not speculate with regard to short-term changes in gold prices.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">68</font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.3&#160;&#160;&#160;&#160;&#160;&#160;&#160; Investment and
Operating Restrictions</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The investment activities of the Trust are intended to be conducted in
accordance with, among other things, the following investment and operating
restrictions and they provide that the Trust:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">will invest in
and hold a minimum of 90% of the total net assets of the Trust in physical gold
bullion in London Good Delivery bar form and hold no more than 10% of the total
net assets of the Trust, at the discretion of the Manager, in physical gold
bullion (in London Good Delivery Bar form or otherwise), gold coins, </font><font size="2" style="font-size:10.0pt;">debt
obligations of or guaranteed by the Government of Canada or a province of
Canada or by the Government of the United States of America or a state thereof,
short-term commercial paper obligations of a corporation or other person whose
short-term commercial paper is rated R-1 (or its equivalent, or higher) by
Dominion Bond Rating Service Limited or its successors or assigns or F1 (or its
equivalent, or higher) by Fitch Ratings or its successors or assigns or A-1 (or
its equivalent, or higher) by Standard&nbsp;&amp; Poor&#146;s or its successors or
assigns or P-1 (or its equivalent, or higher) by Moody&#146;s Investor Service or
its successors or assigns, interest-bearing accounts and short-term
certificates of deposit issued or guaranteed by a Canadian chartered bank or
trust company, money market mutual funds, </font><font size="2" style="font-size:10.0pt;">short-term government debt
or short-term investment grade corporate debt, </font><font size="2" style="font-size:10.0pt;">or other short-term debt
obligations approved by the Manager from time to time (for the purpose of this
paragraph, the term &#147;short-term&#148; means having a date of maturity or call for
payment not more than 182 days from the date on which the investment is made</font><font size="2" style="font-size:10.0pt;">), except during
the 60-day period following the closing of the Trust&#146;s initial public offering
or additional offerings or prior to the distribution of the assets of the
Trust;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">will store all
physical gold bullion owned by the Trust at the Gold Custodian or in the
treasury vaults of a Schedule I Canadian chartered bank or an Affiliate or
division thereof in Canada on a fully allocated basis, provided that the
physical gold bullion held in London Good Delivery bar form may be stored with
a custodian only if the physical gold bullion will remain London Good Delivery
while with that custodian;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">will not hold
any &#147;taxable Canadian Property&#148; within the meaning of the Tax Act;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">will not
purchase, sell or hold derivatives;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">will not issue
Units following the completion of the Trust&#146;s initial public offering except (i)&nbsp;if
the gross proceeds per Unit to be received by the Trust are not less than 100%
of the most recently calculated Net Asset Value per Unit prior to, or upon, the
determination of the pricing of such issuance or (ii)&nbsp;by way of Unit
distribution in connection with an income distribution;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">will ensure
that no part of the stored physical gold bullion may be delivered out of
safekeeping by the Gold Custodian or, if the physical gold bullion is held by
another custodian, that custodian, without receipt of an instruction from the
Manager in the form specified by the Gold Custodian or such other custodian
indicating the purpose of the delivery and giving direction with respect to the
specific amount;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">will ensure
that no director or officer of the Manager or the Manager&#146;s general partner, or
representative of the Trust or the Manager will be authorized to enter into the
physical gold bullion storage vaults without being accompanied by at least one representative
of </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">69</font></p>

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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Gold Custodian or, if
the physical gold bullion is held by another custodian, that custodian, as the
case may be;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">will ensure
that the physical gold bullion remains unencumbered;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">will inspect or
cause to be inspected the stored physical gold bullion periodically on a spot
inspection basis and, together with a representative of the Auditors,
physically audit each bar annually to confirm the bar number;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">will not
guarantee the securities or obligations of any Person other than the Manager,
and then only in respect of the activities of the Trust;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">in connection
with requirements of the Tax Act, will not make or hold any investment that
would result in the Trust failing to qualify as a &#147;mutual fund trust&#148; within
the meaning of the Tax Act;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">in connection
with requirements of the Tax Act, will not invest in any security that would be
a tax shelter investment within the meaning of section 143.2 of the Tax Act;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">in connection
with requirements of the Tax Act, will not invest in the securities of any
non-resident corporation, trust or other non-resident entity (or of any
partnership that holds such securities) if the Trust (or the partnership) would
be required to mark its investment in such securities to market in accordance
with the proposed section 94.2 of the Tax Act or to include any significant
amounts in income pursuant to proposed sections 94.1 or 94.3 of the Tax Act or
invest in any non-resident trust other than an &#147;exempt foreign trust&#148; as set
forth in Bill C-10, which was previously before the Canadian Parliament (or
amendments to such proposals or provisions as enacted into the law or successor
provisions thereto);</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">in connection
with requirements of the Tax Act, will not invest in any security of an issuer
that would be foreign Affiliate of the Trust for purposes of the Tax Act; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">in connection
with requirements of the Tax Act, will not carry on any business and make or
hold any investments that would result in the Trust itself being subject to the
tax for SIFT trusts as provided for in section 122 of the Tax Act.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.4&#160;&#160;&#160;&#160;&#160;&#160;&#160; Investment and
Reinvestment by the Trust</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust and the Manager shall not, in carrying out investment
activities, be in any way restricted by the provisions of the laws of any
jurisdiction limiting or purporting to limit investments which may be made by
trustees, and shall be entitled to vary the investments of the Trust, but shall
be limited by any Investment Policy contained herein and the Applicable Laws to
which the Trust is subject.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE 23<br>
GENERAL</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; Compliance with Law
and Policy</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It shall be the responsibility of the Manager to ensure that this Trust
Agreement, the Disclosure Documents and all regulatory filings of the Trust and
any distribution of Units comply with all Applicable Laws.&#160; To this end, the Manager, on behalf of a
Trust, shall take such action and execute such deeds and </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">70</font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">documents as may be necessary or desirable to be filed with appropriate
Securities Authorities on behalf of the Trust.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; Governing Law</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Trust Agreement and the trust hereby created shall be governed by,
and construed in accordance with, the laws of the Province of Ontario and the
parties hereto irrevocably attorn to the non-exclusive jurisdiction of the
courts of the Province of Ontario.&#160; The
responsibilities of the Trustee shall be principally performed from its office
at Toronto, Ontario unless otherwise agreed by the Manager and the Trustee.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.3&#160;&#160;&#160;&#160;&#160;&#160;&#160; Computation of Time</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In computing the date when notice must be given under any provision of
this Trust Agreement requiring a specified number of days&#146; notice of any
meeting or other event, the date of giving the notice shall be excluded and the
date of the meeting or other event shall be included.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.4&#160;&#160;&#160;&#160;&#160;&#160;&#160; Omissions and Errors</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The accidental omission to give any notice to any Unitholder, the
Trustee, the Manager or the Auditors or the non-receipt of any notice by any
such Person or any error in any notice not affecting the substance thereof
shall not invalidate any action taken at any meeting held pursuant to such
notice or otherwise founded thereon.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.5&#160;&#160;&#160;&#160;&#160;&#160;&#160; Time</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Time shall be of the essence of this Trust Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.6&#160;&#160;&#160;&#160;&#160;&#160;&#160; Counterparts and
Facsimile</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Trust Agreement may be executed by any party to this Trust
Agreement by such party signing a counterpart of this Trust Agreement, and such
counterparts together shall constitute a single instrument.&#160; This Trust Agreement may be executed for
acceptance by facsimile transmission, and the parties agree to exchange
original executed copies within five Business Days following such acceptance.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.7&#160;&#160;&#160;&#160;&#160;&#160;&#160; Complete Agreement</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Trust Agreement and all schedules attached hereto supersede and
replace all prior negotiations and agreements made between the parties to this
Trust Agreement, whether oral or written and contain the entire understanding
between the parties with respect to the subject matter of this Trust Agreement.&#160; The parties agree to the correction of any
clerical error in this Trust Agreement as clarified by the drafting solicitor
acting reasonably.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.8&#160;&#160;&#160;&#160;&#160;&#160;&#160; Severability</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If any provision of this Trust Agreement is or becomes illegal, invalid
or unenforceable, in whole or in part, in any jurisdiction, the illegality,
invalidity or unenforceability of that provision will not affect (i)&nbsp;the
legality, validity or enforceability of the remaining provisions of this Trust
Agreement or (ii)&nbsp;the legality, validity or enforceability of that
provision in any other jurisdiction.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">71</font></p>

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</div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.9&#160;&#160;&#160;&#160;&#160;&#160;&#160; Inspection of
Documents</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Trust Agreement shall be open to inspection by Unitholders and any
agent, consultant or creditor of the Trust on a need to know basis as determined
by the Manager, acting reasonably, and, upon written request from any
Unitholder, the Manager shall as quickly as reasonably possible furnish such
Unitholder with a copy hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">[The remainder of this page&nbsp;has been intentionally left
blank.]</font></i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">72</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=78,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=769775,FOLIO='72',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-17_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 07:54 2009' -->



<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IN
WITNESS WHEREOF</font></b><font size="2" style="font-size:10.0pt;"> the parties have caused
this Trust Agreement to be executed by their respective duly authorized
officers effective as of the day and year first above written.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SPROTT ASSET MANAGEMENT LP</font></b><font size="2" style="font-size:10.0pt;">,
  by its general partner, <b>SPROTT ASSET MANAGEMENT
  GP INC.</b>, in its capacity as the Manager of the Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Signed) Eric S. Sprott</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eric S. Sprott</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Executive Officer</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Signed) Kirstin H. McTaggart</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kirstin H. McTaggart</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporate Secretary</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have the authority to bind the Manager.</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RBC DEXIA INVESTOR SERVICES TRUST</font></b><font size="2" style="font-size:10.0pt;">,
  in its capacity as the Trustee of the Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Signed) Brent Wilkins</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brent Wilkins</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Head, Americas Sales &amp; Distribution</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Signed) John Lockbaum</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John Lockbaum</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Managing Director, Canada</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have the authority to bind the Trustee.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">73</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=79,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=887894,FOLIO='73',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-19_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 08:48 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE A</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ANNUAL CERTIFICATE OF COMPLIANCE</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 35.45pt;text-indent:-35.45pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TO:</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">RBC DEXIA INVESTOR SERVICES TRUST </font></b><font size="2" style="font-size:10.0pt;">(the &#147;<b>Trustee</b>&#148;)</font><font size="2" style="font-size:10.0pt;">, in
its capacity as the trustee of Sprott Physical Gold Trust</font></p>

<p style="margin:0in 0in .0001pt 35.45pt;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In accordance with the terms of an amended and restated trust agreement
dated as of December&nbsp;7, 2009, as the same may be further amended,
restated, supplemented or replaced&#160; from
time to time (the &#147;<b>Trust Agreement</b>&#148;),
relating to Sprott Physical Gold Trust (the &#147;<b>Trust</b>&#148;),
Sprott Asset Management LP (the &#147;<b>Manager</b>&#148;) was
appointed the manager of the Trust.&#160; All
capitalized terms not otherwise defined herein shall have the meaning ascribed
thereto in the Trust Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to the Manager and the Gold Custodian, as applicable, the
Manager hereby certifies and confirms that with respect to the 12 month period
ending December&nbsp;31, 20&nbsp;&nbsp;&nbsp;&nbsp;, to the best of its
knowledge and belief:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All investments
of the Trust are in compliance with the Investment Policy and other
investment-related information disclosed in the Trust Agreement and the
Disclosure Documents, and are in compliance with any other regulatory
restriction or policy applicable to investments by the Trust.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Manager has
complied with its obligations specifically relating to the Gold Bullion as set
out in the Trust Agreement including, for greater certainty, the Investment
Policy.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
Gold Custodian has been appointed pursuant to the terms of a Storage Agreement
or custodial agreement that complies with all requirements in Part&nbsp;6 of NI
81-102.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">In
accordance with the Disclosure Documents and the Trust Agreement, the
authenticity of all Gold Bullion held for the Trust by the Gold Custodian is
still verified as containing between 350 to 430 troy ounces per London Good
Delivery bar and all such bars retain their London Good Delivery status with no
less than the required minimum fineness related thereto as determined by the
London Bullion Market Association from time to time.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
Gold Custodian maintains adequate insurance coverage appropriate for, and
consistent with, other custodians of Gold Bullion in the relevant markets where
the Gold Bullion is held and the Gold Custodian will not cancel such insurance
except upon 30 days prior notice to the Manager. The material details of such
insurance have been disclosed in the Disclosure Documents.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All
of the Gold Bullion owned by the Trust is stored and held by the Gold Custodian
on an unencumbered and fully allocated basis in appropriate vault facilities
verified by the Manager to be appropriate to hold and store the Gold Bullion in
the relevant markets where the Gold Bullion is held, and there are no current
storage constraints at the facilities of the Gold Custodian.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
Gold Custodian maintains proper records, procedures and internal controls and
safeguards relating to the holding and storage, recording, access to, and
release of, the Gold Bullion.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
Auditors will be present during, and will verify a physical count of all of the
Gold Bullion owned by the Trust at least once every calendar year and the Gold
Custodian&#146;s premises and</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=80,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=947961,FOLIO='',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-19_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 08:48 2009' -->


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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">books and records will be open for inspection and
audit by the Auditors at least once per calendar year.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">There
are no material litigation, claims, fraud or audit issues presently outstanding
against the Gold Custodian which have not been previously disclosed to the
Trustee.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
Gold Custodian continues to be a financially viable company in compliance with all
Applicable Laws and in good standing with any regulatory authority and/or
governing body having jurisdiction over its corporate status, affairs and
related services, including the handling and storage of Gold Bullion.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Gold
Custodian continues to act as the custodian of the Gold Bullion owned by the
Trust as of the date hereof.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All
confirmations, quarterly statements, tax receipts, and annual and interim
financial statements of the Trust have been delivered to Unitholders as
required under Applicable Laws.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All regulatory
filings required to be made by the Trust, such as the annual and interim
financial statements of the Trust, have been completed.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All regulatory
filings required to be made by the Manager, including annual renewals of its
securities registration under Applicable Laws, have been completed.&#160; The Manager is not under investigation by any
regulatory authority.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Manager has
complied with all of its obligations under Applicable Laws applicable to it and
its duties and responsibilities under the Trust Agreement.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">There is no
litigation pending against the Manager or the Trust which has not already been
disclosed to the Trustee.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
distribution of the Units by the Underwriters, the Manager or its selling agents
is in compliance with Applicable Laws and regulatory requirements.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(r)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All
subscriptions, notices of redemption or transfers of Units were accepted by the
Manager prior to the Valuation Time.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(s)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The audited
annual financial statements and the unaudited interim financial statements of
the Trust have been prepared and are complete, accurate and approved as
required.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(t)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All
documentation required to be forwarded to the Trustee by the Manager has been
so forwarded (including, for greater certainty, annual and interim financial
statements of the Trust, including auditors report thereon, as applicable, both
external and internal, statements of holdings of the Trust and internal control
documents).</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(u)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Manager
has, on a regular basis, but not less frequently than monthly, reviewed the
investments of the Trust to ensure, where applicable, that the Trust continues
to qualify as a registered investment under the Tax Act.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Manager
has, on a regular basis, but not less frequently than monthly, where
applicable,</font><font size="2" style="font-size:10.0pt;"> reviewed the investments of the Trust to determine if the Trust is
subject to penalty taxes imposed by Part&nbsp;X.2 of the Tax Act on certain
investments made by a registered investment.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=81,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=736776,FOLIO='2',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-19_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 08:48 2009' -->


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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(w)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Trust
qualifies as a &#147;unit trust&#148; pursuant to subsection 108(2)&nbsp;of the Tax Act
and a &#147;mutual fund trust&#148; pursuant to subsection 132(6)&nbsp;of the Tax Act.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Manager has
provided to the Trustee all necessary information to enable the Trustee to
accurately complete the tax return(s)&nbsp;of the Trust by March&nbsp;31 (or March&nbsp;30
in the case of a leap year) of each year or, alternatively, if the Trustee has
not itself prepared and filed the tax return(s)&nbsp;of the Trust, the Manager
has provided a copy of such tax return(s)&nbsp;of the Trust to the Trustee.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(y)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Current
certified copies of the Manager&#146;s signing authorities have been provided to the
Trustee and may be relied upon by the Trustee.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(z)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Manager
shall promptly inform the Trustee should the Trust fail to comply with any
restrictions and conditions hereto.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(aa)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">If applicable,
the Trust is entitled to claim an exemption from U.S. withholding tax on the
basis of the provisions of Article&nbsp;XXI of the U.S. / Canadian tax treaty
and certifies to the best of its knowledge and belief that all Unitholders are
pension, retirement or employee benefit arrangements, or a trust or other
arrangement whose unitholders are all pension, retirement or employee benefit
arrangements.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DATED</font></b><font size="2" style="font-size:10.0pt;">
this
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
day of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ,
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SPROTT ASSET MANAGEMENT LP</font></b><font size="2" style="font-size:10.0pt;">,
  by its general partner, <b>SPROTT ASSET MANAGEMENT
  GP INC.</b>, in its capacity as the Manager of the Trust</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eric S. Sprott</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Executive Officer</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kirstin H. McTaggart</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporate Secretary</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=82,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=116463,FOLIO='3',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-19_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 08:48 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE B</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INTERIM CERTIFICATE OF COMPLIANCE</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 35.45pt;text-indent:-35.45pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TO:</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">RBC DEXIA INVESTOR SERVICES TRUST </font></b><font size="2" style="font-size:10.0pt;">(the &#147;<b>Trustee</b>&#148;)</font><font size="2" style="font-size:10.0pt;">, in
its capacity as the trustee of Sprott Physical Gold Trust</font></p>

<p style="margin:0in 0in .0001pt 35.45pt;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In accordance with the terms of an amended and restated trust agreement
dated as of December&nbsp;7, 2009, as the same may be further amended,
restated, supplemented or replaced&#160; from
time to time (the &#147;<b>Trust Agreement</b>&#148;),
relating to Sprott Physical Gold Trust (the &#147;<b>Trust</b>&#148;),
Sprott Asset Management LP (the &#147;<b>Manager</b>&#148;) was
appointed the manager of the Trust.&#160; All
capitalized terms not otherwise defined herein shall have the meaning ascribed
thereto in the Trust Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to the Manager and the Gold Custodian, as applicable, the
Manager hereby certifies and confirms that with respect to the six month period
ending June&nbsp;30, 20&#160;&#160;&#160;&#160;&#160;&#160; , to the
best of its knowledge and belief:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
Manager has complied with its obligations specifically relating to the Gold
Bullion as set out in the Trust Agreement including, for greater certainty, the
Investment Policy.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
Gold Custodian has been appointed pursuant to the terms of a Storage Agreement
or custodial agreement that complies with all requirements in Part&nbsp;6 of NI
81-102.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">In
accordance with the Disclosure Documents and the Trust Agreement, the
authenticity of all Gold Bullion held for the Trust by the Gold Custodian is
still verified as containing between 350 to 430 troy ounces per London Good
Delivery bar and all such bars retain their London Good Delivery status with no
less than the required minimum fineness related thereto as determined by the
London Bullion Market Association from time to time.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
Gold Custodian maintains adequate insurance coverage appropriate for, and
consistent with, other custodians of Gold Bullion in the relevant markets where
the Gold Bullion is held and the Gold Custodian will not cancel such insurance
except upon 30 days prior notice to the Manager. The material details of such
insurance have been disclosed in the Disclosure Documents.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All
of the Gold Bullion owned by the Trust is stored and held by the Gold Custodian
on an unencumbered and fully allocated basis in appropriate vault facilities
verified by the Manager to be appropriate to hold and store the Gold Bullion in
the relevant markets where the Gold Bullion is held, and there are no current
storage constraints at the facilities of the Gold Custodian.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
Gold Custodian maintains proper records, procedures and internal controls and
safeguards relating to the holding and storage, recording, access to, and
release of, the Gold Bullion.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
Auditors will be present during, and will verify a physical count of all of the
Gold Bullion owned by the Trust at least once every calendar year and the Gold
Custodian&#146;s premises and books and records will be open for inspection and
audit by the Auditors at least once per calendar year.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">There
are no material litigation, claims, fraud or audit issues presently outstanding
against the Gold Custodian which have not been previously disclosed to the
Trustee.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=83,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=363949,FOLIO='',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-19_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 08:48 2009' -->


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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
Gold Custodian continues to be a financially viable company in compliance with
all Applicable Laws and in good standing with any regulatory authority and/or
governing body having jurisdiction over its corporate status, affairs and
related services, including the handling and storage of Gold Bullion.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The
Gold Custodian continues to act as the custodian of the Gold Bullion owned by
the Trust as of the date hereof.</font></p>

<p style="margin:0in 0in .0001pt 42.55pt;text-indent:-42.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DATED</font></b><font size="2" style="font-size:10.0pt;">
this
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
day of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ,
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SPROTT ASSET MANAGEMENT LP</font></b><font size="2" style="font-size:10.0pt;">,
  by its general partner, <b>SPROTT ASSET MANAGEMENT
  GP INC.</b>, in its capacity as the Manager of the Trust</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eric S. Sprott</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Executive Officer</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kirstin H. McTaggart</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporate Secretary</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE C</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CERTIFICATE OF AUTHORIZED SIGNING
AUTHORITIES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">[To be attached hereto.]</font></i></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE D</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">LIST OF DESIGNATED MARKETS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nigeria</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Russian Federation</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vietnam</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE E</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORM&nbsp;OF GOLD REDEMPTION NOTICE</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.38%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DATE:</font></b></p>
  </td>
  <td width="27%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:61.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:88.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.38%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TO:</font></b></p>
  </td>
  <td width="88%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:88.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equity Transfer&nbsp;&amp; Trust Company (&#147;<b>Equity
  Transfer</b>&#148;), as the registrar and transfer agent of Sprott Physical
  Gold Trust (the &#147;<b>Trust</b>&#148;)</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:88.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ticker Symbol:</font></p>
  </td>
  <td width="23%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CUSIP number</font></p>
  </td>
  <td width="29%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:88.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:88.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:88.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:88.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax No:</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:88.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.38%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AND TO:</font></b></p>
  </td>
  <td width="88%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:88.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sprott Asset Management LP (the &#147;<b>Manager</b>&#148;), as
  the manager of the Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.38%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="88%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:88.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.38%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RE:</font></b></p>
  </td>
  <td width="88%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:88.62%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Gold Redemption Notice under Section&nbsp;6.1 of
  the Trust Agreement of the Trust</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.38%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="88%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:88.62%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="7" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr height="0">
  <td width="85" style="border:none;"></td>
  <td width="119" style="border:none;"></td>
  <td width="84" style="border:none;"></td>
  <td width="92" style="border:none;"></td>
  <td width="30" style="border:none;"></td>
  <td width="121" style="border:none;"></td>
  <td width="217" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned (the &#147;<b>Unitholder</b>&#148;),
the holder of
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
units of the Trust (the &#147;<b>Units</b>&#148;)
designated above by its Toronto Stock Exchange or New York Stock Exchange Arca
ticker symbol and CUSIP number, requests the redemption for physical gold
bullion of the aforementioned Units in accordance with, and subject to the
terms and conditions set forth in, an amended and restated trust agreement of
the Trust dated as of December&nbsp;7, 2009, as the same may be further
amended, restated or supplemented from time to time, and directs Equity
Transfer to cancel such Units on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.&#160; All physical gold bullion shall be delivered
to the following address by armoured transportation service carrier, which the
undersigned hereby authorizes the Manager or its agent to retain on the
undersigned&#146;s behalf.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Delivery Instructions:</font></p>
  </td>
  <td width="81%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:81.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:46.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature of Unitholder</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature Guarantee</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:46.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Print Name</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:46.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Print Address</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOTE</font></b><font size="2" style="font-size:10.0pt;">:</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The name and address of the Unitholder set forth in this Gold
  Redemption Notice must correspond with the name and address as recorded on
  the register of the Trust maintained by Equity Transfer. The signature of the
  person executing this Gold Redemption Notice must be guaranteed by a Canadian
  chartered bank, or by a medallion signature guarantee from a member of a
  recognized Signature Medallion Guarantee Program.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=87,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=186423,FOLIO='',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-19_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 08:48 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE F</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORM&nbsp;OF CASH REDEMPTION NOTICE</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DATE:</font></b></p>
  </td>
  <td width="27%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:61.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:88.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TO:</font></b></p>
  </td>
  <td width="88%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:88.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equity Transfer&nbsp;&amp; Trust Company (&#147;<b>Equity
  Transfer</b>&#148;), as the registrar and transfer agent of Sprott Physical
  Gold Trust (the &#147;<b>Trust</b>&#148;)</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="88%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:88.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ticker Symbol:</font></p>
  </td>
  <td width="24%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CUSIP number</font></p>
  </td>
  <td width="29%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:88.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:88.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:88.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:88.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax No:</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:88.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AND TO:</font></b></p>
  </td>
  <td width="88%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:88.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sprott Asset Management LP (the &#147;<b>Manager</b>&#148;), as
  the manager of the Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:88.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RE:</font></b></p>
  </td>
  <td width="88%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:88.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Cash Redemption Notice under Section&nbsp;6.3 of
  the Trust Agreement of the Trust</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="88%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:88.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="7" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr height="0">
  <td width="85" style="border:none;"></td>
  <td width="125" style="border:none;"></td>
  <td width="78" style="border:none;"></td>
  <td width="102" style="border:none;"></td>
  <td width="22" style="border:none;"></td>
  <td width="112" style="border:none;"></td>
  <td width="223" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned (the &#147;<b>Unitholder</b>&#148;),
the holder of
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
units of the Trust (the &#147;<b>Units</b>&#148;)
designated above by its Toronto Stock Exchange or New York Stock Exchange Arca
ticker symbol and CUSIP number, requests the redemption for cash of the
aforementioned Units in accordance with, and subject to the terms and
conditions set forth in, an amended and restated trust agreement of the Trust
dated as of December&nbsp;7, 2009, as the same may be further amended, restated
or supplemented from time to time, and directs Equity Transfer to cancel such
Units on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wiring Instructions:</font></p>
  </td>
  <td width="83%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:83.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:47.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:46.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature of Unitholder</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:47.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature Guarantee</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:46.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Print Name</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:46.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Print Address</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOTE</font></b><font size="2" style="font-size:10.0pt;">:</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The name and address of the Unitholder set forth in this Cash Redemption
  Notice must correspond with the name and address as recorded on the register
  of the Trust maintained by Equity Transfer. The signature of the person
  executing this Cash Redemption Notice must be guaranteed by a Canadian
  chartered bank, or by a medallion signature guarantee from a member of a
  recognized Signature Medallion Guarantee Program.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=88,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=418347,FOLIO='',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KE-19_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 08:48 2009' -->


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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>a2195768zex-4_1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
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<p align="right" style="margin:0pt 0pt .0001pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT
4.1</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VOID
VOID VOID</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="14%" valign="top" style="padding:0pt .5pt 0pt .5pt;width:14.18%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NUMBER</font></p>
  </td>
  <td width="71%" valign="top" style="padding:0pt .5pt 0pt .5pt;width:71.44%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="padding:0pt .5pt 0pt .5pt;width:14.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UNITS</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt .5pt 0pt .5pt;width:14.18%;">
  <p style="margin:0pt 0pt .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="71%" valign="top" style="padding:0pt .5pt 0pt .5pt;width:71.44%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="padding:0pt .5pt 0pt .5pt;width:14.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*1**********</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt .5pt 0pt .5pt;width:14.18%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GS98</font></p>
  </td>
  <td width="71%" valign="top" style="padding:0pt .5pt 0pt .5pt;width:71.44%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SPROTT
  PHYSICAL GOLD TRUST</font></b></p>
  </td>
  <td width="14%" valign="top" style="padding:0pt .5pt 0pt .5pt;width:14.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">**1*********</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt .5pt 0pt .5pt;width:14.18%;">
  <p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="71%" valign="top" style="padding:0pt .5pt 0pt .5pt;width:71.44%;">
  <p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0pt .5pt 0pt .5pt;width:14.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">***1********</font></p>
  </td>
 </tr>
 <tr>
  <td width="14%" valign="top" style="padding:0pt .5pt 0pt .5pt;width:14.18%;">
  <p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="71%" valign="top" style="padding:0pt .5pt 0pt .5pt;width:71.44%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ESTABLISHED UNDER THE
  LAWS OF THE PROVINCE OF ONTARIO</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0pt .5pt 0pt .5pt;width:14.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*****1******</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" valign="top" style="padding:0pt .5pt 0pt .5pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS CERTIFIES THAT</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;text-align:justify;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">**SPECIMEN** 1 Class&nbsp;A **CUSIP**Certificate
GS98****SPECIMEN** 1 Class&nbsp;A **CUSIP**Certificate GS98**SPECIMEN** 1
Class&nbsp;A **CUSIP**Certificate GS98**SPECIMEN** 1 Class&nbsp;A
**CUSIP**Certificate GS98**SPECIMEN** 1 Class&nbsp;A **CUSIP**Certificate
GS98**SPECIMEN** 1 Class&nbsp;A **CUSIP**Certificate GS98**SPECIMEN** 1
Class&nbsp;A **CUSIP**Certificate GS98**SPECIMEN** 1 Class&nbsp;A
**CUSIP**Certificate GS98**SPECIMEN** 1 Class&nbsp;A **CUSIP**Certificate
GS98**SPECIMEN** 1 Class&nbsp;A **CUSIP**Certificate GS98**SPECIMEN** 1
Class&nbsp;A **CUSIP**Certificate GS98**SPECIMEN** 1 Class&nbsp;A **CUSIP**Certificate
GS98**SPECIMEN** 1 Class&nbsp;A **CUSIP**Certificate GS98**SPECIMEN** 1
Class&nbsp;A **CUSIP**</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">is the registered owner of</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">**SPECIMEN** 1 Class&nbsp;A **CUSIP**Certificate
GS98****SPECIMEN** 1 Class&nbsp;A **CUSIP**Certificate GS98**SPECIMEN** 1
Class&nbsp;A **CUSIP**Certificate GS98**SPECIMEN** 1 Class&nbsp;A
**CUSIP**Certificate GS98**SPECIMEN** 1 Class&nbsp;A **CUSIP**Certificate
GS98**SPECIMEN** 1 Class&nbsp;A **CUSIP**Certificate GS98**SPECIMEN** 1
Class&nbsp;A **CUSIP**Certificate GS98**SPECIMEN** 1 Class&nbsp;A
**CUSIP**Certificate GS98**SPECIMEN** 1 Class&nbsp;A **CUSIP**Certificate
GS98**SPECIMEN** 1 Class&nbsp;A **CUSIP**Certificate GS98**SPECIMEN** 1
Class&nbsp;A **CUSIP**Certificate GS98**SPECIMEN** 1 Class&nbsp;A
**CUSIP**Certificate GS98**SPECIMEN** 1 Class&nbsp;A **CUSIP**Certificate
GS98**SPECIMEN** 1 Class&nbsp;A **CUSIP**</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FULLY PAID AND NON-ASSESSABLE UNITS OF</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SPROTT PHYSICAL GOLD TRUST</font></b></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">transferable only on the books of the Trust by the
registered holder in person or by duly authorized Attorney on surrender of this
Certificate properly endorsed.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Certificate
is not valid until countersigned and registered by the Transfer Agent and
Registrar of the Trust.</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF
the Trust has caused this Certificate to be signed by its duly authorized
signatories.</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="58%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:58.34%;">
  <p style="margin:0pt 0pt .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SPROTT ASSET MANAGEMENT LP,</font></b></p>
  </td>
  <td width="41%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:41.66%;">
  <p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DATED 2007/03/24</font></p>
  </td>
 </tr>
 <tr>
  <td width="58%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:58.34%;">
  <p style="margin:0pt 0pt .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">by its General Partner, SPROTT
  ASSET MANAGEMENT GP INC.</font></b></p>
  </td>
  <td width="41%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:41.66%;">
  <p style="margin:0pt 0pt .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="58%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:58.34%;">
  <p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:41.66%;">
  <p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COUNTERSIGNED AND REGISTERED BY</font></p>
  </td>
 </tr>
 <tr>
  <td width="58%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:58.34%;">
  <p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:41.66%;">
  <p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equity Transfer&nbsp;&amp; Trust Company Toronto,
  Ontario, Canada.</font></p>
  </td>
 </tr>
 <tr>
  <td width="58%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:58.34%;">
  <p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:41.66%;">
  <p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transfer Agent and Registrar</font></p>
  </td>
 </tr>
 <tr>
  <td width="58%" colspan="2" valign="top" style="padding:0pt 0pt 0pt 0pt;width:58.34%;">
  <p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.58%;">
  <p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:37.08%;">
  <p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:34.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Eric
  S. Sprott</font></b></p>
  </td>
  <td width="24%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:24.34%;">
  <p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Steven Rostowsky</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.58%;">
  <p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="37%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:37.08%;">
  <p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:34.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Chief
  Executive Officer</font></b></p>
  </td>
  <td width="24%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:24.34%;">
  <p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt 0pt 0pt 0pt;width:4.58%;">
  <p style="margin:0pt 0pt .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="37%" valign="top" style="border:none;padding:0pt 0pt 0pt 0pt;width:37.08%;">
  <p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AUTHORIZED OFFICER</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The Units represented by this
Certificate are transferable at the offices of Equity Transfer &amp; Trust
Company, Toronto, Ontario, Canada</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECURITY INSTRUCTIONS ON
REVERSE&nbsp;&nbsp;&nbsp;VOIR LES INSTRUCTIONS DE SECURITE AU VERSO</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0pt 0pt .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=1,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="3",CHK=124676,FOLIO='',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KG-01_ZEJ14003.CHC",USER="JDAY",CD='Dec  8 15:02 2009' -->



<div>
<!-- COMMAND=ROTATED_TABLE WIDTH="150%" -->

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="32%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:32.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">FORM OF GOLD REDEMPTION
  NOTICE</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:32.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">FORM OF CASH REDEMPTION
  NOTICE</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">FOR VALUE RECEIVED.</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:32.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:32.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.86%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">DATE:</font></p>
  </td>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">DATE:</font></p>
  </td>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:32.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:32.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">hereby sell, assign and
  transfer unto</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:32.8%;">
  <p style="margin:0in 0in .0001pt .3in;text-indent:-.3in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">TO: &nbsp; Equity Transfer &amp; Trust Company (&#147;Equity
  Transfer&#148;), as the registrar and transfer agent of the Sprott Physical Gold
  Trust (the &#147;Trust&#148;)</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt .3in;text-align:center;text-indent:-.3in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:32.72%;">
  <p style="margin:0in 0in .0001pt .3in;text-indent:-.3in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">TO:&nbsp;&nbsp; Equity Transfer &amp; Trust Company
  (&#147;Equity Transfer&#148;), as the registrar and transfer agent of the Sprott
  Physical Gold Trust (the &#147;Trust&#148;)</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" valign="bottom" style="padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:32.8%;">
  <p style="margin:0in 0in .0001pt .3in;text-indent:-.3in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt .3in;text-align:center;text-indent:-.3in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:32.72%;">
  <p style="margin:0in 0in .0001pt .3in;text-indent:-.3in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">PLEASE INSERT SOCIAL
  INSURANCE NUMBER OF TRANSFEREE</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Ticker Symbol</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Ticker Symbol</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:32.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:32.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(PLEASE PRINT OR
  TYPEWRITE NAME AND ADDRESS OF ASSIGNEE)</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">CUSIP number</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">CUSIP number</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Attention</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Attention</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Fax No</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Fax No</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Shares of the Capital Stock represented by the within
  Certificate, and do hereby irrevocably constitute and appoint </font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:32.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">AND TO: Sprott Asset Management LP, as the manager of
  the Trust (the &#147;Manager&#148;)</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:32.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">AND TO: Sprott Asset Management LP, as the manager of
  the Trust (the &#147;Manager&#148;)</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="31" style="height:22.9pt;">
  <td width="32%" colspan="3" height="31" valign="top" style="height:22.9pt;padding:0in 0in 0in 0in;width:32.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">RE:&nbsp; Gold
  Redemption Notice under Section 6.1 of the Trust Agreement of the Trust</font></p>
  </td>
  <td width="1%" height="31" valign="top" style="height:22.9pt;padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" height="31" valign="top" style="height:22.9pt;padding:0in 0in 0in 0in;width:32.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">RE:&nbsp; Cash
  Redemption Notice under Section 6.3 of the Trust Agreement of the Trust</font></p>
  </td>
  <td width="1%" height="31" valign="top" style="height:22.9pt;padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" height="31" valign="top" style="border:none;height:22.9pt;padding:0in 0in 0in 0in;width:30.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Attorney to transfer the said Stock on the Books of
  the within named Corporation, with full power of substitution in the
  premises.</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" rowspan="7" valign="top" style="padding:0in 0in 0in 0in;width:32.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The undersigned, the holder of
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  units of the Trust (the &#147;Units&#148;) designated above by its Toronto Stock
  Exchange or New York Stock Exchange Arca Ticker symbol and CUSIP number,
  requests the redemption for physical gold bullion of the aforementioned Units
  in accordance with, and subject to the terms and conditions set forth in, an
  amended and restated trust agreement of the Trust dated as of December 7,
  2009, as the same may be further amended, restated or supplemented from time
  to time, and directs Equity Transfer to cancel such units on&nbsp;&nbsp; </font></p>
  </td>
  <td width="1%" rowspan="7" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" rowspan="7" valign="top" style="padding:0in 0in 0in 0in;width:32.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The undersigned, the holder of
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  units of the Trust (the &#147;Units&#148;) designated above by its Toronto Stock
  Exchange or New York Stock Exchange Arca Ticker symbol and CUSIP number,
  requests the redemption for cash of the aforementioned Units in accordance
  with, and subject to the terms and conditions set forth in, an amended and
  restated trust agreement of the Trust dated as of December 7, 2009, as the
  same may be further amended, restated or supplemented from time to time, and
  directs Equity Transfer to cancel such units on&nbsp; </font></p>
  </td>
  <td width="1%" rowspan="9" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Dated</font></p>
  </td>
  <td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.48%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.48%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.48%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.48%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.48%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.94%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" colspan="8" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Signature</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:32.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:32.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" rowspan="10" valign="top" style="padding:0in 0in 0in 0in;width:30.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">NOTICE:&nbsp; THE
  SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON
  THE FACE OF THE CERITIFICATE.&nbsp; IN EVERY
  PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT, OR ANY CHANGE WHATSOEVER, AND
  MUST BE GUARANTEED BY A SCHEDULE 1 CANADIAN CHARTERED BANK OR AN ELIGIBLE
  GUARANTOR INSTITUTION WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
  MEDALLION PROGRAM.</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:32.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:32.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:32.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">All physical gold bullion shall be delivered to the
  following address by armored transportation service carrier, which the
  undersigned hereby authorizes the Manager or its agent to retain on the
  undersigned&#146;s behalf.</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:32.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:32.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:7.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Wiring Instructions:</font></p>
  </td>
  <td width="24%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Delivery Instructions:</font></p>
  </td>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:32.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:32.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:32.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Signature of Unitholder</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Signature of Unitholder</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Signature of Guarantee</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Signature of Guarantee</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Print Name</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Print Name</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Print Address</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Print Address</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Guaranteed by</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:32.8%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:32.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" colspan="3" rowspan="3" valign="top" style="padding:0in 0in 0in 0in;width:32.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">NOTE:&nbsp; The name
  and address of the&nbsp; Unitholder set
  forth in this Gold Redemption Notice must correspond with the name and
  address as recorded on the register of the Trust maintained by&nbsp; Equity Transfer.&nbsp; The signature of the person executing this
  Gold Redemption Notice must be guaranteed by a Canadian chartered bank, or by
  a medallion signature guarantee from a member of a recognized Signature
  Medallion Guarantee Program.</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="4" rowspan="3" valign="top" style="padding:0in 0in 0in 0in;width:32.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">NOTE:&nbsp; The name
  and address of the&nbsp; Unitholder set
  forth in this Cash Redemption Notice must correspond with the name and
  address as recorded on the register of the Trust maintained by&nbsp; Equity Transfer.&nbsp; The signature of the person executing this
  Cash Redemption Notice must be guaranteed by a Canadian chartered bank, or by
  a medallion signature guarantee from a member of a recognized Signature
  Medallion Guarantee Program.</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">RESTRICTIONS</font></p>
  </td>
 </tr>
 <tr>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:30.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>a2195768zex-5_1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT 5.1</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:4.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Letterhead of Heenan Blaikie LLP]</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;8, 2009</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sprott Physical Gold Trust</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Suite&nbsp;2700, South Tower</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Royal Bank Plaza</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200 Bay Street</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Toronto, Ontario</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">M5J 2J1</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Sprott
Physical Gold Trust, Registration Statement on Form&nbsp;F-1, Registration No.&nbsp;333-</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have acted as legal counsel to Sprott Physical Gold
Trust, a trust organized under the laws of the Province of Ontario (the &#147;Trust&#148;),
in connection with the Trust&#146;s initial public offering of up to&#160;&#160; trust units (&#147;Units&#148;), which includes up
to&#160;&#160; Units issuable upon exercise of an
over-allotment option by Morgan Stanley&nbsp;&amp; Co. and RBC Capital Markets
(collectively, the &#147;Underwriters&#148;) as set forth in the underwriting agreement
to be entered into by and among the Trust, the Underwriters and the other
underwriters named therein (the &#147;Underwriting Agreement&#148;).</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This opinion is being furnished in accordance with the
requirements of Item 601(b)(5)&nbsp;of Regulation S-K of the <i>United States Securities Act</i>  <i>of 1933</i>,
as amended (the &#147;Securities Act&#148;).</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are qualified to express opinions with respect to
the laws of the Province of Ontario and the federal laws of Canada applicable
therein. We express no opinion on the laws of any jurisdiction other than the
Province of Ontario and the federal laws of Canada applicable therein.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with this opinion, we have examined (i)&nbsp;the
registration statement on Form&nbsp;F-1 filed by the Trust under the Securities
Act on December&nbsp;8, 2009, (such registration statement, being hereinafter
referred to as the &#147;Registration Statement&#148;), (ii)&nbsp;the form of
Underwriting Agreement filed as an exhibit to the Registration Statement, (iii)&nbsp;the
Trust Agreement of the Trust filed as an exhibit to the Registration Statement;
(iv)&nbsp;the form of Management Agreement to be entered into between the Trust
and Sprott Asset Management LP (the &#147;Manager&#148;); (v)&nbsp;a specimen certificate
evidencing the trust units of the Trust, and (vi)&nbsp;resolutions of the Board
of Directors of the Manager, relating to the issuance of the Units and related
matters and to the filing of the Registration Statement </font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and related matters, as well as such records and
documents and such questions of law as we have deemed necessary or appropriate
for the purposes of this opinion.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the purposes of our opinions hereinafter
expressed, we have assumed the genuineness of all signatures of all parties,
the legal capacity of individuals signing any documents and the authenticity of
all documents submitted to us as originals, the conformity to originals of all
documents submitted to us as certified or photostatic or electronically
transmitted copies or facsimiles thereof and the authenticity of the originals
of such certified, photostatic or electronically transmitted copies or
facsimiles.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based and relying upon the foregoing, and subject to
the qualifications, assumptions and limitations stated herein, we are of the
opinion that the Units have been duly authorized by the Manager on behalf of
the Trust and, when issued and paid for in accordance with the terms of the
Underwriting Agreement, will be validly issued, fully paid and non-assessable.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We hereby consent to the filing of this opinion as an
exhibit 5.1 to the Registration Statement and to the use of our name under the
caption &#147;Legal Matters&#148; in the prospectus forming part of the Registration
Statement. In giving this consent, we do not thereby admit that we are included
in the category of person whose consent is required by the Securities Act, or
the rules&nbsp;and regulations promulgated thereunder.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Yours truly,</font></p>
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  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Heenan Blaikie LLP</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">/s/
  Heenan Blaikie </font></i><i><font size="2" style="font-size:10.0pt;font-style:italic;">LLP</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<DESCRIPTION>EXHIBIT 8.1
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT
8.1</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SEWARD
&amp; KISSEL LLP</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1200 G
STREET, N.W.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WASHINGTON,
D.C. 20005</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ONE
  BATTERY PARK PLAZA</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WRITER&#146;S
  E-MAIL</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TELEPHONE:
  (202) 737-8833</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NEW
  YORK, NEW YORK 10004</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FACSIMILE:
  (202) 737-5184</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TELEPHONE:
  (212) 574-1200</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WWW.SEWKIS.COM</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FACSIMILE:
  (212) 480-8421</font></b></p>
  </td>
 </tr>
</table>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:5.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;7,
2009</font></p>

<p style="margin:0in 0in .0001pt;text-indent:3.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sprott Physical Gold
Trust<br>
Suite&nbsp;2700, South Tower,<br>
Royal Bank Plaza,<br>
200 Bay Street,<br>
Toronto, Ontario,<br>
Canada M5J 2J1</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Re:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Sprott
Physical Gold Trust</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You have requested
our opinion regarding certain United States federal income tax matters relating
to Sprott Physical Gold Trust (the &#147;Trust&#148;) and the holders of units of the
Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In formulating our
opinion as to these matters, we have examined such documents as we have deemed
appropriate, including the Registration Statement and amendments to such
Registration Statement filed by the Trust on Form&nbsp;F-l (File No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)
with the Securities and Exchange Commission pursuant to the Securities Act of
1933, as amended, through the date hereof (the &#147;Registration Statement&#148;).&nbsp;
We also have obtained such additional information as we have deemed relevant
and necessary from representatives of the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capitalized terms
not defined herein have the meanings ascribed to them in the Registration
Statement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based on the facts
as set forth in the Registration Statement and, in particular, on the
representations, covenants, assumptions, conditions and qualifications
described under the captions &#147;Risk Factors,&#148; and &#147;Tax Considerations&#148; therein,
we hereby confirm that the opinions of Seward&nbsp;&amp; Kissel LLP with
respect to United States federal income tax matters are those opinions
attributed to Seward&nbsp;&amp; Kissel LLP expressed in the Registration
Statement under the caption &#147;Tax Considerations.&#148;&nbsp; It is our further
opinion that the tax discussion set forth under the captions &#147;Risk
Factors&#151;Risks Relating to Our Business&#151;</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">The Trust expects to be a passive foreign investment
company, which may have adverse U.S. federal income tax consequences to U.S.
Holders who do not make certain elections&#148; and &#147;Risk Factors&#151;Risks Relating to
Our Business&#151; A U.S. Holder that makes a QEF election with respect to his, her
or its Trust units may be required to include amounts in income for U.S.
federal income tax purposes if any holder redeems units for cash or physical
gold bullion,&#148; and &#147;Tax Considerations&#151;United States Federal Income Tax
Considerations&#148; in the Registration Statement accurately states our views as to
the tax matters discussed therein.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our opinions and
the tax discussion as set forth in the Registration Statement are based on the
current provisions of the Internal Revenue Code of 1986, as amended, the final,
temporary and proposed </font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasury Regulations
promulgated thereunder, published pronouncements of the Internal Revenue
Service which may be cited or used as precedents, and case law authority, all
as they exist as of the date hereof and any of which may be changed at any time
with retroactive effect.&nbsp; No opinion is expressed on any matters other
than those specifically referred to above by reference to the Registration
Statement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We hereby consent
to the filing of this opinion as an exhibit to the Registration Statement, and
to each reference to us and the discussions of advice provided by us under the
heading &#147;Tax Considerations&#151;U.S. Federal Income Tax Considerations&#148; in the
Prospectus, without admitting we are &#147;experts&#148; within the meaning of the
Securities Act of 1933, as amended, or the rules&nbsp;and regulations of the
Commission thereunder with respect to any part of the Registration Statement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<h1 align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 10.2</font></b></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">MANAGEMENT
AGREEMENT</font></b></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS AGREEMENT</font></b><font size="2" style="font-size:10.0pt;"> made and entered
into as of the </font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;"> day
of </font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">,
2009</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">B E T W E E N:</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 112.2pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SPROTT
PHYSICAL GOLD TRUST</font></b><font size="2" style="font-size:10.0pt;">,</font></p>

<p align="left" style="margin:0in 0in .0001pt 112.2pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a closed-end mutual fund
trust established under the laws of the Province of Ontario, by its trustee, <b>RBC DEXIA INVESTOR SERVICES TRUST</b>,<b>  </b>a
trust company incorporated under the federal laws of Canada</font></p>

<p align="left" style="margin:0in 0in .0001pt 112.2pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 112.2pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(hereinafter referred to as
the &#147;<b>Trust</b>&#148;)</font></p>

<p align="right" style="margin:0in 0in .0001pt 141.75pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt 141.75pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OF
THE FIRST PART</font></p>

<p style="margin:0in 0in .0001pt 112.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 112.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- and -</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 112.2pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SPROTT
ASSET MANAGEMENT LP</font></b><font size="2" style="font-size:10.0pt;">,</font></p>

<p align="left" style="margin:0in 0in .0001pt 112.2pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a limited
partnership formed under the laws of the Province of Ontario</font></p>

<p align="left" style="margin:0in 0in .0001pt 112.2pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 112.2pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(hereinafter
referred to as the &#147;<b>Manager</b>&#148;)</font></p>

<p align="left" style="margin:0in 0in .0001pt 112.2pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt 141.75pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OF THE SECOND PART</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b><font size="2" style="font-size:10.0pt;"> the Trust was
established under the laws of the Province of Ontario pursuant to a trust
agreement dated as of August&nbsp;28, 2009, as amended and restated as of December
7, 2009 (the &#147;<b>Trust Agreement</b>&#148;);</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AND
WHEREAS </font></b><font size="2" style="font-size:10.0pt;">the Trust was created to invest and hold
substantially all of its assets in physical gold bullion, which will provide
holders of units of the Trust with a secure, convenient and exchange-traded
investment alternative for investors interested in holding physical gold
bullion without the inconvenience that is typical of a direct investment in
physical gold bullion;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AND
WHEREAS </font></b><font size="2" style="font-size:10.0pt;">pursuant to the Trust Agreement, RBC Dexia Investor
Services Trust and the Manager were appointed as the trustee and the manager of
the Trust, respectively;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AND
WHEREAS </font></b><font size="2" style="font-size:10.0pt;">pursuant to the Trust Agreement, the Manager has the
full authority and exclusive power to manage and direct the business and
affairs of the Trust including, without limitation, to provide the Trust with
all necessary investment management services and all management and
administrative services, and to provide such other services and facilities as
described in the Trust Agreement;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AND
WHEREAS</font></b><font size="2" style="font-size:10.0pt;">, pursuant to the Trust Agreement, the Trustee has
no responsibility for the investment management of the Trust Property (as
hereinafter defined) or for monitoring the Investment Policy (as hereinafter
defined);</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AND
WHEREAS </font></b><font size="2" style="font-size:10.0pt;">the Trust and the Manager wish to evidence by this
Agreement the manner in which the Manager will provide investment management
services to the Trust and such other</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">management and
administrative services to the Trust as hereinafter described, subject to the
terms and conditions set out herein.</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOW THEREFORE</font></b><font size="2" style="font-size:10.0pt;"> in
consideration of the mutual covenants and agreements contained herein and for
other good and valuable consideration (the receipt and sufficiency of which is
hereby acknowledged) the parties hereto agree as follows:</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h2>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">1.</font></b><font size="1" face="Times New Roman" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Definitions and Interpretations</font></h2>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The terms defined in this Section&nbsp;whenever used
in this Agreement shall, unless the context otherwise requires, have the
respective meanings hereinafter specified:</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Agreement</b>&#148; means this management agreement dated as of the day and year
first above written as the same may be amended, restated or supplemented from
time to time and &#147;<b>herein</b>&#148;, &#147;<b>hereof</b>&#148;, &#147;<b>hereby</b>&#148;, &#147;<b>hereunder</b>&#148; and similar expressions refer to
this Agreement and include every instrument supplemental or ancillary to this
Agreement and, except where the context otherwise requires, not to any
particular article, section or subsection thereof;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Applicable Laws</b>&#148;<b>  </b>means</font><font size="2" style="font-size:10.0pt;">, unless the
context otherwise dictates, any applicable statute of Canada or of a province
or territory of Canada or any applicable statute of the United States of
America or of a state or territory of the United States of America or any
applicable regulations, orders, instruments, policies or other laws made under
statutory authority by any governmental or regulatory body or agency having
jurisdiction over the Trust including, but not limited to, Securities
Legislation and the Tax Act;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Business Day</b>&#148; means any day on which the New York Stock
Exchange Arca or the Toronto Stock Exchange are open for trading;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Custodian</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means the
Trustee, acting as the custodian of the Trust Property other than the Gold
Bullion, and any sub-custodians appointed by the Trustee, in accordance with
the Trust Agreement, or any successor custodian of the Trust Property other
than the Gold Bullion appointed in accordance with the Trust Agreement or
pursuant to a separate written custodial agreement;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Disclosure Documents</b>&#148; means any<b>  </b>(final)
prospectus of the Trust filed in all provinces and territories of Canada and
any registration statement of the Trust filed with the United States Securities
and Exchange Commission or similar offering documents, and any continuous
disclosure documents of the Trust filed with applicable Securities Authorities
as may be used by the Manager or required by applicable Securities Legislation
in connection with qualifying the distribution of the Units to the public,
including any amendments to such offering documents or continuous disclosure
documents;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Expense Cap</b>&#148; shall have the meaning set forth in Section&nbsp;8
hereof;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Gold Bullion</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means physical
gold bullion in London Good Delivery bar form that is unencumbered, fully
allocated and stored at the Gold Custodian by or on behalf of the Trust;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Gold Custodian</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means the Royal
Canadian Mint, acting as the custodian of the Gold Bullion, and any
sub-custodians appointed by the Royal Canadian Mint, in accordance with the
Storage Agreement, or any successor custodian of the Gold Bullion appointed in
accordance with the Trust Agreement or pursuant to a separate written custodial
agreement;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Investment Policy</b>&#148; shall have the meaning set forth in Section&nbsp;3
hereof;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>LBMA</b>&#148; means the London Bullion Market Association which is
the London-based trade association that represents the wholesale gold and
silver bullion market in London and maintains a list of accredited melters and
assayers whose gold and silver bars are accepted by members of the London
bullion market in settlement against transactions between each other and other acceptable
counterparts, which is referred to as the LBMA Good Delivery List;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Management Fee</b>&#148; shall have the meaning set forth in Section&nbsp;8
hereof;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Manager</b>&#148; means Sprott Asset Management LP, acting as the
manager of the Trust, and appointed in accordance with the Trust Agreement;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Net Asset Value of the Trust</b>&#148; shall have the meaning and
shall be calculated in accordance with the Trust Agreement;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Securities Authorities</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means the Ontario
Securities Commission and equivalent securities regulatory authorities in each
other province and territory of Canada, and the United States Securities and
Exchange Commission;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Securities Legislation</b>&#148; means the laws, regulations, rules,
requirements and policies of the Securities Authorities which are in effect
from time to time and applicable to the Trust including, but not limited to,
National Instrument 81-102 <i>Mutual Funds</i>,
National Instrument 81-106 <i>Investment Fund Continuous
Disclosure</i>, National Instrument 81-107 <i>Independent
Review Committee for Investment Funds</i> and the United States <i>Securities Act of 1933</i>, as amended;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Storage Agreement</b>&#148; means the precious metals storage agreement between the Manager, on
behalf of the Trust, and the Gold Custodian, to be dated on or about the date
of filing the final prospectus and registration statement with the applicable
Securities Authorities, as the same may be amended, restated or supplemented
from time to time;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Tax Act</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means the <i>Income Tax </i><i><font style="font-style:italic;">Act</font> </i>(Canada)
and the regulations, rules, requirements and policies promulgated thereunder,
as amended from time to time;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(r)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Trust</b>&#148; means Sprott Physical Gold Trust, a closed-end mutual
fund trust established pursuant to the Trust Agreement;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(s)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Trust Agreement</b>&#148; means the trust agreement of the Trust dated
as of August&nbsp;28, 2009, as amended and restated as of December&nbsp;7,
2009, as the same may be further amended, restated, supplemented or replaced
from time to time;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(t)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Trust Property</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">at any time,
means any and all securities, cash (including free credit balances), property
and assets, real and personal, tangible and intangible, transferred, conveyed
or paid to the Trust including, without limitation:</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all funds realized from the
sale of Units;</font></p>

<p style="margin:0in 0in .0001pt 70.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Gold Bullion from time to
time delivered to and received by the Trust or held for its account as directed
by the Manager and accepted by the Gold Custodian on behalf of the Trust in
accordance with the Storage Agreement;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all investments, sums or property
of any type or description (other than the Gold Bullion) from time to time
delivered to and received by the Trust or held for its account as directed by
the Manager and accepted by the Trustee on behalf of the Trust in accordance
with the Trust Agreement;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any proceeds of disposition
of any of the foregoing property and assets; and</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all income,
interest, profit, gains and accretions and additional rights arising from or
accruing to such foregoing property or such proceeds of disposition;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-37.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(u)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Trustee</b>&#148; means RBC Dexia Investor Services Trust, acting as
the trustee of the Trust, or any successor trustee appointed in accordance with
the Trust Agreement;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Unit</b>&#148;<b>  </b>means a unit of beneficial
interest, in any class or series of a class of the Trust, as presently
constituted pursuant to the Trust Agreement or as the same may from time to
time hereinafter be constituted, and collectively referred to as the &#147;<b>Units</b>; and</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(w)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Valuation Date</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means each
Business Day, unless the Manager determines that the assets of the Trust should
be valued less frequently, either generally or in respect of one or more
specific instances, in which event &#147;<b>Valuation Date</b>&#148;
shall mean such Business Day or Business Days as the Manager determines.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In this Agreement, where the
context so indicates, the singular shall include the plural and the masculine
shall include the feminine and neuter.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">2.</font></b><font size="1" face="Times New Roman" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Appointment of the Manager</font></h2>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager hereby directs the Trustee to execute this Agreement on
behalf of, and in order for, the Trust to appoint the Manager to provide or
engage others to provide all necessary or advisable investment management and
administrative services and facilities as hereinafter set forth and the Manager
hereby accepts such appointment and agrees to act in such capacity and to
provide or cause to be provided such investment management and administrative
services and facilities upon the terms set forth in this Agreement.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

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</div>
<!-- ZEQ.=1,SEQ=4,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="6",CHK=732225,FOLIO='4',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KO-01_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 23:26 2009' -->


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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust hereby retains the Manager to manage the
Trust Property in the name of the Trust with full discretionary authority as to
all trades on a continuing basis until terminated and subject to and in
accordance with the provisions of this Agreement.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager may from time to time employ or retain any other person or
entity to manage on behalf of the Manager or to assist the Manager in managing
or providing investment management and administrative services to all or any
portion of </font><font size="2" style="font-size:10.0pt;">the Trust Property</font><font size="2" style="font-size:10.0pt;">, and in
performing other duties of the Manager set out in this Agreement.&#160; In the event that the Manager engages such
other person or entity with respect to providing investment management services
to the Trust Property, and such other person or entity is not registered as an
adviser (or exempt from such registration requirement) under the <i>Securities Act</i> (Ontario), the Manager
shall be responsible under the terms of this Agreement and the Trust Agreement
to the Trust for advice received from such other person or entity with respect
to the Trust Property as if such advice were given by the Manager.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In accordance with its authority and exclusive powers to manage and
direct the investment management and administrative services for the Trust, the
Manager, on behalf of the Trust, shall select brokers or dealers to transact
trades in respect of the Trust Property.&#160;
The Manager may execute a portion of such portfolio transactions through
an affiliate (as such term is defined in the <i>Securities
Act</i> (Ontario)) which is a registered investment dealer. The Manager
or its affiliates will offer competitive rates and will only execute trades as
an investment dealer for the Trust when the executions obtained would be on
terms and conditions no less favourable to the Trust than would otherwise be
obtainable if the orders were placed through independent brokers or dealers and
at commission rates equal or comparable to rates that would have been charged
by independent brokers or dealers.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Funds of the Manager shall not be commingled with
those of the Trust under any circumstances.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">3.</font></b><font size="1" face="Times New Roman" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment Policy</font></h2>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust&#146;s investment objective, strategy and operating restrictions
with respect to the Trust Property are set out in Article&nbsp;22 of the Trust
Agreement and Schedule &#147;A&#148; attached hereto (the &#147;<b>Investment
Policy</b>&#148;).&#160; Subject to
applicable Securities Legislation and the terms of the Trust Agreement and this
Agreement, the Manager shall advise the Trust in writing promptly of any
material change to the Investment Policy, and any such writing shall be annexed
hereto as a supplementary schedule.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">4.</font></b><font size="1" face="Times New Roman" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment Management Services</font></h2>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager shall manage the Trust Property by taking
such action from time to time in connection therewith as the Manager, in its
sole discretion, shall deem necessary or desirable for the proper investment
management of the Trust Property at all times in compliance with the Investment
Policy.&#160; It is expressly understood that
the Manager&#146;s investment discretion shall, subject to the Investment Policy, be
absolute.&#160; Without limiting the
generality of the preceding sentence, the Manager shall not be limited to
investing the Trust Property in securities of a class authorized for investment
by trustees.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust hereby grants to the Manager, subject to the
Trust Agreement, all power and authority necessary to give effect to the
foregoing including, without limitation, the power to:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=5,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="6",CHK=190090,FOLIO='5',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KO-01_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 23:26 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">provide
or arrange to be provided research, information, data, advice, opportunities
and recommendations with respect to the making, acquiring (by purchase,
investment, re-investment, exchange or otherwise), holding and disposing
(through sale, exchange or otherwise) of Trust Property in the name of, on
behalf of, and at the risk of, the Trust;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">obtain
for the Trust such services as may be required in acquiring, disposing of and
owning Trust Property including, but not limited to, the placing of orders with
brokers and investment dealers to purchase, sell and otherwise trade in or deal
with any Trust Property in the name of, on behalf of, and at the risk of, the
Trust;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">direct
the delivery of the Trust Property sold, exchanged or otherwise disposed of
from the Trust&#146;s account and to direct the payment for Trust Property acquired
for the Trust&#146;s account upon delivery to the Custodian or the Gold Custodian,
as the case may be;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">direct
the holding of all or any part of the Trust Property in cash or cash
equivalents from time to time available for investment in Gold Bullion,
securities and other assets, which cash or cash equivalents shall be invested
or held on deposit with a Canadian chartered bank, trust company, custodian or
prime broker appointed by the Trust from time to time, and investing all or any
part of said cash or cash equivalents from time to time available for
investment in short-term debt obligations of or guaranteed by the Government of
Canada or a province thereof, or the Government of the United States of America
or a state thereof, or such other short-term investment grade corporate debt
obligations as the Manager, in its discretion, deems advisable;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">arrange
for, and complete, for and on behalf of the Trust, the purchase and sale of
Gold Bullion, at the best available prices available over a prudent period of
time;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">provide
to the Trust and the Gold Custodian delivery and payment particulars in respect
of each purchase and sale of Gold Bullion;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">arrange
or cause to be arranged with the Gold Custodian, or other custodians possessing
industry expertise, for the storage of Gold Bullion which is owned by the
Trust, including arrangements regarding indemnities or insurance in favour of
the Trust for the loss of such Gold Bullion in accordance with industry
practices;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">monitor
relationships with gold bullion brokers to ensure trades in Gold Bullion to be
held as London Good Delivery bars are effected and executed in accordance with
LBMA compliance standards;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">monitor
relationships with the Gold Custodian and any other custodian that has been
appointed by the Trust to hold and store the Gold Bullion which is owned by the
Trust;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">exercise,
or direct the exercise of, any and all rights, powers and discretion in
connection with the Trust Property, including the power to vote the securities
at meetings of securityholders or executing proxies or other instruments on
behalf </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=6,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="6",CHK=676200,FOLIO='6',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KO-01_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 23:26 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of the Trust for that purpose, and to consent to any reorganization or
similar transaction;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">make
any election to be made in connection with any mergers, acquisitions, tender
offers, take-over bids, arrangements, bankruptcy proceedings or other similar
occurrences which may affect the Trust Property;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">execute
any prospectus, registration statement or similar offering document relating to
the offering of securities of the Trust filed with the Securities Authorities
on behalf of the Trust; and</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">generally
perform any other act necessary to enable it to carry out its obligations under
this Agreement and the Trust Agreement.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager agrees to give notice to the Trust:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">of any legal or
contractual restrictions on the ability of the Trust to trade in any specific
security or securities generally, including securities deposited in its account
by the Manager, on behalf of the Trust, as Trust Property; or</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">of any issuer of
which the Trust is an insider, unless the Investment Policy precludes
transactions in securities of such an issuer.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Records</font></b></p>

<h3 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">&nbsp;</font></i></h3>

<p style="margin:0in 0in .0001pt;text-indent:37.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager shall keep at all times proper books of
account and records relating to the services performed hereunder, which books
of account and records shall be accessible for inspection by the Trust at any
time during normal business hours.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Information, Statements and Reports</font></b></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager shall provide the Trust with periodic
statements describing the Trust Property, and transactions involving the Trust
Property, as follows:</font></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">at the end of
each month in which a transaction has been effected in respect of the Trust
Property; or</font></p>

<p align="left" style="margin:0in 0in .0001pt 74.8pt;text-align:left;text-indent:-37.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">at the end of
each calendar quarter if no transaction has been effected with respect to the
Trust Property.</font></p>

<p align="left" style="margin:0in 0in .0001pt 74.8pt;text-align:left;text-indent:-37.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager shall provide the Trust with notice of any change in the
primary portfolio manager(s)&nbsp;who are responsible for the day-to-day
investment management decisions made on behalf of the Trust Property as set out
in Schedule &#147;A&#148; attached hereto.&#160; The
Manager shall also provide the Trust with notice of any action, inquiry or
proceeding involving the Manager which is initiated by a Securities Authority
having jurisdiction over the Manager&#146;s investment management operations, unless
such action, inquiry or proceeding is initiated in conjunction with
correspondence and applications made in the ordinary course of maintaining such
registrations in good standing and such action, inquiry or proceeding does not
have an adverse material effect on the Trust, including the Manager&#146;s ability
to act as discretionary investment manager to the Trust Property.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=7,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="6",CHK=461790,FOLIO='7',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KO-01_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 23:26 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Custody of Trust Property</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is agreed that the
Manager, on behalf of the Trust, shall be entitled to make arrangements for the
Trust Property, or any part thereof, to be held by such custodian(s)&nbsp;as
the Manager may designate; in such event, the Manager agrees to provide the
Trust with a copy of any authorization to such custodian(s)&nbsp;regarding
acceptance of instructions from the Manager or the Trust and the Trust agrees
not to withdraw any of the Trust Property so held without notice to the
Manager.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:37.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the foregoing paragraph, the Trust and the Manager agree
that the Gold Bullion will be held by the Gold Custodian appointed by the
Manager, on behalf of the Trust, and the Trust Property other than the Gold
Bullion will be held by the Custodian appointed by the Manager, on behalf of
the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:37.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">8.</font></b><font size="1" face="Times New Roman" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fees and Expenses</font></h2>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In consideration for the management, administrative and investment
management services rendered by the Manager pursuant to this Agreement and the
Trust Agreement, the Manager shall receive from the Trust a monthly management
fee (the &#147;<b>Management Fee</b>&#148;) set out in Schedule &#147;B&#148;
attached hereto, as such may be amended from time to time.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to the Management Fee paid to the Manager pursuant to the
foregoing paragraph, the Trust shall reimburse the Manager for all expenses
incurred by the Manager in connection with the duties set out in Section&nbsp;4
hereof (including payments to third parties in that regard) to the extent such
expenses were incurred for and on behalf of the Trust and do not represent
administrative costs of the Manager necessary for it to carry out its functions
hereunder.&#160; Such expenses shall be
reimbursed on each Valuation Date when incurred.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Management Fee payable to the Manager by the Trust shall be subject
to the following:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 64.1pt;text-indent:-28.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">If
the expenses of the Trust, including the Management Fee, at the end of any
month exceed an amount equal to 1/12 of 0.65% of the Net Asset Value of the
Trust (the &#147;<b>Expense Cap</b>&#148;), the Management Fee
payable to the Manager for such month will be reduced by the amount of such
excess up to the gross amount of the Management Fee earned by the Manager from
the Trust for such month.&#160; Any such
reduction in the Management Fee will not be carried forward or payable to the
Manager in future months.</font></p>

<p style="margin:0in 0in .0001pt 65.45pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 64.1pt;text-align:left;text-indent:-28.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">In calculating the expenses
of the Trust for purposes of the Expense Cap, the following items will be
excluded:&#160; any applicable taxes payable
by the Trust or to which the Trust may be subject including federal and
provincial income taxes, goods and services taxes and withholding taxes, and
any extraordinary expenses of the Trust.</font></p>

<p align="left" style="margin:0in 0in .0001pt 65.45pt;text-align:left;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The expenses of the Trust&#146;s initial public offering of Units and the
on-going operating expenses of the Trust, and the responsibility for the
payment thereof, are as set out in the Trust Agreement.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

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</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Compensation for Additional Services</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:34.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If and to the extent that the Manager shall render
services to the Trust other than those required to be rendered pursuant to the
provisions of this Agreement, such additional services and activities will be
compensated for separately and shall be on such terms that are generally no
less favourable to the Trust than those available from arm&#146;s length parties
(within the meaning of the Tax Act) for comparable services.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:34.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Other Activities of the
Manager</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust acknowledges that
the Manager has investment management responsibilities and contracts with other
persons, companies, limited partnerships, investment funds and other
entities.&#160; The Trust therefore agrees
that the Manager may provide investment management and other services to such
other persons and entities which are similar or different from the services
provided to the Trust by the Manager even though such other persons or entities
may be the same or similar to the Trust.&#160;
The Trust hereby accedes to such advisory arrangement consequences on
the understanding that the Manager will act in good faith and follow a policy
of allocating over a period of time investment opportunities to the Trust on a
basis which is, in the Manager&#146;s reasonable opinion, fair and equitable to the
Trust relative to investment opportunities allocated to other persons or
entities for which the Manager is responsible, and of which the Manager has
knowledge, in which case the Manager shall not be liable to account to the
Trust for any profit, commission or remuneration made or received from or by
reason of such investment decisions or advice.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager, on behalf of the Trust, may from time to time invest the
Trust Property in securities of an issuer in which the Manager or any
affiliate, or any director, partner, officer, shareholder and/or employee of
either has an interest or is an officer, a partner or a director, as set out
under the sub-heading &#147;Conflicts of Interest&#148; in Schedule &#147;C&#148; attached hereto.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Authority to Enter into Agreement</font></b></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each of the parties
to this Agreement hereby represents and warrants to the other that it is duly
authorized and empowered to execute, deliver and perform this Agreement and
that such action does not conflict with or violate any provision of law, regulation,
policy, contract, deed of trust or other instrument to which it is a party or
by which it is bound and that this Agreement constitutes a valid and binding
obligation of it enforceable in accordance with its terms.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Trust shall provide to the Manager concurrently with the execution and delivery
by the Trust of this Agreement all such evidence of authority to act including,
without limitation, designations of authorized persons and certified copies of
the Trust Agreement and other documents, as the Manager may require.&#160; The Manager may continue to rely on all such
evidence until notice to the contrary given hereunder has been received by it.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">12.</font></b><font size="1" face="Times New Roman" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Representations and
Warranties of the Manager</font></h2>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager hereby represents and warrants to
the Trust that:</font></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
Manager is registered under the securities legislation in British Columbia,
Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, and
Newfoundland and Labrador as an adviser in the category of portfolio manager
and in Ontario as a dealer in the category of exempt market dealer; and</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>

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</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
Manager has obtained, completed, executed, filed, received and passed, as the
case may be, all registrations, filings, approvals, authorizations, consents
and/or examinations required under applicable Securities Legislation or by any
Securities Authority by reason of its activities as Manager hereunder and it
shall maintain such registrations, filings, authorizations and consents
throughout the term of this Agreement.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">13.</font></b><font size="1" face="Times New Roman" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Standard of Care</font></h2>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Manager shall exercise the powers granted and discharge its duties hereunder
honestly, in good faith and in the best interests of the Trust and, in
connection therewith, shall exercise the degree of care, diligence and skill
that a reasonably prudent professional manager would exercise in comparable
circumstances.&#160; However, it is agreed
that the Manager does not in any way guarantee the performance of the Trust
Property and shall not be responsible for any loss in respect of the Trust
Property, except where such loss arises out of acts or omissions of the Manager
done or suffered in breach of its standard of care or through the Manager&#146;s own
negligence,</font><font size="2" style="font-size:10.0pt;"> wilful</font><font size="2" style="font-size:10.0pt;">
misconduct,</font><font size="2" style="font-size:10.0pt;"> wilful</font><font size="2" style="font-size:10.0pt;">
neglect, default, bad faith or dishonesty or a material failure in complying
with Applicable Laws or the provisions set forth in this Agreement or the Trust
Agreement.</font></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">14.</font></b><font size="1" face="Times New Roman" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Liability of the Manager</font></h2>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:37.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager shall
not be liable to the Trust or any unitholder thereof for any loss suffered by
the Trust or any unitholder thereof, as the case may be, which arises out of
any action or inaction of the Manager if such course of conduct did not
constitute a breach of its standard of care or negligence, wilful misconduct,
wilful neglect, default, bad faith or dishonesty or a material failure in
complying with Applicable Laws or the provisions set forth in this Agreement or
the Trust Agreement, and if the Manager, in good faith, determined that such
course of conduct was in the best interests of the Trust.</font></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:37.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:37.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust acknowledges and agrees that the Manager shall not be
responsible for any loss of opportunity whereby the value of any of the Trust
Property could have been increased nor shall it be responsible for any decline
in value of any of the Trust Property unless such decline is the result of the
Manager&#146;s breach of its standard of care or negligence, wilful misconduct,
wilful neglect, default, bad faith or dishonesty or a material failure in
complying with Applicable Laws or the provisions set forth in this Agreement or
the Trust Agreement.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:37.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:37.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust acknowledges and agrees that the Manager shall not be
responsible for any losses or damages to the Trust arising out of any action or
inaction by the Gold Custodian, the Custodian or any sub-custodian holding the
Trust Property, unless such action or inaction arises out of or is the result
of the Manager&#146;s breach of its standard of care or negligence, wilful
misconduct, wilful neglect, default, bad faith or dishonesty or a material
failure in complying with Applicable Laws or the provisions set forth in this
Agreement or the Trust Agreement.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:37.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:37.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager may
rely and act upon any statement, report or opinion prepared by or any advice
received from auditors, solicitors, notaries or other professional advisors of
the Manager and shall not be responsible or held liable for any loss or damage
resulting from relying or acting thereon if the advice was within the area of
professional competence of the person from whom it was received and the Manager
acted reasonably and in good faith in relying thereon.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:37.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager hereby acknowledges and agrees that the
obligations of the Trust hereunder are not personally binding upon the
unitholders of the Trust, any annuitant under a plan of which </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>

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</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a unitholder of the Trust acts as a trustee or carrier, or the agents
of the Trust and that the Manager shall not resort to or seek redress, recourse
or satisfaction from the private property of any of the foregoing, whether the
liability be based on contract, tort or otherwise.&#160; The Manager agrees that only the Trust and
the Trust Property shall be bound by and subject to the obligations and
liabilities arising out of this Agreement.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">15.</font></b><font size="1" face="Times New Roman" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indemnity</font></h2>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Trust shall indemnify and hold harmless the Manager and its partners, officers,
agents and employees from and against any and all expenses, losses, damages,
liabilities, demands, charges, costs and claims of any kind or nature
whatsoever (including legal fees, judgments and amounts paid in settlement,
provided that the Trust has approved such settlement in accordance with the
Trust Agreement) in respect of the acts, omissions, transactions, duties,
obligations or responsibilities of the Manager as manager to the Trust, save
and except where such expenses, losses, damages, liabilities, demands, charges,
costs or claims are caused by acts or omissions of the Manager done or suffered
in breach of its standard of care or through the Manager&#146;s own negligence,
wilful misconduct, wilful neglect, default, bad faith or dishonesty or a
material failure in complying with Applicable Laws or the provisions set forth
in this Agreement or the Trust Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">16.</font></b><font size="1" face="Times New Roman" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Partners or Joint
Venturers</font></h2>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust and the Manager are not partners or joint venturers with each
other and nothing herein shall be construed so as to make them partners or
joint venturers or impose any liability as such on either of them; provided,
however, that nothing herein shall be construed so as to prohibit the Trust and
the Manager or its affiliates from embarking upon an investment together as
partners, joint venturers or in any other manner whatsoever, subject to
Applicable Law.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">17.</font></b><font size="1" face="Times New Roman" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Term</font></h2>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:37.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement shall
become effective on the date hereof and shall be in force until </font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">, 2014<b>  </b>and shall be automatically
renewed from time to time thereafter for additional terms of one year unless
otherwise terminated pursuant to Section&nbsp;18 hereof.</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:37.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">18.</font></b><font size="1" face="Times New Roman" style="font-size:8.5pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Termination</font></h2>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:34.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement shall continue in full force and
effect until this Agreement is terminated by either party giving at least 90
days&#146; prior written notice (or such shorter period as the parties in writing may
mutually agree upon) to the other party of such termination.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:34.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:34.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust may terminate immediately this Agreement if the Manager is,
in the opinion of the Trustee, in material default of its obligations under
this Agreement or the Trust Agreement and such default continues for 120 days
from the date that the Manager receives notice of such default from the Trustee
and no successor manager has been appointed by the unitholders of the Trust
pursuant to the Trust Agreement.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:34.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:34.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the Trust may terminate immediately this Agreement where
the Manager (i) has been declared bankrupt or insolvent or has entered into liquidation
or winding-up, whether compulsory or voluntary (and not merely a voluntary
liquidation for the purposes of amalgamation or reconstruction); (ii) makes a
general assignment for the benefit of its creditors or otherwise acknowledges
its insolvency; or (iii) the assets of the Manager have become subject to
seizure or confiscation by any public or governmental authority.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:34.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:34.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Such termination of the Agreement will be without prejudice to the
rights and liabilities created under this Agreement prior to the effective date
of the termination.&#160; Termination of this
Agreement in accordance with the terms hereof shall not result in any penalty
or other fee.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:34.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The parties acknowledge and agree that any change of the Manager (other
than to its affiliate) requires the approval of the unitholders of the Trust
and the approval of Securities Authorities in accordance with applicable
Securities Legislation.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon termination or assignment of this Agreement, the Manager shall
forthwith deliver to the Trust, in the case of termination, or to the assignee,
in the case of an assignment:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all
records, documents and books of account of the Trust; and</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all
materials and supplies of the Trust,</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">which are in the
possession or control of the Manager and relate directly or indirectly to the
performance by the Manager of its obligations under this Agreement; provided,
however, that the Manager may retain notarial or other copies of such records,
documents and books of account and the Trust or the assignee shall produce at
its head office the originals of such records, documents and books of account
whenever reasonably required to do so by the Manager for the purpose of legal
proceedings or dealings with any governmental authorities.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the foregoing paragraphs, the Trust reserves the right
to make a partial withdrawal from the Trust Property by providing prior written
notice to the Manager.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to any transactions entered into by the Manager on behalf
of the Trust prior to giving or receiving notice of termination or partial
withdrawal, such transactions shall not be affected by such termination or
partial withdrawal and adequate provisions will be made for proper settlement
of outstanding commitments and the orderly transfer of the Trust Property.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">19.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Conflict of
Interest Policy</font></h2>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attached as Schedule &#147;C&#148; hereto is a copy of the Manager&#146;s Statement of
Policies, which policy may be amended or restated from time to time.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">20.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Confidentiality
and Anti-Money Laundering Legislation</font></h2>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager shall treat as confidential all information pertaining to
the Trust including, without limitation, the financial affairs of the Trust,
and the Manager shall not disclose such confidential information to persons who
are not involved in the management and operation of the Trust, except with the
Trust&#146;s consent or as may be necessary to comply with Applicable Laws or rules,
regulations and policies of Securities Authorities.&#160; The Trust will treat all investment advice
and information which it receives from the Manager as confidential and for the
exclusive use of the Trust.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to any prospective investor or unitholder
in the Trust, the Manager shall comply with Applicable Laws aimed at the
prevention of money laundering and terrorist financing.&#160; If, as a result of any information or other
matter coming to the attention of the Manager, or any of its directors,
partners, officers, e</font><font size="2" style="font-size:10.0pt;">mployees</font><font size="2" style="font-size:10.0pt;">, or its professional advisors, the </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Manager
</font><font size="2" style="font-size:10.0pt;">knows</font><font size="2" style="font-size:10.0pt;"> or suspects that a
prospective investor or unitholder of the Trust is engaged in money laundering
or terrorist financing, the Manager shall be required to report such
information or other matter to the Financial Transactions and Reports Analysis
Centre of Canada and such report or any other report required by Applicable
Laws shall not be treated as a breach of any restriction upon the disclosure of
information imposed by Canadian law or otherwise.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">21.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notices</font></h2>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any notice or
other communication required or permitted to be given hereunder shall be in
writing and if delivered, shall be delivered to a responsible officer of the
Trust or to the Manager, as the case may be, and if mailed shall be mailed by
prepaid registered mail:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">in
the case of the Trust:</font></p>

<p align="left" style="margin:0in 0in .0001pt 84.2pt;page-break-after:avoid;text-align:left;text-indent:-48.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o RBC Dexia Investor Services Trust</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">155 Wellington Street West,
5</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font><font size="2" style="font-size:10.0pt;">&#160;Floor</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RBC Centre</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Toronto, Ontario</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">M5V 3L3</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.2in;page-break-after:avoid;text-align:left;text-indent:-.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Head
of Funds</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.2in;page-break-after:avoid;text-align:left;text-indent:-.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">(416)
974-5273</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">(416)
955-1240</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.2in;page-break-after:avoid;text-align:left;text-indent:-.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">in
the case of the Manager:</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sprott Asset Management LP</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Royal Bank Plaza, South Tower</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200 Bay Street</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Suite&nbsp;2700, P.O.&nbsp;Box 27</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Toronto, Ontario</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">M5J 2J1</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Kirstin
McTaggart, Chief Compliance Officer</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">(416)
943-4065</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">(416)
943-6497</font></p>

<p align="left" style="margin:0in 0in .0001pt 84.15pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or at such other address and
number as the party to whom such communication is to be given shall have last
notified the party giving the same in the manner provided in this section.</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any
notice so mailed shall be deemed to have been given and received at the time of
delivery.&#160; Any notice so mailed shall be
deemed to have been given and received if given by the Trust, when received by
the Manager, and if given by the Manager, on the third Business Day following
such mailing, except in the event of interruption of normal postal service, in
which event it shall be deemed given when received by the Trust.&#160; Either party may from time to time upon
written notice to the other party change their or its address.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>

<div style="margin:0in 0in .0001pt;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">22.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Headings</font></h2>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
inclusion of section headings in this Agreement is for convenience of reference
only and shall not affect the construction or interpretation hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">23.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Governing Law</font></h2>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
Agreement shall be governed by, and construed in accordance with, the laws of
the Province of Ontario and the federal laws of Canada applicable therein and
shall be treated in all respects as an Ontario contract.&#160; The parties hereto hereby attorn to the
jurisdiction of the courts of Ontario for arbitration of any disputes between
them with respect to the subject matter hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">24.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Entire Agreement</font></h2>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
Agreement, including the Schedules attached hereto, and the Trust Agreement
constitutes the entire agreement between the parties pertaining to the subject
matter hereof and supersedes and replaces all prior understandings, agreements,
negotiations or discussions, whether written or oral, between the parties with
respect thereto.&#160; There are no
representations, warranties, terms, conditions, undertakings or collateral
agreements or understanding, express or implied, between the parties other than
those expressly set forth in this Agreement and the Trust Agreement.</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">25.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Further Acts</font></h2>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each of the Trust and
the Manager shall promptly do, make, execute or deliver, or cause to be done,
made, executed or delivered, all such further acts, documents and things as the
other party hereto may reasonably require from time to time for the purpose of
giving effect to this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">26.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Invalidity of
Provisions</font></h2>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each
of the provisions contained in this Agreement is distinct and severable and a
declaration of invalidity or unenforceability of any such provision or part
thereof by a court of competent jurisdiction shall not affect the validity or
enforceability of any other provision hereof.&#160;
To the extent permitted by Applicable Law, the parties waive any
provision of law which renders any provision of this Agreement invalid or
unenforceable in any respect.</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">27.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendment</font></h2>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement may not
be amended, changed, supplemented or otherwise modified in any respect except
by written instrument executed by the parties hereto or their respective
successors or permitted assigns.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">28.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assignment</font></h2>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement shall not be assigned by the
Trust without the prior written consent of the Manager.&#160; Upon notice to the Trust, the Manager may
transfer or assign any and all rights granted hereunder to any of its
successors or affiliates.</font></p>

<p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>

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</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">29.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Successors</font></h2>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
Agreement shall enure to the benefit of, and be binding upon, the parties
hereto and their respective successors and permitted assigns.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">30.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Counterparts</font></h2>

<h2 style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h2>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement may be executed in several
counterparts, each of which when so executed shall be deemed to be an original
and such counterparts together shall constitute one and the same instrument.</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">[The remainder of this page&nbsp;has been intentionally left blank.]</font></i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>

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</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IN WITNESS WHEREOF</font></b><font size="2" style="font-size:10.0pt;"> the
Trust and the Manager, by proper officers duly authorized on their behalf, have
executed this Agreement as of the date first above written.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SPROTT PHYSICAL GOLD TRUST</font></b><font size="2" style="font-size:10.0pt;">, by its Trustee, <b>RBC DEXIA INVESTOR
  SERVICES TRUST</b></font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.24%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:45.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:45.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have the authority to bind the Trust.</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SPROTT ASSET MANAGEMENT LP</font></b><font size="2" style="font-size:10.0pt;">, by its general partner, <b>SPROTT ASSET MANAGEMENT
  GP INC.</b>, in its capacity as the Manager of the Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:45.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eric S. Sprott</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Executive Officer</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:45.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kirstin H. McTaggart</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporate Secretary</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have the authority to bind the Manager.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=16,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="6",CHK=130356,FOLIO='16',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KO-03_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 08:04 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE &#147;A&#148;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INVESTMENT POLICY</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Investment Objective</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust was
created to invest and hold substantially all of its assets in Gold Bullion. The
Trust seeks to provide a secure, convenient and exchange-traded investment
alternative for investors interested in holding Gold Bullion without the
inconvenience that is typical of a direct investment in Gold Bullion.&#160; The Trust does not anticipate making regular
cash distributions to unitholders.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Investment Strategy</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust intends to achieve its objective by investing primarily in
long-term holdings of unencumbered, fully allocated, Gold Bullion and will not
speculate with regard to short-term changes in gold prices.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Investment and Operating Restrictions</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The investment activities of the Trust are intended to be conducted in
accordance with, among other things, the following investment and operating
restrictions, and they provide that the Trust:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">will invest in
and hold a minimum of 90% of the total net assets of the Trust in physical gold
bullion in London Good Delivery bar form and hold no more than 10% of the total
net assets of the Trust, at the discretion of the Manager, in physical gold
bullion (in London Good Delivery bar form or otherwise), gold coins, </font><font size="2" style="font-size:10.0pt;">debt
obligations of or guaranteed by the Government of Canada or a province thereof,
or by the Government of the United States of America or a state thereof,
short-term commercial paper obligations of a corporation or other person whose
short-term commercial paper is rated R-1 (or its equivalent, or higher) by
Dominion Bond Rating Service Limited or its successors or assigns or F1 (or its
equivalent, or higher) by Fitch Ratings or its successors or assigns or A-1 (or
its equivalent, or higher) by Standard&nbsp;&amp; Poor&#146;s or its successors or
assigns or P-1 (or its equivalent, or higher) by Moody&#146;s Investor Service or
its successors or assigns, interest-bearing accounts and short-term
certificates of deposit issued or guaranteed by a Canadian chartered bank or
trust company, money market mutual funds, </font><font size="2" style="font-size:10.0pt;">short-term government debt
or short-term investment grade corporate debt, </font><font size="2" style="font-size:10.0pt;">or other short-term debt
obligations approved by the Manager from time to time (for the purpose of this
paragraph, the term &#147;short-term&#148; means having a date of maturity or call for
payment not more than 182 days from the date on which the investment is made</font><font size="2" style="font-size:10.0pt;">), except
during the 60-day period following the closing of the Trust&#146;s initial public
offering or additional offerings or prior to the distribution of the assets of
the Trust;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">will store all
Gold Bullion owned by the Trust at the Gold Custodian or in the treasury vaults
of a Schedule I Canadian chartered bank or an affiliate or division thereof in
Canada on a fully allocated basis, provided that the Gold Bullion held in
London Good Delivery bar form may be stored with a custodian only if the Gold
Bullion will remain London Good Delivery while with that custodian;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">will not hold
any &#147;taxable Canadian Property&#148; within the meaning of the Tax Act;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">will not
purchase, sell or hold derivatives;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">will not issue
Units following the completion of the Trust&#146;s initial public offering except (i)&nbsp;if
the gross proceeds per Unit to be received by the Trust are not less than 100%
of the most recently</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 28.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">calculated Net Asset Value per Unit prior to, or upon, the
determination of the pricing of such issuance, or (ii)&nbsp;by way of Unit
distribution in connection with an income distribution;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">will ensure
that no part of the stored Gold Bullion may be delivered out of safekeeping by
the Gold Custodian or, if the Gold Bullion is held by another custodian, that
custodian, without receipt of an instruction from the Manager in the form
specified by the Gold Custodian or such other custodian indicating the purpose
of the delivery and giving direction with respect to the specific amount;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">will ensure
that no director or officer of the Manager or the Manager&#146;s general partner, or
representative of the Trust or the Manager will be authorized to enter into the
Gold Bullion storage vaults without being accompanied by at least one
representative of the Gold Custodian or, if the Gold Bullion is held by another
custodian, that custodian, as the case may be;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">will ensure
that the Gold Bullion remains unencumbered;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">will inspect or
cause to be inspected the stored Gold Bullion periodically on a spot inspection
basis and, together with a representative of the Trust&#146;s external auditor,
physically audit each bar annually to confirm the bar number;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">will not
guarantee the securities or obligations of any person other than the Manager,
and then only in respect of the activities of the Trust;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">in connection
with requirements of the Tax Act, will not make or hold any investment that
would result in the Trust failing to qualify as a &#147;mutual fund trust&#148; within
the meaning of the Tax Act;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">in connection
with requirements of the Tax Act, will not invest in any security that would be
a tax shelter investment within the meaning of section 143.2 of the Tax Act;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">in connection
with requirements of the Tax Act, will not invest in the securities of any
non-resident corporation, trust or other non-resident entity (or of any
partnership that holds such securities) if the Trust (or the partnership) would
be required to mark its investment in such securities to market in accordance
with the proposed section 94.2 of the Tax Act or to include any significant
amounts in income pursuant to proposed sections 94.1 or 94.3 of the Tax Act or
invest in any non-resident trust other than an &#147;exempt foreign trust&#148; as set
forth in Bill C-10, which was previously before the Canadian Parliament (or
amendments to such proposals or provisions as enacted into the law or successor
provisions thereto);</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">in connection
with requirements of the Tax Act, will not invest in any security of an issuer
that would be a foreign affiliate of the Trust for purposes of the Tax Act; and</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">in connection
with requirements of the Tax Act, will not carry on any business and make or
hold any investments that would result in the Trust itself being subject to the
tax for specified investment flow-through trusts (SIFT) as provided for in
section 122 of the Tax Act.</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Primary Portfolio Manager</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eric
Sprott is the primary portfolio manager authorized to trade and carry out the
foregoing investment objective and strategy in respect of the Trust Property.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A2</font></p>

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</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE &#147;B&#148;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FEES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Management Fee</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As compensation for providing management, administrative and investment
management services to the Trust pursuant to this Agreement and the Trust
Agreement, the Trust shall pay the Manager a monthly Management Fee equal to
1/12 of 0.35% of the Net Asset Value of the Trust (determined in accordance
with the Trust Agreement), plus any applicable federal and provincial
taxes.&#160; The Management Fee shall be calculated
and accrued daily and payable monthly in arrears on the last day of each
month.&#160; The Management Fee payable to the
Manager by the Trust shall be subject to the Expense Cap as set forth in Section&nbsp;8
of this Agreement.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE &#147;C&#148;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-weight:bold;"><img width="278" height="88" src="g349403ko05i001.gif" alt="GRAPHIC"></font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SPROTT ASSET MANAGEMENT LP</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">STATEMENT OF POLICIES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IMPORTANT - The securities laws of certain
jurisdictions of Canada require securities dealers and advisers, when they
trade in or advise with respect to their own securities or securities of
certain other issuers to which they, or certain other parties related to them,
are related or connected, to do so only in accordance with particular
disclosure and other rules.&#160; These rules&nbsp;require
dealers and advisers, prior to trading with or advising their customers or
clients, to inform them of the relevant relationships and connections with the
issuer of the securities. Clients and customers should refer to the applicable
provisions of these securities laws for the particulars of these rules&nbsp;and
their rights or consult with a legal advisor.</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">General</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sprott Asset Management LP (herein referred
to as &#147;<b>SAM</b>&#148; or &#147;<b>we</b>&#148;)
is registered under the securities laws of British Columbia, Alberta,
Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, and Newfoundland
and Labrador as an adviser in the registration category of portfolio manager
and in Ontario as a dealer in the registration category of exempt market
dealer.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under certain circumstances, SAM may advise
you, deal with or for you in securities transactions where the issuer of the
securities or the other party involved in the transaction is this firm or a
party having an ownership or business relationship with us, including affiliates
of SAM that are registered under securities laws (a &#147;<b>Sprott
Registrant</b>&#148;).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since these transactions may create a
conflict between our interests and yours, we are required by securities laws to
disclose to you certain relevant matters relating to these transactions.&#160; This statement contains a general description
of our policies and the required disclosures.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Compliance
with Law and Regulatory Requirements</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SAM, its officers and employees are required
to fully observe, in letter and spirit, all laws governing their business and
securities activities.&#160; SAM, its officers
and employees must deal fairly, honestly and in good faith with its clients.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SAM will only engage in
activities where it is confident that such activities are in compliance with
all requirements imposed by applicable law.&#160;
In particular, it is SAM&#146;s policy to ensure that the engagement of other
Sprott Registrants on behalf of SAM&#146;s clients would only be done when it has
been determined that such other Sprott Registrant is an appropriate selection
in the circumstances.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to applicable securities regulatory provisions and
contractual provisions respecting any business arrangements that may exist
between SAM and other dealers and advisers, the directors, officers and
employees of each are subject to guidelines or codes of conduct governing their
actions.&#160; Our internal compliance process
supplements these policies and procedures.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Related
and Connected Issuers</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">National Instrument 31-103 <i>Registration Requirements and Exemptions </i>requires SAM to
disclose to investors whether any securities it recommends to investors to buy,
sell or hold are securities issued by SAM, a related issuer or, during the
distribution of the securities, a connected issuer of SAM.&#160; An issuer is related to SAM if, through the
ownership of, or control over, voting securities or otherwise, the issuer is an
influential securityholder of SAM, SAM is an influential securityholder of the
issuer or if each of them is a related issuer of the same third party.&#160; An issuer is connected to SAM if it has a
business relationship with SAM that, in connection with a distribution of
securities of that issuer, may lead a reasonable prospective purchaser to
question if the issuer and SAM are independent of each other.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, SAM must disclose the name of
any related issuer that is a reporting issuer in Ontario or that has
distributed securities outside Ontario on a basis that, if it had done so in
Ontario, would have made such issuer a reporting issuer.&#160; Set out below are the names of such related
issuers:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Sprott Inc.</font></i><font size="2" style="font-size:10.0pt;"> (&#147;<b>SI</b>&#148;),
a reporting issuer that is a related issuer of SAM because SI is an indirect
100% shareholder of Sprott Asset Management GP Inc., the general partner of
SAM, and is the sole limited partner of SAM.</font></p>

<p style="margin:0in 0in .0001pt 64.05pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Sprott Resource Corp. </font></i><font size="2" style="font-size:10.0pt;">(&#147;<b>SRC</b>&#148;),
a reporting issuer that is a related issuer of SAM because the professional
group (as such term is defined under National Instrument 33-105 <i>Underwriting Conflicts</i>) of SAM exercises control or
direction over, or beneficially owns, directly or indirectly, 10% or more of
the voting securities of SRC, and SAM has officers, directors or employees who
constitute at least 20% of the directors of SRC.&#160; In addition, an affiliate of SAM has entered
into an agreement to provide management services to SRC.</font></p>

<p style="margin:0in 0in .0001pt 64.05pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We may, from time to time, be deemed to be
related or connected to one or more other issuers for purposes of the
disclosure and other rules&nbsp;of the securities laws referred to above.&#160; We are prepared to act as an adviser and
dealer in the ordinary course of our business to, and in respect of securities
of, any such related or connected issuer and, in connection therewith to
provide the full range of services customarily provided by us to, and in
respect of securities of, other issuers. &#160;In any such case, such adviser or dealer and
other services shall be carried on by us in the ordinary course of our business
as an adviser or dealer in accordance with our usual practices and procedures
and in accordance with all applicable disclosure and other regulatory
requirements.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SAM, or its directors,
officers, partners, salespeople or other employees may, from time to time,
recommend that you trade in, or provide to you advice about, a security issued
by these listed persons or companies.&#160; If
you wish further information concerning the relationship between SAM and these
listed persons or companies, or if you have any questions, please contact us.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Related Registrants</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Where SAM has a principal
shareholder, director or officer that is a principal shareholder, director or
officer of another registrant, SAM shall adopt policies and procedures to
minimize the potential for conflict of interest resulting from such
relationship(s).&#160; SAM is also required to
disclose to clients in writing, initially before making a trade for or
providing advice to the client, and in a timely manner </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C2</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=21,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="6",CHK=70957,FOLIO='C2',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KO-05_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 08:04 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">thereafter and, if possible,
before making the next trade for or providing advice to the client, if there
are any significant changes to this disclosure, the details of the relationship(s)&nbsp;and
the policies and procedures adopted to minimize the potential for conflicts of
interest resulting from such relationships.&#160;
Sprott Private<b><i style="font-weight:bold;">  </i></b>Wealth LP
(&#147;<b>SPW</b>&#148;), a registrant, is related to SAM,
by virtue of each of SAM and SPW having SI as a direct or indirect holder of
100% of the voting securities of each general partner of SAM and SPW.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Conflicts of Interest</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SAM as Adviser and Dealer</font></i></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The principal business
activity of SAM is to act as a portfolio manager for separately managed
investment accounts of its clients (a &#147;<b>SAM Managed Account</b>&#148;)
and investment funds it manages (a &#147;<b>SAM Investment Fund</b>&#148;).&#160; SAM&#146;s activities as a dealer are primarily
the marketing of SAM Investment Funds to clients of SAM or to investment
dealers or mutual fund dealers.&#160; In
providing trading and advisory services to our clients it is important that our
clients understand our interests in the service or transaction.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We must make certain
disclosures where we (a)&nbsp;act as your dealer/broker; </font><font size="2" style="font-size:10.0pt;">(b)&nbsp;</font><font size="2" style="font-size:10.0pt;">advise
you; or (c)&nbsp;exercise discretion on your behalf, with respect to securities
issued by us, by a related issuer or, in the course of a distribution, by a
connected issuer (collectively, &#147;<b>Related Securities</b>&#148;).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In these situations, we must
disclose our relationship with the issuer of the securities.&#160; We must also make disclosure to you where we
know or should know that, as a result of our acting as your dealer/broker or
adviser, or of our exercising discretion on your behalf, Related Securities
will be purchased or sold by you through us.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following is a list of the time and
manner in which these disclosures must be made:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Where
we purchase or sell securities for your account, the required disclosure will
be contained in the confirmation of trade and monthly statement, which we
prepare and send to you.</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Where
we advise you with respect to the purchase, sale or holding of securities, the
disclosure must be made prior to our giving the advice.</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">If
there is a significant change to the information previously disclosed to you,
SAM will notify you of the change in a timely manner and, if possible, before
making the next purchase or sale of the securities for you or providing advice
to you to purchase, sell or hold the securities.</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Where
we use our discretion as an adviser to trade securities in a SAM Managed
Account neither we nor another Sprott Registrant will charge a trade commission
without your consent, or otherwise in compliance with applicable law.</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Where we exercise
discretion over a SAM Managed Account, SAM will refrain from causing you to
purchase Related Securities unless, to the extent required by law, prior to
exercising discretionary authority and at least once within each twelve-month
period thereafter, SAM provides you with a copy of this Statement of Policies
and secures your specific and informed written consent to allow SAM to exercise
its discretion to acquire the Related Securities on your behalf.</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Potential for Conflict</font></i></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the extent that one Sprott Registrant
determines it to be in the interests of its clients to engage the services of,
or invest in financial products offered by, another Sprott Registrant, it could
be subject to a </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C3</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=22,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="6",CHK=826485,FOLIO='C3',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KO-05_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 08:04 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">potential conflict of interest, given its
indirect relationship with the other Sprott Registrants.&#160; SAM and its officers and employees must
ensure that if they select another Sprott Registrant to assist a SAM client it
is based on the determination that such other Sprott Registrant is an
appropriate selection having regard to the client&#146;s circumstances.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Representatives of SAM and other Sprott
Registrants may from time to time act as officers of SAM and may also be
officers of other Sprott Registrants. All Sprott Registrants have adopted
policies and procedures that minimize the potential for conflicts of interest
resulting from the relationships of the officers and the Sprott Registrants,
and all officers are required to observe such policies in carrying out their
duties.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There will be three individuals who will be
dually licensed with both SPW and SAM, namely:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="25%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.82%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="35%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Position at SPW</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="35%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Position at SAM</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:25.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eric
  S. Sprott</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:35.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief
  Executive Officer and Ultimate Designated Person</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:35.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief
  Executive Officer, Senior Portfolio Manager and Ultimate Designated Person</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James
  R. Fox</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:35.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice-President,
  Sales and Marketing</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:35.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kirstin
  H. McTaggart</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:35.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief
  Compliance Officer and Alternate Designated Person</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:35.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief
  Compliance Officer and Operations</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SAM and SPW propose to manage potential
conflicts associated with the dual registration of the individuals in the
following manner:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Each
dually registered individual will have sufficient time in their work week to
fully and properly discharge their responsibilities at SPW and SAM.</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">In
order to protect client confidentiality, each dually registered individual
shall be prohibited from disclosing any confidential client information to any
person other than the staff of the relevant entity or for the purpose of
performing the relevant services for the client.</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Fair Allocation of Investment Opportunities and
Fair Treatment of SAM Investment Funds and SAM Managed Accounts</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We must ensure the fair treatment of our
clients through the highest standards of integrity and ethical business conduct.&#160; The principle of fair treatment must be
recognized by all employees, officers and directors of SAM in order to provide
a true benefit to our clients.&#160; Our
clients have the right to be assured that their interests will always take
precedence over the personal trading activities of SAM portfolio managers and
other SAM access persons.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Fairness Policy</font></i></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order to ensure fairness in the allocation
of investment opportunities among the SAM Managed Accounts and the SAM
Investment Funds (each a &#147;<b>SAM Client</b>&#148;),
SAM will allocate investment opportunities with consideration to the
suitability of such investments to each SAM Client&#146;s investment objectives and
strategies, portfolio composition, restrictions and cash availability (even
though the investment objectives and strategies are substantially the same for
some of the SAM Clients and cash flows of each SAM Client can be substantially
different given daily/monthly subscriptions and </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C4</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=23,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="6",CHK=890883,FOLIO='C4',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KO-05_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 08:04 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">redemptions/withdrawals). &#160;As well, cash flows (subscription inflows and
redemptions/withdrawals) and investment strategies can influence the allocation
process in order to maintain property weightings in each SAM Client account.&#160; If an investment opportunity is suitable for
more than one SAM Client, SAM will allocate such investment opportunities
equitably in order to ensure that each SAM Client has equal access to the same
quality and quantity of investment opportunities.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To ensure fairness in the allocation of investment opportunities as
between each SAM Client, SAM will ensure:</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">where orders are entered
simultaneously for execution at the same price, fills are allocated on a <i>pro rata</i> basis;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">when transactions are
executed at different prices for a group of SAM Clients, fills are allocated on
an average price basis;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">in the case of a block trade
or a new or secondary securities issue, if all SAM Client orders can be
accommodated (demand is smaller than supply), allocation is made on a <i>pro rata</i> basis based on the order size of each SAM
Client.&#160; Where the allotment received is
insufficient to meet the full requirements of all SAM Clients on whose behalf
orders have been placed (demand exceeds supply), allocation is made on a <i>pro rata</i> basis based on the size of the SAM Client account
or the existing position size in a SAM Client account.&#160; However, if such prorating should result in
an inappropriately small position for a SAM Client, the allotment would be
reallocated to another SAM Client.&#160;
Depending on the number of block trades or new or secondary issues, over
a period of time, every effort will be made to ensure that these prorating and
reallocation policies result in fair and equal treatment to all SAM Clients,
and</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">when orders for more than
one SAM Client are bunched or blocked and the transactions are executed at
varying prices, an average price will be determined and allocated to each SAM
Client on a <i>pro rata</i> basis.&#160; As well, all commissions will be totalled and
allocated to all SAM Clients on a <i>pro rata</i>
basis.&#160; If different prices and
commissions are executed, then an average price as well as total average
commission will be calculated and allocated on a <i>pro rata</i>
basis.&#160; For a normal secondary purchase
order executed through a broker, the average price and commission will be
calculated and allocated evenly among our SAM Clients.&#160; There will be no differentiation on price
towards our SAM Clients.</font></p>

<p style="margin:0in 0in .0001pt 28.05pt;text-indent:-28.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, SAM will always seek to obtain
the best order execution for each SAM Client and to minimize transaction costs.&#160; SAM employee trading accounts (i.e. &#147;PRO&#148;
accounts), retail and inventory trades are never commingled with trades
involving SAM Investment Funds.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Proxy Voting Guidelines</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SAM, in its capacity as
portfolio adviser to the SAM Clients, is sometimes responsible for
establishing, monitoring and amending (if necessary) the policies and
procedures relating to the voting of proxies received in connection with each
SAM Client&#146;s investment portfolio.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally speaking, SAM will vote in favour
of the following proxy proposals:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="344" valign="top" style="padding:0in 0in 0in 0in;width:257.85pt;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">electing and
  fixing number of directors</font></p>
  </td>
  <td width="16" valign="top" style="padding:0in 0in 0in 0in;width:12.15pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="360" valign="top" style="padding:0in 0in 0in 0in;width:3.75in;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">authorizing
  directors to fix remuneration of auditors</font></p>
  </td>
 </tr>
 <tr>
  <td width="344" valign="top" style="padding:0in 0in 0in 0in;width:257.85pt;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="top" style="padding:0in 0in 0in 0in;width:12.15pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="360" valign="top" style="padding:0in 0in 0in 0in;width:3.75in;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="344" valign="top" style="padding:0in 0in 0in 0in;width:257.85pt;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">appointing
  auditors</font></p>
  </td>
  <td width="16" valign="top" style="padding:0in 0in 0in 0in;width:12.15pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="360" valign="top" style="padding:0in 0in 0in 0in;width:3.75in;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">approving
  private placements exceeding 25% </font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C5</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=24,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="6",CHK=917093,FOLIO='C5',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KO-05_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 08:04 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="344" valign="top" style="padding:0in 0in 0in 0in;width:257.85pt;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="top" style="padding:0in 0in 0in 0in;width:12.15pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="360" valign="top" style="padding:0in 0in 0in 0in;width:3.75in;">
  <p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">threshold</font></p>
  </td>
 </tr>
 <tr>
  <td width="344" valign="top" style="padding:0in 0in 0in 0in;width:257.85pt;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="top" style="padding:0in 0in 0in 0in;width:12.15pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="360" valign="top" style="padding:0in 0in 0in 0in;width:3.75in;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="344" valign="top" style="padding:0in 0in 0in 0in;width:257.85pt;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">ratifying
  director actions</font></p>
  </td>
  <td width="16" valign="top" style="padding:0in 0in 0in 0in;width:12.15pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="360" valign="top" style="padding:0in 0in 0in 0in;width:3.75in;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">approving
  private placements to insiders exceeding 10% threshold</font></p>
  </td>
 </tr>
 <tr>
  <td width="344" valign="top" style="padding:0in 0in 0in 0in;width:257.85pt;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="top" style="padding:0in 0in 0in 0in;width:12.15pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="360" valign="top" style="padding:0in 0in 0in 0in;width:3.75in;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="344" valign="top" style="padding:0in 0in 0in 0in;width:257.85pt;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">changing
  registered address</font></p>
  </td>
  <td width="16" valign="top" style="padding:0in 0in 0in 0in;width:12.15pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="360" valign="top" style="padding:0in 0in 0in 0in;width:3.75in;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" style="font-size:10.0pt;">approving
  special resolutions to change the authorized capital of the company to an
  unlimited number of common shares without par value</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SAM will vote against any proposal relating
to stock option plans that: (i)&nbsp;exceed 5% of the common shares issued and
outstanding at the time of grant over a three year period (on a non-diluted
basis); (ii)&nbsp;provide that the maximum number of common shares issuable
pursuant to such plan be a &#147;rolling&#148; maximum equal to 5% of the outstanding
common shares at the date of the grant of applicable options; and (iii)&nbsp;reprices
the stock option.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In certain cases, proxy votes may not be cast
when the portfolio adviser determines that it is not in the best interests of
the SAM Client to vote such proxies.&#160; In
the event a proxy raises a potential material conflict of interest between the
interests of a SAM Client and SAM, the conflict will be resolved by SAM in
favour of that SAM Client.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SAM retains the discretion to depart from
these polices on any particular proxy vote depending upon the facts and
circumstances.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The proxy voting guidelines of SAM are
available on request, free of charge, by contacting SAM at 1-866-299-9906.&#160; SAM will maintain and prepare an annual proxy
voting record for each SAM Investment Fund.&#160;
The proxy voting record for the annual period beginning July&nbsp;1 for
each SAM Investment Fund will be available free of charge to any investor upon
request at any time after June&nbsp;30 of the following year.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Misuse of Confidential and Insider Information</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The misuse of confidential information or
misuse of any insider information not generally disclosed, for personal gain or
for the benefit of anyone else, is prohibited and grounds for serious sanction.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Confidentiality and Privacy</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, SAM has adopted a privacy policy
in accordance with the <i>Personal Information
Protection and Electronic Documents Act</i> (Canada) with respect to
personal information of SAM Clients.&#160;
This policy states that SAM will only disclose this information to third
parties or its affiliates in limited specific circumstances on a strictly
confidential basis.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Money Laundering and
Terrorist Financing</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As outlined by the <i>Proceeds of Crime (Money Laundering) and Terrorist Financing Act</i>,
SAM is obligated to implement specific measures to detect and deter money
laundering and the financing of terrorist activity.&#160; As such, all investments into our SAM Managed
Accounts and SAM Investment Funds require completed documentation to be
submitted by investors.&#160; It is our duty
to report to the Financial Transactions and Reports Analysis Centre of Canada
confirmation of any investors engaged in money laundering.&#160; This reporting requirement will not be deemed
to be a breach of any information disclosure restrictions imposed by applicable
law or otherwise.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C6</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please do not hesitate to contact us should you have any questions with
regards to SAM&#146;s Statement of Policies or should you require further details on
any SAM policies and practices.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt 4.5in;text-align:right;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Revised
October&nbsp;2009.</font></i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C7</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<p align="right" style="line-height:normal;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;10.3</font></b></p>

<p align="right" style="line-height:normal;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VALUATION SERVICES AGREEMENT</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS AGREEMENT </font></b><font size="2" style="font-size:10.0pt;">made and entered into as of the </font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;"> day of </font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">, 2009</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BETWEEN:</font></b></p>

<p style="margin:0in 0in .0001pt 2.5in;text-indent:-2.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 2.75in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SPROTT ASSET MANAGEMENT LP</font></b><font size="2" style="font-size:10.0pt;">,</font></p>

<p style="margin:0in 0in .0001pt 2.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a limited partnership
formed under the laws of the Province of Ontario</font></p>

<p style="margin:0in 78.15pt .0001pt 2.75in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 78.15pt .0001pt 2.75in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(hereinafter referred to as the &#147;<b>Manager</b>&#148;)</font></p>

<p style="margin:0in 78.15pt .0001pt 141.75pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in .2pt .0001pt 141.75pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OF THE FIRST PART</font></p>

<p align="right" style="margin:0in .2pt .0001pt 141.75pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .2pt .0001pt 2.75in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- and -</font></p>

<p style="margin:0in .2pt .0001pt 2.75in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .2pt .0001pt 2.75in;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RBC DEXIA INVESTOR SERVICES TRUST</font></b><font size="2" style="font-size:10.0pt;">,</font></p>

<p style="margin:0in .2pt .0001pt 2.75in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a trust company incorporated under the federal laws
of Canada</font></p>

<p style="margin:0in .2pt .0001pt 2.75in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 56.9pt .0001pt 2.75in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(hereinafter referred to as the &#147;<b>Valuation Agent</b>&#148;)</font></p>

<p style="margin:0in 56.9pt .0001pt 141.85pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in .2pt .0001pt 141.85pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OF
THE SECOND PART</font></p>

<p align="right" style="margin:0in .2pt .0001pt 141.85pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS </font></b><font size="2" style="font-size:10.0pt;">Sprott
Physical Gold Trust (the &#147;<b>Trust</b>&#148;) </font><font size="2" style="font-size:10.0pt;">is a closed-end
mutual fund trust established under the laws of the Province of Ontario
pursuant to a trust agreement dated as of August&nbsp;28, 2009, as amended and
restated as of December&nbsp;7, 2009 (the &#147;<b>Trust Agreement</b>&#148;);</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AND
WHEREAS </font></b><font size="2" style="font-size:10.0pt;">pursuant to the Trust Agreement, RBC Dexia Investor
Services Trust and the Manager were appointed as the trustee and the manager of
the Trust, respectively;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AND WHEREAS </font></b><font size="2" style="font-size:10.0pt;">pursuant to the Trust
Agreement, the Manager has the full authority and exclusive power to manage and
direct the business and affairs of the Trust including, without limitation, to
provide the Trust with all necessary investment management services and all
management and administrative services, and to provide such other services and
facilities as described in the Trust Agreement;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AND WHEREAS </font></b><font size="2" style="font-size:10.0pt;">pursuant
to the Trust Agreement, the Manager has the ultimate responsibility to
calculate the Net Asset Value of the Trust, the Net Asset Value per Unit, the Class&nbsp;Net
Asset Value and the Class&nbsp;Net Asset Value per Unit, and to determine the
Net Income and the Net Realized Capital Gains for the Trust (as all such terms
are hereinafter defined) and, in conjunction therewith, may appoint a service
provider to perform some or all of such calculations and determinations on
behalf of the Trust;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AND WHEREAS</font></b><font size="2" style="font-size:10.0pt;"> the Manager wishes to
retain the Valuation Agent, in its capacity as a service provider to the Trust,
to provide certain valuation services (collectively, the &#147;<b>Services</b>&#148;)
for the Trust, subject to, and in accordance with, the terms and conditions
hereinafter set forth with effect from the date first written above;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AND WHEREAS</font></b><font size="2" style="font-size:10.0pt;"> the Valuation Agent, in its
capacity as a service provider, has agreed to provide such Services for the
Trust, subject to, and in accordance with, the terms and conditions of this
Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOW THEREFORE</font></b><font size="2" style="font-size:10.0pt;"> in consideration of the
mutual covenants and agreements contained herein and for other good and
valuable consideration (the receipt and sufficiency of which is hereby
acknowledged) the parties hereto agree as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Definitions</font></b></p>

<p style="margin:0in 0in .0001pt 35.45pt;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless
otherwise defined in this Agreement, the following terms shall have the meaning
as set out in the Trust Agreement:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Affiliate</b>&#148;<b>
</b></font><font size="2" style="font-size:10.0pt;">has the meaning ascribed thereto in the <i>Securities Act </i>(Ontario), as amended from time to time;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Agreement</b>&#148;
means this valuation services agreement dated as of the day and year first
above written as the same may be amended, restated or supplemented from time to
time and &#147;<b>herein</b>&#148;, &#147;<b>hereof</b>&#148;, &#147;<b>hereby</b>&#148;, &#147;<b>hereunder</b>&#148; and similar expressions refer to
this Agreement and include every instrument supplemental or ancillary to this
Agreement and, except where the context otherwise requires, not to any
particular article, section or subsection thereof;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Applicable
Laws</b>&#148; means, unless the context otherwise dictates, any applicable
statute of Canada or of a province or territory of Canada or any applicable
statute of the United States of America or of a state or territory of the
United States of America or any applicable regulations, orders, instruments,
policies or other laws made under statutory authority by any governmental or
regulatory body or agency having jurisdiction over the Trust including, but not
limited to, Securities Legislation and the Tax Act;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Business Day</b>&#148;
means any day on which the New York Stock Exchange Arca or the Toronto Stock
Exchange are open for trading;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Class&nbsp;Expenses</b>&#148;
in respect of any particular class or series of a class of Units means the
expenses of the Trust (including Management Fees) that are allocated only to
that class or series of a class;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Class&nbsp;Net
Asset Value</b>&#148; in respect of any particular class or series of a class
of Units is the portion of the Net Asset Value of the Trust attributed to such
class or series of a class determined in accordance with<b>  </b>Section&nbsp;3.1
and Section&nbsp;3.2 hereof;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Class&nbsp;Net
Asset Value per Unit</b>&#148; in respect of any particular class or series
of a class of Units is the portion of the Class&nbsp;Net Asset Value of the
Trust attributed to each Unit of such class or series of a class determined in
accordance with<b>  </b>Section&nbsp;3.1 and Section&nbsp;3.2
hereof;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Common
Expenses</b>&#148; means those expenses of the Trust other than Class&nbsp;Expenses;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Directions</b>&#148;
means all directions, authorizations, notices, requests and instructions given
in accordance with Section&nbsp;5 by any director, officer, employee or other
representative authorized to act on behalf of the Manager or any Third Party
Valuation Agent, as the case may be;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Distribution
Date</b>&#148; has the meaning ascribed thereto in Section&nbsp;4.1 hereof;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Fiscal Year&#148;</b></font><font size="2" style="font-size:10.0pt;"> means the fiscal year of
the Trust ending on the last day of December&nbsp;in each year or such other
date as may be determined from time to time by the Manager;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Gold Bullion</b>&#148;
means physical gold bullion in London Good Delivery bar form that is
unencumbered, fully allocated and stored at the Gold Custodian by or on behalf
of the Trust;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Gold Custodian</b>&#148; </font><font size="2" style="font-size:10.0pt;">means the Royal Canadian
Mint, acting as the custodian of the Gold Bullion, and any sub-custodians
appointed by the Royal Canadian Mint, in accordance with the Storage Agreement,
or any successor custodian of the Gold Bullion appointed in accordance with the
Trust Agreement or pursuant to a separate written custodial agreement;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>IFRS</b>&#148;
means International Financial Reporting Standards as issued by the
International Accounting Standards Board;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Indemnified
Party</b>&#148; has the meaning ascribed thereto in Section&nbsp;7.4 hereof;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Management Agreement</b>&#148; means the management agreement between the Manager and the Trust to be
dated on or about the date of filing the (final) prospectus and the
registration statement with the applicable Securities Authorities, as the same
may be amended, restated or supplemented from time to time;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Management
Fee</b>&#148; means the monthly management fee payable to the Manager
pursuant to the Management Agreement;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(r)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Manager</b>&#148; means </font><font size="2" style="font-size:10.0pt;">Sprott Asset Management LP,
acting as the manager of the Trust, or any successor manager appointed in
accordance with the Trust Agreement and subject to the Management Agreement;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(s)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Net Asset
Value of the Trust</b>&#148; is the amount determined from time to time in
accordance with Section&nbsp;3.1 hereof;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(t)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Net Asset
Value per Unit</b>&#148; is the amount determined from time to time in accordance
with Section&nbsp;3.1 hereof;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(u)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Net Change
in Non-Portfolio Assets</b>&#148; on a Valuation Date means:</font></p>

<p style="margin:0in 0in .0001pt 108.75pt;text-indent:-73.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the aggregate of all income accrued by the Trust as
of that Valuation Date, including cash dividends and distributions, interest
and compensation since the last calculation of Class&nbsp;Net Asset Value or Class&nbsp;Net
Asset Value per Unit, as the case may be; minus</font></p>

<p align="left" style="margin:0in 0in .0001pt 99.25pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Common Expenses to be
accrued by the Trust as of that Valuation Date which have been accrued since
the last calculation of Class&nbsp;Net Asset Value or Class&nbsp;Net Asset
Value per Unit, as the case may be; plus or minus</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=3,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="7",CHK=27806,FOLIO='3',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KQ-01_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 23:27 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any change in the value of
any non-portfolio assets or liabilities stated in any foreign currency accrued
on that Valuation Date since the last calculation of Class&nbsp;Net Asset Value
or Class&nbsp;Net Asset Value per Unit, as the case may be, including, without
limitation, cash, accrued dividends or interest and any receivables or
payables; plus or minus</font></p>

<p align="left" style="margin:0in 0in .0001pt 99.25pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any other item
accrued on that Valuation Date determined by the Manager to be relevant in
determining the Net Change in Non-Portfolio Assets;</font></p>

<p style="margin:0in 0in .0001pt 99.25pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Net Income</b>&#148;<b>  </b>has the meaning ascribed thereto in Subsection 4.2(a)&nbsp;hereof;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(w)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Net Realized
Capital Gains</b>&#148;<b>  </b>has the
meaning ascribed thereto in Subsection 4.2(b)&nbsp;hereof;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Person</b>&#148;
means any individual, partnership, limited partnership, joint venture,
syndicate, sole proprietorship, company or corporation with or without share
capital, unincorporated association, trust, trustee, executor, administrator or
other legal personal representative, regulatory body or agency, government or
governmental agency, authority or entity however designated or constituted;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(y)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Proportionate
Share</b>&#148;, when used to describe (i)&nbsp;an amount to be allocated to
any one class or series of a class of Units, means the total amount to be
allocated to all classes or series of classes of Units multiplied by a
fraction, the numerator of which is the Class&nbsp;Net Asset Value of such
class or series of a class and the denominator of which is the Net Asset Value
of the Trust at such time, and (ii)&nbsp;a Unitholder&#146;s interest in or share of
any amount, means, after an allocation has been made to each class or series of
a class of Units as provided in clause&nbsp;(i), that allocated amount
multiplied by a fraction, the numerator of which is the number of Units of that
class or series of a class registered in the name of that Unitholder and the
denominator of which is the total number of Units of that class or series of a
class then outstanding (if such Unitholder holds Units of more than one class
or series of a class, then such calculation is made in respect of each class or
series of a class of Units and aggregated);</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(z)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>QEF</b>&#148;
has the meaning ascribed thereto in Section&nbsp;4.7 hereof;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(aa)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Registrar and Transfer Agent</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means Equity Transfer&nbsp;&amp;
Trust Company<b>, </b>acting as the registrar and
transfer agent of the Units, and appointed by the Manager in accordance with
the Trust Agreement and pursuant to a transfer agent, registrar and disbursing
agent agreement to be dated on or about
the date of filing the (final) prospectus and the registration statement with
the applicable Securities Authorities, as the same may be amended, restated or
supplemented from time to time;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(bb)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Securities Authorities</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means the Ontario Securities
Commission and equivalent securities regulatory authorities in each other
province and territory of Canada, and the United States Securities and Exchange
Commission;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(cc)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Securities
Legislation</b>&#148; means the laws, regulations, rules, requirements and
policies of the Securities Authorities which are in effect from time to time
and applicable to the Trust including, but not limited to National Instrument
81-102 <i>Mutual Funds</i>, National</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

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</div>
<!-- ZEQ.=1,SEQ=4,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="7",CHK=89989,FOLIO='4',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KQ-01_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 23:27 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Instrument 81-106 <i>Investment Fund Continuous
Disclosure</i>, National Instrument 81-107 <i>Independent
Review Committee for Investment Funds</i> and the United States <i>Securities Act of 1933</i>, as amended;</font></p>

<p style="margin:0in 0in .0001pt 70.9pt;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(dd)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Services</b>&#148;
means certain valuation services provided for the Trust by the Valuation Agent,
in its capacity as a service provider to the Trust, subject to, and in
accordance with, the terms and conditions set forth in this Agreement;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ee)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Storage
Agreement</b>&#148; means the precious metals storage agreement between the Manager, on behalf of the Trust, and the
Gold Custodian, to be dated on or about the date of filing the (final)
prospectus and the registration statement of the Trust with the applicable
Securities Authorities, as the same may be amended, restated or supplemented
from time to time;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ff)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Tax Act</b>&#148;<b>  </b>means the<b><i style="font-weight:bold;">  </i></b><i>Income Tax Act</i> (Canada) and the regulations, rules, and
policies promulgated thereunder, as amended from time to time;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(gg)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Third Party
Data</b>&#148; has the meaning ascribed thereto in Section&nbsp;3.4 hereof;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(hh)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Third Party
Valuation Agent</b>&#148; means any investment dealers, investment managers
or advisors, consultants, custodians, registrar and transfer agents or other
agents appointed by the Manager from time to time in connection with its responsibilities
hereunder.&#160; The Manager shall, or may, by
a Direction specify that such Third Party Valuation Agent shall direct the
Valuation Agent as to any matters in Sections 3 or 4 or any matter related
thereto, requiring the Manager&#146;s Direction;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Trust</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means Sprott
Physical Gold Trust, a
closed-end mutual fund trust established under the laws of the Province of
Ontario and governed by the Trust Agreement;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(jj)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Trust
Agreement</b>&#148; means the trust agreement of the Trust dated as of August&nbsp;28,
2009, as amended and restated as of December&nbsp;7, 2009, as the same may be
further amended, restated, supplemented or replaced from time to time;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(kk)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Trust
Property</b>&#148; at any time, means any and all securities, cash (including
free credit balances), property and assets, real and personal, tangible and
intangible, transferred, conveyed or paid to the Trust including, without
limitation:</font></p>

<p style="margin:0in 0in .0001pt 70.9pt;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all funds realized from the
sale of Units;</font></p>

<p style="margin:0in 0in .0001pt 70.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Gold Bullion from time to
time delivered to and received by the Trust or held for its account as directed
by the Manager and accepted by the Gold Custodian on behalf of the Trust in
accordance with the Storage Agreement;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all investments, sums or
property of any type or description (other than the Gold Bullion) from time to
time delivered to and received by the Trust or held for its account as directed
by the Manager and accepted by the Trustee on behalf of the Trust in accordance
with the Trust Agreement;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any proceeds of disposition
of any of the foregoing property and assets; and</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=5,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="7",CHK=910179,FOLIO='5',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KQ-01_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 23:27 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all income, interest,
profit, gains and accretions and additional rights arising from or accruing to
such foregoing property or such proceeds of disposition;</font></p>

<p style="margin:0in 0in .0001pt 106.35pt;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ll)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Trustee</b>&#148;<b>  </b></font><font size="2" style="font-size:10.0pt;">means RBC Dexia
Investor Services Trust, acting as the trustee of the Trust, or any successor
trustee appointed in accordance with the Trust Agreement;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(mm)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Unit</b>&#148;
means a unit of beneficial interest, in any class or series of a class of the
Trust, as presently constituted pursuant to the Trust Agreement as the same may
from time to time hereinafter be constituted, and collectively referred to as
the &#147;<b>Units</b>&#148;;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(nn)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Unitholders</b>&#148;
means Persons whose name appears as a registered holder of one or more Units or
fractions thereof in the register established and maintained by the Registrar
and Transfer Agent appointed by the Manager and &#147;<b>Unitholder</b>&#148;
means any one of them;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(oo)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Valuation
Agent</b>&#148; means RBC Dexia Investor Services Trust, acting as a service
provider to the Trust, and appointed by the Manager in accordance with this
Agreement and the Trust Agreement;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(pp)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Valuation Date</b>&#148;
means each Business Day, unless the Manager determines that the assets of the
Trust should be valued less frequently, either generally or in respect of one
or more specific instances, in which event &#147;<b>Valuation
Date</b>&#148; shall mean such Business Day or Business Days as the Manager
determines; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(qq)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Valuation
Time</b>&#148; means 4:00&nbsp;p.m. (Toronto
time) on a Valuation Date or such other time on a Valuation Date as the Valuation
Agent in consultation with the Manager deems appropriate.</font></p>

<p style="margin:0in 0in .0001pt 70.9pt;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Appointment of the Valuation Agent</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Appointment</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager hereby retains the Valuation Agent, in
its capacity as a service provider to the Trust, and the Valuation Agent hereby
accepts such retainer, for the purpose of providing the Services for the Trust,
subject to, and in accordance with, the terms and conditions set forth in this
Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Authority
of the Manager</font></b></p>

<p style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Manager hereby represents, warrants and confirms to the Valuation Agent that it
has the power and authority to enter into this Agreement, to retain the
Valuation Agent to provide the Services to the Trust, and to otherwise perform
its obligations hereunder, and the Manager has obtained all authorizations and
approvals required of the Manager for the due execution, delivery and
performance by the Manager of this Agreement and the engagement of the
Valuation Agent to provide the Services hereunder.</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Authority of the Valuation Agent</font></b></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Valuation Agent hereby represents, warrants and confirms to the Manager that it
has the power and authority to enter into this Agreement and to perform its
obligations hereunder, and the Valuation Agent has obtained all authorizations
and approvals required of the Valuation Agent for the due execution, delivery
and performance by the Valuation Agent of this Agreement.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

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</div>
<!-- ZEQ.=1,SEQ=6,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="7",CHK=357672,FOLIO='6',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KQ-01_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 23:27 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Determination
of Net Asset Value</font></b></p>

<p style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Calculation
of Net Asset Value of the Trust and Net Asset Value per Unit</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant
to the Trust Agreement, the Net Asset Value of the Trust shall be determined
for the purposes of subscriptions and redemptions as at the Valuation Time on
each Valuation Date in United States dollars.&#160;
The Net Asset Value of the Trust determined on the last Valuation Date
of each year shall include all income, Common Expenses, Class&nbsp;Expenses or
any other items to be accrued to December&nbsp;31</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">st</font><font size="2" style="font-size:10.0pt;">&#160;of each year
and since the last calculation of the Net Asset Value per Unit or the Class&nbsp;Net
Asset Value per Unit for the purpose of the distribution of Net Income and Net
Realized Capital Gains of the Trust to Unitholders.&#160; The &#147;<b>Net Asset Value of the
Trust</b>&#148; as at the Valuation Time on each Valuation Date shall be the
amount obtained by deducting from the aggregate fair market value of the assets
of the Trust as of such Valuation Date an amount equal to the fair value of the
liabilities of the Trust (excluding all liabilities represented by outstanding
Units) as of such Valuation Date.&#160; The &#147;<b>Net Asset
Value per Unit</b>&#148; shall be determined by dividing the Net Asset
Value of the Trust on a Valuation Date by the total number of Units then
outstanding on such Valuation Date.&#160;
Subject to Directions from the Manager as required, the Net Asset Value
of the Trust as at the Valuation Time on a Valuation Date shall be determined
by the Valuation Agent in accordance with the following:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;page-break-after:avoid;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The assets of the Trust
shall be deemed to include the following property:</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;page-break-after:avoid;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;page-break-after:avoid;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all Gold Bullion owned by or
contracted for the Trust;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;page-break-after:avoid;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;page-break-after:avoid;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all cash on hand or on
deposit, including any interest accrued thereon adjusted for accruals deriving
from trades executed but not yet settled;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;page-break-after:avoid;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;page-break-after:avoid;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all bills, notes and
accounts receivable;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;page-break-after:avoid;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all interest accrued on any
interest-bearing securities owned by the Trust other than interest, the payment
of which is in default; and</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">prepaid expenses.</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The market value of the
assets of the Trust shall be determined as follows:</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the value of Gold
Bullion shall be its market value based on the price provided by a widely
recognized pricing service as directed by the Manager and, if such service is
not available, such Gold Bullion shall be valued at a price provided by another
pricing service as determined by the Manager in consultation with the Valuation
Agent;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the value of any
cash on hand or on deposit, bills, demand notes, accounts receivable, prepaid
expenses, and interest accrued and not yet received, shall be deemed to be the
full amount thereof unless the Valuation Agent shall have determined that any
such deposit, bill, demand note, account receivable, prepaid expense or
interest is not worth the full amount thereof, in which event the value thereof
shall be deemed to be such value as the Valuation Agent in consultation with
the Manager shall determine to be the fair value thereof;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">short-term
investments including notes and money market instruments shall be valued at
cost plus accrued interest;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the value of any
security or other property for which no price quotations are available or, in
the opinion of the Manager, to which the above valuation principles cannot or
should not be applied, shall be the fair value thereof determined from time to
time in such manner as the Valuation Agent in consultation with the Manager
shall from time to time provide; and</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the value of all
assets and liabilities of the Trust valued in terms of a currency other than
the currency used to calculate the Net Asset Value of the Trust shall be
converted to the currency used to calculate the Net Asset Value of the Trust by
applying the rate of exchange obtained from the best available sources to the Valuation
Agent as agreed upon by the Manager including, but not limited to, the Trustee
or any of its Affiliates.</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The liabilities of the Trust shall be calculated on a
fair value basis and shall be deemed to include the following:</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all bills, notes and
accounts payable;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all fees (including
Management Fees) and administrative and operating expenses payable and/or
accrued by the Trust;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all contractual obligations
for the payment of money or property, including distributions of Net Income and
Net Realized Capital Gains, if any, declared, accrued or credited to the Unitholders
but not yet paid on the day before the Valuation Date as of which the Net Asset
Value of the Trust is being determined;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all allowances authorized or
approved by the Manager or the Trustee for taxes or contingencies; and</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all other liabilities of the
Trust of whatsoever kind and nature, except liabilities represented by
outstanding Units.</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">For the
purposes of determining the market value of any security or property pursuant
to Subsection 3.1(b) to which, in the opinion of the Valuation Agent in
consultation with the Manager, the above valuation principles cannot be applied
(because no price or yield equivalent quotations are available as provided
above, or the current pricing option is not appropriate, or for any other
reason), shall be the fair value as determined in such manner by the Valuation
Agent in consultation with the Manager and generally adopted by the marketplace
from time to time, provided that any change to the standard pricing principles
as set out above shall require prior consultation and written agreement with the
Manager. For greater certainty, fair valuing an investment comprising the Trust
Property may be appropriate if: (i) market quotations do not accurately reflect
the fair value of an investment; (ii) an investment&#146;s value has been materially
affected by events occurring after the close of the exchange or market on which
the investment is principally traded; (iii) a trading halt closes an exchange
or market early; or (iv) other events result in an exchange or market delaying
its normal close.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.5pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.5pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">For the purposes of determining the value of Gold Bullion,
the Manager relies solely on weights provided to the Manager by third
parties.&#160; The Manager, the Trustee or the
Valuation Agent shall not be required to make any investigation or inquiry as
to the accuracy or validity of such weights.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Portfolio transactions (investment purchases and sales) will
be reflected in the first computation of the Net Asset Value of the Trust made
after the date on which the transaction becomes binding.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Net Asset Value of the Trust and Net Asset Value per
Unit on the first Business Day following a Valuation Date shall be deemed to be
equal to the Net Asset Value of the Trust (or per Unit, as the case may be) on
such Valuation Date after payment of all fees, including Management Fees, and
after processing of all subscriptions and redemptions of Units in respect of
such Valuation Date.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Net Asset
Value of the Trust and the Net Asset Value per Unit determined by the Valuation
Agent in accordance with the provisions of this </font><font size="2" style="font-size:10.0pt;">section shall be conclusive and binding on all Unitholders.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=8,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="7",CHK=986450,FOLIO='8',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KQ-01_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 23:27 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Manager and any investment manager retained by the
Manager as a Third Party Valuation Agent may determine such other rules&nbsp;regarding
the calculation of the Net Asset Value of the Trust and the Net Asset Value per
Unit which they deem necessary from time to time, which rules&nbsp;may deviate
from IFRS, and the Manager or such investment manager shall direct the
Valuation Agent on a timely basis.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-autospace:none;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">3.2</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Calculation of Class&nbsp;Net
Asset Value and Class&nbsp;Net Asset Value per Unit</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Net Asset Value for a
particular class or series of a class of Units (the &#147;<b>Class&nbsp;Net
Asset Value</b>&#148;) as at the Valuation Time on a Valuation Date shall be
determined for the purposes of subscriptions and redemptions in accordance with
the following calculation:</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Class&nbsp;Net Asset
Value last calculated for that class or series of a class; plus</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the increase in the assets
attributable to that class or series of a class as a result of the issue of
Units of that class or series of a class or the redesignation of Units into
that class or series of a class since the last calculation; minus</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the decrease in the assets
attributable to that class or series of a class as a result of the redemption
of Units of that class or series of a class or the redesignation of Units out
of that class or series of a class since the last calculation; plus or minus</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Proportionate Share of
the Net Change in Non-Portfolio Assets attributable to that class or series of
a class since the last calculation; plus or minus</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Proportionate
Share of market appreciation or depreciation of the portfolio assets
attributable to that class or series of a class since the last calculation;
minus</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Proportionate Share of
the Common Expenses allocated to that class or series of a class since the last
calculation; minus</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any Class&nbsp;Expenses
allocated to that class or series of a class since the last calculation.</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">A Unit of a class or series of a class of the Trust
being issued or a Unit that has been redesignated as a part of that class or
series of a class shall be deemed to become outstanding as of the next
calculation of the applicable Class&nbsp;Net Asset Value immediately following
the Valuation Date at which the applicable Class&nbsp;Net Asset Value per Unit
that is the issue price or redesignation basis of such Unit is determined and
the issue price received or receivable for the issuance of the Unit shall then
be deemed to be an asset of the Trust attributable to the applicable class or
series of a class.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">A Unit of a class or series of a class of the Trust
being redeemed or a Unit that has been redesignated as no longer being a part
of that class or series of a class shall be deemed to remain outstanding as
part of that class or series of a class until immediately following the
Valuation Date as of which the applicable Class&nbsp;Net Asset Value per Unit
that is the redemption price or redesignation basis of such Unit is determined;
thereafter, the redemption price of the Unit being redeemed, until paid, shall
be deemed to be a liability of the Trust attributable to the applicable class
or series of a class and the Unit which has</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=9,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="7",CHK=392767,FOLIO='9',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KQ-01_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 23:27 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">been redesignated will be deemed to be outstanding as a part of the
class or series of a class into which it has been redesignated.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On any Valuation Date that a distribution is paid to
Unitholders of a class or series of a class of Units, a second Class&nbsp;Net
Asset Value shall be calculated for that class or series of a class, which
shall be equal to the first Class&nbsp;Net Asset Value calculated on that
Valuation Date minus the amount of the distribution.&#160; For greater certainty, the second Class&nbsp;Net
Asset Value shall be used for determining the Class&nbsp;Net Asset Value per
Unit on such Valuation Date for purposes of determining the issue price and
redemption price for Units on such Valuation Date, as well as the redesignation
basis for Units being redesignated into or out of such class or series of a
class, and Units redeemed or redesignated out of that class or series of a
class as at such Valuation Date shall participate in such distribution while
Units subscribed for or redesignated into such class or series of a class as at
such Valuation Date shall not.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Class&nbsp;Net Asset
Value per Unit of a particular class or series of a class of Units as at any
Valuation Date is the quotient obtained by dividing the applicable Class&nbsp;Net
Asset Value as at such Valuation Date by the total number of Units of that
class or series of a class outstanding at such Valuation Date. This calculation
shall be made without taking into account any issuance, redesignation or redemption
of Units of that class or series of a class to be processed by the Trust
immediately after the Valuation Time of such calculation on that Valuation
Date.&#160; The Class&nbsp;Net Asset Value per
Unit for each class or series of a class of Units for the purpose of the issue
of Units or the redemption of Units shall be calculated on each Valuation Date
by or under the authority of the Manager as at the Valuation Time on every
Valuation Date as shall be fixed from time to time by the Manager and the Class&nbsp;Net
Asset Value per Unit so determined for each class or series of a class shall
remain in effect until the Valuation Time as of which the Class&nbsp;Net Asset
Value per Unit for that class or series of a class is next determined.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.3</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Suspension of Right of Redemption
and Calculation of Net Asset Value</font></b></p>

<p style="margin:0in 0in .0001pt 35.45pt;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Manager, on behalf of
the Trust, may suspend the right of Unitholders to request a redemption of
their Units or postpone the date of delivery or payment of the redemption
proceeds (whether Gold Bullion and/or cash, as the case may be) with the prior
approval of Canadian Securities Authorities having jurisdiction, where
required, for any period during which the Manager determines that conditions
exist which render impractical the sale of assets of the Trust or which impair
the ability of the Manager to determine the Net Asset Value of the Trust and
the Net Asset Value per Unit or the redemption amount for the Units.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">In the event of any such
suspension, the Manager shall issue a press release announcing the suspension
and shall advise the Trustee, the Valuation Agent and any other agents
appointed by the Manager, as applicable.&#160;
The suspension shall terminate in any event on the first</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Business Day on which the
condition giving rise to the suspension has ceased to exist or when the Manager
has determined that such condition no longer exists, provided that no other
condition under which a suspension is authorized then exists, at which time the
Manager shall issue a press release announcing the termination of the
suspension and shall advise the Trustee, the Valuation Agent and any other agents
appointed by the Manager, as applicable.&#160;
Subject to applicable Securities Legislation, any declaration of
suspension made by the Manager, on behalf of the Trust, shall be conclusive.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">During any period in which the right of Unitholders
to request a redemption of their Units for Gold Bullion and/or cash is
suspended pursuant to the Trust Agreement, the Manager, on behalf of the Trust,
shall direct the Valuation Agent to suspend the calculation of the Net Asset
Value of the Trust, the Net Asset Value per Unit, the Class&nbsp;Net Asset
Value and the Class&nbsp;Net Asset Value per Unit for each class or series of a
class of Units.&#160; During any such period
of suspension, the Trust shall not issue or redeem any Units.&#160; The calculation of the Net Asset Value of the
Trust, the Net Asset Value per Unit, the Class&nbsp;Net Asset Value and the Class&nbsp;Net
Asset Value per Unit for each class or series of a class of Units shall resume
in compliance with applicable Securities Legislation or any approval granted by
Canadian Securities Authorities having jurisdiction.</font><font size="2" style="font-size:10.0pt;">  </font><font size="2" style="font-size:10.0pt;">As noted above, in the event of any such
suspension or termination thereof, the Manager shall issue a press release
announcing the suspension or the termination of such suspension, as the case
may be.&#160; Further, the Manager shall
advise the Valuation Agent on a timely basis as to the date of the first
calculation of the Net Asset Value of the Trust, the Net Asset Value per Unit,
the Class&nbsp;Net Asset Value and the Class&nbsp;Net Asset Value per Unit for
each class or series of a class of Units following such termination of the
suspension.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.4</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Third Party Data</font></b></p>

<p style="margin:0in 0in .0001pt 35.45pt;text-indent:-35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Where,
for the purposes of the foregoing calculation of the Net Asset Value of the
Trust, the Net Asset Value per Unit, the Class&nbsp;Net Asset Value and the Class&nbsp;Net
Asset Value per Unit, and the calculation of any amounts for distribution
purposes hereunder, the Valuation Agent is provided with a value, quotation, or
other information related thereto by a third party (collectively, the &#147;<b>Third Party Data</b>&#148;) including, without limitation, the
Manager or any Third Party Valuation Agent, the Valuation Agent may rely on
such Third Party Data and shall not be required to make any investigation or
inquiry as to the accuracy, completeness or validity of such Third Party Data
unless such data on its face is manifestly incomplete or incorrect.<b>&#160; </b>If such Third Party Data is not available to the Valuation Agent as of a
time reasonably proximate to the Valuation Date, such valuation of the Trust
Property shall be based on an estimate or estimates provided by the Manager or
a Third Party Valuation Agent.&#160; Such
estimate or estimates shall be final and binding and shall be considered to be
the actual value of such Trust Property for the purposes of any distribution,
the Net Asset Value of the Trust, the Net Asset Value per Unit, the Class&nbsp;Net
Asset Value and the Class&nbsp;Net Asset Value per Unit calculations.<b>&#160; </b>The Valuation Agent shall have no
responsibility or liability, whatsoever, for any loss or damage arising out of,
or in connection with, the Valuation Agent&#146;s reliance on, or any failure to
provide, such Third Party Data or any such estimates except as provided in this
section.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">4.</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Determination of
Net Income and Net Realized Capital Gains</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">4.1</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Valuation on
Distribution Date</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As
at the Valuation Time on the last Valuation Date in each Fiscal Year or such
other date as the Manager may, in its sole discretion, determine (a &#147;<b>Distribution Date</b>&#148;), the Valuation Agent,
subject to</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>

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</div>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Directions
from the Manager as required, shall, in the manner hereinafter provided,
determine the amount of the Net Income and the Net Realized Capital Gains of
the Trust for the period since the immediately preceding Distribution Date (or
in the case of the first Distribution Date, from the inception date of the
Trust).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">4.2</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Computation of
Net Income and Net Realized Capital Gains</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Net
Income and the Net Realized Capital Gains of the Trust shall be computed as of
the Valuation Time on each Distribution Date in accordance with the following:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Net</b>  <b>Income</b>&#148;
for any taxation year of the Trust shall be the net income for the year
determined pursuant to the provisions of the Tax Act having regard to the
provisions thereof that relate to the calculation of income of a trust, other
than subsection 104(6), and taking into account such adjustments thereto as are
determined by the Valuation Agent; provided, however, that capital gains and
capital losses shall be excluded from the computation of net income.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">&#147;<b>Net Realized Capital Gains</b>&#148;
of the Trust for any taxation year of the Trust shall be determined as the
amount, if any, by which the aggregate of the capital gains of the Trust in the
year exceeds:</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the aggregate of the capital losses of the Trust in the taxation year; and</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the amount determined by the
Valuation Agent in respect of any unapplied net capital losses for prior
taxation years which the Trust is permitted by the Tax Act to deduct in
computing the taxable income of the Trust for the applicable taxation year and
provided that, in consultation with the Manager, the Net Realized Capital Gains
of the Trust for a taxation year may be calculated without subtracting the full
amount of the net capital losses of the Trust carried forward from previous
taxation years.</font></p>

<p align="left" style="margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Distribution
of Net Income and Net Realized Capital Gains to Unitholders</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 71.3pt;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Commencing with the Fiscal Year ending December&nbsp;31, 2009, the Manager
intends to cause the Trust to make annual distributions to Unitholders of Net
Income, if any, for each year calculated in accordance with Section&nbsp;4.2.&#160; Commencing with the Fiscal Year ending December&nbsp;31,
2009, the Manager also intends to cause the Trust to make annual distributions
to Unitholders of such portion of Net Realized Capital Gains, if any, for each
year as determined in accordance with Section&nbsp;4.2 hereof. </font></p>

<p align="left" style="margin:0in 0in .0001pt 71.3pt;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 71.3pt;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Having regard to the present intention of the Manager to allocate,
distribute and make payable to Unitholders all Net Income or Net Realized
Capital Gains so that the Trust will not have any liability for tax under Part&nbsp;I
of the Tax Act in any taxation year, it is the intention of the Manager that
the total amount due and payable pursuant to this Section&nbsp;4.3 on the last
Distribution Date in any year shall not be less than the amount necessary to
ensure that the Trust will not be liable for income tax under Part&nbsp;I of
the Tax Act for such year after taking into account the Trust&#146;s entitlement to
a capital gains refund, if any.</font></p>

<p align="left" style="margin:0in 0in .0001pt 71.3pt;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>

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</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Distributions, if any, of Net Income or Net Realized Capital Gains will
generally be made to Unitholders who were Unitholders of record as of 5:00&nbsp;p.m.
(Toronto time) on the last Business Day prior to any relevant Distribution
Date.&#160; The amounts to be paid to a
Unitholder shall be the amount of Net Income or Net Realized Capital Gains
determined as described in Section&nbsp;4.2 and Section&nbsp;4.3 divided by the
total number of Units outstanding on the Distribution Date multiplied by the
number of Units held by such Unitholder on the applicable Distribution
Date.&#160; Notwithstanding the foregoing, the
Manager may adopt a method of allocating an appropriate proportion of Net
Income and Net Realized Capital Gains to<b>  </b>Unitholders
that redeemed Units during the year and, in any such event, shall advise the
Valuation Agent on a timely basis.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All distributions, if declared and paid, shall be calculated and, if a
cash distribution, paid in United States currency.</font></p>

<p align="left" style="margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">4.4</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Additional
Distributions, Designations, Determinations and Allocations</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
addition to any distributions calculated by the Valuation Agent and distributed
by the Trust to Unitholders as described under Section&nbsp;4.3 hereof, on the
Direction of the Manager, the </font><font size="2" style="font-size:10.0pt;">Valuation Agent</font><font size="2" style="font-size:10.0pt;"> shall at such times and in
such manner as directed by the Manager determine such additional distributions
of monies or properties of the Trust including, without restriction, returns of
capital, in such amounts per Unit, payable at such time or times and to
Unitholders of record on such Distribution Date, as from time to time may be
determined by the Manager, and the Valuation Agent shall also make such
designations, determinations, allocations and elections for Canadian tax
purposes of amounts or portions of amounts which it has received, paid,
declared payable or allocated to Unitholders and of expenses incurred by the
Trust and of tax deductions of which the Trust may be entitled, as the Manager
may, in its sole discretion, determine.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.5</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Income
Tax Statements to Unitholders</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On or before March&nbsp;31
in each year, or in the case of a leap year on or before March&nbsp;30 in such
year, if applicable, or as otherwise required by the Tax Act, the Manager shall
prepare and deliver or make available electronically, or cause to be prepared
and delivered or made available electronically, to Unitholders information
pertaining to the Trust, including all distributions, designations,
determinations, allocations and elections, which is required or permitted by
the Tax Act or which is necessary to permit Unitholders to complete their
individual income tax returns for the preceding year.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">It is the Manager&#146;s
intention to claim the maximum amount of deduction available to the Trust under
paragraph 104(6)(b)&nbsp;of the Tax Act for each relevant Fiscal Year of the
Trust.&#160; In the event that amounts that
were allocated, distributed or paid&nbsp;to Unitholders as capital gains or as
non-taxable payments are, for any reason, subsequently determined&nbsp;
(including as a result&nbsp;of&nbsp;an assessment or reassessment by&nbsp;any
taxation authorities) to&nbsp;have&nbsp;been fully includible in the taxable
income of the Trust for the relevant Fiscal Year, then the Manager shall have
the discretion to&nbsp;increase its claim under paragraph 104(6)(b)&nbsp;of the
Tax Act for that Fiscal Year,&nbsp;which shall include the discretion&nbsp;to
issue&nbsp;new or amended&nbsp; tax reporting slips to the relevant Unitholders
or former Unitholders and to declare that all or part of such amounts shall be
retroactively deemed to have been allocated, distributed and paid to
Unitholders out of the income of the Trust.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">In conjunction with the foregoing,
the Valuation Agent shall provide the Manager with any income and capital gain
or loss factors or other information determined in accordance with the Services
hereunder and required by the Manager for such purpose.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-autospace:none;text-indent:-27.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.6</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Qualified Electing Trust Election
and Reporting</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Within 45 days from the end of each taxable year of
the Trust, the Manager shall provide or cause to be provided to Unitholders all
information necessary to enable Unitholders or beneficial owners of Units, as
applicable, to elect to treat the Trust as a &#147;qualified electing fund&#148; (a &#147;<b>QEF</b>&#148;) within the meaning of Section&nbsp;1295 of the U.S. <i>Internal Revenue Code of 1986</i>, as amended from time to time,
for U.S. federal income tax purposes and to comply with any reporting or other
requirements incident to such election including, but not limited to, providing
or causing to be provided to Unitholders or beneficial owners of Units, as
applicable, a completed &#147;PFIC Annual Information Statement&#148; as required by U.S.
Treasury Regulations Section&nbsp;1.1295-1(g).&#160;
The Manager shall comply and cause the Trust to comply with all
applicable requirements of the U.S. Treasury Regulations necessary to enable
Unitholders or</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>

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</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">beneficial owners of Units, as applicable, to elect to treat the Trust
as a QEF.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.7</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Unaudited Fund Accounting
Statements</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the Direction of the Manager, the Valuation Agent shall, based on
information in its records, prepare annual and semi-annual draft unaudited fund
accounting statements for the Trust in respect of which the Manager shall
review and provide ongoing Directions, as required, to the Valuation Agent as
to any revisions or amendments thereto and shall approve the final version of
all such fund accounting statements for the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.8</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Tax
Reporting for the Trust</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the Direction of the Manager, the Valuation Agent shall, in
accordance with the prescribed Canadian tax filing deadlines and requirements
as set out in Applicable Laws, prepare and file on behalf of the Manager, applicable
Canadian tax and/or information returns for the Trust and provide a copy of
such tax reporting to the Manager upon its request.&#160; For greater certainty hereunder, the Manager
shall be responsible for all United States tax reporting and elections to be
filed on behalf of the Trust pursuant to Applicable Laws; provided that, for
greater certainty, the Valuation Agent shall provide such agreed upon
accounting reports prepared in accordance with the Services hereunder and
required by the Manager for such purpose.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.9</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Tax Definitions</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless the context otherwise requires, any term in
this Section&nbsp;4 which is defined for the purposes of the Tax Act shall have
for the purposes of this Section&nbsp;4 the meaning that it has for the
purposes of the Tax Act.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Directions and Communications</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Directions</font></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Unless otherwise specified
herein, all communications (including, for greater certainty, Directions) given
under this Agreement shall be given in one of the methods authorized by Section&nbsp;5.2
and shall be given by an authorized officer, Person or other representative of
the Manager or any Third Party Valuation Agent, as the case may be.&#160; The Manager and any Third Party Valuation
Agent shall from time to time furnish the Valuation Agent with a Certificate of
Authorized Signing Authorities substantially in the form set out in Schedule A
attached hereto signed by the Chief Executive Officer, the Chief Financial
Officer or the Corporate Secretary of the general partner of the Manager
stating the name(s)&nbsp;and title(s)&nbsp;of the authorized officer(s), Person(s)&nbsp;or
representative(s)&nbsp;of the Manager and any Third Party Valuation Agent, as
the case may be, authorized to act on its behalf together with specimen
signatures of all such officers, Persons or representatives.&#160; The Manager and any Third Party Valuation
Agent shall keep the Valuation Agent informed as to any changes in its
authorized signatories, and the Valuation Agent shall be entitled to rely upon
the identification of such Persons as specified in such certificates as the
Persons entitled to act on behalf of the Manager and any Third Party Valuation
Agent for the purposes of this Agreement until a later certificate respecting
the same is delivered to the Valuation Agent.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>

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</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:normal;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Valuation Agent shall:</font></h5>

<h5 style="font-weight:normal;margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h5>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">be fully protected in acting upon any Direction
reasonably believed by it to be genuine and presented by the proper Person(s);</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">be under no duty to monitor or verify whether any
Direction by the Manager is in compliance with the terms of the Trust&#146;s
governing&#160; documentation or with
Securities Legislation; and</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">be under no duty to make any investigation or
inquiry as to any statement contained in any such Direction, but may accept
such statement as conclusive evidence of the truth and accuracy of such
statement.</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Any Direction or telephone instruction, including a
Direction or telephone instruction from any Third Party Valuation Agent, is
deemed for all purposes of this Agreement to be a Direction from the Manager to
the Valuation Agent.</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Methods
of Communication</font></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Any notice to
be given or any document or instrument in writing to the Valuation Agent, the
Manager or any Third Party Valuation Agent (including for greater certainty,
all Directions) must be given through one of the following methods of
communication:</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">personal or courier
delivery;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">facsimile (in accordance
with the Manager&#146;s guidelines);</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">S.W.I.F.T.;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">one of the Valuation Agent&#146;s
secured client access channels;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">directly between
electromechanical or electronic terminals (other than the internet or unsecured
lines of communication);</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">telephone (subject to
Sections 5.4 and 5.5); or</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">internet (subject to Section&nbsp;5.6).</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Communications should be
addressed, as applicable, as follows:</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 35.45pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">in the case of the Valuation Agent:</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RBC
Dexia Investor Services Trust</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">155
Wellington Street West, 5</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font><font size="2" style="font-size:10.0pt;">&#160;Floor</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RBC
Centre</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Toronto,
Ontario M5V 3L3</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160;&#160;&#160;&#160; Head of Funds</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:&#160;&#160; (416) 974-5273</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile:&#160;&#160;&#160; (416) 955-1240</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">in the case of the Manager:</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sprott
Asset Management LP</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Royal
Bank Plaza, South Tower</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200
Bay Street</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Suite&nbsp;2700,
P.O.Box 27</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Toronto,
Ontario M5J 2J1</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160;&#160;&#160;&#160;
Kirstin McTaggart, Chief Compliance Officer</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone:&#160;&#160; (416) 943-4065</font></p>

<p style="margin:0in 0in .0001pt 1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facsimile:&#160;&#160;&#160; (416) 943-6497</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or at such other address and number as the
party to whom such communication is to be given shall have last notified the
party giving the same in the manner provided in this section.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.3</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Deemed
Delivery</font></b></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant
to Section&nbsp;5.2:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any
communication delivered personally shall be deemed to have been given and
received on the day it is so delivered (or if that day is not a Business Day,
on the next succeeding Business Day); and</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any communication given by
facsimile, S.W.I.F.T., secured client access channels, directly between
electromechanical or electronic terminals (other than the internet or unsecured
lines of communication) or the internet (subject to Section&nbsp;5.6) shall be
deemed to have been given and received on the Business Day it is transmitted
provided that it was received before 3:00&nbsp;p.m. (Toronto time) and, if
received after 3:00&nbsp;p.m. (Toronto time), it shall be deemed to have been
given and received on the Business Day following the day of transmission
provided in each case that confirmation of transmission is available from the
party giving the communication.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.4</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Telephone
Directions</font></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to telephone
Directions, the Manager shall endeavor to forward Directions (other than by
telephone) confirming such telephone Directions on the same day that such
verbal Directions are given to the Valuation Agent.&#160; The fact that such confirming Directions are
not received or that contrary Directions are received by the Valuation Agent
shall in no way affect the validity of transactions effected by the Valuation
Agent on the basis of the telephone Directions.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.5</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Telephone
Communications</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager agrees that some or all telephone
conversations between the parties, including Directions or communication given
by telephone, may be recorded by the Valuation Agent and that, in the event of
any disagreement as to the content of any Directions or communication given by telephone,
such recording shall be conclusive and determinative of the contents of the
Directions or communication.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.6</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Internet</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager agrees and
confirms, in connection with the Services provided by the Valuation Agent to
the Trust, that the Valuation Agent may forward reports and information to the
Manager and/or to the Manager&#146;s authorized agents, and may receive and act upon
communications and instructions (including, without limitation, Directions)
received from the Manager and/or the Manager&#146;s authorized agents through the
use of such form of electronic means of communications (including the internet
which is not a secure means of communication) as may be agreed to from time to
time in writing.&#160; Without limiting the
terms of this Agreement, the Manager agrees and acknowledges that the Valuation
Agent shall bear no responsibility or liability whatsoever for any errors and
omissions, or direct, indirect or consequential losses or damages that are
attributable to the use of the internet for the purposes set out herein and
resulting or arising from viruses or worms, or the interception, tampering or
breach of confidentiality of data or information transmitted which is not
encrypted and authenticated in accordance with the Valuation Agent&#146;s encryption
standards.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Fees and Statements</font></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.1</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Fees
and Charges</font></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In consi</font><font size="2" style="font-size:10.0pt;">deration
of the Services provided by the Valuation Agent hereunder, the Valuation Agent
shall be paid such compensation as may from time to time be agreed upon in
writing between the Manager and the Valuation Agent. In addition, the Valuation
Agent shall be reimbursed for any disbursements and expenses incurred in the
performance of its duties hereunder.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.2</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Statements</font></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Valuation Agent shall send to the Manager itemized statements setting out the
amount of all compensation, disbursements and expenses provided for in Section&nbsp;6.1,
and such amounts shall be due and payable within 30 days after the respective
dates on which such statements were issued by the Valuation Agent&#160; hereunder.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Standard of Care, Limitation of
Liability and Indemnification</font></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.1</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Standard
of Care</font></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In providing the
Services hereunder, the Valuation Agent shall exercise the powers and discharge
the duties of its office honestly and in good faith and in connection therewith
shall exercise the degree of care, diligence and skill that a reasonably
prudent person would exercise in comparable circumstances.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.2</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Liability
of the Valuation Agent</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Valuation Agent shall not be liable for any act or omission in the course of,
or connected with, rendering the Services hereunder, except to the extent that
such liability arises directly out of the negligence, wilful misconduct or lack
of good faith of the Valuation Agent.&#160; In
no event shall the Valuation Agent be liable for any consequential or special
damages including, but not limited to, loss of reputation, goodwill or
business.&#160; Notwithstanding the foregoing
or any other provision of this Agreement, the Valuation Agent&#146;s liability
hereunder shall in no event exceed the aggregate amount of fees received by the
Valuation Agent from the Manager with respect to the Services provided during
the immediately preceding 12 months.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.3</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Limitation
of Responsibility</font></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Without limiting the foregoing </font><font size="2" style="font-size:10.0pt;">and except to
the extent that the Valuation Agent has not complied with its standard of care
set out in Section&nbsp;7.1, the Valuation Agent shall not be responsible for:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any loss to, or diminution of, the Trust Property;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any act or
omission required or demanded by any </font><font size="2" style="font-size:10.0pt;">governmental, taxing, regulatory or other competent authority which has
jurisdiction over the Valuation Agent or the Trust;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any loss resulting from official action (including
nationalisation and expropriation), currency restrictions or devaluations, acts
or threat of war or terrorism, insurrection, revolution or civil disturbance,
acts of God, strikes or work stoppages, inability of any settlement system to
settle transactions, interruptions in postal, telephone, facsimile and/or other
communication systems or in power supply, or any other event or factor beyond
the reasonable<b>  </b>control of the Valuation Agent;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any failure to act on Directions, if the Valuation
Agent reasonably believed that to do so might result in a breach of any
Applicable Laws or the terms of this Agreement;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any
action taken in accordance with a Direction from the Manager, or for failure to
act in the absence of a Direction from the Manager where a Direction is
required under this Agreement;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any
registrar, transfer agency or record-keeping services on behalf of the Trust or
any Unitholders;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any
preparation or filing of any audited financial statements or any compliance,
reporting or filings in accordance with applicable Securities Legislation or
any United States tax laws, regulations, rules&nbsp;or policies that apply to
the Trust pursuant to Applicable Laws; or</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any
ongoing monitoring of investments of the Trust or any risk factors whatsoever
related thereto.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.4</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Indemnification
of the Valuation Agent</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Manager
shall indemnify and hold harmless the Valuation Agent, its Affiliates and
agents, and their respective directors, officers, and employees (each an &#147;<b>Indemnified Party</b>&#148;) from and against all taxes, duties,
charges, costs, expenses, damages, claims,</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=19,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="7",CHK=404616,FOLIO='19',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KQ-03_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 07:46 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">actions,
demands and any other liability whatsoever to which the Indemnified Party, or
any of them, may become subject, including legal fees, judgments and amounts
paid in settlement in respect of anything done or omitted to be done in
connection with the Services provided hereunder, except to the extent incurred
as a result of the negligence, wilful misconduct or lack of good faith of any
Indemnified Party.&#160; For greater certainty,
the foregoing does not make the commencement of formal legal proceedings a
precondition for indemnification hereunder.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Further, none
of the provisions of this Agreement shall require the Valuation Agent to expend
or risk its own funds, appear in, prosecute or defend proceedings, or otherwise
incur financial liability in the performance of any of its duties or in the
exercise of any of its rights or powers hereunder, unless first indemnified to
its satisfaction.</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Amendments and Termination of the
Agreement</font></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Amendments</font></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement may not be
amended, changed, supplemented or otherwise modified in any respect except by
written instrument executed by the parties hereto or their respective
successors or permitted assigns.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:10.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.2</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Termination</font></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Either party may at any time
terminate this Agreement without any penalty by giving at least 60 days&#146; prior
written notice to the other party of such termination unless the parties
mutually agree in writing to a different period. <b>&#160;</b>Such prior notice is not required
and termination will be immediate upon the giving of notice in accordance with Section&nbsp;5
hereof in the event that:</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">either party is declared
bankrupt or shall be insolvent;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 100.1pt;text-align:left;text-indent:-28.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the assets or
the business of either party shall become liable to seizure or confiscation by
any public or governmental authority; or</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 100.1pt;text-align:left;text-indent:-28.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Manager&#146;s
power and authority to act on behalf of, or to represent, the Trust has been
revoked, terminated or is otherwise no longer in full force and effect.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 92.15pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Upon the termination of this
Agreement, the Valuation Agent shall forthwith deliver to the Manager, on
behalf of the Trust, all books of account and other records in the format
existing at the effective date of termination of this Agreement.&#160; A receipt signed by the Manager, on behalf of
the Trust, shall be a valid discharge to the Valuation Agent in respect of its
obligations hereunder.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Miscellaneous</font></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.1</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Access
to Records</font></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On
reasonable notice and during normal business hours, the Valuation Agent shall
make available to and permit the authorized officers, employees and agents of
the Manager, and such Securities Authorities or other regulatory authorities as
may have lawful jurisdiction over the Trust and the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=20,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="7",CHK=195197,FOLIO='20',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KQ-03_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 07:46 2009' -->



<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Manager, to inspect and make
copies of all accounts, books and records maintained by the Valuation Agent in
connection with its duties under this Agreement, provided such Persons comply
with the Valuation Agent&#146;s reasonable requirements as to confidentiality and
privacy.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.2</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Review of Statements</font></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">T</font><font size="2" style="font-size:10.0pt;">he
Manager shall, within 30 days following </font><font size="2" style="font-size:10.0pt;">the issuance of
any statement by the Valuation Agent related to the provision of the Services
hereunder,</font><font size="2" style="font-size:10.0pt;"> provide the Valuation Agent
with written notice of any alleged omissions from, or additions wrongly made
to, or inaccurate entries in, such statement.&#160;
If such notification by the Manager is not received by the Valuation
Agent within such 30-day period, the Valuation Agent shall be released and
discharged from liability and accountability to anyone with respect to its acts
and all transactions during the period covered by such statement, except as
provided in this Agreement.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.3</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Self-Dealing</font></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Valuation Agent&#146;s Services to the Manager and to the Trust are not exclusive
and, subject to the limitations otherwise provided in this Agreement on the
power and authorities of the Valuation Agent, the Valuation Agent may for any
purpose, and is hereby expressly authorized from time to time in its discretion
to, appoint, employ, invest in, contract or deal with any individual, firm,
partnership, association, trust or body corporate including, without
limitation, itself and any partnership, trust or body corporate with which it
may directly or indirectly be affiliated or in which it may be directly or
indirectly interested, whether on its own account or for the account of another
(in a fiduciary capacity or otherwise), without being liable to account
therefor and without being in breach of this Agreement.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 63.8pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Without limiting the
generality of the foregoing, the Manager hereby authorizes the Valuation Agent
to act hereunder notwithstanding that the Valuation Agent or any of its
divisions, branches or Affiliates may:</font></p>

<p style="margin:0in 0in .0001pt 63.8pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">have a material interest in the transaction or that circumstances
are such that the Valuation Agent may have a potential conflict of duty or
interest including the fact that the Valuation Agent or any of its Affiliates
may:</font></p>

<p style="margin:0in 0in .0001pt 92.15pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 120.5pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">purchase, hold, sell</font><font size="2" style="font-size:10.0pt;">, invest in or otherwise
deal with securities or other property or assets of the same class and nature
as may be held in the Trust, whether on its own account or for the account of
another (in a fiduciary capacity or otherwise);</font></p>

<p style="margin:0in 0in .0001pt 120.5pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 120.5pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">act as a market
maker in the securities that form part of the Trust Property to which any
Directions relate;</font></p>

<p style="margin:0in 0in .0001pt 120.5pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 120.5pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">provide brokerage services to other clients;</font></p>

<p style="margin:0in 0in .0001pt 120.5pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 120.5pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">act as financial adviser to the issuer of such
securities;</font></p>

<p style="margin:0in 0in .0001pt 120.5pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 120.5pt;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(E)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">act in the same transaction as agent for more than one
client;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>

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</div>
<!-- ZEQ.=1,SEQ=21,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="7",CHK=586866,FOLIO='21',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KQ-05_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 07:47 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 120.5pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(F)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">have a material
interest in the issue of securities that form part of the Trust Property;</font></p>

<p align="left" style="margin:0in 0in .0001pt 120.5pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 120.5pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(G)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">use in other
capacities knowledge gained in its capacity as a provider of Services
hereunder; or</font></p>

<p align="left" style="margin:0in 0in .0001pt 120.5pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 120.5pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(H)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">earn profits from any of the activities listed herein,</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 120.5pt;text-align:left;text-indent:-28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 92.15pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">without
being liable to account therefor and without being in breach of this Agreement
provided that the Valuation Agent complies with Section&nbsp;9.6 hereof.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt 92.15pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.4</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Assignment</font></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject
to Section&nbsp;9.5, neither this Agreement nor any of the rights or obligations
of either party hereunder may be assigned to any other Person without the prior
written consent of the other party, such consent not to be unreasonably
withheld or delayed.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.5</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Successors</font></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement shall enure to the benefit of,
and be binding upon, the parties hereto and their respective successors and
permitted assigns.&#160; For greater
certainty, any trust company resulting from the merger or amalgamation of the
Valuation Agent with one or more trust companies, or any trust company which
succeeds to substantially all of the business of the Valuation Agent shall
thereupon become the successor to the Valuation Agent hereunder without further
act or formality.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.6</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Confidentiality</font></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as provided in Subsection
9.3(a)(vii)&nbsp;hereof, each party shall hold in confidence all information
relating to the Trust and this Agreement and may only release such information
to others where required by Applicable Law or pursuant to any Directions, if
applicable, or as otherwise agreed between the parties.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.7</font><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Capacity</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For
greater certainty, the parties acknowledge that the Valuation Agent is not
entering into this Agreement in a fiduciary capacity and the terms of this
Agreement and the performance by the Valuation Agent of its obligations under
this Agreement shall not result, directly or indirectly or in any manner
whatsoever, in any fiduciary duties being imposed or inferred upon the
Valuation Agent.</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.8</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Headings</font></b></p>

<p align="left" style="line-height:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The inclusion of section
headings in this Agreement is for convenience of reference only and shall not
affect the construction or interpretation hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.9</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Governing Law</font></b></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement shall be
governed by, and construed in accordance with, the laws of the Province of
Ontario and the federal laws of Canada applicable therein and shall be treated
in all respects as an Ontario contract.&#160;
The parties hereto hereby attorn to the jurisdiction of the courts of
Ontario for arbitration of any disputes between them with respect to the
subject matter hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=22,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="7",CHK=114652,FOLIO='22',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KQ-05_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 07:47 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.10</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Entire Agreement</font></b></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement, including
Schedule A attached hereto, and the Trust Agreement constitutes the entire
agreement between the parties pertaining to the subject matter hereof and
supersedes and replaces all prior understandings, agreements, negotiations or
discussions, whether written or oral, between the parties with respect
thereto.&#160; There are no representations,
warranties, terms, conditions, undertakings or collateral agreements or understanding,
express or implied, between the parties other than those expressly set forth in
this Agreement and the Trust Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.11</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Further Acts</font></b></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each of the Valuation Agent
and the Manager shall promptly do, make, execute or deliver, or cause to be
done, made, executed or delivered, all such further acts, documents and things
as the other party hereto may reasonably require from time to time for the
purpose of giving effect to this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.12</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Invalidity of Provisions</font></b></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each of the provisions
contained in this Agreement is distinct and severable and a declaration of
invalidity or unenforceability of any such provision or part thereof by a court
of competent jurisdiction shall not affect the validity or enforceability of
any other provision hereof.&#160; To the
extent permitted by Applicable Law, the parties waive any provision of law
which renders any provision of this Agreement invalid or unenforceable in any
respect.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.13</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Counterparts</font></b></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement may be
executed in several counterparts, each of which when so executed shall be
deemed to be an original and such counterparts together shall constitute one
and the same instrument.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=23,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="7",CHK=26494,FOLIO='23',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KQ-05_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 07:47 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IN
WITNESS WHEREOF</font></b><font size="2" style="font-size:10.0pt;"> the parties have caused this Agreement to be
executed by their respective duly authorized officers effective as of the day
and year first above written.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SPROTT
  ASSET MANAGEMENT LP</font></b><font size="2" style="font-size:10.0pt;">, by its general partner, <b>SPROTT ASSET MANAGEMENT GP INC.</b>, in its capacity as the
  Manager of the Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eric
  S. Sprott</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief
  Executive Officer</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kirstin
  H. McTaggart</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporate
  Secretary</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
  have the authority to bind the Manager.</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RBC
  DEXIA INVESTOR SERVICES TRUST</font></b><font size="2" style="font-size:10.0pt;">, in its capacity as the
  Valuation Agent of the Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
  have the authority to bind the Valuation Agent.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE A</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CERTIFICATE OF AUTHORIZED SIGNING
AUTHORITIES</font></b></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">[To be attached hereto.]</font></i></p>

<p style="line-height:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="line-height:normal;margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>
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<TYPE>EX-10.4
<SEQUENCE>8
<FILENAME>a2195768zex-10_4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.4</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TRANSFER
AGENT, REGISTRAR AND DISBURSING AGENT AGREEMENT</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS AGREEMENT</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Made
as of the&#160;&#160;&#160;&#160;&#160;&#160; day of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; , 20&nbsp;&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
the City of Toronto, Province of Ontario</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BETWEEN:</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SPROTT
ASSET MANAGEMENT LP</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a
limited partnership existing under the laws of<br>
Ontario, hereinafter referred to as the &#147;<b>Manager</b>&#148;<br>
who is entering into this contract on behalf of<br>
Sprott Physical Gold Trust<br>
(hereinafter referred to as the &#147;<b>Issuer</b>&#148;)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-
And</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EQUITY
TRANSFER&nbsp;&amp; TRUST COMPANY</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a
company existing under the laws of Canada<br>
(hereinafter referred to as &#147;<b>Equity</b>&#148;)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b><font size="2" style="font-size:10.0pt;"> the Manager
wishes to appoint Equity as transfer agent, registrar and disbursing agent of
the Issuer and whereas Equity wishes to accept such appointments</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOW
THEREFORE</font></b><font size="2" style="font-size:10.0pt;"> in consideration of the mutual premises and
Agreements contained in this Agreement the parties hereto agree and covenant
with each other as follows:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:9.35pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Authority of the Manager to Act for the Issuer</font></b></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 56.9pt;text-align:left;text-indent:-20.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Manager represents and warrants that;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Manager has been duly
granted the power and authority to act on behalf of the Issuer</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Manager has been duly
granted the power and authority to execute on behalf of the Issuer any
document, agreement, certificate or instrument deliverable to Equity hereunder;
and</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Manager has been duly
granted the power and authority to take any actions as the Manager may deem
necessary or advisable to accomplish the purposes of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Manager on behalf of the
Issuer, having taken all the necessary and required actions to properly
authorize the execution, delivery and performance by it of this Agreement
hereby appoints Equity as the Issuer&#146;s transfer agent, registrar and disbursing
agent with respect to the issued and outstanding trust units (hereinafter the &#147;<b>Trust Units</b>&#148; or &#147;<b>Units</b>&#148;) as
evidenced by a certificate or book entry on the issuer&#146;s security register upon
the terms and conditions set out in this Agreement.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.25in;text-align:left;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equity&#146;s
Acceptance of Appointment</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .75in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equity accepts such
appointment as transfer agent, registrar and disbursement agent and agrees to
faithfully carry out and perform its duties hereunder. The effective date of
the appointment of Equity Issuer shall be when all records have been duly
delivered to Equity with arrangements being made for a book entry only registry
with CDS for Canadian and non-North American unitholders and with DTC for U.S.
unitholders.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Equity&#146;s
Transfer Agency and Registrar Responsibilities</font></b></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .75in;text-align:left;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Equity shall keep, at its
office in Toronto, the Issuer&#146;s register of holders of Trust Units (hereinafter
the &#147;<b>Unitholders</b>&#148;). Subject to such general
and particular instructions as may from time to time be given to Equity by or
under the authority of the board of directors of the general partner of the
Manager on behalf of the Issuer or any applicable law, Equity shall make such
entries from time to time in the Registers as may be necessary in order that
the accounts of each Unitholder shall be properly and accurately kept and
transfers of Trust Units properly recorded.</font></p>

<p align="left" style="margin:0in 0in .0001pt 67.5pt;text-align:left;text-indent:-22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .75in;text-align:left;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Equity shall furnish to the
Issuer, upon reasonable request and at the expense of the Issuer, such
statements, lists, entries, information and material, concerning transfers and
other matters, as are maintained or prepared by it as transfer agent, registrar
and disbursing agent of the Issuer.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividend
Disbursements</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Manager on
behalf of the Issuer hereby appoints Equity to disburse dividends in the form
of cash distributions or other distributions (hereinafter the &#147;<b>Distributions</b>&#148;) for the benefit of the issued and outstanding
Trust Units on the terms and conditions set out in this Agreement.<b>  </b>Equity shall disburse all Distributions which may be
declared from time to time on the Trust Units, and Equity is hereby authorized
and directed to pay such Distributions after receipt at its principal office in
Toronto of:</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">a written and
duly executed direction from the Manager, on behalf of the Issuer, stating that
a Distribution has been declared and setting out all relevant particulars,
including, without limitation, the date of the </font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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</div>
<!-- ZEQ.=1,SEQ=2,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="8",CHK=149067,FOLIO='',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KS-01_ZEJ14003.CHC",USER="JDAY",CD='Dec  7 07:51 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">declaration, record date and
the amount per unit of the Distribution. Such direction shall be delivered at
least 5 business days before the record date for the Distribution; and</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the timely
deposit of funds in an amount sufficient for the payment of Distributions to
enable Equity to issue the cheques in order to effect a timely Distribution.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">If any funds
are received by Equity in the form of uncertified cheques, Equity shall be
entitled to delay the time for release of such funds until such uncertified
cheques shall be determined to have cleared the financial institution upon
which the same are drawn. Equity shall hold any amount on account of
distributions which are unclaimed or which cannot be paid for any reason and
Equity shall be entitled to hold such funds in an interest bearing account and
to retain for its own account any interest earned by the holding of same prior
to its disposition in accordance with this Agreement.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Equity is fully
authorized and empowered to deduct from any Distribution declared by any Issuer
and to be disbursed by Equity any tax that is required to be withheld, pursuant
to the Income Tax Act (Canada) with respect to the payment of Distributions and
capital gains. Equity is also fully authorized and empowered to prepare on
behalf of the Issuer and to file with the Canada Revenue Agency any information
returns required by law under the Income Tax Act with respect to the payment of
Distributions and returns of capital.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authority to
Act and Reliance</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Manager
shall provide to Equity a Certificate of Incumbency which shall contain
certified specimens of the signatures of the directors and/or officers of the
general partner of the Manager who are authorized to sign Trust Unit
certificates and other documents and to give directions to Equity on behalf of
the Issuer. The Manager shall promptly advise Equity, in writing, as to any
changes in authorized signatories and shall simultaneously provide new
certified specimen signatures to Equity for its permanent record.
Notwithstanding the foregoing, the Manager agrees to provide such certified
specimens of authorized signatures to Equity when requested to do so from time
to time.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Equity may act
upon any signature, certificate or other document believed by it to be genuine
and to have been signed by the proper person or persons, or refuse to transfer
a Trust Unit certificate if it is not satisfied as to the propriety of the
requested transfer.&#160; Equity may also act
on the receipt of facsimile and similar electronic instructions that it
believes to be genuine and to have been signed or initiated by the proper
person or persons.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Equity may from
time to time refer any documents, requests or questions which may arise in
connection with the performance of its duties hereunder to legal counsel for
the Issuer, at the expense of the Issuer, or to its own counsel, at the </font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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</div>
<!-- ZEQ.=1,SEQ=3,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="8",CHK=280713,FOLIO='',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KS-01_ZEJ14003.CHC",USER="JDAY",CD='Dec  7 07:51 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">expense of the Issuer for an
opinion thereon and shall be entitled to rely absolutely on such opinion and
shall be indemnified and held harmless by the Issuer against and from any
liability, cost and expense for any action taken by Equity or not taken by
Equity in accordance with such instructions or advice. Notwithstanding the
foregoing, Equity may accept and act on any documents which appear to it to be
in order and, provided it has done so in the absence of bad faith, gross
negligence or willful misconduct, shall be indemnified and held harmless by the
Issuer against any liability, cost and expense.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Manager
represents and warrants that all Trust Units of the Issuer issued and
outstanding on the date of the appointment are issued as fully-paid and
non-assessable and that the list of Unitholders for the Issuer provided to
Equity is complete and accurate. The Manager agrees on behalf of the Issuer
that with respect to future allotments and issuances of Trust Units, Equity
shall issue and regard such Trust Units as fully-paid and non-assessable.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Equity may
employ, at the expense of the Issuer, such counsel, consultants, experts,
agents, agencies or advisors (hereinafter &#147;<b>Advisors</b>&#148;) as
it may reasonably require for the purpose of performing its duties hereunder
and shall not be responsible or held liable for any damages resulting from the
actions, negligence or misconduct of any such Advisors so employed.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Issue, Transfer
and Cancellation of Certificates</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Issuer
agrees that it will promptly furnish to Equity from time to time:</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">copies of all
constating documents, amendments thereto and all relevant by-laws and
resolutions relating to the creation, amendment, allotment and issuance of
Trust Units; and</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">copies of all
relevant documents and proceedings relating to increases and reductions in the
Issuer&#146;s capital, the reorganization of or change in its capital or the
bankruptcy, insolvency, winding-up or dissolution of the Issuer.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Upon receipt of
a certified copy of a resolution of the board of directors of the Manager, on
behalf of the Issuer, authorizing the issuance of Trust Units, together with
written instructions from an authorized director or officer of the Manager, on
behalf of the Issuer, giving particulars of the registered owners of such Trust
Units, Equity shall register such Unitholders and countersign and deliver
certificates representing such Trust Units in accordance with such instructions
and Equity can rely that such instructions are in compliance with exchange or
regulatory requirements as promulgated from time to time.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Issuer
agrees that, so long as this Agreement is in force, it shall issue no Trust
Unit certificates without such Trust Unit certificates being countersigned by
Equity in its capacity as transfer agent and registrar.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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</div>
<!-- ZEQ.=1,SEQ=4,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="8",CHK=406967,FOLIO='',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KS-01_ZEJ14003.CHC",USER="JDAY",CD='Dec  7 07:51 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">When a
certificate is presented to Equity for the purpose of transfer, transfer of any
of the Trust Units in respect of which such certificate was issued may be
refused by Equity until it is satisfied that such certificate is valid, that
the endorsement thereon is genuine (and, where required, properly guaranteed)
and that the transfer requested is legally authorized.&#160; In the absence of bad faith, gross negligence
or willful misconduct, Equity shall not incur any liability in refusing to
effect any transfer which, in its judgment, is improper or unauthorized, or in
carrying out any transfer which, in its judgment, is proper or authorized.
Equity shall incur no liability with respect to the delivery or non-delivery of
any Trust Unit certificate whether delivered by hand, mail or other means.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Upon receipt of
notice from the Issuer or from any Unitholder that a certificate has become
lost, apparently destroyed or wrongfully taken, Equity agrees to place an
appropriate notation on the register of Unitholders.&#160; Equity shall not be required to issue a
replacement certificate to the owner of a security for any certificate that has
been lost, apparently destroyed or wrongfully taken unless:</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">neither the
Issuer nor Equity has received notice that the security represented by the
certificate has been acquired by a good faith purchaser;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the owner has
filed with Equity an indemnity bond sufficient, in Equity&#146;s opinion, to protect
the Issuer and Equity from any loss that either of the Issuer or Equity may
suffer by complying with the request to issue a new certificate; and</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the owner has
satisfied all other requirements as Equity may from time to time impose, acting
reasonably, including without limitation the delivery by the owner to the
Issuer and Equity of a written indemnity together with a statutory declaration
that the certificate was lost, apparently destroyed or wrongfully taken.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For this purpose , the
Issuer hereby irrevocably delegates to Equity the power to determine the
sufficiency of the indemnity bond so posted and to impose all such other
reasonable requirements as Equity may from time to time require in this regard.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All Trust Unit certificates surrendered to
Equity on any transfer of Trust Units or on exchanges of certificates in
respect to any change in or reorganization of capital shall be cancelled by
Equity and held by it for a period of 7 years.&#160;
Equity shall not be required to hold such certificates after the expiry
of such period and Equity is hereby authorized to destroy such certificates
forthwith after the end of the 7 year period.</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">In the case of
monthly redemptions for cash the unitholder&#146;s broker will advise CDS who will
in turn follow a procedure as described in the prospectus which has been filed
to register these units (hereinafter the <b>Prospectus</b>&#148;)
and advise Equity by the delivery to Equity of a Cash Redemption Notice (as
defined in the </font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=5,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="8",CHK=802798,FOLIO='',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KS-01_ZEJ14003.CHC",USER="JDAY",CD='Dec  7 07:51 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prospectus),Equity will
process the cancellation at the CDS level and will deliver the payment to CDS
following the procedure described in the Prospectus.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">In the case of
quarterly redemptions for physical gold bullion the unitholder&#146;s broker will
advise CDS who will in turn advise Equity by the delivery to Equity of a Gold
Redemption Notice (as defined in the Prospectus), following a procedure as
described in the Prospectus; Equity will process the cancellation at the CDS
level and will advise the Manager or the Trustee as defined in the Prospectus,
who will then issue instructions as to the gold delivery to the unitholders
broker.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice of Events</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manager on behalf of the
Issuer shall promptly advise Equity in writing of the following;</font></p>

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-31.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">proposed action
with respect to payment or non-payment of Distributions;</font></p>

<p align="left" style="margin:0in 0in .0001pt 76.5pt;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-31.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">proposed
actions with respect to retirement or redemption of any Units;</font></p>

<p align="left" style="margin:0in 0in .0001pt 76.5pt;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-31.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the setting of
all record dates; and</font></p>

<p align="left" style="margin:0in 0in .0001pt 76.5pt;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-31.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any change in
the form or nature of the Units or the rights or privileges of the holders.</font></p>

<p align="left" style="margin:0in 0in .0001pt 76.5pt;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fees</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Equity&#146;s fees
for its services to the Issuer hereunder shall be those that are set out in <u>&#160;&#147;Schedule A&#148;</u> which is subject to revision
during the term of this Agreement on 30 days&#146; written notice. The Issuer shall
reimburse Equity for all costs and expenses incurred or expended by Equity in
connection with the performance of its duties hereunder and such additional
fees and expenses as are agreed between the parties to be warranted in order to
comply with any laws it may be subject to as transfer agent, registrar and
disbursing agent of the Issuer.&#160; Any
amount due hereunder and unpaid 30 days after being rendered will bear interest
from the expiration of such period at a rate per annum equal to the then
current rate charged by Equity, payable on demand.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Issuer
acknowledges that the fees of Equity are confidential information and shall not
disclose such fees to a third party without the written consent of Equity
except for disclosure (i)&nbsp;to the Issuer&#146;s professional advisors, or (ii)&nbsp;as
required by law.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indemnity</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">In addition to
and without limiting any other indemnity specifically provided herein, the
Issuer agrees to defend, indemnify and hold harmless Equity, its successors and
assigns, and its and each of their respective directors, officers, </font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=6,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="8",CHK=989287,FOLIO='',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KS-01_ZEJ14003.CHC",USER="JDAY",CD='Dec  7 07:51 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">employees and agents (the &#147;Indemnified
Parties&#148;) against and from any demands, claims, assessments, proceedings,
suits, actions, costs, judgments, penalties, interest, liabilities, losses, damages,
debts, expenses and disbursements (including expert consultant and legal fees
and disbursements on a substantial indemnity, or solicitor and client, basis)
(collectively, the &#147;Claims&#148;) that the Indemnified Parties, or any of them, may
suffer or incur or that may be asserted against them, or any of them, in
consequence of, arising from or in any way relating to this Agreement (as the
same may be amended, modified or supplemented from time to time) or Equity&#146;s
duties hereunder or any other services that Equity may provide to the Issuer in
connection with or in any way relating to this Agreement or Equity&#146;s duties
hereunder, except that no individual Indemnified Party shall be entitled to
indemnification in the event such Indemnified Party is found to have acted
negligently, in bad faith or engaged in willful misconduct For greater
certainty, the Issuer agrees to indemnify and save harmless the Indemnified
Parties against and from any present and future taxes (other than income
taxes), duties, assessments or other charges imposed or levied on behalf of any
governmental authority having the power to tax that are owed by the Issuer in
connection with Equity&#146;s duties hereunder. In addition, the Issuer agrees to
reimburse, indemnify and save harmless the Indemnified Parties for, against and
from all legal fees and disbursements (on a substantial indemnity basis)
incurred by an Indemnified Party if the Issuer commences an action, or cross
claims or counterclaims, against the Indemnified Party and the Indemnified Party
is successful in defending such claim.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Issuer
agrees that its liability hereunder shall be absolute and unconditional to the
Indemnified Parties regardless of the correctness of any representations of any
third parties and regardless of any liability of third parties to the
Indemnified Parties, and shall accrue and become enforceable without prior
demand or any other precedent action or proceeding, and shall survive the
resignation or removal of Equity or the termination of this Agreement.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Equity shall be
under no obligation to prosecute or defend any action or suit in respect of its
agency relationship under this Agreement, but will do so at the request of the
Issuer provided that the Issuer furnishes an indemnity satisfactory to Equity against
any liability, cost or expense which might be incurred.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">In addition to
the remedies provided herein, Equity shall be entitled to any other rights and
recourses it may have against the Issuer.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Limitation on Liability</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Equity shall
not be liable for any error in judgment, for any act done or step taken or
omitted by it in good faith, for any mistake of fact or law or for anything
which it may do or refrain from doing in connection herewith except arising out
of its gross negligence, bad faith or willful misconduct.&#160; In particular, but without limiting the
generality of the foregoing, with respect to meetings of Unitholders, Equity
shall, not be liable to the Issuer or to any other party for having relied upon
</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or deferred to the instructions
or decisions of the Issuer, its legal counsel, or the chairman of the meeting
and shall be fully indemnified by the Issuer for any damages or liability
flowing from such action or inaction by Equity in doing so.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">In the event
Equity is in breach of this Agreement or its duties hereunder or any Agreement
or duties relating to any other services that Equity may provide to the Issuer
pursuant to written instructions of the Issuer in connection with or in any way
relating to this Agreement or Equity&#146;s duties hereunder, Equity shall be liable
for claims or damages only to an aggregate maximum amount equal to the amount
of fees paid by the Issuer to Equity hereunder in the twelve months preceding
the last of the events giving rise to such claims or damages, except to the
extent that Equity has acted grossly negligently, in bad faith, or engaged in
willful misconduct.&#160; In no event shall
Equity be liable for indirect or consequential damages.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendment, Assignment and Termination</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Subject to 11(b)&nbsp;and
11(c)&nbsp;and except as specifically provided herein, this Agreement may only
be amended or assigned by a written agreement of the parties.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Any entity
resulting from the merger, amalgamation or continuation of Equity or succeeding
to all or substantially all of its transfer agency business (by sale of such
business or otherwise), shall thereupon automatically become the transfer
agent, registrar and disbursing agent hereunder, without further act or
formality.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Any entity
resulting from the merger, amalgamation or continuation of an Issuer shall
thereupon automatically become the Issuer hereunder, without further act or
formality.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">This Agreement
may be terminated by either party on 60 days&#146; notice in writing being given to
the other at the address set out in this Agreement or at such other subsequent
address of which notice has been subsequently given.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">In the case of
a termination of Equity&#146;s services by the Manager on behalf of the Issuer
pursuant to this Section, provided that the Issuer is in compliance with all of
the terms of this Agreement including the payment of all amounts owing to
Equity hereunder, Equity shall deliver over to the Issuer the books and
registry of the Issuer and against a receipt executed by the Issuer.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Notwithstanding
Section&nbsp;11(d), this Agreement may be terminated by Equity on 30 days
notice in writing to the Issuer in the event the Issuer refuses or fails to pay
an invoice for fees and expenses, or other demand for payment issued or made
pursuant to this Agreement by Equity, within 60 days of the original invoice or
demand.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The provisions
of Sections 8(b), 9 and 10 shall survive termination of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">If at any time
the name of Equity is changed and at such time any certificates have been
countersigned but not delivered, Equity may adopt the countersignature under
its prior name and deliver such certificates so countersigned; and in case at
that time any certificates have not been countersigned, Equity may countersign
such certificates either in its prior name or in its changed name; and in all
such cases such certificates will be validly countersigned.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">If the Issuer
terminates this Agreement under this Section&nbsp;of this Agreement, the Issuer
shall be obliged to pay a termination fee to cover the cost of preparing the
records for delivery to the Issuer or another Transfer Agent and ongoing
communication with investors and the investment community. The fee will be
equal to 20% of the previous twelve months billing for all transfer agency services.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Any notice or notification to be given by one party to this Agreement to
the other shall be in writing and delivered by hand or sent by first class
insured mail, prepaid courier or by facsimile transmission to the following
address:</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 75.0pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">If to the
Issuer</font></b><font size="2" style="font-size:10.0pt;">:</font></p>

<p align="left" style="margin:0in 0in .0001pt 75.0pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 75.0pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o
Sprott Asset Management LP</font></p>

<p align="left" style="margin:0in 0in .0001pt 75.0pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Suite&nbsp;2700,
South Tower</font></p>

<p align="left" style="margin:0in 0in .0001pt 75.0pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Royal
Bank Plaza, 200 Bay Street</font></p>

<p align="left" style="margin:0in 0in .0001pt 75.0pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Toronto,
Ontario, M5J 2J1</font></p>

<p align="left" style="margin:0in 0in .0001pt 75.0pt;text-align:left;text-indent:3.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&#160; Steven Rostowsky</font></p>

<p align="left" style="margin:0in 0in .0001pt 75.0pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 75.0pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">If to
Equity</font></b><font size="2" style="font-size:10.0pt;">:</font></p>

<p align="left" style="margin:0in 0in .0001pt 75.0pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equity Transfer&nbsp;&amp;
Trust C</font><font size="2" style="font-size:10.0pt;">ompany</font></p>

<p align="left" style="margin:0in 0in .0001pt 75.0pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200
University Avenue,</font></p>

<p align="left" style="margin:0in 0in .0001pt 75.0pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Suite&nbsp;400</font></p>

<p align="left" style="margin:0in 0in .0001pt 75.0pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Toronto,
Ontario</font></p>

<p align="left" style="margin:0in 0in .0001pt 75.0pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">M5H
4H1</font></p>

<p align="left" style="margin:0in 0in .0001pt 75.0pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax:
416 361 0470</font></p>

<p align="left" style="margin:0in 0in .0001pt 75.0pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:
Helen Stratigeas</font></p>

<p align="left" style="margin:0in 0in .0001pt 75.0pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 75.0pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">And
all notices shall be deemed to have been effectively given on the date three (3)&nbsp;business
days after the date of mailing or, if delivered by hand or sent by facsimile
transmission or any other form of written recorded communication on the date of
delivery or transmission.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:left;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">General</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">This Agreement
shall be governed by and construed in accordance with the laws of the Province
of Ontario and the laws of
Canada applicable therein and the parties hereby attorn to the jurisdiction of
the courts of the Province of Ontario.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">This Agreement
shall enure to the benefit of and be binding upon the parties hereto and their
successors and assigns.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">This Agreement
may be executed in counterparts and may be delivered by facsimile transmission.</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IN WITNESS WHEREOF</font></b><font size="2" style="font-size:10.0pt;"> this Agreement has been
duly executed by the parties hereto.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EQUITY TRANSFER&nbsp;&amp;
  TRUST COMPANY</font></b></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Per:</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized Signing Officer</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Per:</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized
  Signing Officer</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SPROTT ASSET MANAGEMENT LP</font></b></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">by its general partner, Sprott
  Asset Management GP Inc.</font></b></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">On behalf of the Issuer.</font></b></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Per:</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized Signing Officer</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Per:</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized Signing Officer</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=10,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="8",CHK=727823,FOLIO='',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KS-01_ZEJ14003.CHC",USER="JDAY",CD='Dec  7 07:51 2009' -->



<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-decoration:underline;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Resolution Appointing Equity Transfer&nbsp;&amp; Trust Company as<br>
Transfer Agent, Registrar and Disbursing Agent</font></u></b></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">BE IT RESOLVED THAT:</font></b></h1>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Equity
Transfer&nbsp;&amp; Trust Company</font></b><font size="2" style="font-size:10.0pt;"> (&#147;Equity&#148;), is hereby
appointed the transfer agent, registrar and disbursing agent for the Trust
Units (&#147;Trust Units&#148;) of Sprott Physical Gold Trust</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the register of
transfers and register of holders of the Trust Units shall be kept at the
principal office of Equity in the City of Toronto;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all Trust Units
shall be effectively and interchangeably transferable on the register of
transfers or on any branch register of transfers maintained by Equity
regardless of where or when the Trust Unit certificates therefore shall have
been issued, and entry of the transfer of any Trust Units on the register of
transfers or in any branch register of transfers shall for all purposes be a
complete and valid transfer; and</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any director or
officer of Sprott Asset Management GP Inc., as the general partner of Sprott
Asset Management LP the duly appointed Manager of Sprott Physical Gold Trust is
hereby authorized and directed, for and on behalf of Sprott Physical Gold Trust
to do any and all such acts and things and to execute and deliver any and all
Agreements and other documents in such form and terms as such director or
officer may approve, to carry out the provisions of this resolution and to
evidence the aforesaid appointment, such approval to be conclusively evidenced
by such director or officer&#146;s execution and delivery of such Agreements or
other documents.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">* * * * * *</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CERTIFIED</font></b><font size="2" style="font-size:10.0pt;"> to be a true
copy of a resolution of the board of directors of<br>
Sprott Asset Management GP Inc. as Manager of Sprott Physical Gold Trust</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">And which resolution is in
full force and effect as of the date hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DATED:&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
day of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; , 2009</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:50.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Title)</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=11,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="8",CHK=520452,FOLIO='',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KS-03_ZEJ14003.CHC",USER="JDAY",CD='Dec  7 08:02 2009' -->


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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CERTIFICATE OF INCUMBENCY<br>
SPECIMEN SIGNATURES OF THE<br>
OFFICERS AND DIRECTORS OF SPROTT ASSET MANAGEMENT GP INC.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">I,
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
of the City of Toronto</font></b></h2>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
the Province of Ontario</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Herein
Certify That</font></b><font size="2" style="font-size:10.0pt;"> I am the <b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>of</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sprott
Asset Management GP Inc.., the general partner of Sprott Asset Management LP,
the duly appointed Manager of Sprott Physical Gold Trust</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt .25in;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
following persons are duly elected or appointed qualified directors or officers
of Sprott Asset Management GP Inc. holding the office or offices indicated
opposite their respective names, that they are authorized to give instructions
to Equity Transfer&nbsp;&amp; Trust Company and that the signatures appearing
opposite their respective names are the genuine signatures of such persons:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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  <td width="32%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.56%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="29%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Position</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="33%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:33.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Signature</font></b></p>
  </td>
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  <td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:32.56%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:29.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="33%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:33.32%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.56%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.32%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
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  <td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.56%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="33%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:33.32%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Certified by:</font></b></p>
  </td>
  <td width="53%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:53.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.56%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="64%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:64.44%;">
  <p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Officer&#146;s Signature, Name and Position)</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.56%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated
effective the&#160;&#160;&#160;&#160;&#160; day of&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2009.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=12,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="8",CHK=584775,FOLIO='',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KS-03_ZEJ14003.CHC",USER="JDAY",CD='Dec  7 08:02 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">LIST OF OFFICERS AND
DIRECTORS</font></b></h3>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To:
EQUITY TRANSFER&nbsp;&amp; TRUST COMPANY</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear
Sirs:</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">I
HEREBY CERTIFY</font></b><font size="2" style="font-size:10.0pt;"> that the following are the Officers and Directors
of Sprott Asset Management GP Inc., general partner of Sprott Asset Managment
LP, the Manager of Sprott Physical Gold Trust</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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  <td width="48%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="49%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Position</font></b></p>
  </td>
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  <td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:48.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="49%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
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  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="49%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
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</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated this&#160;&#160;&#160;&#160;&#160;&#160; day of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; , 2009.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
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  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sprott Asset Management GP
  Inc.</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Per:&nbsp;&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:50.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Title)</font></p>
  </td>
 </tr>
</table>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>9
<FILENAME>a2195768zex-23_3.htm
<DESCRIPTION>EXHIBIT 23.3
<TEXT>
<HTML>
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<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
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<div>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;23.3</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONSENT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
consent to the reference to our firm under the caption &#147;Experts&#148; and to the use
of our report dated December&nbsp;8, 2009 with respect to the financial
statement of Sprott Physical Gold Trust (the &#147;Trust&#148;) as at December&nbsp;7,
2009, included in the Registration Statement (Form&nbsp;F-1) and related
Prospectus of the Trust dated December&nbsp;8, 2009.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Toronto,
Canada</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;8,
2009</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Ernst&nbsp;&amp; Young LLP</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ernst&nbsp;&amp;
  Young LLP</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chartered
  Accountants</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Licensed
  Public Accountants</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=1,EFW="2195768",CP="SPROTT PHYSICAL GOLD TRUST",DN="9",CHK=233843,FOLIO='',FILE="DISK112:[09ZEJ3.09ZEJ14003]34940-3-KU_ZEJ14003.CHC",USER="JDAY",CD='Dec  9 01:54 2009' -->


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
