-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 DivFds6BLeMFnT5wmc/TGRkUTdoMhd08ia/eIkF8593IeF1onC1CXluyoPx5BBtV
 keamL9jwnQE4nzLM9EG9DQ==

<SEC-DOCUMENT>0001047469-10-008120.txt : 20100916
<SEC-HEADER>0001047469-10-008120.hdr.sgml : 20100916
<ACCEPTANCE-DATETIME>20100916160147
ACCESSION NUMBER:		0001047469-10-008120
CONFORMED SUBMISSION TYPE:	F-1/A
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20100916
DATE AS OF CHANGE:		20100916

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sprott Physical Gold Trust
		CENTRAL INDEX KEY:			0001477049
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		F-1/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-169225
		FILM NUMBER:		101076086

	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/A
<SEQUENCE>1
<FILENAME>a2200182zf-1a.htm
<DESCRIPTION>FORM F-1/A
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<P><FONT SIZE=3 >
Use these links to rapidly review the document<BR>
<A HREF="#bg14402_table_of_contents">  TABLE OF CONTENTS</A><BR></font>
</P>

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


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<P ALIGN="RIGHT" style="font-family:times;">


<FONT SIZE=2><B>File No.&nbsp;333-169225

  </B></FONT>

</P>

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


As filed with the Securities and Exchange Commission on September&nbsp;16, 2010

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

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> <div style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington,&nbsp;D.C. 20549  </B></FONT></P>

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

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="20%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="20%" ALIGN="CENTER" >


  </I></FONT><FONT SIZE=2><B>

<!-- COMMAND=ADDING_LINEBREAK -->

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

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


Amendment No.&nbsp;1<BR>
to<BR>  </B></FONT><FONT SIZE=3><B>FORM F-1<BR>  </B></FONT><FONT SIZE=2><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF&nbsp;1933

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

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

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="20%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="20%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=2><B>

<!-- COMMAND=ADDING_LINEBREAK -->

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

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>Sprott Physical Gold Trust<BR>  </B></FONT><FONT SIZE=2>(Exact name of registrant as specified in its charter) </FONT></P>

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


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="20%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="20%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=2>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></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="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<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 Identification No.)</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Suite&nbsp;2700, South Tower,<BR>
Royal Bank Plaza,<BR>
200&nbsp;Bay Street,<BR>
Toronto, Ontario,<BR>
Canada M5J&nbsp;2J1<BR>
(416) 362-7172<BR>  </B></FONT><FONT SIZE=2>(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices) </FONT></P>

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


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="20%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="20%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=2>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

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

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

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="20%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="20%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=2>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Copies to:</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="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Anthony Tu-Sekine, Esq.<BR>
Seward&nbsp;&amp; Kissel&nbsp;LLP<BR>
1200&nbsp;G Street N.W.<BR>
Washington,&nbsp;D.C. 20005<BR>
(202)&nbsp;737-8833<BR>
(202)&nbsp;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)&nbsp;360-2958&nbsp;&#151;&nbsp;Facsimile<BR> </B></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="20%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="20%" ALIGN="CENTER" >


  </I></FONT><FONT SIZE=2>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&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;&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;&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;&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;&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>
 <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="146pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="96pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="96pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="96pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="96pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=9 VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<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<BR>
Maximum<BR>
Offering Price Per<BR>
Security</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<BR>
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>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=9 VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Units<SUP>(1)</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>19,279,127</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>$11.93<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>$230,000,000</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>$16,400<SUP>(3)</SUP></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Units<SUP>(4)</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;&nbsp;5,317,377</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>$11.51<SUP>(5)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$&nbsp;&nbsp;61,203,010</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;4,365<SUP>(6)</SUP></FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=9 VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>Total</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><B> 24,596,504</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><B> &#151;</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><B> $291,203,010</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><B> $20,765&nbsp;&nbsp;</B></FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=9 VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:0%;">
 <DL compact>
<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>Includes
2,514,668&nbsp;Units that may be issued upon exercise of a 30-day option granted to the underwriters to cover
over-allotments, if any.  </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>Estimated
solely for the purpose of calculating the registration fee pursuant to Rule&nbsp;457 under the Securities Act of 1933, as amended, or the
Securities Act, based on the average of the high and low prices of units reported on NYSE Arca on September&nbsp;1, 2010.  </FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=1>Determined
to be $16,400, which is equal to 0.0000713&nbsp;multiplied by $230,000,000.

</FONT></DD>

<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=1>Includes
651,607&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>



<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(5)</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, based on the average of the high
and low prices of units reported on NYSE Arca on September&nbsp;14,&nbsp;2010.


</FONT></DD>



<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(6)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=1>Determined
to be $4,365, which is equal to 0.0000713&nbsp;multiplied by&nbsp;$61,203,010.

</FONT></DD>

</DL>
 </DIV>
 <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>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><div
style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div> </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=172717,FOLIO='blank',FILE='DISK126:[10ZCA3.10ZCA14403]BA14403A.;19',USER='BHOLLIN',CD='16-SEP-2010;10:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

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


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<P style="font-family:times;text-align:justify">


<FONT SIZE=2><I>PRELIMINARY PROSPECTUS<BR>
Subject to Completion, Dated September&nbsp;16, 2010

  </I></FONT>

</P>

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


<!-- COMMAND=ADD_TXTHEX,"red032" -->


</I></FONT><FONT COLOR="#FD1B14" SIZE=2><I>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 permitted. </I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g489469.jpg" ALT="GRAPHIC" WIDTH="444" HEIGHT="117">
  </B></FONT></P>

<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>22,000,000 Units

 </I></FONT>

</P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="21%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="21%" ALIGN="CENTER" >


</FONT> <FONT SIZE=5><I>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR>  </I></FONT></P>

<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 22,000,000 transferable, redeemable 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>

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

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="21%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="21%" ALIGN="CENTER" >


</FONT> <FONT SIZE=2><B><I>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR>  </I></B></FONT></P>

<P style="font-family:times;text-align:justify">


<FONT SIZE=2><B><I>Units are being offered to investors who are prepared to invest a minimum initial subscription amount of $1,000. The Trust's units are listed on the
NYSE Arca and on the Toronto Stock Exchange, to which we will refer as the TSX, under the symbols "PHYS" and "PHY.U", respectively. On
September&nbsp;15, 2010, the last reported sale price of the units on the NYSE Arca was US$11.42&nbsp;per unit and on September&nbsp;15, 2010, the last reported sale price of the units on the
TSX was US$11.51&nbsp;per&nbsp;unit.

 </I></B></FONT>

</P>

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

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="21%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="21%" ALIGN="CENTER" >


 </FONT> <FONT SIZE=2><B><I>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR>  </I></B></FONT></P>


<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>

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

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="21%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="21%" ALIGN="CENTER" >


 </FONT> <FONT SIZE=2><B><I>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR>  </I></B></FONT></P>

<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;13 of this prospectus.  </I></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><I>


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


  </I></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="96pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="96pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<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 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

<!-- COMMAND=ADD_SCROPPEDRULE,30pt -->

 </I></B></FONT></DIV></TH>
<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:18pt;"><FONT SIZE=1><B><I>Total

<!-- COMMAND=ADD_SCROPPEDRULE,18pt -->

 </I></B></FONT></DIV></TH>
</TR>
<TR VALIGN="TOP">
<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="RIGHT"  ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I>$</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I>$</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="RIGHT"  ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I>$</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I>$</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="RIGHT"  ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I>$</I></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><I>$</I></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </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 3,300,000 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;2010.
</I></FONT></P>

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

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="21%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="21%" ALIGN="CENTER" >


 </FONT> <FONT SIZE=2><I>

<!-- COMMAND=ADDING_LINEBREAK -->

<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>


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


  </I></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="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<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>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2><I>The date of this prospectus is September&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2010  </I></FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=2,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=1006677,FOLIO='blank',FILE='DISK125:[10ZCA2.10ZCA14402]BE14402A.;10',USER='JRANGER',CD='15-SEP-2010;16:31' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_bg14402_1_1"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->

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

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="21%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="21%" ALIGN="CENTER" >


  </I></FONT><FONT SIZE=2>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bg14402_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="BG14402_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>


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



 </FONT></P>
<!-- COMMAND=ADD_START_LINKTABLE -->

<!-- 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="34pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#bi14401_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="#bi14401_currency"><FONT SIZE=2>ii</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#bi14401_enforceability_of_civi__bi102297"><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="#bi14401_enforceability_of_civi__bi102297"><FONT SIZE=2>ii</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#bi14401_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="#bi14401_cautionary_note_regarding_forward-looking_statements"><FONT SIZE=2>ii</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#ca14402_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="#ca14402_prospectus_summary"><FONT SIZE=2>1</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#cc14401_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="#cc14401_risk_factors"><FONT SIZE=2>13</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#ce14401_selected_financial_and_other_data"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Selected Financial and Other Data</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ce14401_selected_financial_and_other_data"><FONT SIZE=2>24</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#da14401_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="#da14401_business_of_the_trust"><FONT SIZE=2>26</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#dc14401_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="#dc14401_overview_of_the_gold_sector"><FONT SIZE=2>31</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#dg14401_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="#dg14401_organization_and_management_details_of_the_trust"><FONT SIZE=2>39</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#dh14401_management_s_discussion_and_an__man03466"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Management's Discussion and Analysis of Financial Condition and Results of
Operations</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dh14401_management_s_discussion_and_an__man03466"><FONT SIZE=2>48</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#di14401_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="#di14401_custody_of_the_trust_s_assets"><FONT SIZE=2>54</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#dk14401_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="#dk14401_description_of_the_units"><FONT SIZE=2>57</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#dk14401_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="#dk14401_redemption_of_units"><FONT SIZE=2>58</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#dk14401_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="#dk14401_use_of_proceeds"><FONT SIZE=2>63</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#dl14401_market_price_of_units"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Market Price 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="#dl14401_market_price_of_units"><FONT SIZE=2>64</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#dm14401_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="#dm14401_capitalization"><FONT SIZE=2>65</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#dm14401_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="#dm14401_distribution_policy"><FONT SIZE=2>66</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#do14401_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="#do14401_description_of_the_trust_agreement"><FONT SIZE=2>68</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#ds14401_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="#ds14401_computation_of_net_asset_value"><FONT SIZE=2>85</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#du14401_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="#du14401_termination_of_the_trust"><FONT SIZE=2>90</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#du14401_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="#du14401_principal_unitholders_of_the_trust"><FONT SIZE=2>91</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#dw14401_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="#dw14401_certain_transactions"><FONT SIZE=2>92</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#dx14402_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="#dx14402_tax_considerations"><FONT SIZE=2>95</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#ea14401_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="#ea14401_u.s._erisa_considerations"><FONT SIZE=2>106</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#ec14401_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="#ec14401_underwriting"><FONT SIZE=2>107</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#ee14402_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="#ee14402_legal_matters"><FONT SIZE=2>112</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#ee14402_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="#ee14402_experts"><FONT SIZE=2>112</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#ee14402_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="#ee14402_where_you_can_find_additional_information"><FONT SIZE=2>112</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#fc14402_report_of_independent___fc102275"><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="#fc14402_report_of_independent___fc102275"><FONT SIZE=2>F-1</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#fe14402_financial_statements"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Financial Statements as of and for the Period Ending February&nbsp;24,&nbsp;2010</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#fe14402_financial_statements"><FONT SIZE=2>F-2</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#fi14402_report_of_independent___fi102281"><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="#fi14402_report_of_independent___fi102281"><FONT SIZE=2>F-10</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#page_fi14402_1_11"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Financial Statements as of and for the Period Ending March&nbsp;31,&nbsp;2010</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#page_fi14402_1_11"><FONT SIZE=2>F-11</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#page_fm14402_1_23"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Financial Statements as of and for the Period Ending June&nbsp;30,&nbsp;2010 (Unaudited)</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#page_fm14402_1_23"><FONT SIZE=2>F-23</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#je14401_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="#je14401_form_of_gold_redemption_notice"><FONT SIZE=2>A-1</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><A HREF="#jg14401_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="#jg14401_form_of_cash_redemption_notice"><FONT SIZE=2>B-1</FONT></A></TD>
</TR>
</TABLE></DIV>


<!-- end of user-specified TAGGED TABLE -->
<!-- COMMAND=ADD_END_LINKTABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>i</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=3,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=1022172,FOLIO='i',FILE='DISK125:[10ZCA2.10ZCA14402]BG14402A.;12',USER='RMCIVOR',CD='16-SEP-2010;12:48' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_bi14401_1_2"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bi14401_currency"> </A>
<A NAME="toc_bi14401_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 $, US$ 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 September&nbsp;15, 2010, 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$1.0282 (Cdn$1.00 equals&nbsp;US$0.9726).

 </FONT>

</P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bi14401_enforceability_of_civi__bi102297"> </A>
<A NAME="toc_bi14401_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 judgments obtained in United States courts against any of them or the assets of any of them located outside the United States, 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>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bi14401_cautionary_note_regarding_forward-looking_statements"> </A>
<A NAME="toc_bi14401_3"> </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 units 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 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 has included in this prospectus all material risks known to it;
however, there may be other, unknown risks or risks that the Trust currently deems immaterial that may adversely affect the actual results of the Trust. 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>ii</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=4,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=503724,FOLIO='ii',FILE='DISK124:[10ZCA1.10ZCA14401]BI14401A.;15',USER='BHOLLIN',CD='16-SEP-2010;10:29' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_ca14402_1_1"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ca14402_prospectus_summary"> </A>
<A NAME="toc_ca14402_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;13, 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 with respect to this offering 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 and as further amended and restated as of February&nbsp;1, 2010. The Trust sold 44,250,000&nbsp;units in
the aggregate in March&nbsp;2010 in connection with its initial public offering, to which we will refer as the initial public offering. The Trust sold an additional 24,840,000&nbsp;units in the
aggregate in June&nbsp;2010 in connection with its follow-on offering. 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 invests 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 represents 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 Trust's
units are listed on the NYSE Arca and on the TSX. Application has been made to list the units to be issued under this offering on NYSE Arca and on the TSX. The Trust provides 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 currently owns and expects to own only London Good Delivery physical gold bullion. The Manager currently holds
and intends to continue 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 does 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 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></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=5,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=136549,FOLIO='1',FILE='DISK125:[10ZCA2.10ZCA14402]CA14402A.;6',USER='JDAY',CD='15-SEP-2010;16:26' -->
<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_cb14401_1_2"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<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>Storage at the Royal Canadian Mint.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The Trust's physical
gold bullion is and 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, which acts as an agent of the Canadian
Government, and its obligations generally constitute unconditional obligations of the Canadian Government. The Mint is responsible for and bears 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 is 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> <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>Experienced Manager.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The Trust is 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 (scheduled to increase to 20% for taxable years beginning after December&nbsp;31, 2010), 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 by filing
IRS&nbsp;Form&nbsp;8621 with his, her or its U.S.&nbsp;federal income tax return. The Trust intends to provide annually each U.S.&nbsp;holder with all necessary information in order to make
and maintain a QEF&nbsp;election. 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, 2010, the Manager, together with its affiliates and related entities, had assets under management totaling
approximately Cdn$5.5&nbsp;billion, of which approximately Cdn$1.4&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 contains 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 </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=6,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=297376,FOLIO='2',FILE='DISK124:[10ZCA1.10ZCA14401]CB14401A.;31',USER='BHOLLIN',CD='16-SEP-2010;10:29' -->
<A NAME="page_cb14401_1_3"> </A>
<BR>

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

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

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following issuances of units took place during the period from February&nbsp;25, 2010 to June&nbsp;30,
2010: </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>On March&nbsp;3, 2010, the Trust issued 40,000,000&nbsp;units at $10.00 per unit, for gross proceeds of $400,000,000
pursuant to the Trust's initial public offering.  </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>On March&nbsp;8, 2010, the Trust issued 3,000,000&nbsp;units for gross proceeds of $30,000,000 on the partial exercise
by the underwriters of the over-allotment option of the initial public offering.  </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>On March&nbsp;25, 2010, the Trust issued 1,250,000&nbsp;units for gross proceeds of $12,500,000 on the final exercise
by the underwriters of the over-allotment option of the initial public offering.  </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>On June&nbsp;1, 2010, the Trust issued 24,840,000&nbsp;units for gross proceeds of $279,450,000 in a
follow-on public offering of units 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 NAV per unit on September&nbsp;15, 2010 was $10.8086. See "Computation of Net Asset&nbsp;Value".

 </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=7,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=96109,FOLIO='3',FILE='DISK124:[10ZCA1.10ZCA14401]CB14401A.;31',USER='BHOLLIN',CD='16-SEP-2010;10:29' -->
<A NAME="page_cb14401_1_4"> </A>

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


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



  </B></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="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="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> 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> 22,000,000 units of the Trust (25,300,000 units if the underwriters exercise their over-allotment option in full). Each
outstanding unit represents 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> $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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's units are listed on the NYSE Arca and the TSX under the symbols "PHYS" and "PHY.U", respectively. Application has
been made to list on the NYSE Arca and the TSX the units to be issued under this offering.</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 $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(or&nbsp;$&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 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 are
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, if any) as of such date. The valuation agent calculates 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>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=8,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=479573,FOLIO='4',FILE='DISK124:[10ZCA1.10ZCA14401]CB14401A.;31',USER='BHOLLIN',CD='16-SEP-2010;10:29' -->
<A NAME="page_cb14401_1_5"> </A>
 <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>


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



  </B></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="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="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> Redemption of Units for 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>
<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> 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 to the Manager. 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>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=9,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=650024,FOLIO='5',FILE='DISK124:[10ZCA1.10ZCA14401]CB14401A.;31',USER='BHOLLIN',CD='16-SEP-2010;10:29' -->
<A NAME="page_cb14401_1_6"> </A>
 <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>


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



  </B></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="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="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> 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>
<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> 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>
<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>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 Corporation 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>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

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

<!-- ZEQ.=5,SEQ=10,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=260001,FOLIO='6',FILE='DISK124:[10ZCA1.10ZCA14401]CB14401A.;31',USER='BHOLLIN',CD='16-SEP-2010;10:29' -->
<A NAME="page_cb14401_1_7"> </A>

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


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


  </B></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="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="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>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>
<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>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>
</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>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 acts as custodian for the physical gold bullion owned by the Trust. The Mint is responsible for and
bears 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>
</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>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 acts 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>
<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>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>
<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>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 will also attend the count of the physical gold
bullion owned by the Trust on an annual basis.</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>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 is posted on the Manager's website. See "Computation of Net Asset Value."</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;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>7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=11,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=847938,FOLIO='7',FILE='DISK124:[10ZCA1.10ZCA14401]CB14401A.;31',USER='BHOLLIN',CD='16-SEP-2010;10:29' -->
<A NAME="page_cb14401_1_8"> </A>

<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 pays 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. For a more detailed description of the fees and expenses described below, 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>
 <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>


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


  </B></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="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

<!-- COMMAND=ADD_SCROPPEDRULE,40pt -->

 </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 pays 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 is 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 is 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 is 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>
</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 Trust intends to retain cash from the net proceeds of this offering in an amount not to exceed 3% of the net proceeds of this offering, which will be added to
its available funds to be used for its ongoing expenses and cash redemptions. From time to time, the Trust will sell physical gold bullion to replenish this cash reserve to meet its expenses and cash
redemptions. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=12,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=735351,FOLIO='8',FILE='DISK124:[10ZCA1.10ZCA14401]CB14401A.;31',USER='BHOLLIN',CD='16-SEP-2010;10:29' -->
<A NAME="page_cb14401_1_9"> </A>

<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>


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



  </B></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="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

<!-- COMMAND=ADD_SCROPPEDRULE,40pt -->

 </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> Redemption and Delivery Costs:</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;&nbsp;&nbsp;&nbsp;&nbsp;&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 Trust will be responsible for paying the expenses it incurs in connection with this offering. The Trust has also agreed to
reimburse the underwriters for their expenses, including legal expenses, incurred in connection with this offering up to an aggregate amount of $150,000. The expenses of this offering are estimated to be $650,000. In the event the offering is
terminated, the underwriters will receive only a reimbursement of out-of-pocket accountable expenses actually incurred in accordance with FINRA Rule&nbsp;5110(f)(2)(D).</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <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; (vi)&nbsp;operations of the Trust; and (vii)&nbsp;the offering. See "Risk Factors" beginning on page&nbsp;13 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, in Canada 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." A U.S.&nbsp;holder may make a QEF election by filing IRS Form&nbsp;8621 with his,
her or its U.S.&nbsp;federal income tax return. The Trust intends to provide annually each U.S.&nbsp;holder with all necessary information in order to make and maintain a QEF election. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=13,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=693613,FOLIO='9',FILE='DISK124:[10ZCA1.10ZCA14401]CB14401A.;31',USER='BHOLLIN',CD='16-SEP-2010;10:29' -->
<A NAME="page_cb14401_1_10"> </A>

<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 (scheduled to increase to 20% for taxable years beginning after December&nbsp;31, 2010). </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 (scheduled to increase to 20% for taxable years beginning after December&nbsp;31, 2010)), 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&nbsp;units. </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>10</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=14,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=367628,FOLIO='10',FILE='DISK124:[10ZCA1.10ZCA14401]CB14401A.;31',USER='BHOLLIN',CD='16-SEP-2010;10:29' -->
<A NAME="page_cb14401_1_11"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cb14401_summary_financial_and_other_data"> </A>
<A NAME="toc_cb14401_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SUMMARY FINANCIAL AND OTHER DATA    <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 a summary of the Trust's financial and other data. The summary financial data in the table as of
June&nbsp;30, 2010 and for the period from February&nbsp;25, 2010 (beginning of operations of the Trust) to June&nbsp;30, 2010 is derived from our unaudited financial statements, included
elsewhere herein, which have been prepared in accordance with IFRS. The Trust had no operations during the period from its inception on August&nbsp;28, 2009 to February&nbsp;24, 2010. We refer you
to the footnotes to our financial statements for a discussion of the basis upon which our financial statements are presented.
The data set forth below should be read in conjunction with the Trust's unaudited financial statements, the related notes and other financial information included elsewhere herein. </FONT></P>

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


<!-- 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="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="96pt" 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:65pt;"><FONT SIZE=1><B>(Amounts in US$)

<!-- 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>Period from<BR>
February&nbsp;25, 2010 to<BR>
June&nbsp;30, 2010 </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>Unrealized gain on gold bullion</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>45,696,132</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>Net cash used in operating activities</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>(177,900</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Statements of Operation Data:  </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>


<!-- 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="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="96pt" 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:156pt;"><FONT SIZE=1><B>(Amounts, except numbers of units, in US$)

<!-- COMMAND=ADD_SCROPPEDRULE,156pt -->

 </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>Period from<BR>
February&nbsp;25, 2010 to<BR>
June&nbsp;30, 2010 </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><B>REVENUES</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>&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 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>Unrealized gain on gold bullion</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>45,696,132</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 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-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>EXPENSES</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>&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 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>Management fees</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>637,757</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>Bullion storage fees</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>55,924</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>Listing and regulatory filing fees</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>46,167</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>Accounting fees</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>37,973</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>Other 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>29,843</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 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>Total 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>807,664</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 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="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>Net income for the period</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>44,888,468</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 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="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><I>Weighted average number of units</I></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>47,171,508</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 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="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><I>Basic and diluted income per unit</I></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>0.95</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 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 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=15,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=85556,FOLIO='11',FILE='DISK124:[10ZCA1.10ZCA14401]CB14401A.;31',USER='BHOLLIN',CD='16-SEP-2010;10:29' -->
<A NAME="page_cb14401_1_12"> </A>
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Statements of Financial Position:  </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>


<!-- 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="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="96pt" 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:65pt;"><FONT SIZE=1><B>(Amounts in US$)

<!-- 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>As at<BR>
June&nbsp;30, 2010 </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><B>ASSETS</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>&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 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>Cash and cash equivalents</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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9,562,728</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Prepaid assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8,895</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gold bullion</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>723,508,099</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total Assets</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>733,079,722</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 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="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" 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>LIABILITIES</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>&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 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>Accounts payable</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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>638,659</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>EQUITY</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unitholders' capital<SUP>(1)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>721,950,000</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>Retained earnings</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>44,888,468</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>Underwriting commissions and issue 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>(34,397,405</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</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:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</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><B>Total Equity</B></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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>732,441,063</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>TOTAL LIABILITIES AND EQUITY</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>733,079,722</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 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>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="10%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="10%" ALIGN="LEFT" >


<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
Trust is authorized to issue an unlimited number of redeemable, transferrable Trust units in one or more classes and series of units. As of
February&nbsp;24, 2010, there was one unit of the Trust issued and outstanding. As of June&nbsp;30, 2010, there were 69,090,000&nbsp;units of the Trust issued and outstanding. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=16,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=820826,FOLIO='12',FILE='DISK124:[10ZCA1.10ZCA14401]CB14401A.;31',USER='BHOLLIN',CD='16-SEP-2010;10:29' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_cc14401_1_13"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="cc14401_risk_factors"> </A>
<A NAME="toc_cc14401_1"> </A>
<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 depends on, and typically fluctuates 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 does 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>13</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=17,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=124228,FOLIO='13',FILE='DISK124:[10ZCA1.10ZCA14401]CC14401A.;12',USER='BHOLLIN',CD='16-SEP-2010;10:29' -->
<A NAME="page_cc14401_1_14"> </A>
<BR>

<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 represents 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 sell physical gold bullion over time on an as-needed basis to pay for its ongoing expenses and to cover certain redemptions, the
amount of gold represented by each unit will and the NAV may, 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, 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 net assets of 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;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>14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=18,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=131485,FOLIO='14',FILE='DISK124:[10ZCA1.10ZCA14401]CC14401A.;12',USER='BHOLLIN',CD='16-SEP-2010;10:29' -->
<A NAME="page_cc14401_1_15"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>gold
bullion at relatively lower gold prices will require the sale of more physical gold bullion, which in turn 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 does 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 does 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. 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 adequate 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>15</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=19,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=584795,FOLIO='15',FILE='DISK124:[10ZCA1.10ZCA14401]CC14401A.;12',USER='BHOLLIN',CD='16-SEP-2010;10:29' -->
<A NAME="page_cc14401_1_16"> </A>
<BR>

<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 Trust or 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;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 Trust or
the&nbsp;Mint but will need to bring a claim against the armored transportation service carrier. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Because the Trust primarily invests in physical gold bullion, 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 is primarily invested at all times in physical gold bullion. As a result, the Trust's holdings are not 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>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. 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; nevertheless, 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 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 earlier.  </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. 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 </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=20,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=628098,FOLIO='16',FILE='DISK124:[10ZCA1.10ZCA14401]CC14401A.;12',USER='BHOLLIN',CD='16-SEP-2010;10:29' -->
<A NAME="page_cc14401_1_17"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>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 in the completion of the Trust's purchases of physical gold bullion. If physical gold bullion prices increase between the time
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. 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 its obligations will not constitute the unconditional obligations 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. The Mint will not remain a
Crown corporation if the Government of Canada privatizes the Mint. If the Mint were to become a private entity, its obligations would no longer generally constitute unconditional obligations 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 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. 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 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=21,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=619234,FOLIO='17',FILE='DISK124:[10ZCA1.10ZCA14401]CC14401A.;12',USER='BHOLLIN',CD='16-SEP-2010;10:29' -->
<A NAME="page_cc14401_1_18"> </A>
<BR>

<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 competes 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 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 do 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 do not have the regulatory protections provided to investors in investment companies. The Trust does not and 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 </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=22,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=308112,FOLIO='18',FILE='DISK124:[10ZCA1.10ZCA14401]CC14401A.;12',USER='BHOLLIN',CD='16-SEP-2010;10:29' -->
<A NAME="page_cc14401_1_19"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>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 do 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 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 does not carry any insurance to cover such potential obligations and, to the Manager's knowledge, none of the
foregoing parties are 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 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. Unitholders have the right to vote on matters brought before unitholders in
accordance with the trust agreement but do not have a right to elect the Manager, though unitholders do have the right to remove the </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=23,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=919006,FOLIO='19',FILE='DISK124:[10ZCA1.10ZCA14401]CC14401A.;12',USER='BHOLLIN',CD='16-SEP-2010;10:29' -->
<A NAME="page_cc14401_1_20"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>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. The value of the units sold hereby may 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.
Because 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 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 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 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=24,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=603237,FOLIO='20',FILE='DISK124:[10ZCA1.10ZCA14401]CC14401A.;12',USER='BHOLLIN',CD='16-SEP-2010;10:29' -->
<A NAME="page_cc14401_1_21"> </A>
<BR>

<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 is) 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 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 </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=25,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=353151,FOLIO='21',FILE='DISK124:[10ZCA1.10ZCA14401]CC14401A.;12',USER='BHOLLIN',CD='16-SEP-2010;10:29' -->
<A NAME="page_cc14401_1_22"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"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. 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 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 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. Furthermore, any gains that on the date of this prospectus have already accrued to the Trust on its
holdings of gold bullion would generally have the effect of increasing such taxable component of redemption proceeds, even where the redeeming unitholder purchased its units under this offering. 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 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=26,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=168558,FOLIO='22',FILE='DISK124:[10ZCA1.10ZCA14401]CC14401A.;12',USER='BHOLLIN',CD='16-SEP-2010;10:29' -->
<A NAME="page_cc14401_1_23"> </A>
<BR>

<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>23</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=27,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=163983,FOLIO='23',FILE='DISK124:[10ZCA1.10ZCA14401]CC14401A.;12',USER='BHOLLIN',CD='16-SEP-2010;10:29' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_ce14401_1_24"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ce14401_selected_financial_and_other_data"> </A>
<A NAME="toc_ce14401_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SELECTED FINANCIAL AND OTHER DATA    <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 Trust's selected financial and other data. The selected financial data in the table as of
June&nbsp;30, 2010 and for the period from February&nbsp;25, 2010 (beginning of operations of the Trust) to June&nbsp;30, 2010 is derived from our unaudited financial statements included
elsewhere herein, which have been prepared in accordance with IFRS. The Trust had no operations during the period from its inception on August&nbsp;28, 2009 to February&nbsp;24, 2010. We refer you
to the footnotes to our financial statements for a discussion of the basis upon which our financial statements are presented. The data set forth below should be read in conjunction with the Trust's
unaudited financial statements, the related notes and other financial information included elsewhere herein. </FONT></P>

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


<!-- 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="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="96pt" 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:65pt;"><FONT SIZE=1><B>(Amounts in US$)

<!-- 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>Period from<BR>
February&nbsp;25, 2010 to<BR>
June&nbsp;30, 2010 </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>Unrealized gain on gold bullion</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>45,696,132</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>Net cash used in operating activities</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>(177,900</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Statements of Operation Data:  </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>


<!-- 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="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="96pt" 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:152pt;"><FONT SIZE=1><B>(Amounts, except number of units, in US$)

<!-- COMMAND=ADD_SCROPPEDRULE,152pt -->

 </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>Period from<BR>
February&nbsp;25, 2010 to<BR>
June&nbsp;30, 2010 </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><B>REVENUES</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>&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 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>Unrealized gain on gold bullion</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>45,696,132</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 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-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>EXPENSES</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>&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 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>Management fees</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>637,757</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>Bullion storage fees</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>55,924</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>Listing and regulatory filing fees</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>46,167</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>Accounting fees</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>37,973</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>Other 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>29,843</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 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>Total 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>807,664</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 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="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>Net income for the period</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>44,888,468</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 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="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><I>Weighted average number of units</I></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>47,171,508</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 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="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><I>Basic and diluted income per unit</I></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>0.95</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 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 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=28,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=950151,FOLIO='24',FILE='DISK124:[10ZCA1.10ZCA14401]CE14401A.;12',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_ce14401_1_25"> </A>
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Statements of Financial Position:  </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>


<!-- 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="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="77pt" 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:65pt;"><FONT SIZE=1><B>(Amounts in US$)

<!-- 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>As at<BR>
June&nbsp;30, 2010 </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><B>ASSETS</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>&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 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>Cash and cash equivalents</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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9,562,728</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Prepaid assets</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8,895</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gold bullion</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>723,508,099</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total Assets</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>733,079,722</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 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="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" 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>LIABILITIES</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>&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 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>Accounts payable</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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>638,659</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>EQUITY</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Unitholders' capital<SUP>(1)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>721,950,000</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>Retained earnings</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>44,888,468</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>Underwriting commissions and issue 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>(34,397,405</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</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:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</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><B>Total Equity</B></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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>732,441,063</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>TOTAL LIABILITIES AND EQUITY</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>733,079,722</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 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>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="10%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="10%" ALIGN="LEFT" >


<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
Trust is authorized to issue an unlimited number of redeemable, transferrable Trust units in one or more classes and series of units. As of
February&nbsp;24, 2010, there was one unit of the Trust issued and outstanding. As of June&nbsp;30, 2010, there were 69,090,000&nbsp;units of the Trust issued and outstanding. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=29,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=433525,FOLIO='25',FILE='DISK124:[10ZCA1.10ZCA14401]CE14401A.;12',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_da14401_1_26"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="da14401_business_of_the_trust"> </A>
<A NAME="toc_da14401_1"> </A>
<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 and as further amended and restated as of February&nbsp;1, 2010. The Trust sold in the
aggregate 44,250,000&nbsp;units in March&nbsp;2010 in connection with its initial public offering. The Trust sold an additional 24,840,000&nbsp;units in the aggregate in June&nbsp;2010 in
connection with its follow-on offering. 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 invests 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 employs two custodians. The Royal Canadian Mint, a Canadian Crown corporation, acts as custodian for the Trust's physical gold bullion, pursuant to a precious metals storage
agreement between the Manager, for and on behalf of the Trust, and the Mint, to which we will refer as the Precious Metals Storage Agreement. RBC Dexia acts 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;In connection with this offering, the Manager will purchase physical gold bullion in an amount equal to the net proceeds of this
offering less approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, which will be held by the Trust to pay ongoing expenses. Pending completion of such purchases, 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 cash remaining from the proceeds of this offering after such purchases of physical gold bullion, together with the
Trust's existing 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. Orders are generally placed by phone and through electronic dealing systems. A list of the bars available to fill the buy order is sent to the Manager by a bullion
broker with whom the Manager has an established relationship. 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. The
bullion broker arranges </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=30,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=215265,FOLIO='26',FILE='DISK124:[10ZCA1.10ZCA14401]DA14401A.;16',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_da14401_1_27"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>for
the delivery of the London Good Delivery bar to the destination specified by the purchaser, which will be the Mint with respect to the physical gold bullion purchased by the Trust. Once the Mint
takes delivery of the physical gold bullion bars, they 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 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 is 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 DBRS 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 except (i)&nbsp;if the net 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; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>27</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=31,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=328564,FOLIO='27',FILE='DISK124:[10ZCA1.10ZCA14401]DA14401A.;16',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_da14401_1_28"> </A>
<UL>
<DL compact>
<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;
<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>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 a 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 pays 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>


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


  </B></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="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

<!-- COMMAND=ADD_SCROPPEDRULE,40pt -->

 </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 pays 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 is calculated and accrued daily and payable monthly in arrears on the last day of each month.</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>28</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=32,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=323312,FOLIO='28',FILE='DISK124:[10ZCA1.10ZCA14401]DA14401A.;16',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_da14401_1_29"> </A>
 <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>


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


  </B></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="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

<!-- COMMAND=ADD_SCROPPEDRULE,40pt -->

 </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 is 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 is 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>
<!-- 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 Trust will retain cash from the net proceeds of this offering in an amount not to exceed 3% of the net proceeds of this offering, which will be added to its
available funds to be used for its ongoing expenses and cash redemptions. From time to time, the Trust will sell physical gold bullion to replenish this cash reserve to meet its expenses and cash
redemptions. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=33,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=56225,FOLIO='29',FILE='DISK124:[10ZCA1.10ZCA14401]DA14401A.;16',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_da14401_1_30"> </A>

<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>


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



  </B></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="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

<!-- COMMAND=ADD_SCROPPEDRULE,40pt -->

 </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> Redemption and Delivery Costs:</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> 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;&nbsp;&nbsp;&nbsp;&nbsp;&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 Trust will be responsible for paying the expenses it incurs in connection with this offering. The Trust has also agreed to
reimburse the underwriters for their expenses, including legal expenses, incurred in connection with this offering up to an aggregate amount of $150,000. The expenses of this offering are estimated to be $650,000. In the event the offering is
terminated, the underwriters will receive only a reimbursement of out-of-pocket accountable expenses actually incurred in accordance with FINRA Rule&nbsp;5110(f)(2)(D).</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <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;Additional services to be provided to the Trust by the Manager or any of its affiliates that have not been described in this prospectus
must 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 fees or expenses associated with such additional services. The introduction of any fees or expenses that are charged to the Trust which could result in an increase in charges to the Trust
requires the prior approval of the unitholders of the Trust by an ordinary resolution. </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 fees or 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. The foregoing unitholder approval is to be expressed by way of an ordinary resolution, which must be approved, in person or by proxy, by unitholders holding units
representing in aggregate not less than 50% 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 50% 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>30</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=34,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=319873,FOLIO='30',FILE='DISK124:[10ZCA1.10ZCA14401]DA14401A.;16',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_dc14401_1_31"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dc14401_overview_of_the_gold_sector"> </A>
<A NAME="toc_dc14401_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 2000, 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. Since 2000, the amount of new gold that is mined each year has been substantially lower than the level of physical demand. For example,
during the ten years from 2000 to 2009, new mine production was only 63% 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>31</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=35,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=12279,FOLIO='31',FILE='DISK124:[10ZCA1.10ZCA14401]DC14401A.;11',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dc14401_1_32"> </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 443&nbsp;tonnes of gold per year from 2000 to 2009, 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>32</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=36,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=271730,FOLIO='32',FILE='DISK124:[10ZCA1.10ZCA14401]DC14401A.;11',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dc14401_1_33"> </A>

<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 and End-Use Consumption  </B></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 style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following chart summarizes the historical supply and demand for gold and end-use gold consumption by&nbsp;source: </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> World Gold Supply and Demand (January&nbsp;1, 2000&nbsp;&#150;&nbsp;December&nbsp;31, 2009)  </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=1>


<!-- 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="7pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="28pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="28pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="28pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="28pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="28pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Supply (tonnes)</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>2000</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>2001</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>2002</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>2003</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>2004</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>2005</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>2006</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>2007</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>2008</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>2009</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1><B> </B></FONT><FONT SIZE=1>Mine production</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,620</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,646</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,618</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,623</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,494</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,549</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,483</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,473</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,409</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,572</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Official sector net sales</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>479</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>520</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>547</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>620</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>479</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>663</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>365</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>484</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>232</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>41</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Old gold scrap</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>620</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>749</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>874</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>986</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>881</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>902</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,133</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>982</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,316</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,674</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net producer hedging</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> &#151;</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> &#151;</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> &#151;</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> &#151;</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> &#151;</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> &#151;</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> &#151;</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> &#151;</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> &#151;</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> &#151;</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Implied net disinvestment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>299</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>12</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Total Supply</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,018</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,915</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,038</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,228</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,866</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,115</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,981</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,939</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,957</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>4,287</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 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;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><I>year-over-year</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> (4.5%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> (2.6%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> 3.1%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> 4.7%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> (8.6%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> 6.4%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> (3.3%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> (1.1%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> 0.5%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> 8.3%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Mine Production %</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>65.2%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>67.6%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>64.8%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>62.0%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>64.5%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>61.9%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>62.4%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>62.8%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>60.9%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>60.0%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Demand (tonnes)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Fabrication</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 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;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Jewelry</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,205</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,009</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,662</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,484</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,616</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,718</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,298</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,417</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,193</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,759</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 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;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Other</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>557</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>474</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>481</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>515</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>555</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>581</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>650</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>672</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>696</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>658</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total Fabrication</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,762</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,483</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,143</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,999</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,172</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,299</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,948</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3,089</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,889</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2,417</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Bar Hoarding</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>242</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>261</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>264</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>180</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>257</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>264</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>235</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>236</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>386</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>187</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Net producer De-hedging</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>15</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>151</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>412</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>289</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>438</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>92</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>434</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>444</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>352</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>254</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Implied net investment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>20</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>220</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>760</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>459</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>365</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>169</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>330</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>1,429</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Total Demand</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 4,018</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 3,915</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 4,038</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 4,228</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 3,866</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 4,115</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 3,981</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 3,939</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 3,957</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 4,287</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 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;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><I>year-over-year</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> (4.5%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> (2.6%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> 3.1%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> 4.7%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> (8.6%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> 6.4%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> (3.3%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> (1.1%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> 0.5%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> 8.3%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <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>
<!-- ZEQ.=3,SEQ=37,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=943168,FOLIO='33',FILE='DISK124:[10ZCA1.10ZCA14401]DC14401A.;11',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dc14401_1_34"> </A>
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2><B> End-Use Gold Consumption (tonnes) (January&nbsp;1, 2000 to December&nbsp;31, 2009)  </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=1>


<!-- 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="7pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="28pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="28pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="28pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="28pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="23pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="23pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="28pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="23pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="23pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="28pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 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>2000</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>2001</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>2002</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>2003</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>2004</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>2005</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>2006</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>2007</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>2008</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>2009</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1><B> </B></FONT><FONT SIZE=1><B>Jewelry Consumption</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 3,205</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 3,009</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 2,662</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 2,484</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 2,616</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 2,718</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 2,298</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 2,417</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 2,193</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 1,759</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Industrial&nbsp;&amp; Dental</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 451</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 363</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 358</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 382</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 414</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 433</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 462</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 465</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 439</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 373</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Electronics</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>283</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>197</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>206</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>233</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>262</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>282</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>308</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>311</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>293</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>246</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Other Industrial&nbsp;&amp; Decorative</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>99</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>97</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>83</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>82</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>85</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>89</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>93</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>96</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>91</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>74</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Dentistry</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>69</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>69</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>69</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>67</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>68</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>62</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>61</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>58</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>56</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>53</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Identifiable Investment</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 166</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 357</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 344</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 341</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 482</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 601</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 676</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 686</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 1,177</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 1,319</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Bar hoarding</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>242</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>261</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>264</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>180</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>257</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>264</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>235</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>236</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>386</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>187</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Official Coin</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>77</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>83</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>97</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>107</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>115</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>111</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>129</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>135</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>187</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>229</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Medals&nbsp;&amp; Imitation Coin</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>29</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>29</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>26</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>26</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>26</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>37</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>59</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>73</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>70</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>57</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Other Retail Investment</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>-181</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>-15</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>-47</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>-11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>-49</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>-18</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>-8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>-11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>213</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>230</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Investment in ETFs</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>39</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>133</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>208</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>260</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>253</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>321</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>617</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><B>Total</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 3,822</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 3,729</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 3,363</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 3,207</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 3,512</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 3,753</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 3,435</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 3,568</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 3,809</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> 3,451</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 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;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1><I>year-over-year</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> (2.3%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> (2.4%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> (9.8%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> (4.6%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> 9.5%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> 6.9%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> (8.5%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> 3.9%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> 6.8%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><I> (9.4%</I></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=32 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD style="font-family:times;">&nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </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 2010</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 10&nbsp;years has averaged 4,034&nbsp;tonnes with primary production (new&nbsp;mine
output) accounting for approximately 63% 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>From 2000 to 2009, scrap was the second largest contributor to supply, averaging approximately 1,012&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 2000 to 2009
this figure declined 91% from 479 to 41&nbsp;tonnes annually;  </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 largest source of demand for gold output over the period shown has come from the jewelry sector, which has accounted
for an average of 63% 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 10-year period accounted for approximately 77% 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, nearly 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 </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.=4,SEQ=38,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=489927,FOLIO='34',FILE='DISK124:[10ZCA1.10ZCA14401]DC14401A.;11',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dc14401_1_35"> </A>
<BR>

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

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=39,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=821323,FOLIO='35',FILE='DISK124:[10ZCA1.10ZCA14401]DC14401A.;11',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dc14401_1_36"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>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 August&nbsp;27,&nbsp;2010. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g402753.jpg" ALT="LOGO" WIDTH="666" HEIGHT="363">
  </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 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>


<!-- 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="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>
<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="36pt" 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="36pt" 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="36pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<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>39-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>30.6%</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>22.9%</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>23.1%</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>16.3%</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>5.7%</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>2.3%</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>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>5.4%</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>(8.1%</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>(0.4%</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>(1.6%</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>8.4%</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>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>9.5%</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>(1.9%</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>5.0%</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>2.6%</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>8.9%</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>8.6%</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>9.9%</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>(0.7%</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>(9.9%</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>1.5%</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>1.4%</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>4.6%</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>9.5%</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>9.9%</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>27.4%</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>15.2%</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>15.2%</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>
<!-- end of user-specified TAGGED TABLE -->
 </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, August&nbsp;27, 2010</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 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>36</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=40,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=633468,FOLIO='36',FILE='DISK124:[10ZCA1.10ZCA14401]DC14401A.;11',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_de14401_1_37"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</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 39&nbsp;years from August&nbsp;1971 until August&nbsp;27, 2010 and the 30-year, 20-year, and
10-year period ended August&nbsp;27, 2010 the price of gold has grown at compounded annual rates of 2.3%, 5.7%, 16.3% and 23.1%, respectively. Gold has also outperformed over more recent
time periods, growing 30.6% in the past year while the S&amp;P&nbsp;500 Total Return Index is up 5.4% over the same time 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
as an investment has demonstrated a sustained, long term low or 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 </FONT></P>

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

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

<!-- ZEQ.=1,SEQ=41,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=842519,FOLIO='37',FILE='DISK124:[10ZCA1.10ZCA14401]DE14401A.;8',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_de14401_1_38"> </A>
<BR>

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


<!-- 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="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>39-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>US 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>0.39</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>(0.14</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>(0.32</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>0.34</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>0.39</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>0.64</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>0.08</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>0.18</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>0.72</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>0.62</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>
</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>(0.41</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>(0.21</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>(0.21</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>0.61</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>0.63</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>0.51</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>0.63</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>0.70</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>0.73</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>0.73</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>
<!-- end of user-specified TAGGED TABLE -->
 </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, August&nbsp;27, 2010</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>Correlation is a statistical measurement of the relationship between two variables. Possible correlations range
from&nbsp;+1 to&nbsp;-1. A zero correlation indicates that there is no relationship between the variables. A correlation of -1&nbsp;indicates a perfect
negative correlation, meaning that as one variable goes up, the other goes down. A correlation of +1&nbsp;indicates a perfect positive correlation, meaning that both variables move in
the same direction together.
<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
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>38</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=42,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=501638,FOLIO='38',FILE='DISK124:[10ZCA1.10ZCA14401]DE14401A.;8',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_dg14401_1_39"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg14401_organization_and_management_details_of_the_trust"> </A>
<A NAME="toc_dg14401_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, 2010, the Manager, together with its affiliates and related entities, had assets under management totaling approximately Cdn$5.5&nbsp;billion, of which
approximately Cdn$1.4&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="g84444.jpg" ALT="GRAPHIC" WIDTH="717" HEIGHT="297">
  </B></FONT></P>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="10%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="10%" ALIGN="LEFT" >


<DL compact>
<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>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:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=1>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:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=1>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:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=1>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:-9pt;'><FONT SIZE=1>(5)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=1>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 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 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>39</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=43,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=48662,FOLIO='39',FILE='DISK124:[10ZCA1.10ZCA14401]DG14401A.;21',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dg14401_1_40"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>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 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 contains 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. </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 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 style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
of the Trust is 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 </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=44,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=598410,FOLIO='40',FILE='DISK124:[10ZCA1.10ZCA14401]DG14401A.;21',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dg14401_1_41"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>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 Fund Management department in 1999. In 2002 he was named
co-manager of the AGF Precious Metals Fund, the AGF Global Resources Fund and the AGF Canadian Resources Fund. In 2004 he was named Manager of the AGF Canadian Small Cap Fund. In 2006 he
became co-manager of the AGF Growth Equity Fund. 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 Fund, 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;&nbsp;Technologists. </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 purchased by the Trust is or
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>
 <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=1>


<!-- 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="135pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="94pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="94pt" 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:91pt;"><FONT SIZE=1><B>Name and<BR>
Municipality of Residence

<!-- COMMAND=ADD_SCROPPEDRULE,91pt -->

 </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>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>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 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 and Chief Investment 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>Chairman of Sprott&nbsp;Inc.; Chief Executive Officer and Chief Investment Officer of the Manager; and Chief Executive Officer of 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>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 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>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 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>John Ciampaglia<BR>
Caledon, 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 Operating Officer</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>Chief Operating Officer of the Manager</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 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 VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=1>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 bgcolor="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 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>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=1>Kevin Bambrough<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>Market 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>President of Sprott&nbsp;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>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>41</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=45,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=212284,FOLIO='41',FILE='DISK124:[10ZCA1.10ZCA14401]DG14401A.;21',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dg14401_1_42"> </A>
 <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=1>


<!-- 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="135pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="94pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="94pt" 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:91pt;"><FONT SIZE=1><B>Name and<BR>
Municipality of Residence

<!-- COMMAND=ADD_SCROPPEDRULE,91pt -->

 </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>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="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->


 Scott P. Dexter<BR>
Mississauga, Ontario, Canada</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>Senior Equity Trader</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>Director</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>Senior Equity Trader of the Manager.</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;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., the predecessor of the Manager, in December&nbsp;2001 as a separate entity,
Mr.&nbsp;Sprott divested his entire stake in Sprott Securities&nbsp;Inc. to its employees. In May&nbsp;2008, Sprott Asset Management&nbsp;Inc. completed its initial public offering through a
newly-established holding company, Sprott&nbsp;Inc., and in June&nbsp;2009 underwent a corporate reorganization. Since the initial public offering and corporate reorganization and
until September&nbsp;7, 2010, Mr.&nbsp;Sprott served as the Chief Executive Officer of Sprott&nbsp;Inc. He currently serves as the Chief Executive Officer and Chief Investment Officer of the
Manager, the Chief Executive Officer of the General Partner, Sprott Private Wealth&nbsp;LP and Sprott Private Wealth&nbsp;GP&nbsp;Inc. and the Chairman of Sprott&nbsp;Inc., 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 November&nbsp;2009, from
February&nbsp;2005, 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>42</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=46,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=298131,FOLIO='42',FILE='DISK124:[10ZCA1.10ZCA14401]DG14401A.;21',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dg14401_1_43"> </A>

<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 specialist in precious metals for over 30&nbsp;years, 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. 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>John Ciampaglia</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;Ciampaglia joined the Manager in April&nbsp;2010 as its Chief Operating Officer. Mr.&nbsp;Ciampaglia began his career in
the investment management business in 1993. Before joining the Manager, Mr.&nbsp;Ciampaglia spent 10&nbsp;years with Invesco Trimark, one of the largest investment management firms in Canada and
part of the Invesco group of companies. Mr.&nbsp;Ciampaglia was a Senior Executive at Invesco Trimark and was an active member of Invesco Trimark's Executive Committee. Mr.&nbsp;Ciampaglia held
the position of Senior Vice President, Product Development from April&nbsp;2001 until April&nbsp;2010 and was responsible for overseeing product development across multiple product lines and
distribution channels. Mr.&nbsp;Ciampaglia also played a key role in initiating and leading the implementation of various strategic initiatives at Invesco Trimark. Prior to joining Invesco Trimark,
Mr.&nbsp;Ciampaglia spent more than four years at Toronto Dominion Asset Management, where he held progressively senior roles in product management, research and&nbsp;treasury. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Ciampaglia
has a Bachelor of Arts in Economics from York University and holds the Chartered Financial Analyst designation and is also a Fellow of the Canadian Securities
Institute. </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 Vice-President and Managing Director since May&nbsp;1993
and 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 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>43</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=47,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=530453,FOLIO='43',FILE='DISK124:[10ZCA1.10ZCA14401]DG14401A.;21',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dg14401_1_44"> </A>

<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. As a result of the reorganization of the Manager's predecessor in June&nbsp;2009, 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 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. From October&nbsp;2005 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. (since November&nbsp;2009), the President and Chief
Executive Officer of Sprott Resource Corp. (since September&nbsp;2007) and the President, Chief Executive Officer and Corporate Secretary of Sprott Consulting&nbsp;LP and Sprott
Consulting&nbsp;GP&nbsp;Inc. (since November&nbsp;2007). 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 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>44</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=48,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=920750,FOLIO='44',FILE='DISK124:[10ZCA1.10ZCA14401]DG14401A.;21',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dg14401_1_45"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>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. Upon such resignation, 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 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 must 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 is 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 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 is 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 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>45</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=49,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=421821,FOLIO='45',FILE='DISK124:[10ZCA1.10ZCA14401]DG14401A.;21',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dg14401_1_46"> </A>

<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 complies 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 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 refers 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 maintains records in respect of these matters and provides assistance to the independent review committee in carrying out its functions. The independent review committee
conducts regular assessments and provides reports, at least annually, to the Trust and to unitholders in respect of its functions. The report prepared by the independent review committee is 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: </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>reviews
and provides 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>reviews
conflict of interest matters referred to it by the Manager and makes 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>considers
and, if deemed appropriate, approves 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>performs
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 are paid by the Trust and the independent review committee has
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 are indemnified by the Trust, except in cases of willful misconduct, bad faith, negligence or breach of their standard of&nbsp;care. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=50,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=316797,FOLIO='46',FILE='DISK124:[10ZCA1.10ZCA14401]DG14401A.;21',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dg14401_1_47"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
current members of the independent review committee and their principal occupations are as follows: </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="98pt" 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:130pt;"><FONT SIZE=1><B>Name and Municipality of Residence

<!-- COMMAND=ADD_SCROPPEDRULE,130pt -->

 </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>Principal Occupation </B></FONT></TH>
</TR>
<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>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <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
December&nbsp;20, 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 equity and cash flows 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 February&nbsp;24, 2010, 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 February&nbsp;24, 2010, 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 is 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>47</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=51,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=933683,FOLIO='47',FILE='DISK124:[10ZCA1.10ZCA14401]DG14401A.;21',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_dh14401_1_48"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dh14401_management_s_discussion_and_an__man03466"> </A>
<A NAME="toc_dh14401_1"> </A>
<BR></FONT><FONT SIZE=2><B>  MANAGEMENT'S DISCUSSION AND ANALYSIS OF<BR>  FINANCIAL CONDITION AND RESULTS OF OPERATIONS    <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 discussion of the Trust's financial condition and results of operations should be read in
conjunction with the Trust's financial statements, the related notes, and the other financial and other information included in this prospectus.</I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Investment Objective and Strategies  </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 organized under the laws of the Province of Ontario, Canada, 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&nbsp;bullion. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust invests primarily in long-term holdings of unencumbered, fully allocated, physical gold bullion and will not speculate with regard to short-term changes
in gold&nbsp;prices. </FONT></P>


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

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following issuances of units took place during the period from February&nbsp;25, 2010 to
June&nbsp;30,&nbsp;2010: </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>On March&nbsp;3, 2010, the Trust issued 40,000,000&nbsp;units at $10.00 per unit, for gross proceeds of $400,000,000
pursuant to the initial public offering.  </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>On March&nbsp;8, 2010, the Trust issued 3,000,000&nbsp;units for gross proceeds of $30,000,000 on the exercise by the
underwriters of the over-allotment option of the initial public offering.  </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>On March&nbsp;25, 2010, the Trust issued 1,250,000&nbsp;units for gross proceeds of $12,500,000 on the final exercise
by the underwriters of the over-allotment option of the initial public offering.  </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>On June&nbsp;1, 2010, the Trust issued 24,840,000&nbsp;units for gross proceeds of $279,450,000 in a follow-on public
offering of units of the&nbsp;Trust. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Fiscal Period February 25, 2010 to March 31, 2010  </B></FONT></P>

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

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of the $442.5&nbsp;million gross proceeds raised through the above transactions, the Trust paid approximately $22.4&nbsp;million in
respect of underwriting commissions and other expenses related to the initial public offering, invested $411.4&nbsp;million in physical gold bullion at an average cost of $1,133.90 per troy ounce
and retained $8.7&nbsp;million in cash in order to provide available funds for the Trust's ongoing expenses and potential cash redemptions. </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 March&nbsp;31, 2010 was $412.4&nbsp;million or $9.32 per unit. The Trust held 362,838&nbsp;ounces of physical gold bullion as of
March&nbsp;31, 2010. For the period ended March&nbsp;31, 2010, total unrealized losses on physical gold bullion amounted to $7.5&nbsp;million. The units closed at $9.89 on the NYSE Arca and
$9.98 on the TSX on March&nbsp;31, 2010. The units are denominated in U.S.&nbsp;dollars on both&nbsp;exchanges. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust's net asset value per unit on March&nbsp;3, 2010 after payment of underwriting commissions and other expenses associated with the initial public offering was $9.49; on
March&nbsp;31, 2010 the net asset value per unit was $9.32. This decrease is primarily attributable to the decrease in the price of gold bullion from $1,139.90 per troy ounce on March&nbsp;3, 2010
to $1,113.25 per troy ounce on March&nbsp;31, 2010. During the period, the Trust's units traded on the NYSE Arca and the TSX at an average premium to net asset value of 6.9% and 6.6%, respectively. </FONT></P>

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

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

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

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=52,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=998507,FOLIO='48',FILE='DISK124:[10ZCA1.10ZCA14401]DH14401A.;15',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dh14401_1_49"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>management
fee is calculated and accrued daily and payable monthly in arrears on the last day of each month. For the period ended March&nbsp;31, 2010, the Trust incurred management fees of $139,841
(including applicable Canadian taxes). </FONT></P>

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

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust pays its own operating expenses, which include, but are not limited to, audit, legal, accounting and trustee fees, filing and
listing fees payable to applicable securities regulatory authorities and stock exchanges, storage fees for the physical gold bullion and any expenses associated with the implementation and
on-going operation of the independent review committee. Operating expenses for the period ended March&nbsp;31, 2010 amounted to&nbsp;$50,927. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>Expense Cap</U>  </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 contractually agreed that if the expenses of the Trust, including the management fees, at the end of any month exceed
an amount equal to <SUP>1</SUP>/<SMALL>12</SMALL> of 0.65% of the value of the 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 for such month. For the period ended March&nbsp;31, 2010, there was no such reduction in the management&nbsp;fee. </FONT></P>

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

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows selected key financial information about the Trust and is intended to help you understand the Trust's
financial performance for the period from February&nbsp;25, 2010 to March&nbsp;31, 2010. The pricing of the initial public offering took place on February&nbsp;25, 2010 and closing took place on
March&nbsp;3,&nbsp;2010. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Net Assets per Unit</I></FONT><FONT SIZE=2><SUP>(1)</SUP> </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="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR BGCOLOR="#CCEEFF" 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>Net assets per unit, beginning of period</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>10.00</B></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:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" 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>Increase (decrease) from operations<SUP>(2)</SUP>:</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="#CCEEFF" 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>Total revenue</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>&#151;</B></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>Total expenses</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> &#151;</B></FONT></TD>
<TD 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:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Realized gains (losses) for the period</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> &#151;</B></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>Unrealized losses for the period</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> (0.22</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</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:solid #000000 1.0pt;">&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-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total decrease from operations<SUP>(3)</SUP></B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>(0.22</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</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:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</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><B>Net assets per unit, end of period</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>9.32</B></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>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="10%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="10%" ALIGN="LEFT" >


<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>This
information is derived from the Trust's interim financial statements.
<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>Underwriting
commissions and other expenses of the initial public offering and units issued on the exercise of two subsequent over-allotment
options were recorded as a reduction to unitholder equity and amounted to $22.4&nbsp;million or $0.51&nbsp;per&nbsp;unit.
<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>Net
assets per unit is based on the actual number of units outstanding at the relevant time. The increase/decrease from operations is based on the weighted
average number of units outstanding over the financial period from February&nbsp;25, 2010 until March&nbsp;31, 2010. This table is not intended to be a reconciliation of the beginning to ending
net assets per&nbsp;unit. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
above decrease in net asset value from operations has been calculated by dividing the decrease from operations by the weighted average number of units outstanding in the period from
February&nbsp;25, 2010 to March&nbsp;31, 2010. Since the Trust only had one issued and outstanding unit up until the closing of initial public
offering on March&nbsp;3, 2010, the weighted average number of units is lower than the number of units outstanding subsequent to the initial public offering of the&nbsp;Trust. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=53,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=925488,FOLIO='49',FILE='DISK124:[10ZCA1.10ZCA14401]DH14401A.;15',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dh14401_1_50"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
the initial public offering of the Trust did not close until March&nbsp;3, 2010, a more meaningful measure would be dividing the decrease from operations by the weighted average
number of units outstanding throughout the period from March&nbsp;3, 2010 to March&nbsp;31, 2010. Following this calculation, the decrease from operations would equal $0.18&nbsp;per&nbsp;unit. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Ratios and Supplemental Data  </I></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="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 BGCOLOR="#CCEEFF" 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>Total net asset value (000's)<SUP>(1)</SUP></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>412,391</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>Number of units outstanding<SUP>(1)</SUP></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>44,250,000</FONT></TD>
<TD 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:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Management expense ratio<SUP>(2)</SUP></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>0.50%</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>Trading expense ratio<SUP>(3)</SUP></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>nil</FONT></TD>
<TD 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:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Portfolio turnover rate<SUP>(4)</SUP></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>nil</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>Net asset value per 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>9.32</FONT></TD>
<TD 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:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Closing market price&#151;NYSE Arca</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.89</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Closing market price&#151;TSX</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9.98</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="10%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="10%" ALIGN="LEFT" >


<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>This
information is provided as at March&nbsp;31, 2010.
<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>Management
expense ratio is based on total expenses (excluding commissions and other portfolio transaction costs) for the stated period and is expressed as
an annualized percentage of daily average value of the net assets of the Trust during the period from February&nbsp;25, 2010 to March&nbsp;31, 2010. The pricing of the initial public offering took
place on February&nbsp;25, 2010 and closing took place on March&nbsp;3,&nbsp;2010.
<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
trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average value of
the net assets of the Trust during the period from February&nbsp;25, 2010 to March&nbsp;31, 2010. The pricing of the initial public offering took place on February&nbsp;25, 2010 and closing took
place on March&nbsp;3, 2010. Since there are no trading costs associated with physical bullion trades, the trading expense ratio is&nbsp;nil.
<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
Trust's portfolio turnover rate indicates how actively the Trust's portfolio adviser trades its portfolio investments. A portfolio turnover rate of 100%
is equivalent to the Trust buying and selling all of the securities in its portfolio once in the course of the year. The higher the Trust's portfolio turnover rate in a year, the greater the trading
costs payable by the Trust in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and
the performance of the&nbsp;Trust. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2><I>Summary of Investment Portfolio  </I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I>As of March&nbsp;31, 2010  </I></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="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" 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="74pt" 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="74pt" 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="50pt" 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=2>&nbsp;</FONT><BR></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>Ounces </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>Average<BR>
Cost </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>Fair<BR>
Value </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>% of<BR>
Net Assets </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>Physical Gold Bullion</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>362,838</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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>411,422,605</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>403,929,152</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>97.9</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>Cash and Cash Equivalents</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>
<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>
<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>13,583,071</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>3.3</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>Other Net Liabilities</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>
<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>
<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>(5,121,529</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>(1.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</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 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="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>Total Net Assets</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>
<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>
<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>412,390,694</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>100.0</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 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>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Fiscal Period February&nbsp;25, 2010 to June&nbsp;30, 2010  </B></FONT></P>

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

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of the $721.95&nbsp;million gross proceeds raised in connection with the Trust's initial public offering and follow-on
public offering, the Trust paid approximately $34.4&nbsp;million in respect of underwriting commissions and other expenses related to these offerings, invested $677.8&nbsp;million in physical gold
bullion at an average cost of $1,163.79 per troy ounce and retained $9.6&nbsp;million in cash in order to provide available funds for the Trust's ongoing expenses and potential cash redemptions. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=54,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=34500,FOLIO='50',FILE='DISK124:[10ZCA1.10ZCA14401]DH14401A.;15',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dh14401_1_51"> </A>

<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 June&nbsp;30, 2010 was $732.4&nbsp;million or $10.60 per unit. The Trust held 582,417&nbsp;ounces of physical gold bullion as of
June&nbsp;30, 2010; of this amount, 219,579&nbsp;ounces were purchased in the second quarter of&nbsp;2010. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the period from February&nbsp;25, 2010 to June&nbsp;30, 2010, total unrealized gains on physical gold bullion amounted to $45.7&nbsp;million; the appreciation in bullion for
the period from April&nbsp;1, 2010 to June&nbsp;30, 2010 amounted to $53.2&nbsp;million, significantly offsetting the first quarter loss of $7.5&nbsp;million. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
units closed at $11.74 on the NYSE Arca and $11.75 on the TSX on June&nbsp;30, 2010. The units are denominated in U.S.&nbsp;dollars on both&nbsp;exchanges. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust's net asset value per Unit on March&nbsp;3, 2010 after payment of underwriting commissions and other expenses associated with initial public offering was $9.49; on
June&nbsp;30, 2010 the net asset value per unit was $10.60. This increase is primarily attributable to the increase in the price of gold bullion from $1,139.90 per troy ounce on March&nbsp;3, 2010
to $1,242.25 per troy ounce on June&nbsp;30, 2010. During the period from March&nbsp;3, 2010 to June&nbsp;30, 2010, the Trust's units traded on the NYSE Arca at an average premium to net asset
value of approximately 11.5%. </FONT></P>

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

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

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust pays the Manager 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 is calculated and accrued daily and payable monthly in arrears on the last day of each
month. For the period from February&nbsp;25 to June&nbsp;30, 2010, the Trust incurred management fees of $637,757 (including applicable Canadian taxes), of which, $497,916 was incurred in the
second quarter of&nbsp;2010. </FONT></P>

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

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust pays its own operating expenses, which include, but are not limited to, audit, legal, accounting and trustee fees, filing and
listing fees payable to applicable securities regulatory authorities and stock exchanges, storage fees for the physical gold bullion and any expenses associated with the implementation and
on-going operation of the independent review committee of the Trust. Operating expenses for the period from February&nbsp;25, 2010 to June&nbsp;30, 2010 amounted to $169,907, of which,
$118,980 was incurred in the second quarter of&nbsp;2010. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> <U>Expense Cap</U>  </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 contractually agreed that if the expenses of the Trust, including the management fees, at the end of any month exceed
an amount equal to <SUP>1</SUP>/<SMALL>12</SMALL> of 0.65% of the value of the 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 for such month. For the period ended June&nbsp;30, 2010, there was no such reduction in the management&nbsp;fee. </FONT></P>

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

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows selected key financial information about the Trust and is intended to help you understand the Trust's
financial performance for the period from February&nbsp;25, 2010 to June&nbsp;30, 2010. The pricing of the initial public offering took place on February&nbsp;25, 2010 and closing took place on
March&nbsp;3,&nbsp;2010. </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>
<!-- ZEQ.=4,SEQ=55,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=638514,FOLIO='51',FILE='DISK124:[10ZCA1.10ZCA14401]DH14401A.;15',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dh14401_1_52"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Net Assets per Unit</I></FONT><FONT SIZE=2><SUP>(1)</SUP> </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="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR BGCOLOR="#CCEEFF" 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>Net Assets per Unit, beginning of period</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>10.00</B></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:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" 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>Increase(decrease) from operations:</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="#CCEEFF" 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>Total revenue</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>&#151;</B></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>Total expenses</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> (0.02</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" 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>Realized gains (losses) for the period</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> &#151;</B></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>Unrealized gains for the period</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> 0.97</B></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:solid #000000 1.0pt;">&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-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total increase from operations<SUP>(2)</SUP></B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>0.95</B></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:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</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><B>Net assets per Unit, end of period</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> $</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>10.60</B></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>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="10%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="10%" ALIGN="LEFT" >


<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>This
information is derived from the Trust's interim financial statements.
<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>Net
assets is based on the actual number of units outstanding at the relevant time. The increase/decrease from operations is based on the weighted average
number of units outstanding over the financial period from February&nbsp;25, 2010 to June&nbsp;30, 2010. This table is not intended to be a reconciliation of the beginning to ending net assets
per&nbsp;unit. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Ratios and Supplemental Data  </I></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="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 BGCOLOR="#CCEEFF" 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>Total net asset value (000's)<SUP>(1)</SUP></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>732,441</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>Number of Units outstanding<SUP>(1)</SUP></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>69,090,000</FONT></TD>
<TD 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:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Management expense ratio<SUP>(2)</SUP></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>&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>Trading expense ratio<SUP>(3)</SUP></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>nil</FONT></TD>
<TD 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:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Portfolio turnover rate<SUP>(4)</SUP></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>nil</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>Net asset value per Unit<SUP>(1)</SUP></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>10.60</FONT></TD>
<TD 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:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Closing market price&#151;NYSE Arca<SUP>(1)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.74</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Closing market price&#151;TSX<SUP>(1)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.75</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="10%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="10%" ALIGN="LEFT" >


<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>This
information is provided as at June&nbsp;30, 2010.
<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>Management
expense ratio ("MER") is based on total expenses (excluding commissions and other portfolio transaction costs) for the stated period and is
expressed as an annualized percentage of daily average net asset value during the period from February&nbsp;25, 2010 to June&nbsp;30,&nbsp;2010.
<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
trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net
asset value during the period from February&nbsp;25, 2010 to June&nbsp;30, 2010. Since there are no trading costs associated with physical bullion trades, the trading expense ratio is&nbsp;nil.
<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
Trust's portfolio turnover rate indicates how actively the Trust's portfolio adviser trades its portfolio investments. A portfolio turnover rate of 100%
is equivalent to the Trust buying and selling all of the securities in its portfolio once in the course of the year. The higher the Trust's portfolio turnover rate in a year, the greater the trading
costs payable by the Trust in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and
the performance of the&nbsp;Trust. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2><I> Past Performance  </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 National Instrument&nbsp;81-106, performance data will be shown after the Trust has been in operation
for at least 12&nbsp;consecutive months. </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>
<!-- ZEQ.=5,SEQ=56,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=277550,FOLIO='52',FILE='DISK124:[10ZCA1.10ZCA14401]DH14401A.;15',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dh14401_1_53"> </A>

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

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> As of June&nbsp;30, 2010  </I></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="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" 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="74pt" 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="74pt" 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="50pt" 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=2>&nbsp;</FONT><BR></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>Ounces </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>Average Cost </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>Fair Value </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>%&nbsp;of&nbsp;Net<BR>
Assets </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>Physical gold bullion</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>582,417</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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>677,811,967</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>723,508,099</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>98.8</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>Cash and Cash Equivalents</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>
<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>
<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>9,562,728</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>1.3</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>Other Net Liabilities</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>
<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>
<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>(629,764</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>(0.1</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</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 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="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>Total Net Assets</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>
<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>
<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>732,441,063</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>100.0</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 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>
<!-- 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;This
summary of investment portfolio may change due to the ongoing portfolio transactions of the&nbsp;Trust. </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>
<!-- ZEQ.=6,SEQ=57,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=528693,FOLIO='53',FILE='DISK124:[10ZCA1.10ZCA14401]DH14401A.;15',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_di14401_1_54"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="di14401_custody_of_the_trust_s_assets"> </A>
<A NAME="toc_di14401_1"> </A>
<BR></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 acts as custodian of the physical gold bullion owned by the Trust pursuant to the Precious Metals Storage Agreement between
the Manager, for and on behalf of the Trust, 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 receives a fee, currently $15.00 per bar per month. Such fee is subject to increase following a 30-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 is subject to a separate agreement between the Manager and the Mint, pursuant to which the Trustee is
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 receives 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 issues 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 keeps the Trust's physical gold bullion specifically identified as the Trust's property and keeps it on a labeled shelf or physically segregated pallets at all times. The
Mint provides a monthly inventory statement, which the Manager reconciles with the Trust's records of its physical gold bullion holdings. The Manager has 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 commences with respect to such physical gold bullion. The Mint bears 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 </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>
<!-- ZEQ.=1,SEQ=58,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=1020403,FOLIO='54',FILE='DISK124:[10ZCA1.10ZCA14401]DI14401A.;6',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_di14401_1_55"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>was
lost or destroyed, 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 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 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 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&nbsp;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, their obligations generally constitute unconditional obligations 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 Mint." The Precious Metals Storage Agreement does not establish a principal and agent relationship, partnership or joint venture between the Mint and the Manager nor does it
establish a contractual relationship between the Mint and the unitholders. </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 is not 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, has 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 by giving written notice to the Mint of its intent to terminate the Precious Metals Storage
Agreement if (i)&nbsp;the Mint has committed a material breach of its obligations under the Precious Metals Storage Agreement that is not cured within 10&nbsp;Mint business days following the
Manager giving written notice to the Mint of such material breach; (ii)&nbsp;the Mint is dissolved or adjudged bankrupt, or a trustee, receiver or conservator of the Mint or of its property is
appointed, or an application for any of the foregoing is filed; or (iii)&nbsp;the Mint is in breach of any representation or warranty contained in the Precious Metal Storage Agreement. 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 the Manager would terminate the Mint as custodian if the Mint breaches any such obligation and does not cure such breach within
10&nbsp;Mint business days of the Manager giving written notice to the Mint of such&nbsp;breach. </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 generally constituting unconditional obligations 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 </FONT></P>

<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>
<!-- ZEQ.=2,SEQ=59,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=379299,FOLIO='55',FILE='DISK124:[10ZCA1.10ZCA14401]DI14401A.;6',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_di14401_1_56"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>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 acts 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 receives such fees as mutually agreed upon with the Manager from time to time, currently approximately $4,000 per year. These fees are paid
by the Trust out of the cash reserve held for ongoing expenses and cash redemptions. RBC Dexia is responsible for the safekeeping of all of the assets of the Trust delivered to it and acts as the
custodian of such assets. The Manager, in accordance with applicable law and with the consent of the Trustee, has 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>56</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=60,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=557572,FOLIO='56',FILE='DISK124:[10ZCA1.10ZCA14401]DI14401A.;6',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_dk14401_1_57"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dk14401_description_of_the_units"> </A>
<A NAME="toc_dk14401_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 are issued only as fully paid and non-assessable. Units 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 net 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, and/or the Depository Trust Company, to which we will refer as DTC, each of whom hold the units on behalf of its participants
(i.e.,&nbsp;brokers), which in turn may hold the units on behalf of their customers. 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;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 do not have any liability for (i)&nbsp;records maintained by a depositary relating to the beneficial interests in the units or the
book-based accounts maintained by such depositary; (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 a depositary and made or given with respect to the rules and regulations of the depositary or any action taken by a depositary or at the direction of the
depositary's 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>57</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=61,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=387575,FOLIO='57',FILE='DISK124:[10ZCA1.10ZCA14401]DK14401A.;8',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dk14401_1_58"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dk14401_redemption_of_units"> </A>
<A NAME="toc_dk14401_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 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 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>58</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=62,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=238265,FOLIO='58',FILE='DISK124:[10ZCA1.10ZCA14401]DK14401A.;8',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dk14401_1_59"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>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 to the Manager.
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 reimbursing the Trust for in-and-out fees
charged to the Trust by the Mint, currently $5 per bar plus an administrative 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 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 Trust or the&nbsp;Mint. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=63,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=865868,FOLIO='59',FILE='DISK124:[10ZCA1.10ZCA14401]DK14401A.;8',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dk14401_1_60"> </A>

<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>
 <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="20pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="96pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></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>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>$5</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>Administrative fee 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 &times; 410&nbsp;plus $5,
plus $50, for a total of $2,105. 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 $2,105, or $7,895.
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 $7,895 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&#151;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 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 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>60</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=64,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=185825,FOLIO='60',FILE='DISK124:[10ZCA1.10ZCA14401]DK14401A.;8',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dk14401_1_61"> </A>

<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 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 </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>
<!-- ZEQ.=5,SEQ=65,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=8423,FOLIO='61',FILE='DISK124:[10ZCA1.10ZCA14401]DK14401A.;8',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dk14401_1_62"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>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&nbsp;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>62</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=66,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=417397,FOLIO='62',FILE='DISK124:[10ZCA1.10ZCA14401]DK14401A.;8',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dk14401_1_63"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dk14401_use_of_proceeds"> </A>
<A NAME="toc_dk14401_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>63</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=67,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=132214,FOLIO='63',FILE='DISK124:[10ZCA1.10ZCA14401]DK14401A.;8',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_dl14401_1_64"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dl14401_market_price_of_units"> </A>
<A NAME="toc_dl14401_1"> </A>
<BR></FONT><FONT SIZE=2><B>  MARKET PRICE 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;The Trust's units are traded on NYSE Arca and TSX under the symbol "PHYS" and "PHY.U", respectively. The following table sets forth the
high and low closing prices and monthly trading volume for our units since February&nbsp;26, 2010, when our units began trading on NYSE Arca and&nbsp;TSX. The units traded on an "if, as and when"
basis from February&nbsp;26, 2010 until March&nbsp;2, 2010. Regular trading commenced on March&nbsp;3, 2010 upon closing of the Trust's initial public offering. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;28, 2009 the Trust issued one unit for $10.00 in connection with the formation of the Trust and such unit was subsequently redeemed upon the completion of the Trust's
initial public offering. The Trust closed its initial public offering on March&nbsp;3, 2010 with the issuance of 40,000,000&nbsp;units at a price of $10.00 per unit. On March&nbsp;8, 2010 and
March&nbsp;25, 2010, the Trust issued 3,000,000&nbsp;units and 1,250,000&nbsp;units, respectively, at a price of $10.00 per&nbsp;unit. The Trust closed a follow-on public offering
on June&nbsp;1, 2010 with the issuance of 24,840,000&nbsp;units, which included the exercise in full by the underwriters of their over-allotment option, at a price of $11.25 per unit. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:67%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"120%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="120%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="10pt" 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="39pt" 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="39pt" 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="61pt" 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="39pt" 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="39pt" 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="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>NYSE Arca </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>TSX </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" 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;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>High </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>Low </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>Volume </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>High </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>Low </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>Volume </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>For the Quarter Ended</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>
<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>
<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>
<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>
<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 BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&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>March&nbsp;31, 2010</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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.02</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.59</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>6,532,735</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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.05</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.69</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>348,278</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=0>&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>June&nbsp;30, 2010</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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12.67</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.02</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>16,950,058</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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12.74</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.06</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>3,524,946</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;<BR></FONT></P>
 <DIV style="padding:0pt;position:relative;width:67%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"120%" -->



 </FONT></P>


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="120%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="10pt" 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="39pt" 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="39pt" 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="61pt" 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="39pt" 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="39pt" 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="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>NYSE Arca </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>TSX </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" 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;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>High </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>Low </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>Volume </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>High </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>Low </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>Volume </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> For the Month Of</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>
<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>
<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>
<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>
<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 BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&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>February 2010 (February 26)</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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.59</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.59</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>2,842,975</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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.69</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.69</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>6,000</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=0>&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>March&nbsp;2010</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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.02</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.70</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>3,689,760</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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.05</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.72</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>342,278</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=0>&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>April&nbsp;2010</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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.16</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.02</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>4,472,731</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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.48</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.06</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>521,432</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=0>&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>May&nbsp;2010</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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12.67</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.98</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>9,322,407</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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12.74</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.00</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>2,315,007</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=0>&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>June&nbsp;2010</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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12.06</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.43</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>3,154,920</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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12.06</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.50</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>688,507</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=0>&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>July&nbsp;2010</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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.77</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.73</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>2,339,680</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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.71</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10.75</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>291,400</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=0>&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>August&nbsp;2010</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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12.04</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.01</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>2,445,948</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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12.05</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.12</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>353,845</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=0>&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>September (up&nbsp;to September&nbsp;15, 2010)</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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.87</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.27</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>1,584,190</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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.88</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11.36</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>156,795</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <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>
<!-- ZEQ.=1,SEQ=68,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=341660,FOLIO='64',FILE='DISK124:[10ZCA1.10ZCA14401]DL14401A.;20',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_dm14401_1_65"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dm14401_capitalization"> </A>
<A NAME="toc_dm14401_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 June&nbsp;30, 2010, both before and after giving effect to this
offering (assuming no exercise of the underwriters' overallotment option for this offering and based on an assumed offering price of $11.42 per share, the last reported sale price of our units on NYSE
Arca on September&nbsp;15, 2010). There have been no significant changes to the Trust's capitalization since June&nbsp;30,&nbsp;2010.

 </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="101pt" 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>
June&nbsp;30, 2010 </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>
June&nbsp;30, 2010<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>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>687,552,595</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>928,092,995</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> (69,090,000&nbsp;units)</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> (91,090,000&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>687,552,595</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><B>928,092,995</B></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>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="10%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="10%" ALIGN="LEFT" >


<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 estimated underwriting commissions and estimated applicable expenses of this&nbsp;offering. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>65</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=69,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=685800,FOLIO='65',FILE='DISK124:[10ZCA1.10ZCA14401]DM14401A.;19',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dm14401_1_66"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dm14401_distribution_policy"> </A>
<A NAME="toc_dm14401_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>66</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=70,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=500167,FOLIO='66',FILE='DISK124:[10ZCA1.10ZCA14401]DM14401A.;19',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dm14401_1_67"> </A>

<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>67</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=71,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=787246,FOLIO='67',FILE='DISK124:[10ZCA1.10ZCA14401]DM14401A.;19',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_do14401_1_68"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="do14401_description_of_the_trust_agreement"> </A>
<A NAME="toc_do14401_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 and as further amended and restated as
of February&nbsp;1, 2010. 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>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>68</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=72,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=639516,FOLIO='68',FILE='DISK124:[10ZCA1.10ZCA14401]DO14401A.;6',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_do14401_1_69"> </A>
<UL>
<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 is 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>69</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=73,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=384088,FOLIO='69',FILE='DISK124:[10ZCA1.10ZCA14401]DO14401A.;6',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_do14401_1_70"> </A>
<BR>

<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>70</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=74,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=658991,FOLIO='70',FILE='DISK124:[10ZCA1.10ZCA14401]DO14401A.;6',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_do14401_1_71"> </A>
<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>71</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=75,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=493273,FOLIO='71',FILE='DISK124:[10ZCA1.10ZCA14401]DO14401A.;6',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_do14401_1_72"> </A>
<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>72</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=76,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=415548,FOLIO='72',FILE='DISK124:[10ZCA1.10ZCA14401]DO14401A.;6',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_do14401_1_73"> </A>
<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>73</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=77,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=974726,FOLIO='73',FILE='DISK124:[10ZCA1.10ZCA14401]DO14401A.;6',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_do14401_1_74"> </A>

<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>74</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=78,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=855497,FOLIO='74',FILE='DISK124:[10ZCA1.10ZCA14401]DO14401A.;6',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_do14401_1_75"> </A>
<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>75</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=79,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=775333,FOLIO='75',FILE='DISK124:[10ZCA1.10ZCA14401]DO14401A.;6',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_do14401_1_76"> </A>
<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)&nbsp;as applicable,
(k), (l), (n), and (q), and 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 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; </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>
<!-- ZEQ.=9,SEQ=80,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=652227,FOLIO='76',FILE='DISK124:[10ZCA1.10ZCA14401]DO14401A.;6',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_do14401_1_77"> </A>
<UL>
<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>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 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&nbsp;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 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 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>77</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=81,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=940605,FOLIO='77',FILE='DISK124:[10ZCA1.10ZCA14401]DO14401A.;6',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_dq14401_1_78"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</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 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 </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=82,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=77835,FOLIO='78',FILE='DISK124:[10ZCA1.10ZCA14401]DQ14401A.;6',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dq14401_1_79"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>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;
<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>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; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>79</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=83,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=198726,FOLIO='79',FILE='DISK124:[10ZCA1.10ZCA14401]DQ14401A.;6',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dq14401_1_80"> </A>
<UL>
<DL compact>
<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;
<BR><BR></FONT></DD><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 </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>80</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=84,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=899844,FOLIO='80',FILE='DISK124:[10ZCA1.10ZCA14401]DQ14401A.;6',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dq14401_1_81"> </A>
<UL>
<UL>

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

</UL>
<DL compact>
<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&nbsp;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;
<BR><BR></FONT></DD><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; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>81</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=85,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=936962,FOLIO='81',FILE='DISK124:[10ZCA1.10ZCA14401]DQ14401A.;6',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dq14401_1_82"> </A>
<UL>
<DL compact>
<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 acts 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 holds and 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 for this offering
pursuant to an underwriting agreement to assist it in the distribution of the units in the offering jurisdictions. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>82</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=86,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=136904,FOLIO='82',FILE='DISK124:[10ZCA1.10ZCA14401]DQ14401A.;6',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dq14401_1_83"> </A>

<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, 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 </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=87,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=972470,FOLIO='83',FILE='DISK124:[10ZCA1.10ZCA14401]DQ14401A.;6',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dq14401_1_84"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>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>84</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=88,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=87275,FOLIO='84',FILE='DISK124:[10ZCA1.10ZCA14401]DQ14401A.;6',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_ds14401_1_85"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ds14401_computation_of_net_asset_value"> </A>
<A NAME="toc_ds14401_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 is 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&nbsp;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&nbsp;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 is 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, if any) as of such date. The value of net assets per unit is 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 is 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 are 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 is 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 is 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 is 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, is
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 is 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 are 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 is converted to the currency used </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>85</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=89,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=204520,FOLIO='85',FILE='DISK124:[10ZCA1.10ZCA14401]DS14401A.;7',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_ds14401_1_86"> </A>
<UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>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 are calculated on a fair value basis and 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), is 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&nbsp;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 relies solely on weights provided to the Manager by third parties. The
Manager, the Trustee or the Trust's valuation agent are not 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) are 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 are 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 is 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>86</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=90,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=1028896,FOLIO='86',FILE='DISK124:[10ZCA1.10ZCA14401]DS14401A.;7',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_ds14401_1_87"> </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 allocated 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 allocated 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>87</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=91,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=642527,FOLIO='87',FILE='DISK124:[10ZCA1.10ZCA14401]DS14401A.;7',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_ds14401_1_88"> </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>
<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 allocated 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>

<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&nbsp;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>88</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=92,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=28376,FOLIO='88',FILE='DISK124:[10ZCA1.10ZCA14401]DS14401A.;7',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_ds14401_1_89"> </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 is updated on a daily basis or as determined by the Manager in accordance with the
trust agreement and is 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 has been appointed as valuation agent of the Trust pursuant to a valuation services agreement between the Trust and RBC Dexia
as valuation agent dated February&nbsp;24, 2010. The valuation agent is responsible for providing valuation services to the Trust and calculates 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, must 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 is 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 receives fees for the valuation services provided to the&nbsp;Trust. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=93,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=170498,FOLIO='89',FILE='DISK124:[10ZCA1.10ZCA14401]DS14401A.;7',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_du14401_1_90"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="du14401_termination_of_the_trust"> </A>
<A NAME="toc_du14401_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. In the event of such termination of the Trust, the Manager has undertaken to issue a press release announcing the termination of the Trust at least 10&nbsp;business days in advance
of the effective date of the termination of the Trust. 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>90</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=94,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=49331,FOLIO='90',FILE='DISK124:[10ZCA1.10ZCA14401]DU14401A.;13',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_du14401_1_91"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="du14401_principal_unitholders_of_the_trust"> </A>
<A NAME="toc_du14401_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;The following table sets forth, as of the date of this prospectus, information with respect to the beneficial ownership of our
units&nbsp;by: </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>each person known to us to beneficially own more than 5% of our issued and outstanding units;  </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>each director and executive officer of
the Manager; and  </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 directors and executive officers of the Manager as a group. </FONT></DD></DL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficial
ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the&nbsp;units. The table below assumes no exercise
of the underwriters' overallotment option and assumes that none of the unitholders listed purchases any units in this&nbsp;offering. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:67%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"120%" -->



 </FONT></P>


<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="120%"  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="55pt" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" 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="65pt" 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="55pt" style="font-family:times;"></TD>
<TD WIDTH="36pt" 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>
<!-- 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:139pt;"><FONT SIZE=1><B>Name and Address of Beneficial Owner

<!-- COMMAND=ADD_SCROPPEDRULE,139pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Units Beneficially Owned<BR>
Prior to Offering </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>Number of<BR>
Units Offered </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Units Beneficially Owned<BR>
After This Offering </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" 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>Units</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>%</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" 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>Units</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>%</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" 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> 5% Unitholders</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 BGCOLOR="White" 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>&nbsp;&nbsp;&nbsp;&nbsp;&#151;&nbsp;&nbsp;&nbsp;&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 ALIGN="CENTER" 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>&#151;</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="CENTER" 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>&#151;</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="CENTER" 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>&#151;</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="CENTER" 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>&#151;</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="CENTER" 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>&#151;</FONT></TD>
<TD 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-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Named Executive Officers and Directors of the Manager's General Partner</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 BGCOLOR="White" 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>Eric S. Sprott<SUP>(1)</SUP></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><BR>
8,000,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR><SUP>(2)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><BR>
11.58</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="CENTER" 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>&#151;</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><BR>
8,000,000</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><BR>
8.78%</FONT></TD>
<TD 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-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Anne L. Spork<SUP>(1)</SUP></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="CENTER" 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>*</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="CENTER" 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>*</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="CENTER" 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>&#151;</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="CENTER" 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>*</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="CENTER" 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>*</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-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Kirstin H. McTaggart<SUP>(1)</SUP></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="CENTER" 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>*</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="CENTER" 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>*</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="CENTER" 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>&#151;</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="CENTER" 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>*</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="CENTER" 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>*</FONT></TD>
<TD 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-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>All Executive Officers and Directors of the Manager's General Partner as a Group</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><BR>
8,035,180</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><BR>
11.63</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="CENTER" 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>&#151;</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><BR>
8,035,180</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><BR>
8.82%</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="10%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="10%" ALIGN="LEFT" >


<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>Less
than 1%.
<BR><BR></FONT></DD><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
address for Mr.&nbsp;Sprott, Ms.&nbsp;Spork and Ms.&nbsp;McTaggart is c/o Sprott Asset Management&nbsp;LP, Suite&nbsp;2700, South Tower, Royal
Bank Plaza, 200&nbsp;Bay Street, Toronto, Ontario, Canada M5J&nbsp;2J1.
<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>Includes
2,000,000&nbsp;units owned by Sprott Foundation, over which Mr.&nbsp;Sprott has voting and dispositive power. Mr.&nbsp;Sprott disclaims
beneficial ownership of such units. Sprott Foundation's address is c/o Sprott Asset Management&nbsp;LP, Suite&nbsp;2700, South Tower, Royal Bank Plaza, 200&nbsp;Bay Street, Toronto, Ontario,
Canada M5J&nbsp;2J1. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>91</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=95,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=1020373,FOLIO='91',FILE='DISK124:[10ZCA1.10ZCA14401]DU14401A.;13',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_dw14401_1_92"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dw14401_certain_transactions"> </A>
<A NAME="toc_dw14401_1"> </A>
<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 February&nbsp;24, 2010, 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 manages the Trust's property, including the
physical gold bullion owned by the Trust, and has full discretionary power to act on behalf of the Trust without consulting the Trust or the Trustee. The Manager follows the objective, strategy and
investment and operating restrictions described in this prospectus. Eric Sprott is 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 manages 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 is, subject to the
Trust's investment objective, strategies, and investment and operating restrictions, 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 Mint or the custodian of the Trust's assets other than physical gold bullion, as the case may&nbsp;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>92</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=96,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=40515,FOLIO='92',FILE='DISK124:[10ZCA1.10ZCA14401]DW14401A.;6',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dw14401_1_93"> </A>
<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>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 is 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 receives 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 is 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 is not 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>93</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=97,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=634684,FOLIO='93',FILE='DISK124:[10ZCA1.10ZCA14401]DW14401A.;6',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dw14401_1_94"> </A>
<BR>

<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 is not 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 February&nbsp;24, 2015 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 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 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&nbsp;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>94</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=98,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=334788,FOLIO='94',FILE='DISK124:[10ZCA1.10ZCA14401]DW14401A.;6',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_dx14402_1_95"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dx14402_tax_considerations"> </A>
<A NAME="toc_dx14402_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 has filed 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 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>95</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=99,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=136930,FOLIO='95',FILE='DISK125:[10ZCA2.10ZCA14402]DX14402A.;5',USER='JDAY',CD='15-SEP-2010;16:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_dy14401_1_96"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<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 property. For
taxable years beginning on or after March&nbsp;18, 2010, a U.S.&nbsp;Holder of interests in a PFIC, such as the Trust, will be required to file an annual information return containing information
regarding the PFIC as required by applicable Treasury Regulations. </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
 </FONT></P>

<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>
<!-- ZEQ.=1,SEQ=100,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=490161,FOLIO='96',FILE='DISK124:[10ZCA1.10ZCA14401]DY14401A.;9',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dy14401_1_97"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>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 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% (scheduled to increase to 20% for taxable years beginning after December&nbsp;31,
2010). 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 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>97</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=101,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=123396,FOLIO='97',FILE='DISK124:[10ZCA1.10ZCA14401]DY14401A.;9',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dy14401_1_98"> </A>

<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 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>
<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>

<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>98</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=102,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=196701,FOLIO='98',FILE='DISK124:[10ZCA1.10ZCA14401]DY14401A.;9',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dy14401_1_99"> </A>

<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. Pursuant to Section&nbsp;6038D of the Code, U.S.&nbsp;Holders may be
required to file an annual information return with the IRS with respect to their investment in the Trust. In addition, pursuant to recently enacted legislation effective as of January&nbsp;1, 2013,
the Trust may be required to enter into an agreement with the IRS to disclose certain information about its U.S.&nbsp;Holders to the IRS. We suggest that U.S.&nbsp;Holders 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 description 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 description 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
description 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
description 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
description 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 description 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 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>99</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=103,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=359852,FOLIO='99',FILE='DISK124:[10ZCA1.10ZCA14401]DY14401A.;9',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dy14401_1_100"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Tax
Proposals, this description 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 style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>This description 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 description 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 description 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 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>100</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=104,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=244141,FOLIO='100',FILE='DISK124:[10ZCA1.10ZCA14401]DY14401A.;9',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dy14401_1_101"> </A>
<BR>

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

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>101</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=105,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=515005,FOLIO='101',FILE='DISK124:[10ZCA1.10ZCA14401]DY14401A.;9',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dy14401_1_102"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>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 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" (the term
"security" is 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 general description of the principal Canadian federal income tax considerations 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. This portion of the description is primarily directed at unitholders who are individuals. Unitholders who are Canadian resident corporations, trusts or other entities should consult their
own tax advisors regarding their particular circumstances. </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 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>102</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=106,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=111065,FOLIO='102',FILE='DISK124:[10ZCA1.10ZCA14401]DY14401A.;9',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dy14401_1_103"> </A>

<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
taxation 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 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 for which the Trust was not entitled to a capital gains refund (as&nbsp;described under "Canadian Taxation of the Trust"). 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 description 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, and is not an insurer who carries on an insurance business or is deemed to carry on an insurance business in Canada and elsewhere, 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 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>103</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=107,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=505742,FOLIO='103',FILE='DISK124:[10ZCA1.10ZCA14401]DY14401A.;9',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dy14401_1_104"> </A>

<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 under the Tax Proposals) 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 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 and under the Tax Proposals) 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. Under the Tax&nbsp;Act as
currently enacted, 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&nbsp;units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
Tax Proposals contained in the Canadian federal government's March&nbsp;4, 2010 budget, a Non-Canadian unitholder's units, which otherwise would be taxable Canadian
property in the limited circumstances described in the paragraph above, will not be taxable Canadian property at the time of their disposition if, at no time during the 60-month period
ending at that time, the units derived directly or indirectly more than 50% of their fair market value from any combination of "Canadian resource properties" (whose definition in the Tax&nbsp;Act
does not include gold bullion), real or immovable property situated in Canada, timber resource properties or options or interests in such properties, and the units were not otherwise deemed to be
taxable Canadian property. Assuming that the Trust adheres to its mandate to invest and hold substantially all of its assets in physical gold bullion, these requirements in such Tax Proposals should
be satisfied on such a&nbsp;disposition. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Even
if units held by a Non-Canadian unitholder were "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 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>104</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=108,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=525799,FOLIO='104',FILE='DISK124:[10ZCA1.10ZCA14401]DY14401A.;9',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_dy14401_1_105"> </A>

<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 units by Non-Canadian unitholders, any resulting taxable capital gains of the Trust (to&nbsp;the extent that there are resulting net realized capital gains
of the Trust for the related taxation year) for which the Trust is not entitled to a capital gains refund, as described under "Canadian Taxation of the Trust" generally will be designated as taxable
capital gains of such unitholders. If such treatment is accepted by the CRA, there will be no Canadian withholding tax applicable to such distributions, and Non-Canadian unitholders will
not be subject to tax under the Tax&nbsp;Act on amounts so designated. However, if the CRA were to consider that such gains instead were gains from an adventure in the nature of trade, the
distribution of such gains 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 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>105</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=109,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=495059,FOLIO='105',FILE='DISK124:[10ZCA1.10ZCA14401]DY14401A.;9',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_ea14401_1_106"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ea14401_u.s._erisa_considerations"> </A>
<A NAME="toc_ea14401_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) to which we refer as the 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 U.S.&nbsp;Securities Exchange Act of 1934, as amended, to which we will refer to as 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, to which we will refer as the U.S.&nbsp;Securities Act, 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>106</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=110,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=554750,FOLIO='106',FILE='DISK124:[10ZCA1.10ZCA14401]EA14401A.;8',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_ec14401_1_107"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ec14401_underwriting"> </A>
<A NAME="toc_ec14401_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;2010, 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>
 <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="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="77pt" 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:21pt;"><FONT SIZE=1><B>Name

<!-- COMMAND=ADD_SCROPPEDRULE,21pt -->

 </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>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>22,000,000</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>&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
certain of 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 certain of the 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;per unit under the public offering price. 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 3,300,000 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
3,300,000 additional units from the&nbsp;Trust.

 </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="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>
<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 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></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>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>
<!-- 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
Trust's units are listed on NYSE Arca and TSX. The Trust has applied to list the units to be issued under this offering on the NYSE Arca and the TSX. Listing on the NYSE Arca and TSX
will be subject to the Trust fulfilling all of the requirements of the NYSE Arca and TSX, respectively. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>107</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=111,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=460553,FOLIO='107',FILE='DISK124:[10ZCA1.10ZCA14401]EC14401A.;17',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_ec14401_1_108"> </A>

<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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
of the underwriters or their respective affiliates have, from time to time, performed, and may in the future perform, various financial advisory, investment banking or
commodities trading services for the Trust or the Manager, for which they received or will receive customary fees and&nbsp;expenses. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
the prior written consent of the representatives on behalf of the underwriters, the Trust has agreed that it will not, during the period ending 90&nbsp;days after the closing
of this offering, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or
otherwise transfer or dispose of, directly or indirectly, any units or any securities convertible into or exercisable or exchangeable for units or enter into any swap or other arrangement that
transfers to another, in whole or in part, any of the economic consequences of ownership of units, whether any such transaction is to be settled by delivery of units or such other securities, in cash
or otherwise or file any registration statement with the Securities and Exchange Commission or prospectus with any regulatory authority in Canada relating to the offering of any units or any
securities convertible into or exercisable or exchangeable for units. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>108</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=112,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=422814,FOLIO='108',FILE='DISK124:[10ZCA1.10ZCA14401]EC14401A.;17',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_ec14401_1_109"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> Purchases by Affiliates 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;Certain funds that are managed by the Manager and that may be deemed to be affiliates of the Trust under U.S.&nbsp;securities laws
may purchase units in this offering. To the extent such funds are deemed to be affiliates, any units of the Trust they purchase in this offering will be subject to the volume limitations on sales by
affiliates set forth in Rule&nbsp;144 under the U.S.&nbsp;Securities Act, unless resales of such units are made pursuant to an effective registration statement filed after such units are acquired
by the funds. If resales of any units purchased by such funds in this offering are subject to the volume limitations under Rule&nbsp;144 under the U.S.&nbsp;Securities Act, the Trust will
undertake to file&nbsp;a registration statement to permit the resale of such&nbsp;units. </FONT></P>

<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 $650,000 for expenses. The Trust has agreed to reimburse the
underwriters for their expenses, including legal expenses, incurred in connection with this offering up to an aggregate amount of $150,000.


</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>


<!-- 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="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="51pt" 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>20,500</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>50,000</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>29,250</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>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>52,500</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>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>40,000</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>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>200,000</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>Expenses Incurred by the Underwriters</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>150,000</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>100,000</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>5,000</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 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,750</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>650,000</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 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>109</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=113,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=487299,FOLIO='109',FILE='DISK124:[10ZCA1.10ZCA14401]EC14401A.;17',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_ec14401_1_110"> </A>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>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;
<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>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 in relation to anything done in relation to the units in, from or otherwise involving the United&nbsp;Kingdom. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>110</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=114,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=228934,FOLIO='110',FILE='DISK124:[10ZCA1.10ZCA14401]EC14401A.;17',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<A NAME="page_ec14401_1_111"> </A>

<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>111</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=115,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=462933,FOLIO='111',FILE='DISK124:[10ZCA1.10ZCA14401]EC14401A.;17',USER='BHOLLIN',CD='16-SEP-2010;10:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_ee14402_1_112"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ee14402_legal_matters"> </A>
<A NAME="toc_ee14402_1"> </A>
<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 is 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="ee14402_experts"> </A>
<A NAME="toc_ee14402_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 statements of financial position of Sprott Physical Gold Trust as of February&nbsp;24, 2010 and March&nbsp;31, 2010 included in
this prospectus and in the registration statement have been so included in reliance on the reports 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. 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="ee14402_where_you_can_find_additional_information"> </A>
<A NAME="toc_ee14402_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>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>112</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=116,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=514307,FOLIO='112',FILE='DISK125:[10ZCA2.10ZCA14402]EE14402A.;6',USER='JDAY',CD='15-SEP-2010;16:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_fc14402_1_1"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="fc14402_report_of_independent___fc102275"> </A>
<A NAME="toc_fc14402_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 February&nbsp;24, 2010 and the statement of comprehensive income, the statement of changes in equity and the
statement of cash flows for the period from August&nbsp;28, 2009 to February&nbsp;24, 2010. These financial statements are the responsibility of the Trust's management. Our responsibility is to
express an opinion on these financial statements 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 statements are
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, the financial statements present fairly, in all material respects, the financial position of the Trust as at February&nbsp;24, 2010 and the results of its operations
and its cash flows for the period from August&nbsp;28, 2009 to February&nbsp;24, 2010, in conformity with International Financial Reporting Standards as issued by the International Accounting
Standards Board. </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="47%" style="font-family:times;"></TD>
<TD WIDTH="20pt" style="font-family:times;"></TD>
<TD WIDTH="47%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Toronto, Canada<BR>
May&nbsp;13, 2010</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>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=117,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=409463,FOLIO='F-1',FILE='DISK125:[10ZCA2.10ZCA14402]FC14402A.;6',USER='JDAY',CD='15-SEP-2010;16:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_fe14402_1_2"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="fe14402_financial_statements"> </A>
<A NAME="toc_fe14402_1"> </A>
<BR></FONT><FONT SIZE=2><B>  FINANCIAL STATEMENTS    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="fe14402_sprott_physical_gold_trust_sta__spr02997"> </A>
<A NAME="fe14402_statement_#160;of_#160;financial_#160;position"> </A>
<A NAME="toc_fe14402_2"> </A>
<BR></FONT><FONT SIZE=2><B>  SPROTT PHYSICAL GOLD TRUST<BR>  <BR>    STATEMENT OF FINANCIAL POSITION<BR>  <BR>    As at February&nbsp;24, 2010    <BR>    </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>


<!-- 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="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="23pt" 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=2>&nbsp;</FONT><BR></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>US$ </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><B>Assets</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>&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 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>Cash</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>
</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="TOP">
<TD VALIGN="BOTTOM" 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 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 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>Unitholder's Equity (Note&nbsp;1):</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 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 (1&nbsp;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>10</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 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 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>The accompanying notes are an integral part of these financial statements.  </I></FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=118,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=303883,FOLIO='F-2',FILE='DISK125:[10ZCA2.10ZCA14402]FE14402A.;4',USER='JDAY',CD='15-SEP-2010;16:26' -->
<A NAME="page_fe14402_1_3"> </A>
<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><B> SPROTT PHYSICAL GOLD TRUST<BR>
STATEMENT OF COMPREHENSIVE INCOME<BR>
For the period from August&nbsp;28, 2009 to February&nbsp;24, 2010  </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>


<!-- 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="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="23pt" 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=2>&nbsp;</FONT><BR></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>US$ </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><B>Income</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</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><B>Expenses</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</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 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-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net income for the period</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>
&#151;</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 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="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><B>Basic and diluted loss per unit</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>The accompanying notes are an integral part of these financial statements.  </I></FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=119,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=966644,FOLIO='F-3',FILE='DISK125:[10ZCA2.10ZCA14402]FE14402A.;4',USER='JDAY',CD='15-SEP-2010;16:26' -->
<A NAME="page_fe14402_1_4"> </A>
<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="fe14402_sprott_physical_gold_trust_sta__spr03928"> </A>
<A NAME="fe14402_statement_#160;of_#160;changes_#160;in_#160;equity"> </A>
<A NAME="toc_fe14402_3"> </A>
<BR></FONT><FONT SIZE=2><B>  SPROTT PHYSICAL GOLD TRUST<BR>  <BR>    STATEMENT OF CHANGES IN EQUITY<BR>  <BR>    For the period from August&nbsp;28, 2009 to February&nbsp;24, 2010    <BR>    </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>


<!-- 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="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="77pt" 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="58pt" 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=2>&nbsp;</FONT><BR></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>Number of units </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>Total Equity<BR>
US$ </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><B>Balance at August&nbsp;28, 2009</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</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>&#151;</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>Proceeds from issuance of 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="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1</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</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>Net income for the period</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>
<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>&#151;</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 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="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><B>Balance at February&nbsp;24, 2010</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1</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</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 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>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>The accompanying notes are an integral part of these financial statements.  </I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=120,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=957688,FOLIO='F-4',FILE='DISK125:[10ZCA2.10ZCA14402]FE14402A.;4',USER='JDAY',CD='15-SEP-2010;16:26' -->
<A NAME="page_fe14402_1_5"> </A>
<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="fe14402_sprott_physical_gold_trust_sta__spr03641"> </A>
<A NAME="fe14402_statement_#160;of_#160;cash_#160;flows"> </A>
<A NAME="toc_fe14402_4"> </A>
<BR></FONT><FONT SIZE=2><B>  SPROTT PHYSICAL GOLD TRUST<BR>  <BR>    STATEMENT OF CASH FLOWS<BR>  <BR>    For the period from August&nbsp;28, 2009 to February&nbsp;24, 2010    <BR>    </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>


<!-- 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="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="22pt" 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=2>&nbsp;</FONT><BR></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>US$ </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><B>Cash flow from financing activities</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>&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 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><B>Proceeds from issuance of 1&nbsp;unit</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>&nbsp;</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>
</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: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-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net increase in cash</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><BR>
10</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>Cash at beginning of period</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>&#151;</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 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>Cash at end of period</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>&nbsp;</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>
</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>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>The accompanying notes are an integral part of these financial statements.  </I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=121,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=322254,FOLIO='F-5',FILE='DISK125:[10ZCA2.10ZCA14402]FE14402A.;4',USER='JDAY',CD='15-SEP-2010;16:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_fg14402_1_6"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="fg14402_sprott_physical_gold_trust_not__spr04052"> </A>
<A NAME="toc_fg14402_1"> </A></FONT> <FONT SIZE=2><B><BR>  SPROTT PHYSICAL GOLD TRUST    <BR>    <BR>    NOTES TO THE FINANCIAL STATEMENTS    <BR>    <BR>    For the period from August&nbsp;28, 2009 to February&nbsp;24,&nbsp;2010    <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 and as further amended and restated as of February&nbsp;1, 2010 (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 cash. For the period from August&nbsp;28, 2009 to February&nbsp;24, 2010, the Trust had no&nbsp;operations. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Trust's registered office is located at Suite&nbsp;2700, South Tower, Royal Bank Plaza, 200&nbsp;Bay Street, Toronto, Ontario, Canada, M5J&nbsp;2J1. </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 on behalf of the Trust for the physical gold bullion owned by the&nbsp;Trust. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Trust has filed an application to list the Units on the NYSE Arca and has received conditional approval to list Units on the TSX subject to the Trust fulfilling all of the requirements of
the&nbsp;TSX. </FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIGNIFICANT ACCOUNTING POLICIES  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 2.1&nbsp;&nbsp;&nbsp;&nbsp;BASIS OF PREPARATION  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board&nbsp;("IASB"). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
financial statements have been prepared on a historical cost basis, with the exception of certain financial assets which are required to be measured at fair&nbsp;value. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
financial statements are presented in U.S.&nbsp;dollars. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 2.2&nbsp;&nbsp;&nbsp;&nbsp;FUNCTIONAL AND PRESENTATION CURRENCY  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>On
the completion of the initial public offering (see&nbsp;Note&nbsp;8), the primary objective of the Trust will be to generate returns in U.S.&nbsp;dollars. The liquidity of the Trust will be
managed on a day-to-day basis in U.S.&nbsp;dollars in order to facilitate redemptions of the Trust's Units. Transactions in gold bullion will be denominated in
U.S.&nbsp;dollars. The Trust's performance will be evaluated in U.S.&nbsp;dollars. Therefore, management considers the U.S.&nbsp;dollar as the currency that most faithfully represents the
current economic effect of the current transactions, events and conditions and the objectives of the&nbsp;Trust. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 2.3&nbsp;&nbsp;&nbsp;&nbsp;SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>(i)&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
Cash and cash equivalents consist of cash on deposit with the Trust's custodian, which is not subject to restrictions and short-term interest bearing notes and treasury bills with a term
to maturity of 90&nbsp;days or less from the date of purchase. Investment transactions in cash equivalents are accounted for on the date the order to buy or sell is&nbsp;executed. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=122,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=329509,FOLIO='F-6',FILE='DISK125:[10ZCA2.10ZCA14402]FG14402A.;4',USER='JDAY',CD='15-SEP-2010;16:26' -->
<A NAME="page_fg14402_1_7"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SPROTT PHYSICAL GOLD TRUST </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO THE FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> For the period from August&nbsp;28, 2009 to February&nbsp;24,&nbsp;2010 </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIGNIFICANT ACCOUNTING POLICIES (Continued) </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>(ii)&nbsp;&nbsp;&nbsp;&nbsp;Future changes in accounting policies  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
The following standards and amendments were issued by the IASB but are not yet effective; these standards are not expected to have a material impact on the financial position or performance of
the&nbsp;Trust. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>IFRS&nbsp;9 </FONT> <FONT SIZE=2><I>Financial Instruments</I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
revised standard was issued in November&nbsp;2009 and will become effective on January&nbsp;1, 2013. The new standard enhances the ability of investors and other users of financial information
to understand the accounting of financial assets and reduces complexity by using a single approach to determine whether a financial asset is measured at amortized cost or fair value, replacing the
many different rules in IAS&nbsp;39&nbsp;&#151;&nbsp;Financial Instruments: </FONT><FONT SIZE=2><I>Recognition and Measurement</I></FONT><FONT SIZE=2>. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>IAS&nbsp;24
Amendment to </FONT><FONT SIZE=2><I>Related Party Disclosures</I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
revised standard was issued in November&nbsp;2009 and is effective for annual periods beginning on or after January&nbsp;1, 2011. The revised standard simplifies the disclosure requirements
for entities that are controlled, jointly controlled or significantly influenced by a government and clarifies the definition of a related&nbsp;party. </FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNITHOLDERS' CAPITAL  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Trust has filed an application to list the units on the NYSE Arca and has received conditional approval to list Units on the TSX subject to the Trust fulfilling all of the requirements of the TSX.
The Trust's capital is represented by these redeemable participating units. Quantitative information about the Trust's capital is provided in the Statement of Changes in&nbsp;Equity. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> (i)&nbsp;&nbsp;&nbsp;&nbsp;Classification of Units  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Units
of the Trust are considered puttable financial instruments and are classified as equity because they meet all of the following criteria: (a)&nbsp;Units entitle the holder to a pro&nbsp;rata
share of the Trust's net assets, as defined below, in the event of the Trust's liquidation; (b)&nbsp;Units are subordinate to all other classes of instrument; (c)&nbsp;all financial instruments in
the class of instruments that are subordinate to all other classes of instrument have identical features; more specifically, the Trust currently only has one class of such instruments
(the&nbsp;Units); (d)&nbsp;apart from the obligation for the Trust to repurchase or redeem the Units for cash or gold under the Trust Agreement, as described below, the Units do not require the
delivery of cash or another financial instrument to another entity under conditions that are potentially unfavourable to the Trust, and the obligation may not be settled in the Trust's own equity
instruments and (e)&nbsp;the total expected cash flows attributable to the Units over the life of the Units are based substantially on the profit or loss, the change in the recognized net assets or
the change in the fair value of the recognized and unrecognized net assets of the Trust over the life of the Units. Furthermore, the Trust has no other financial instrument or contract that has
(a)&nbsp;total cash flows based substantially on the profit or loss, the change in the recognized net assets or the change in the fair value of the recognized and unrecognized net assets of the
Trust and (b)&nbsp;the effect of substantially restricting or fixing the residual return to the puttable instrument holders. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=123,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=1031863,FOLIO='F-7',FILE='DISK125:[10ZCA2.10ZCA14402]FG14402A.;4',USER='JDAY',CD='15-SEP-2010;16:26' -->
<A NAME="page_fg14402_1_8"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SPROTT PHYSICAL GOLD TRUST </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO THE FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> For the period from August&nbsp;28, 2009 to February&nbsp;24,&nbsp;2010 </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNITHOLDERS' CAPITAL (Continued) </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> (ii)&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Net
Asset Value ("NAV") is defined as the Trust's net assets (fair value of total assets less fair value of total liabilities, excluding all liabilities represented by outstanding Units, if any)
calculated using the value of physical gold bullion based on the end of day price provided by a widely recognized pricing service. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> (iii)&nbsp;&nbsp;&nbsp;&nbsp;Redemptions  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Under
the Trust Agreement and on the completion of the initial public offering (see&nbsp;Note&nbsp;8), 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 NAV of the&nbsp;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 NYSE Arca, or, if
trading has been suspended on the NYSE Arca, on the TSX, for the last five business days of 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 business day of the month in which the redemption request is&nbsp;processed. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>When
Units are redeemed and cancelled and the cost of such Units is either above or below their stated or assigned value, the cost is allocated to unitholder capital in an amount equal to the stated
or assigned value of the Units and any difference is allocated to the Unit premiums and reserves account. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> (iv)&nbsp;&nbsp;&nbsp;&nbsp;Capital management  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Since
the Trust was inactive for the period from August&nbsp;28, 2009 to February&nbsp;24, 2010, its sole capital management objective was capital preservation and completion of the initial public
offering (see&nbsp;Note&nbsp;8). </FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EARNINGS PER UNIT  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Basic
earnings per unit ("EPU") is calculated by dividing the net profit (loss) for the period attributable to the Trust's unitholders by the weighted average number of Units outstanding during the
period. Since the trust was inactive for the period from August&nbsp;28, 2009 to February&nbsp;24, 2010, it has no&nbsp;earnings. </FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RELATED PARTY DISCLOSURES  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> (a)&nbsp;&nbsp;&nbsp;&nbsp;Management fees and other expenses  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Subsequent
to the initial public offering of the Units (see&nbsp;Note&nbsp;8), 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, calculated and accrued daily and payable monthly in arrears on the last day of
each&nbsp;month. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=124,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=278397,FOLIO='F-8',FILE='DISK125:[10ZCA2.10ZCA14402]FG14402A.;4',USER='JDAY',CD='15-SEP-2010;16:26' -->
<A NAME="page_fg14402_1_9"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SPROTT PHYSICAL GOLD TRUST </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO THE FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> For the period from August&nbsp;28, 2009 to February&nbsp;24,&nbsp;2010 </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RELATED PARTY DISCLOSURES (Continued) </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Also,
the Manager has 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 the 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 remain payable to the Manager in future&nbsp;months. </FONT></P>

<P style="font-family:times;text-align:justify"><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&nbsp;Trust. </FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INDEPENDENT REVIEW COMMITTEE ("IRC")  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>In
accordance with National Instrument&nbsp;81-107, Independent Review Committee for Investment Funds (NI&nbsp;81-107), the Manager has established an IRC for a number of
funds managed by it, including the Trust. The mandate of the IRC is to consider and provide recommendations to the Manager on conflicts of interest to which the Manager is subject when managing
certain funds, including the Trust. The IRC is composed of three individuals, each of whom is independent of the Manager and all funds managed by the Manager, including the Trust. Each fund subject to
IRC oversight pays a share of the IRC member fees, costs and other fees in connection with operation of the IRC. The IRC reports annually to unitholders of the funds subject to its oversight on its
activities, as required by NI&nbsp;81-107. </FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PERSONNEL  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Trust did not employ any personnel during the period, as its affairs were administered by the personnel of the Manager and/or the Trustee, as&nbsp;applicable. </FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SUBSEQUENT EVENT  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Trust closed its initial public offering on March&nbsp;3, 2010 with the issuance of 40,000,000&nbsp;Units for gross proceeds of $400,000,000. On March&nbsp;8, 2010 and March&nbsp;25, 2010,
the Trust issued 3,000,000&nbsp;Units and 1,250,000&nbsp;Units, respectively, for gross proceeds of $30,000,000 and $12,500,000, respectively. Of the $442,500,000 gross proceeds raised through the
above transactions, the majority of funds was invested in gold&nbsp;bullion. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-9</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=125,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=1012815,FOLIO='F-9',FILE='DISK125:[10ZCA2.10ZCA14402]FG14402A.;4',USER='JDAY',CD='15-SEP-2010;16:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_fi14402_1_10"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="fi14402_report_of_independent___fi102281"> </A>
<A NAME="toc_fi14402_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 March&nbsp;31, 2010 and the statement of comprehensive income, the statement of changes in equity and the
statement of cash flows for the period from February&nbsp;25, 2010 to March&nbsp;31, 2010. These financial statements are the responsibility of the Trust's management. Our responsibility is to
express an opinion on these financial statements 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 statements are
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, the financial statements present fairly, in all material respects, the financial position of the Trust as at March&nbsp;31, 2010 and the results of its operations and
its cash flows for the period from February&nbsp;25, 2010 to March&nbsp;31, 2010, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards
Board. </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="47%" style="font-family:times;"></TD>
<TD WIDTH="20pt" style="font-family:times;"></TD>
<TD WIDTH="47%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Toronto, Canada<BR>
May&nbsp;25, 2010</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>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-10</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=126,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=672343,FOLIO='F-10',FILE='DISK125:[10ZCA2.10ZCA14402]FI14402A.;7',USER='JDAY',CD='15-SEP-2010;16:26' -->
<A NAME="page_fi14402_1_11"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="fi14402_sprott_physical_gold_trust_int__spr03184"> </A>
<A NAME="toc_fi14402_2"> </A></FONT> <FONT SIZE=2><B><BR>  SPROTT PHYSICAL GOLD TRUST    <BR>    <BR>    INTERIM STATEMENT OF FINANCIAL POSITION    <BR>    <BR>    AS AT MARCH 31, 2010    <BR>    </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>


<!-- 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="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="75pt" 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="87pt" 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=2>&nbsp;</FONT><BR></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 at March&nbsp;31,<BR>
2010<BR>
US$ </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 at February&nbsp;24,<BR>
2010<BR>
US$ </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><B>Assets</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>&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>
<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 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>Cash and cash equivalents</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>13,583,071</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</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>Gold bullion</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>403,929,152</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>&#151;</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 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="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><B>Total assets</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>417,512,223</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</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 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-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Liabilities</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>&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>
<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 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>Due to brokers</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>4,897,721</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>&#151;</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>Management fees payable </FONT><FONT SIZE=2><I>(note&nbsp;9)</I></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>24,841</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>&#151;</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>Accounts payable</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>198,967</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>&#151;</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 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 liabilities</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,121,529</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>&#151;</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 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="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" 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>Equity</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>&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>
<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 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>Unitholder capital</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>442,500,000</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</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>Deficit</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>(7,684,221</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>&#151;</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>Underwriting commissions and issue 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>(22,425,085</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>&#151;</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 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="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><B>Total equity </B></FONT><FONT SIZE=2><I>(note&nbsp;4)</I></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>412,390,694</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</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 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 liabilities and equity</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>417,512,223</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</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 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="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><B>Total equity per unit</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.32</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>10.00</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 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>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>The accompanying notes are an integral part of these financial statements.  </I></FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=127,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=423070,FOLIO='F-11',FILE='DISK125:[10ZCA2.10ZCA14402]FI14402A.;7',USER='JDAY',CD='15-SEP-2010;16:26' -->
<A NAME="page_fi14402_1_12"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I> <A NAME="fi14402_sprott_physical_gold_trust_int__spr04301"> </A>
<A NAME="toc_fi14402_3"> </A> </I></FONT><FONT SIZE=2><B><BR>  SPROTT PHYSICAL GOLD TRUST    <BR>    <BR>    INTERIM STATEMENT OF COMPREHENSIVE INCOME    <BR>    <BR>    FOR THE PERIOD FROM FEBRUARY 25, 2010 TO MARCH 31, 2010    <BR>
</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>


<!-- 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="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" 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=2>&nbsp;</FONT><BR></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>US$ </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><B>Income</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>&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 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>Unrealized losses on gold bullion</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>(7,493,453</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</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: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></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>(7,493,453</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</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:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" 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>Expenses</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>&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 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>Management fees </FONT><FONT SIZE=2><I>(note&nbsp;9)</I></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>139,841</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>Bullion storage fees</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>15,534</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>Listing and regulatory filing fees</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>12,824</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>Audit fees</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>10,548</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>General and administrative</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>7,676</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>Unitholder reporting costs</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>1,439</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>Independent Review Committee fees</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>1,138</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>Legal fees</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>959</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>Trustee fees</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>479</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>Net foreign exchange losses</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>330</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 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></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>190,768</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 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="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><B>Net loss for the period</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(7,684,221</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</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: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>Other comprehensive income</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>&#151;</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 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="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><B>Total comprehensive loss for the period</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(7,684,221</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</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: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>Basic and diluted loss per Unit </B></FONT><FONT SIZE=2><I>(note&nbsp;5)</I></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>(0.22</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</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:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>The accompanying notes are an integral part of these financial statements.  </I></FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=128,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=330028,FOLIO='F-12',FILE='DISK125:[10ZCA2.10ZCA14402]FI14402A.;7',USER='JDAY',CD='15-SEP-2010;16:26' -->
<A NAME="page_fi14402_1_13"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I> <A NAME="fi14402_sprott_physical_gold_trust_int__spr04173"> </A>
<A NAME="toc_fi14402_4"> </A> </I></FONT><FONT SIZE=2><B><BR>  SPROTT PHYSICAL GOLD TRUST    <BR>    <BR>    INTERIM STATEMENT OF CHANGES IN EQUITY    <BR>    <BR>    FOR THE PERIOD FROM FEBRUARY 25, 2010 TO MARCH 31, 2010    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"150%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  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="79pt" 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="88pt" 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="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="68pt" 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=2>&nbsp;</FONT><BR></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>Number of Units<BR>
outstanding </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>Unitholder Capital<BR>
US$ </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>Deficit<BR>
US$ </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>Underwriting<BR>
Commissions and<BR>
Issue Expenses<BR>
US$ </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>Total Equity<BR>
US$ </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" 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><B>Balance at February&nbsp;25, 2010</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>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 ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10</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>&#151;</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>&#151;</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>10</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>Cancellation of units</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</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>(10</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>&#151;</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>&#151;</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>(10</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" 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>Proceeds from issue of units</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>44,250,000</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>442,500,000</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>&#151;</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>&#151;</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>442,500,000</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>Net loss for the period</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>&#151;</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>&#151;</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>(7,684,221</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>&#151;</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>(7,684,221</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" 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>Underwriting commissions and issue expenses</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>&#151;</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>&#151;</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>&#151;</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>(22,425,085</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>(22,425,085</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</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: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>
<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>
<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="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><B>Balance at March&nbsp;31, 2010</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>44,250,000</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>442,500,000</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>(7,684,221</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>(22,425,085</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>412,390,694</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>
<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>
<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>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>The accompanying notes are an integral part of these financial statements.  </I></FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=129,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=16524,FOLIO='F-13',FILE='DISK125:[10ZCA2.10ZCA14402]FI14402A.;7',USER='JDAY',CD='15-SEP-2010;16:26' -->
<A NAME="page_fi14402_1_14"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I> <A NAME="fi14402_sprott_physical_gold_trust_int__spr03886"> </A>
<A NAME="toc_fi14402_5"> </A> </I></FONT><FONT SIZE=2><B><BR>  SPROTT PHYSICAL GOLD TRUST    <BR>    <BR>    INTERIM STATEMENT OF CASH FLOWS    <BR>    <BR>    FOR THE PERIOD FROM FEBRUARY 25, 2010 TO MARCH 31, 2010    <BR>    </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>


<!-- 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="10pt" 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="72pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></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>US$ </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 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>Cash flow from operating activities</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>&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 BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net loss for the period</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>(7,684,221</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustments to reconcile net loss for the period to net cash from operating activities</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 BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&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>Unrealized losses on gold bullion</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>7,493,453</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" 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>Net changes in operating assets and liabilities</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>&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 BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Increase in due to brokers</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>4,897,721</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Increase in management fees payable</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>24,841</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Increase in accounts payable</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>198,967</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 COLSPAN=2 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 COLSPAN=2 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>Net cash used in operating activities</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,930,761</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 COLSPAN=2 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="White" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" 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>Cash flow from investing activities</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>&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 BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Purchase of gold bullion</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>(411,422,605</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=2 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="White" VALIGN="TOP">
<TD COLSPAN=2 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>Net cash used in investing activities</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(411,422,605</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=2 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 COLSPAN=2 VALIGN="BOTTOM" 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>Cash flow from financing activities</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>&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 BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proceeds from issuance of units</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>442,500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Payments on cancellation of units</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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Underwriting commissions and issue 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>(22,425,085</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=2 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 COLSPAN=2 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>Net cash provided by financing activities</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>420,074,905</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 COLSPAN=2 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="White" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net increase in cash</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>13,583,061</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents at beginning of period</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</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 COLSPAN=2 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="White" VALIGN="TOP">
<TD COLSPAN=2 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>Cash and cash equivalents at end of period</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13,583,071</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 COLSPAN=2 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 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>The accompanying notes are an integral part of these financial statements.  </I></FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=130,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=204297,FOLIO='F-14',FILE='DISK125:[10ZCA2.10ZCA14402]FI14402A.;7',USER='JDAY',CD='15-SEP-2010;16:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_fk14402_1_15"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="fk14402_sprott_physical_gold_trust_not__spr03485"> </A>
<A NAME="toc_fk14402_1"> </A></FONT> <FONT SIZE=2><B><BR>  SPROTT PHYSICAL GOLD TRUST    <BR>    <BR>    NOTES TO THE FINANCIAL STATEMENTS    <BR>    <BR>    FOR THE PEROD ENDED MARCH 31, 2010    <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 and as further amended and restated as of February&nbsp;1, 2010 (the&nbsp;"Trust Agreement"). The Trust's initial
public offering was priced on February&nbsp;25, 2010 and closed on March&nbsp;3, 2010. The Trust is authorized to issue an unlimited number of redeemable, transferable trust units
(the&nbsp;"Units"). The beneficiaries of the Trust are the holders of Units that were issued on March&nbsp;3, 2010, March&nbsp;8, 2010 and March&nbsp;25, 2010 in connection with the Trust's
initial public offering of 44,250,000&nbsp;Units for gross proceeds of $442,500,000. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
investment objective of the Trust is to seek 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. As part of its investment strategy, the Trust invests and holds substantially all of its assets in physical gold bullion.
The Trust invests and intends to continue to invest primarily in long-term holdings of unencumbered, fully allocated, physical gold bullion and does not speculate with regard to
short-term changes in gold&nbsp;prices. </FONT></P>

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

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Sprott
Asset Management&nbsp;LP (the&nbsp;"Manager") acts as the manager of the Trust pursuant to the 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 also acts as custodian for the Trust's assets other than physical gold bullion on behalf
of the Trust. The Royal Canadian Mint acts as custodian on behalf of the Trust for the physical gold bullion owned by the&nbsp;Trust. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
financial statements of the Trust for the period ended March&nbsp;31, 2010 were authorized for issue by the Manager on May&nbsp;11,&nbsp;2010. </FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIGNIFICANT ACCOUNTING POLICIES  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 2.1&nbsp;&nbsp;&nbsp;&nbsp;BASIS OF PREPARATION  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
financial statements have been prepared on a historical cost basis, except for physical gold bullion which is measured at fair value and certain financial assets and financial liabilities which
are required to be measured at fair&nbsp;value. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
financial statements are presented in U.S.&nbsp;dollars. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Comparative
figures have not been presented for the interim statements of comprehensive income, changes in equity and cash flows because the Trust had no operations prior to the initial public
offering which was priced on February&nbsp;25, 2010 closed on March&nbsp;3, 2010 other than the issuance of 1&nbsp;unit for proceeds of&nbsp;U.S.$10. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=131,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=223851,FOLIO='F-15',FILE='DISK125:[10ZCA2.10ZCA14402]FK14402A.;6',USER='JDAY',CD='15-SEP-2010;16:26' -->
<A NAME="page_fk14402_1_16"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SPROTT PHYSICAL GOLD TRUST </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO THE FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> FOR THE PEROD ENDED MARCH 31, 2010 </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIGNIFICANT ACCOUNTING POLICIES (Continued) </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
interim financial statements have been prepared in accordance with International Accounting Standard ("IAS")&nbsp;34 </FONT><FONT SIZE=2><I>Interim Financial Reporting</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 2.2&nbsp;&nbsp;&nbsp;&nbsp;SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
preparation of the Trust's financial statements requires management to make judgments, estimates and assumptions that affect the amounts recognized in the financial statements. However, these
assumptions and estimates are uncertain and could result in outcomes that may require a material adjustment to the carrying amount of the asset or&nbsp;liability. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 2.3&nbsp;&nbsp;&nbsp;&nbsp;FUNCTIONAL AND PRESENTATION CURRENCY  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
primary objective of the Trust is to generate returns in U.S.&nbsp;dollars. The liquidity of the Trust is managed on a day-to-day basis in U.S.&nbsp;dollars in order to
facilitate redemptions of the Trust's Units. Transactions in physical gold bullion are denominated in U.S.&nbsp;dollars. The Trust's performance is evaluated in U.S.&nbsp;dollars. Therefore,
management considers the U.S.&nbsp;dollar as
the currency that most faithfully represents the economic effect of the underlying transactions, events and&nbsp;conditions. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 2.4&nbsp;&nbsp;&nbsp;&nbsp;SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>(i)</B></FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Cash and cash equivalents</B></FONT></DD></DL>
</UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Cash
and cash equivalents consist of cash on deposit with the Trust's custodian, which is not subject to restrictions and short-term interest bearing notes and treasury bills with a term
to maturity of 90&nbsp;days or less from the date of purchase. Investment transactions in cash equivalents are accounted for on the date the order to buy or sell is&nbsp;executed. </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>(ii)</B></FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Gold bullion</B></FONT></DD></DL>
</UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Investments
in gold bullion are measured at fair value determined by reference to published price quotations, with unrealized and realized gains and losses recorded in income based on the
IAS&nbsp;40 </FONT><FONT SIZE=2><I>Investment Property</I></FONT><FONT SIZE=2> fair value model as IAS&nbsp;40 </FONT><FONT SIZE=2><I>Investment Property</I></FONT><FONT SIZE=2> is the most
relevant IFRS to apply. Investment transactions in physical gold bullion are accounted for on the date the order to buy or sell is&nbsp;executed.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>(iii)</B></FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Other financial liabilities</B></FONT></DD></DL>
</UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>This
category includes all financial liabilities, other than those classified at fair value through profit and loss. The Trust includes in this category management fees payable, due to brokers and
other short-term accounts payable.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>(iv)</B></FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Due to brokers</B></FONT></DD></DL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Amounts
due to brokers are payables for physical gold bullion purchased that have been contracted for but not yet delivered on the reporting date. Refer to accounting policy for Other financial
liabilities for recognition and measurement. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=132,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=1015727,FOLIO='F-16',FILE='DISK125:[10ZCA2.10ZCA14402]FK14402A.;6',USER='JDAY',CD='15-SEP-2010;16:26' -->
<A NAME="page_fk14402_1_17"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SPROTT PHYSICAL GOLD TRUST </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO THE FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> FOR THE PEROD ENDED MARCH 31, 2010 </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIGNIFICANT ACCOUNTING POLICIES (Continued) </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>(v)</B></FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Fees and commissions</B></FONT></DD></DL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Fees
and commissions are recognized on an accrual basis.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>(vi)</B></FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Unit issue costs</B></FONT></DD></DL>
</UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Unit
issue costs, including underwriting commissions and issue expenses, are recorded as a reduction to unitholder equity in the period they are&nbsp;incurred.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>(vii)</B></FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Income taxes</B></FONT></DD></DL>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>In
each taxation year, the Trust will be subject to income tax on taxable income earned during the year, including net realized taxable capital gains. However, the Trust intends to distribute its
taxable income to unitholders at the end of every fiscal year and therefore the Trust itself would not have any income tax&nbsp;liability.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>(viii)</B></FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Future changes in accounting policies</B></FONT></DD></DL>
</UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
following standards and amendments were issued by the IASB but are not yet effective; these standards are not expected to have a material impact on the financial position or performance of
the&nbsp;Trust. </FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>IFRS&nbsp;9 </FONT> <FONT SIZE=2><I>Financial Instruments</I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
revised standard was issued in November&nbsp;2009 and will become effective on January&nbsp;1, 2013. The new standard enhances the ability of investors and other users of financial information
to understand the accounting of financial assets and reduces complexity by using a single approach to determine whether a financial asset is measured at amortized cost or fair value, replacing the
many different rules in IAS&nbsp;39&#151;Financial Instruments: </FONT><FONT SIZE=2><I>Recognition and Measurement</I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>IAS&nbsp;24
Amendment to </FONT><FONT SIZE=2><I>Related Party Disclosures</I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
revised standard was issued in November&nbsp;2009 and is effective for annual periods beginning on or after January&nbsp;1, 2011. The revised standard simplifies the disclosure requirements
for entities that are controlled, jointly controlled or significantly influenced by a government and clarifies the definition of a related&nbsp;party. </FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEGMENT INFORMATION  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Trust is organized into one main operating segment, which invests in physical gold bullion. All of the Trust's activities are interrelated, and each activity is dependent on the others.
Accordingly, all significant operating decisions are based upon an analysis of the Trust as one segment. The financial results from this segment are equivalent to the financial statements of the Trust
as a&nbsp;whole. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Trust's operating income is earned entirely in Canada primarily from its investment in physical gold&nbsp;bullion. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=133,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=1008504,FOLIO='F-17',FILE='DISK125:[10ZCA2.10ZCA14402]FK14402A.;6',USER='JDAY',CD='15-SEP-2010;16:26' -->
<A NAME="page_fk14402_1_18"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SPROTT PHYSICAL GOLD TRUST </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO THE FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> FOR THE PEROD ENDED MARCH 31, 2010 </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNITHOLDERS' CAPITAL  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Trust is authorized to issue an unlimited number of redeemable, transferrable Trust Units in one or more classes and series of Units. All issued Units are fully paid for, listed and traded on the
New&nbsp;York Stock Exchange Arca (the&nbsp;"NYSE Arca") and the Toronto Stock Exchange (the&nbsp;"TSX") under the symbols "PHYS" and "PHY.U", respectively. The Trust's capital is represented by
these redeemable participating Units. Quantitative information about the Trust's capital is provided in the Statement of Changes in&nbsp;Equity.  </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>(i)</B></FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Classification of Units</B></FONT></DD></DL>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Units
of the Trust are considered puttable financial instruments and are classified as equity because they meet all of the following criteria: (a)&nbsp;Units entitle the holder to a pro&nbsp;rata
share of the Trust's net assets, as defined below, in the event of the Trust's liquidation; (b)&nbsp;Units are subordinate to all other classes of instrument; (c)&nbsp;all financial instruments in
the class of instruments that are subordinate to all other classes of instrument have identical features; more specifically, the Trust currently only has one class of such instruments
(the&nbsp;Units); (d)&nbsp;apart from the obligation for the Trust to repurchase or redeem the Units for cash or gold under the Trust Agreement, as described below, the Units do not require the
delivery of cash or another financial instrument to another entity under conditions that are potentially unfavourable to the Trust, and the obligation may not be settled in the Trust's own equity
instruments and (e)&nbsp;the total expected cash flows attributable to the Units over the life of the Units are based substantially on the profit or loss, the change in the recognized net assets or
the change in the fair value of the recognized and unrecognized net assets of the Trust over the life of the Units. Furthermore, the Trust has no other financial instrument or contract that has
(a)&nbsp;total cash flows based substantially on the profit or loss, the change in the recognized net assets or the change in the fair value of the recognized and unrecognized net assets of the
Trust and (b)&nbsp;the effect of substantially restricting or fixing the residual return to the puttable instrument holders.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>(ii)</B></FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Net Asset Value</B></FONT></DD></DL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Net
Asset Value ("NAV") is defined as the Trust's net assets (fair value of total assets less fair value of total liabilities, excluding all liabilities represented by outstanding Units, if any)
calculated using the value of physical gold bullion based on the end of day price provided by a widely recognized pricing service.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>(iii)</B></FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Redemptions</B></FONT></DD></DL>
</UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Under
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 NAV 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 NYSE Arca, or, if trading has been suspended on the NYSE Arca, on the TSX, for the last five business </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=134,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=985896,FOLIO='F-18',FILE='DISK125:[10ZCA2.10ZCA14402]FK14402A.;6',USER='JDAY',CD='15-SEP-2010;16:26' -->
<A NAME="page_fk14402_1_19"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SPROTT PHYSICAL GOLD TRUST </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO THE FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> FOR THE PEROD ENDED MARCH 31, 2010 </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNITHOLDERS' CAPITAL (Continued) </B></FONT></P>

<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>days
of 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 business day of the month in which the
redemption request is&nbsp;processed. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>When
Units are redeemed and cancelled and the cost of such Units is either above or below their stated or assigned value, the cost is allocated to unitholder capital in an amount equal to the stated
or assigned value of the Units and any difference is allocated to the Unit premiums and reserves account.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>(iv)</B></FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Capital management</B></FONT></DD></DL>
</UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>As
a result of the ability of the Trust to issue and repurchase Units, the capital of the Trust can vary depending on the demand for redemptions and subscriptions to the Trust. The Trust is not
subject to externally imposed capital requirements and has no restrictions on the repurchase of Units. The Trust may not issue additional Units except (i)&nbsp;if the net 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>The
Trust's objectives for managing capital are: </FONT></P>

<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>To invest and hold substantially all of its assets in physical gold bullion;&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>To maintain sufficient liquidity to meet the expenses of the Trust and to meet redemption requests as they&nbsp;arise. </FONT></DD></DL>
</UL>
</UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>As
at March&nbsp;31, 2010, the amount classified as equity is U.S.&nbsp;$412,390,694. The Manager of the Trust does not expect material redemptions of Units, as an exchange listing provides a
liquid market for the trading of the Units. Risks associated with an investment in financial instruments are described in Note&nbsp;8. </FONT></P>

</UL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EARNINGS PER UNIT  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Basic
earnings per unit ("EPU") is calculated by dividing the net profit (loss) for the period attributable to the Trust's unitholders by the weighted average number of Units outstanding during
the&nbsp;period. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Trust's diluted EPU is the same as basic EPU, since the Trust has not issued any instruments with dilutive potential. </FONT></P>

</UL>
 <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="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="89pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></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>Net loss for the period attributable to the holders of the Trust's Units</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>U.S.($7,684,221</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</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>Weighted average number of Units outstanding</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>34,185,714</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</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>Basic and diluted loss per Unit</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>U.S.($0.22</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASH AND CASH EQUIVALENTS  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>As
at March&nbsp;31, 2010, cash and cash equivalents consisted entirely of cash on&nbsp;deposit. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=135,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=637634,FOLIO='F-19',FILE='DISK125:[10ZCA2.10ZCA14402]FK14402A.;6',USER='JDAY',CD='15-SEP-2010;16:26' -->
<A NAME="page_fk14402_1_20"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SPROTT PHYSICAL GOLD TRUST </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO THE FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> FOR THE PEROD ENDED MARCH 31, 2010 </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAIR VALUE OF FINANCIAL INSTRUMENTS  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>As
at March&nbsp;31, 2010, due to the short term nature of financial assets and financial liabilities recorded at amortized cost, it is assumed that the carrying amount of those instruments
approximate their fair&nbsp;value. </FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Trust is exposed to market risk, credit risk and liquidity risk arising from the investments that it holds. Market risk is the risk that the fair value or future cash flows of the Trust's
investments will fluctuate due to changes in market variables, such as the price of gold, interest rates and foreign exchange rates. The maximum risk relating to the Trust's investments equals their
fair&nbsp;value. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Trust segregates market risk into three categories: price risk, interest rate risk and foreign exchange&nbsp;risk. </FONT></P>

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

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Price
risk arises from the possibility that changes in the price of the Trust's investments, which consist almost entirely of gold bullion, will result in changes in carrying value. As at
March&nbsp;31, 2010, investments in physical gold bullion were approximately 97% of total&nbsp;assets. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>If
the market value of gold increased by 5%, with all other variables held constant, this would have decreased comprehensive loss by approximately $20,197,000; conversely, if the value of gold bullion
decreased by 5%, this would have increased comprehensive loss by the same&nbsp;amount. </FONT></P>

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

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Interest
rate risk arises from the possibility that changes in interest rates will affect the value of financial instruments. The Trust does not hedge its exposure to interest rate risk as such risk
is minimal. The Trust invests in short-term debt securities issued by the Government of Canada with maturities of less than 90&nbsp;days from the date of purchase. Due to the short term
duration of these instruments, they have minimal interest rate&nbsp;risk. </FONT></P>

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

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Foreign
exchange risk arises from the possibility that changes in the price of foreign currencies will result in changes in carrying value. The Trust's assets, substantially all of which consist of an
investment
in gold bullion, are priced in U.S.&nbsp;dollars. Some of the Trust's expenses are payable in Canadian dollars. Therefore, the Trust is exposed to currency risk, as the value of its liabilities
denominated in Canadian dollars will fluctuate due to changes in exchange rates. Most of such liabilities, however, are short term in nature and are not material in relation to the net assets of the
Trust, and, as such, exposure to foreign exchange risk is limited. The Trust does not enter into currency hedging transactions. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>As
at March&nbsp;31, 2010, approximately U.S.&nbsp;$159,870 of the Trust's liabilities were denominated in Canadian dollars. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=136,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=440034,FOLIO='F-20',FILE='DISK125:[10ZCA2.10ZCA14402]FK14402A.;6',USER='JDAY',CD='15-SEP-2010;16:26' -->
<A NAME="page_fk14402_1_21"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SPROTT PHYSICAL GOLD TRUST </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO THE FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> FOR THE PEROD ENDED MARCH 31, 2010 </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES (Continued) </B></FONT></P>

<UL>

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

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Credit
risk arises from the potential that counterparties will fail to satisfy their obligations as they come due. The Trust primarily incurs credit risk when entering into and settling gold bullion
transactions. It is the Trust's policy to only transact with reputable counterparties. The Manager closely monitors the creditworthiness of the Trust's counterparties, such as bullion dealers, by
reviewing their financial statements, when available, regulatory notices and press releases. The Trust seeks to minimize credit risk relating to unsettled transactions in gold bullion by only engaging
in transactions with bullion dealers with high creditworthiness. Payment for securities purchased, such as treasury bills, is only made against the receipt of the securities by the custodian. The
Trust has only purchased and expects only to own "good delivery bars" as defined by the London Bullion Market Association (LBMA), with each bar purchased being verified against the LBMA&nbsp;source. </FONT></P>

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

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Liquidity
risk is defined as the risk that the Trust will encounter difficulty in meeting obligations associated with financial liabilities. Liquidity risk arises because of the possibility that the
Trust could be required to pay its liabilities earlier than expected. The Trust is exposed to redemptions for both cash
and gold bullion on a regular basis. The Trust manages its obligation to redeem Units when required to do so and its overall liquidity risk by allowing for redemptions only monthly and requiring a
15-day notice period for redemptions. The Trust's liquidity risk is minimal since its primary investment is physical gold bullion, which trades in a highly liquid market. All of the
Trust's financial liabilities, including due to brokers, accounts payable and management fees payable have maturities of less than 3&nbsp;months. </FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RELATED PARTY DISCLOSURES  </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>(a)</B></FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Management fees and other expenses</B></FONT></DD></DL>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Trust pays 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, calculated and accrued daily and payable monthly in arrears on the last day of each month. For the period ended March&nbsp;31, 2010, the Trust incurred U.S.$139,841 in
management fees, of which U.S.$24,841 remained payable at period&nbsp;end. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Also,
the Manager has 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 the 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 remain payable to the Manager in future&nbsp;months. </FONT></P>

<P style="font-family:times;text-align:justify"><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 Manager or to which the Trust may be subject; and any
extraordinary expenses of the&nbsp;Trust. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=137,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=311306,FOLIO='F-21',FILE='DISK125:[10ZCA2.10ZCA14402]FK14402A.;6',USER='JDAY',CD='15-SEP-2010;16:26' -->
<A NAME="page_fk14402_1_22"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SPROTT PHYSICAL GOLD TRUST </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO THE FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> FOR THE PEROD ENDED MARCH 31, 2010 </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RELATED PARTY DISCLOSURES (Continued) </B></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B>(b)</B></FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><B>Ownership</B></FONT></DD></DL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>As
at March&nbsp;31, 2010, Eric Sprott, CEO and Senior Portfolio Manager of the Manager, Sprott Foundation, a charitable organization established by Mr.&nbsp;Sprott's family and Charles Oliver, a
Senior Portfolio Manager of the Trust owned 13.56%, 4.52% and 0.12% of the units of the Trust, respectively. </FONT></P>

</UL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INDEPENDENT REVIEW COMMITTEE ("IRC")  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>In
accordance with National Instrument&nbsp;81-107, Independent Review Committee for Investment Funds (NI&nbsp;81-107), the Manager has established an IRC for a number of
funds managed by it, including the Trust. The mandate of the IRC is to consider and provide recommendations to the Manager on conflicts of interest to which the Manager is subject when managing
certain funds, including the Trust. The IRC is composed of three individuals, each of whom is independent of the Manager and all funds managed by the Manager, including the Trust. Each fund subject to
IRC oversight pays a share of the IRC member fees, costs and other fees in connection with
operation of the IRC. The IRC reports annually to unitholders of the funds subject to its oversight on its activities, as required by NI&nbsp;81-107. </FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PERSONNEL  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Trust did not employ any personnel during the period, as its affairs were administered by the personnel of the Manager and/or the Trustee, as&nbsp;applicable. </FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SUBSEQUENT EVENT  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>On
May&nbsp;25, 2010, the Trust filed a final base prep prospectus with the Ontario Securities Commission and a Form&nbsp;F-1 Registration Statement with the U.S.&nbsp;Securities and
Exchange Commission to obtain required regulatory approvals for a follow-on offering of units. The units are expected to be listed on both the TSX and NYSE&nbsp;Arca. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=138,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=555030,FOLIO='F-22',FILE='DISK125:[10ZCA2.10ZCA14402]FK14402A.;6',USER='JDAY',CD='15-SEP-2010;16:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_fm14402_1_23"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="fm14402_sprott_physical_gold_trust_una__spr02884"> </A>
<A NAME="toc_fm14402_1"> </A></FONT> <FONT SIZE=2><B><BR>  SPROTT PHYSICAL GOLD TRUST    <BR>    <BR>    UNAUDITED INTERIM FINANCIAL STATEMENTS    <BR>    <BR>    June&nbsp;30, 2010    <BR>    </B></FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=139,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=220746,FOLIO='F-23',FILE='DISK125:[10ZCA2.10ZCA14402]FM14402A.;3',USER='JDAY',CD='15-SEP-2010;16:26' -->
<BR>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_fo14402_1_24"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="fo14402_sprott_physical_gold_trust_una__spr03245"> </A>
<A NAME="toc_fo14402_1"> </A></FONT> <FONT SIZE=2><B><BR>  SPROTT PHYSICAL GOLD TRUST    <BR>    <BR>    UNAUDITED INTERIM STATEMENTS OF FINANCIAL POSITION    <BR>    </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>


<!-- 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="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" 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="87pt" 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=2>&nbsp;</FONT><BR></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 at June&nbsp;30,<BR>
2010<BR>
US$ </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 at February&nbsp;24,<BR>
2010<BR>
US$ </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&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><B>Assets</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>&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>
<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 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>Cash and cash equivalents</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><B> 9,562,728</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>&nbsp;</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>
</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>Prepaid assets</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><B> 8,895</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> &#151;</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>Gold bullion</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><B> 723,508,099</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> &#151;</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 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 assets</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 733,079,722</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>&nbsp;</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>
</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: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="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" 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>Liabilities</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>&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>
<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 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>Accounts payable</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><B> 638,659</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> &#151;</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 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="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><B>Total liabilities</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 638,659</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> &#151;</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 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-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Equity</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>&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>
<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 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>Unitholders' capital</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><B> 721,950,000</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>&nbsp;</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>
</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>Retained earnings</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><B> 44,888,468</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2> &#151;</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>Underwriting commissions and issue 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><B> (34,397,405</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B>)</B></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> &#151;</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 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 equity </B></FONT><FONT SIZE=2><I>(note&nbsp;4)</I></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><B> 732,441,063</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>&nbsp;</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>
</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: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="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><B>Total liabilities and equity</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 733,079,722</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>&nbsp;</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>
</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: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 equity per Unit</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 10.60</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" 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>
</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>
<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 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>The accompanying notes are an integral part of these interim financial statements.  </I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-24</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=140,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=489346,FOLIO='F-24',FILE='DISK125:[10ZCA2.10ZCA14402]FO14402A.;6',USER='JDAY',CD='15-SEP-2010;16:26' -->
<A NAME="page_fo14402_1_25"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I> <A NAME="fo14402_sprott_physical_gold_trust_una__spr03332"> </A>
<A NAME="toc_fo14402_2"> </A> </I></FONT><FONT SIZE=2><B><BR>  SPROTT PHYSICAL GOLD TRUST    <BR>    <BR>    UNAUDITED INTERIM STATEMENTS OF COMPREHENSIVE INCOME    <BR>    </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>


<!-- 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="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="98pt" 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="92pt" 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=2>&nbsp;</FONT><BR></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>For the three months<BR>
ended June&nbsp;30, 2010<BR>
US$ </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>For the period from<BR>
February&nbsp;25, 2010<BR>
to June&nbsp;30, 2010<BR>
US$ </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&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><B>Income</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>&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>
<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 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>Unrealized gains on gold bullion</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><B> 53,189,585</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 45,696,132</B></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 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></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><B> 53,189,585</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 45,696,132</B></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 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="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" 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>Expenses</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>&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>
<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 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>Management fees </FONT><FONT SIZE=2><I>(note&nbsp;9)</I></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><B> 497,916</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 637,757</B></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>Bullion storage fees</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><B> 40,390</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 55,924</B></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>Listing and regulatory filing fees</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><B> 33,343</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 46,167</B></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>Audit fees</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><B> 27,425</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 37,973</B></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>General and administrative</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><B> 6,695</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 14,371</B></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>Unitholder reporting costs</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><B> 3,740</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 5,179</B></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>Independent Review Committee fees</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><B> 2,902</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 4,040</B></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>Legal fees</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><B> 2,494</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 3,453</B></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>Trustee fees</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><B> 1,247</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 1,726</B></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>Net foreign exchange losses</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><B> 744</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 1,074</B></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 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></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><B> 616,896</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 807,664</B></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 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="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><B>Net income for the period</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 52,572,689</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 44,888,468</B></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 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>Other comprehensive income</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><B> &#151;</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> &#151;</B></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 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="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><B>Total comprehensive income for the period</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 52,572,689</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 44,888,468</B></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 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>Basic and diluted income per Unit </B></FONT><FONT SIZE=2><I>(note&nbsp;5)</I></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><B> 1.01</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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><B> 0.95</B></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 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>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>The accompanying notes are an integral part of these interim financial statements.  </I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-25</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=141,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=603617,FOLIO='F-25',FILE='DISK125:[10ZCA2.10ZCA14402]FO14402B.;5',USER='JDAY',CD='15-SEP-2010;16:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_fq14402_1_26"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="fq14402_sprott_physical_gold_trust_una__spr03204"> </A>
<A NAME="toc_fq14402_1"> </A></FONT> <FONT SIZE=2><B><BR>  SPROTT PHYSICAL GOLD TRUST    <BR>    <BR>    UNAUDITED INTERIM STATEMENTS OF CHANGES IN EQUITY    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:62%;margin-left:10%;">
<P style="font-family:times;text-align:justify"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"130%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="130%"  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="61pt" 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>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" 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="65pt" 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 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></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>Number of<BR>
Units<BR>
outstanding </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>Unitholders'<BR>
Capital<BR>
US$ </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>Retained<BR>
Earnings<BR>
(Deficit)<BR>
US$ </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>Underwriting<BR>
Commissions<BR>
and Issue<BR>
Expenses<BR>
US$ </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>Total Equity<BR>
US$ </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" 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><B>Balance at February&nbsp;24, 2010</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> 1</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> 10</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> &#151;</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> &#151;</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> 10</B></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>Cancellation of Unit</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> (1</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (10</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> &#151;</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> &#151;</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> (10</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" 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>Proceeds from issue of Units</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> 44,250,000</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> 442,500,000</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> &#151;</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> &#151;</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> 442,500,000</B></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>Net loss for the period</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> &#151;</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> &#151;</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> (7,684,221</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> &#151;</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> (7,684,221</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" 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>Underwriting commissions and issue expenses</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> &#151;</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> &#151;</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> &#151;</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> (22,425,085</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (22,425,085</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></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: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>
<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>
<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="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><B>Balance at March&nbsp;31, 2010</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> 44,250,000</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> 442,500,000</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> (7,684,221</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (22,425,085</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 412,390,694</B></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: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>
<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>
<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="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proceeds from issuance of Units</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> 24,840,000</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> 279,450,000</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> &#151;</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> &#151;</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> 279,450,000</B></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>Net income for the period</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> &#151;</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> &#151;</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> 52,572,689</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> &#151;</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> 52,572,689</B></FONT></TD>
<TD 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:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Underwriting commissions and issue expenses</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> &#151;</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> &#151;</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> &#151;</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> (11,972,320</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (11,972,320</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></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: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>
<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>
<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="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><B>Balance at June&nbsp;30, 2010</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> 69,090,000</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> 721,950,000</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> 44,888,468</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> (34,397,405</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 732,441,063</B></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>
<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>
<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>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>The accompanying notes are an integral part of these interim financial statements.  </I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-26</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=142,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=363758,FOLIO='F-26',FILE='DISK125:[10ZCA2.10ZCA14402]FQ14402A.;4',USER='JDAY',CD='15-SEP-2010;16:26' -->
<A NAME="page_fq14402_1_27"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I> <A NAME="fq14402_sprott_physical_gold_trust_una__spr02917"> </A>
<A NAME="toc_fq14402_2"> </A> </I></FONT><FONT SIZE=2><B><BR>  SPROTT PHYSICAL GOLD TRUST    <BR>    <BR>    UNAUDITED INTERIM STATEMENTS OF CASH FLOWS    <BR>    </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>


<!-- 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="10pt" 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="98pt" 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="96pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></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>For the three months<BR>
ended June&nbsp;30, 2010<BR>
US$ </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>For the period from<BR>
February&nbsp;25, 2010 to<BR>
June&nbsp;30, 2010<BR>
US$ </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Cash flow from operating activities</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>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net income for the period</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> 52,572,689</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> 44,888,468</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Adjustments to reconcile net income for the period to net cash from operating activities</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 BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&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>Unrealized gains on gold bullion</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> (53,189,585</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (45,696,132</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 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>Net changes in operating assets and liabilities</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>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Decrease in due to brokers</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> (4,897,721</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> &#151;</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Increase in prepaid assets</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> (8,895</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (8,895</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Increase in accounts payable</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> 414,851</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> 638,659</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=2 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="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net cash used in operating activities</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> (5,108,661</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (177,900</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=2 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="White" VALIGN="BOTTOM">
<TD COLSPAN=2 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>Cash flow from investing activities</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>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Purchase of gold bullion</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> (266,389,362</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (677,811,967</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=2 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="White" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net cash used in investing activities</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> (266,389,362</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (677,811,967</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=2 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="BOTTOM">
<TD COLSPAN=2 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>Cash flow from financing activities</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>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proceeds from issuance of Units</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> 279,450,000</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> 721,950,000</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Payments on cancellation of Unit</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> &#151;</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> (10</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Underwriting commissions and issue expenses</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> (11,972,320</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> (34,397,405</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=2 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="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Net cash provided by financing activities</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> 267,477,680</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> 687,552,585</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=2 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="White" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net increase (decrease) in cash during the period</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> (4,020,343</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B> 9,562,718</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents at beginning of period</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> 13,583,071</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> 10</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=2 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="White" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Cash and cash equivalents at end of period</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> 9,562,728</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> 9,562,728</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=2 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>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><I>The accompanying notes are an integral part of these interim financial statements.  </I></FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=143,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=666139,FOLIO='F-27',FILE='DISK125:[10ZCA2.10ZCA14402]FQ14402B.;4',USER='JDAY',CD='15-SEP-2010;16:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_fs14402_1_28"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="fs14402_sprott_physical_gold_trust_not__spr03425"> </A>
<A NAME="toc_fs14402_1"> </A></FONT> <FONT SIZE=2><B><BR>  SPROTT PHYSICAL GOLD TRUST    <BR>    <BR>    NOTES TO THE UNAUDITED INTERIM FINANCIAL STATEMENTS    <BR>    <BR>    June 30, 2010    <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 and as further amended and restated as of February&nbsp;1, 2010 (the&nbsp;"Trust Agreement"). The Trust's initial
public offering was priced on February&nbsp;25, 2010 and closed on March&nbsp;3, 2010. The Trust is authorized to issue an unlimited number of redeemable, transferable trust units
(the&nbsp;"Units"). The beneficiaries of the Trust are the holders of Units that were issued on March&nbsp;3, 2010, March&nbsp;8, 2010, March&nbsp;25, 2010 and June&nbsp;1, 2010 in
connection with the Trust's initial public offering, exercise by the underwriters of the overallotment options and a follow-on offering. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
investment objective of the Trust is to seek 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. As part of its investment strategy, the Trust invests and holds substantially all of its assets in physical gold bullion.
The Trust invests and intends to continue to invest primarily in long-term holdings of unencumbered, fully allocated, physical gold bullion and does not speculate with regard to
short-term changes in gold&nbsp;prices. </FONT></P>

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

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Sprott
Asset Management&nbsp;LP (the&nbsp;"Manager") acts as the manager of the Trust pursuant to the 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 also acts as custodian for the Trust's assets other than physical gold bullion on behalf
of the Trust. The Royal Canadian Mint acts as custodian on behalf of the Trust for the physical gold bullion owned by the&nbsp;Trust. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
unaudited interim financial statements ("interim financial statements") of the Trust for the period ended June&nbsp;30, 2010 were authorized for issue by the Manager on August&nbsp;4, 2010.
The Manager has the power to amend financial statements if&nbsp;required. </FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIGNIFICANT ACCOUNTING POLICIES  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 2.1&nbsp;&nbsp;&nbsp;&nbsp;BASIS OF PREPARATION  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
interim financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
interim financial statements have been prepared on a historical cost basis, except for physical gold bullion which is measured at fair value and certain financial assets and financial liabilities
which are required to be measured at fair&nbsp;value. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
interim financial statements are presented in U.S.&nbsp;dollars. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>Comparative
figures have not been presented for the interim statements of comprehensive income, changes in equity and cash flows because the Trust had no operations prior to the initial public
offering which closed on March&nbsp;3, 2010 other than the issuance of one unit for proceeds of&nbsp;U.S.$10. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=144,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=466594,FOLIO='F-28',FILE='DISK125:[10ZCA2.10ZCA14402]FS14402A.;14',USER='JDAY',CD='15-SEP-2010;16:26' -->
<A NAME="page_fs14402_1_29"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SPROTT PHYSICAL GOLD TRUST </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO THE UNAUDITED INTERIM FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> June 30, 2010 </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIGNIFICANT ACCOUNTING POLICIES (Continued) </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 2.2&nbsp;&nbsp;&nbsp;&nbsp;STATEMENT OF COMPLIANCE  </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
interim financial statements have been prepared in accordance with International Accounting Standards ("IAS") 34 </FONT><FONT SIZE=2><I>Interim Financial Reporting</I></FONT><FONT SIZE=2> and
should be read in conjunction with the Trust's financial statements as at February&nbsp;24,&nbsp;2010. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 2.3&nbsp;&nbsp;&nbsp;&nbsp;SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
preparation of the Trust's interim financial statements requires management to make judgments, estimates and assumptions that affect the amounts recognized in the interim financial statements.
However, these assumptions and estimates are uncertain and could result in outcomes that may require a material adjustment to the carrying amount of the asset or&nbsp;liability. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 2.4&nbsp;&nbsp;&nbsp;&nbsp;FUNCTIONAL AND PRESENTATION CURRENCY  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
primary objective of the Trust is to generate returns in U.S.&nbsp;dollars. The liquidity of the Trust is managed on a day-to-day basis in U.S.&nbsp;dollars in order to
facilitate redemptions of the Trust's Units. Transactions in physical gold bullion are denominated in U.S.&nbsp;dollars. The Trust's performance is evaluated in U.S.&nbsp;dollars. Therefore,
management considers the U.S.&nbsp;dollar as the currency that most faithfully represents the economic effect of the underlying transactions, events and&nbsp;conditions. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 2.5&nbsp;&nbsp;&nbsp;&nbsp;SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>(i)&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
Cash and cash equivalents consist of cash on deposit with the Trust's custodian, which is not subject to restrictions and short-term interest bearing notes and treasury bills with a term
to maturity of 90&nbsp;days or less from the date of purchase. Investment transactions in cash equivalents are accounted for on the date the order to buy or sell is&nbsp;executed. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>(ii)&nbsp;&nbsp;&nbsp;&nbsp;Gold bullion  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
Investments in gold bullion are measured at fair value determined by reference to published price quotations, with unrealized and realized gains and losses recorded in income based on the
IAS&nbsp;40 </FONT><FONT SIZE=2><I>Investment Property</I></FONT><FONT SIZE=2> fair value model as IAS&nbsp;40 is the most relevant IFRS to apply. Investment transactions in physical gold bullion
are accounted for on the business day following the date the order to buy or sell is&nbsp;executed. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>(iii)&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
This category includes all financial liabilities, other than those classified at fair value through profit and loss. The Trust includes in this category management fees payable, due to brokers and
other short-term accounts payable. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>(iv)&nbsp;&nbsp;&nbsp;&nbsp;Due to brokers  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
Amounts due to brokers are payables for physical gold bullion purchased that have been contracted for but not yet delivered on the reporting date. Refer to accounting policy for Other financial
liabilities for recognition and measurement. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=145,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=951227,FOLIO='F-29',FILE='DISK125:[10ZCA2.10ZCA14402]FS14402A.;14',USER='JDAY',CD='15-SEP-2010;16:26' -->
<A NAME="page_fs14402_1_30"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SPROTT PHYSICAL GOLD TRUST </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO THE UNAUDITED INTERIM FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> June 30, 2010 </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIGNIFICANT ACCOUNTING POLICIES (Continued) </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>(v)&nbsp;&nbsp;&nbsp;&nbsp;Fees and commissions  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
Fees and commissions are recognized on an accrual basis. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>(vi)&nbsp;&nbsp;&nbsp;&nbsp;Unit issue costs  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
Unit issue costs, including underwriting commissions and issue expenses, are recorded as a reduction to unitholders' equity in the period they are&nbsp;incurred. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>(vii)&nbsp;&nbsp;&nbsp;&nbsp;Income taxes  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
In each taxation year, the Trust will be subject to income tax on taxable income earned during the year, including net realized taxable capital gains. However, the Trust intends to distribute its
taxable income to unitholders at the end of every fiscal year and therefore the Trust itself would not have any income tax&nbsp;liability. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>(viii)&nbsp;&nbsp;&nbsp;&nbsp;Future changes in accounting policies  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
The following standards and amendments were issued by the International Accounting Standards Board but are not yet effective; these standards are not expected to have a material impact on the
financial position or performance of the&nbsp;Trust. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>IFRS&nbsp;9
Amendment to </FONT><FONT SIZE=2><I>Financial Instruments</I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
revised standard was issued in November&nbsp;2009 and will become effective on January&nbsp;1, 2013. The revised standard enhances the ability of investors and other users of financial
information to understand the accounting of financial assets and reduces complexity by using a single approach to determine whether a financial asset is measured at amortized cost or fair value,
replacing the many different rules in IAS&nbsp;39&#151;Financial Instruments: </FONT><FONT SIZE=2><I>Recognition and Measurement</I></FONT><FONT SIZE=2>. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>IAS&nbsp;24
Amendment to </FONT><FONT SIZE=2><I>Related Party Disclosures</I></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
revised standard was issued in November&nbsp;2009 and is effective for annual periods beginning on or after January&nbsp;1, 2011. The revised standard simplifies the disclosure requirements
for entities that are
controlled, jointly controlled or significantly influenced by a government and clarifies the definition of a related&nbsp;party. </FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEGMENT INFORMATION  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Trust is organized into one main operating segment, which invests in physical gold bullion. All of the Trust's activities are interrelated, and each activity is dependent on the others.
Accordingly, all significant operating decisions are based upon an analysis of the Trust as one segment. The financial results from this segment are equivalent to the financial statements of the Trust
as a&nbsp;whole. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Trust's operating income is earned entirely in Canada primarily from its investment in physical gold&nbsp;bullion. </FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNITHOLDERS' CAPITAL  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Trust is authorized to issue an unlimited number of redeemable, transferrable Trust Units in one or more classes and series of Units. All issued Units have no par value, are fully paid for, listed
and </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=146,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=43134,FOLIO='F-30',FILE='DISK125:[10ZCA2.10ZCA14402]FS14402A.;14',USER='JDAY',CD='15-SEP-2010;16:26' -->
<A NAME="page_fs14402_1_31"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SPROTT PHYSICAL GOLD TRUST </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO THE UNAUDITED INTERIM FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> June 30, 2010 </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNITHOLDERS' CAPITAL (Continued) </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>traded
on the New&nbsp;York Stock Exchange Arca (the&nbsp;"NYSE Arca") and the Toronto Stock Exchange (the&nbsp;"TSX") under the symbols "PHYS" and "PHY.U", respectively. The Trust's capital is
represented by these redeemable participating Units. Quantitative information about the Trust's capital is provided in the interim statement of changes in&nbsp;equity. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>(i)&nbsp;&nbsp;&nbsp;&nbsp;Classification of Units  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
Units of the Trust are considered puttable financial instruments and are classified as equity because they meet all of the following criteria: (a)&nbsp;Units entitle the holder to a </FONT> <FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2> share
of the Trust's net assets, as defined below, in the event of the Trust's liquidation; (b)&nbsp;Units are subordinate to all
other classes of instrument; (c)&nbsp;all financial instruments in the class of instruments that are subordinate to all other classes of instrument have identical features; more specifically, the
Trust currently only has one class of such instruments (the&nbsp;Units); (d)&nbsp;apart from the obligation for the Trust to repurchase or redeem the Units for cash or gold under the Trust
Agreement, as described below, the Units do not require the delivery of cash or another financial instrument to another entity under conditions that are potentially unfavourable to the Trust, and the
obligation may not be settled in the Trust's own equity instruments and (e)&nbsp;the total expected cash flows attributable to the Units over the life of the Units are based substantially on the
profit or loss, the change in the recognized net assets or the change in the fair value of the recognized and unrecognized net assets of the Trust over the life of the Units. Furthermore, the Trust
has no other financial instrument or contract that has (a)&nbsp;total cash flows based
substantially on the profit or loss, the change in the recognized net assets or the change in the fair value of the recognized and unrecognized net assets of the Trust and (b)&nbsp;the effect of
substantially restricting or fixing the residual return to the puttable instrument holders. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>(ii)&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
Net Asset Value ("NAV") is defined as the Trust's net assets (fair value of total assets less fair value of total liabilities, excluding all liabilities represented by outstanding Units, if any)
calculated using the value of physical gold bullion based on the end of day price provided by a widely recognized pricing service. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>(iii)&nbsp;&nbsp;&nbsp;&nbsp;Redemptions  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
Under 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 NAV per Unit 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 NYSE Arca, or, if trading has been suspended on the NYSE Arca, on the TSX, for the last five business
days of the month in which the redemption request is processed and (ii)&nbsp;the NAV per Unit of the redeemed Units as of 4:00&nbsp;p.m., Toronto time, on the last business day of the month in
which the redemption request is&nbsp;processed. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>F-31</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=147,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=557163,FOLIO='F-31',FILE='DISK125:[10ZCA2.10ZCA14402]FS14402A.;14',USER='JDAY',CD='15-SEP-2010;16:26' -->
<A NAME="page_fs14402_1_32"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SPROTT PHYSICAL GOLD TRUST </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO THE UNAUDITED INTERIM FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> June 30, 2010 </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNITHOLDERS' CAPITAL (Continued) </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>When
Units are redeemed and cancelled and the cost of such Units is either above or below their stated or assigned value, the cost is allocated to unitholders' capital in an amount equal to the stated
or assigned value of the Units and any difference is allocated to the Unit premiums and reserves account. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>(iv)&nbsp;&nbsp;&nbsp;&nbsp;Capital management  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
As a result of the ability of the Trust to issue and repurchase Units, the capital of the Trust can vary depending on the demand for redemptions and subscriptions to the Trust. The Trust is not
subject to externally imposed capital requirements and has no restrictions on the repurchase of Units. The Trust may not issue additional Units except (i)&nbsp;if the net proceeds per Unit to be
received by the Trust are not less than 100% of the most recently calculated NAV 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. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Trust's objectives for managing capital are: </FONT></P>

<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>To invest and hold substantially all of its assets in physical gold bullion;&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>To maintain sufficient liquidity to meet the expenses of the Trust and to meet redemption requests as they&nbsp;arise. </FONT></DD></DL>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>As
at June&nbsp;30, 2010, the amount classified as equity is U.S.&nbsp;$732,441,063. The Manager of the Trust does not expect material redemptions of Units, as an exchange listing provides a
liquid market for the trading of the Units. Risks associated with an investment in financial instruments are described in Note&nbsp;8. </FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EARNINGS PER UNIT  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Basic
earnings per unit ("EPU") is calculated by dividing the net income for the period attributable to the Trust's unitholders by the weighted average number of Units outstanding during
the&nbsp;period. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Trust's diluted EPU is the same as basic EPU, since the Trust has not issued any instruments with dilutive potential. </FONT></P>

</UL>
 <DIV style="padding:0pt;position:relative;width:60%;margin-left:20%;">
<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="41%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="20%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="20%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=5 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</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>For the three months ended<BR>
June&nbsp;30, 2010</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>For the period from<BR>
February&nbsp;25, 2010<BR>
to June&nbsp;30, 2010</B></FONT><BR></TH>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=5 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1><B> </B></FONT><FONT SIZE=2>Net income</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>U.S.&nbsp;$52,572,689</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>U.S.&nbsp;$44,888,468</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=5 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR 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>Weighted average number of Units outstanding</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>52,166,044</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>47,171,508</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=5 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR 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>Basic and diluted income per Unit</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>U.S.&nbsp;$1.01</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>U.S.&nbsp;$0.95</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=5 style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASH AND CASH EQUIVALENTS  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>As
at June&nbsp;30, 2010, cash and cash equivalents consisted entirely of cash on&nbsp;deposit. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=148,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=568764,FOLIO='F-32',FILE='DISK125:[10ZCA2.10ZCA14402]FS14402A.;14',USER='JDAY',CD='15-SEP-2010;16:26' -->
<A NAME="page_fs14402_1_33"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SPROTT PHYSICAL GOLD TRUST </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO THE UNAUDITED INTERIM FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> June 30, 2010 </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAIR VALUE OF FINANCIAL INSTRUMENTS  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>As
at June&nbsp;30, 2010, due to the short term nature of financial assets and financial liabilities recorded at amortized cost, it is assumed that the carrying amount of those instruments
approximate their fair&nbsp;value. </FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL RISKS AND MANAGEMENT OBJECTIVES AND POLICIES  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Trust is exposed to market risk, credit risk and liquidity risk arising from the investments that it holds. Market risk is the risk that the fair value or future cash flows of the Trust's
investments will fluctuate due to changes in market variables, such as the price of gold, interest rates and foreign exchange rates. The maximum risk relating to the Trust's investments equals their
fair&nbsp;value. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Trust segregates market risk into three categories: price risk, interest rate risk and foreign exchange&nbsp;risk. </FONT></P>

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

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Price
risk arises from the possibility that changes in the price of the Trust's investments, which consist almost entirely of gold bullion, will result in changes in carrying value. As at
June&nbsp;30, 2010, investments in physical gold bullion were approximately 98.7% of total&nbsp;assets. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>If
the market value of gold increased by 1%, with all other variables held constant, this would have increased comprehensive income by approximately $7.2&nbsp;million; conversely, if the value of
gold bullion decreased by 1%, this would have increased comprehensive loss by the same&nbsp;amount. </FONT></P>

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

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Interest
rate risk arises from the possibility that changes in interest rates will affect the value of financial instruments. The Trust does not hedge its exposure to interest rate risk as such risk
is minimal. The Trust invests in short-term debt securities issued by the Government of Canada with maturities of less than 90&nbsp;days from the date of purchase. Due to the short term
duration of these instruments, they have minimal interest rate&nbsp;risk. </FONT></P>

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

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Foreign
exchange risk arises from the possibility that changes in the price of foreign currencies will result in changes in carrying value. The Trust's assets, substantially all of which consist of an
investment in gold bullion, are priced in U.S.&nbsp;dollars. Some of the Trust's expenses are payable in Canadian dollars. Therefore, the Trust is exposed to currency risk, as the value of its
liabilities denominated in Canadian dollars will fluctuate due to changes in exchange rates. Most of such liabilities, however, are short term
in nature and are not material in relation to the net assets of the Trust, and, as such, exposure to foreign exchange risk is limited. The Trust does not enter into currency hedging transactions. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>As
at June&nbsp;30, 2010, approximately U.S.&nbsp;$472,000 of the Trust's liabilities were denominated in Canadian dollars. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=149,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=103928,FOLIO='F-33',FILE='DISK125:[10ZCA2.10ZCA14402]FS14402A.;14',USER='JDAY',CD='15-SEP-2010;16:26' -->
<A NAME="page_fs14402_1_34"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SPROTT PHYSICAL GOLD TRUST </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO THE UNAUDITED INTERIM FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> June 30, 2010 </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL RISKS AND MANAGEMENT OBJECTIVES AND POLICIES (Continued) </B></FONT></P>

<UL>

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

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Credit
risk arises from the potential that counterparties will fail to satisfy their obligations as they come due. The Trust primarily incurs credit risk when entering into and settling gold bullion
transactions. It is the Trust's policy to only transact with reputable counterparties. The Manager closely monitors the creditworthiness of the Trust's counterparties, such as bullion dealers, by
reviewing their financial statements, when available, regulatory notices and press releases. The Trust seeks to minimize credit risk relating to unsettled transactions in gold bullion by only engaging
in transactions with bullion dealers with high creditworthiness. Payment for securities purchased, such as treasury bills, is only made against the receipt of the securities by the custodian. The
Trust has only purchased and expects only to own "good delivery bars" as defined by the London Bullion Market Association ("LBMA"), with each bar purchased being verified against the
LBMA&nbsp;source. </FONT></P>

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

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Liquidity
risk is defined as the risk that the Trust will encounter difficulty in meeting obligations associated with financial liabilities. Liquidity risk arises because of the possibility that the
Trust could be required to pay its liabilities earlier than expected. The Trust is exposed to redemptions for both cash and gold bullion on a regular basis. The Trust manages its obligation to redeem
Units when required to do so and its overall liquidity risk by allowing for redemptions only monthly and requiring a 15-day notice period for redemptions. The Trust's liquidity risk is
minimal since its
primary investment is physical gold bullion, which trades in a highly liquid market. All of the Trust's financial liabilities, including due to brokers, accounts payable and management fees payable
have maturities of less than three&nbsp;months. </FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RELATED PARTY DISCLOSURES  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;Management fees and other expenses  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
The Trust pays 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, calculated and accrued daily and payable monthly in arrears on the last day of each month. For the periods from February&nbsp;25 to June&nbsp;30, 2010 and from
April&nbsp;1 to June&nbsp;30, 2010 the Trust incurred U.S.$637,757 and U.S.&nbsp;$497,916 in management fees, respectively; management fees were fully paid as at June&nbsp;30,&nbsp;2010. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Also,
the Manager has 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 the 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 remain payable to the Manager in future&nbsp;months. </FONT></P>

<P style="font-family:times;text-align:justify"><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&nbsp;Trust. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=150,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=417636,FOLIO='F-34',FILE='DISK125:[10ZCA2.10ZCA14402]FS14402A.;14',USER='JDAY',CD='15-SEP-2010;16:26' -->
<A NAME="page_fs14402_1_35"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
SPROTT PHYSICAL GOLD TRUST </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> NOTES TO THE UNAUDITED INTERIM FINANCIAL STATEMENTS (Continued) </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> June 30, 2010 </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RELATED PARTY DISCLOSURES (Continued) </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;Ownership and other  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
As at June&nbsp;30, 2010, the Trust's related parties include Eric Sprott, CEO and Senior Portfolio Manager of the Manager, as well as Charles Oliver and Jamie Horvat, both Senior Portfolio Managers
of the Manager. Eric Sprott and Sprott Foundation, a charitable organization established by Mr.&nbsp;Sprott's family, and Charles Oliver owned 8.68%, 2.89% and 0.03% of the Units of the Trust,
respectively. </FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 10.&nbsp;&nbsp;&nbsp;INDEPENDENT REVIEW COMMITTEE ("IRC")  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>In
accordance with National Instrument&nbsp;81-107, Independent Review Committee for Investment Funds ("NI&nbsp;81-107"), the Manager has established an IRC for a number of
funds managed by it, including the Trust. The mandate of the IRC is to consider and provide recommendations to the Manager on conflicts of interest to which the Manager is subject when managing
certain funds, including the Trust. The IRC is composed of three individuals, each of whom is independent of the Manager and all funds managed by the Manager, including the Trust. Each fund subject to
IRC oversight pays a share of the IRC member fees, costs and other fees in connection with
operation of the IRC. The IRC reports annually to unitholders of the funds subject to its oversight on its activities, as required by NI&nbsp;81-107. </FONT></P>

</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B> 11.&nbsp;&nbsp;&nbsp;PERSONNEL  </B></FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>The
Trust did not employ any personnel during the period, as its affairs were administered by the personnel of the Manager and/or the Trustee, as&nbsp;applicable. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=151,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=157255,FOLIO='F-35',FILE='DISK125:[10ZCA2.10ZCA14402]FS14402A.;14',USER='JDAY',CD='15-SEP-2010;16:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_je14401_1_1"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="je14401_exhibit_a"> </A>
<A NAME="toc_je14401_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="je14401_form_of_gold_redemption_notice"> </A>
<A NAME="toc_je14401_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 COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Ticker Symbol: <U>PHY.U (TSX)/PHYS (NYSE Arca)</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CUSIP number: <U>85207H104</U></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>
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="100%" ALIGN="LEFT" -->
<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 NYSE 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 February&nbsp;1,
2010, 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. The Unitholder has instructed his or her broker to withdraw such Units in physical certificate&nbsp;form. </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="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 -->
 </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>


<!-- 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;"><BR><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Unitholder's Brokerage Account Number</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>
<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 Broker Name and DTC/CDS Number<BR></FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<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 Broker Contact Name and Telephone Number<BR></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 style="font-family:times;text-align:justify"><FONT SIZE=2><U>Instruction</U> </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Fax
redemption notice to: </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>Equity
Transfer&nbsp;&amp; Trust Company (Attn. Corporate Actions)<BR>
Fax: (416)&nbsp;361-0470 </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;LP, Compliance Department<BR>
Fax: (416)&nbsp;943-6497 </FONT></DD></DL>
<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>
<!-- ZEQ.=1,SEQ=152,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=998223,FOLIO='A-1',FILE='DISK124:[10ZCA1.10ZCA14401]JE14401A.;4',USER='BHOLLIN',CD='16-SEP-2010;10:31' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_jg14401_1_1"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="jg14401_exhibit_b"> </A>
<A NAME="toc_jg14401_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="jg14401_form_of_cash_redemption_notice"> </A>
<A NAME="toc_jg14401_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>

<!-- 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 COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Ticker Symbol: <U>PHY.U (TSX)/PHYS (NYSE Arca)</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CUSIP number <U>85207H104</U></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>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="100%" ALIGN="LEFT" -->
<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 NYSE 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 February&nbsp;1, 2010, as the same may
be further amended, restated or supplemented from time to time, and directs Equity Transfer to cancel such Units and wire such cash in accordance with the following wire instructions. </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="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>


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

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Fax
redemption notice to: </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>Equity
Transfer&nbsp;&amp; Trust Company (Attn. Corporate Actions)<BR>
Fax: (416)&nbsp;361-0470 </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;LP, Compliance Department<BR>
Fax: (416)&nbsp;943-6497 </FONT></DD></DL>
<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>
<!-- ZEQ.=1,SEQ=153,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=539831,FOLIO='B-1',FILE='DISK124:[10ZCA1.10ZCA14401]JG14401A.;4',USER='BHOLLIN',CD='16-SEP-2010;10:31' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

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


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g716406.jpg" ALT="GRAPHIC" WIDTH="591" HEIGHT="154">
  </B></FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=154,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=856755,FOLIO='blank',FILE='DISK124:[10ZCA1.10ZCA14401]KA14401A.;3',USER='BHOLLIN',CD='16-SEP-2010;10:31' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_ja14403_1_1"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ja14403_part_ii__information_not_required_in_the_prospectus"> </A>
<A NAME="toc_ja14403_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="ja14403_item_6._indemnification_of_directors_and_officers"> </A>
<A NAME="toc_ja14403_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="ja14403_item_7._recent_sales_of_unregistered_securities."> </A>
<A NAME="toc_ja14403_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, which was held by the Trust's settlor and which
was presented for cancellation after the Trust's initial public offering.  </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="ja14403_item_8._exhibits_and_financial_statement_schedules"> </A>
<A NAME="toc_ja14403_4"> </A></FONT> <FONT SIZE=2><B>  ITEM&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS AND FINANCIAL STATEMENT SCHEDULES    <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="44pt" 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:30pt;"><FONT SIZE=1><B>Exhibit<BR>
number

<!-- COMMAND=ADD_SCROPPEDRULE,30pt -->

 </B></FONT></DIV></TH>
<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

<!-- COMMAND=ADD_SCROPPEDRULE,41pt -->

 </B></FONT></DIV></TH>
</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>Form of 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<SUP>(2)</SUP></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, dated as of December&nbsp;7, 2009<SUP>(1)</SUP></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>3.3</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, dated as of February&nbsp;1, 2010<SUP>(3)</SUP></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<SUP>(1)</SUP></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<SUP>(2)</SUP></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<SUP>(1)</SUP></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<SUP>(1)</SUP></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<SUP>(1)</SUP></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>23.4</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>
</TR>
</TABLE></DIV>

<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:0%;">
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="10%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="10%" ALIGN="LEFT" >



<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>Previously
filed.

<BR><BR></FONT></DD>

<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>Incorporated
by reference to the registrant's Registration Statement on Form&nbsp;F-1, filed with the SEC on December&nbsp;9,&nbsp;2009.
<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>Incorporated
by reference to Amendment No.&nbsp;1 to&nbsp;the registrant's Registration Statement on Form&nbsp;F-1, filed with the SEC on
January&nbsp;25,&nbsp;2010.
<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>Incorporated
by reference to Amendment No.&nbsp;2 to&nbsp;the registrant's Registration Statement on Form&nbsp;F-1, filed with the SEC on
February&nbsp;2,&nbsp;2010. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=155,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=452024,FOLIO='II-1',FILE='DISK126:[10ZCA3.10ZCA14403]JA14403A.;4',USER='BHOLLIN',CD='16-SEP-2010;10:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_jc14403_1_2"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="jc14403_signatures"> </A>
<A NAME="toc_jc14403_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 16<SUP>th</SUP>&nbsp;day of September,&nbsp;2010.

 </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="157pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="22pt" 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>&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>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Name: Eric S. Sprott<BR>
Title: Chief Executive Officer<BR></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="jc14403_powers_of_attorney"> </A>
<A NAME="toc_jc14403_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-2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=156,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=109407,FOLIO='II-2',FILE='DISK126:[10ZCA3.10ZCA14403]JC14403A.;9',USER='BHOLLIN',CD='16-SEP-2010;10:26' -->
<A NAME="page_jc14403_1_3"> </A>

<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 September&nbsp;16, 2010 in the
capacities indicated.

 </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="32%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="64%" 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:34pt;"><FONT SIZE=1><B>Signature

<!-- COMMAND=ADD_SCROPPEDRULE,34pt -->

 </B></FONT></DIV></TH>
<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:17pt;"><FONT SIZE=1><B>Title

<!-- COMMAND=ADD_SCROPPEDRULE,17pt -->

 </B></FONT></DIV></TH>
</TR>
<TR VALIGN="BOTTOM">
<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>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>/s/ Eric S. Sprott<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>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>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>/s/ Steven Rostowsky<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</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>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>/s/ Kirstin H. McTaggart<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</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>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>
<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/ Kevin Bambrough<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</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>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>/s/ Scott P. Dexter<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</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>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>/s/ John Embry<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</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>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>/s/ James R. Fox<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</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>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</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><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</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>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</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>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <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&nbsp;Registrant </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=157,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=189583,FOLIO='II-3',FILE='DISK126:[10ZCA3.10ZCA14403]JC14403A.;9',USER='BHOLLIN',CD='16-SEP-2010;10:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_jd14403_1_4"> </A> </FONT> <FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


<!-- PARA=JUSTIFY -->
</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="jd14403_authorized_representative"> </A>
<A NAME="toc_jd14403_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, September&nbsp;16,&nbsp;2010.

 </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>


<!-- 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="31pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="279pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<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/ Gregory F. Lavelle<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Gregory F. Lavelle<BR>
Managing Director<BR>
Authorized Representative in the United&nbsp;States<BR></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=158,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=494255,FOLIO='II-4',FILE='DISK126:[10ZCA3.10ZCA14403]JD14403A.;7',USER='BHOLLIN',CD='16-SEP-2010;10:26' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>a2200182zex-1_1.htm
<DESCRIPTION>EX-1.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>

<div style="font-family:Times New Roman;">

<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 1.1</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;">[</font></b><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">] Units</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;"><br>
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;">UNITS</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;">&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;">UNDERWRITING 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;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:4.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">], 2010</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>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=1,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=713161,FOLIO='',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-01_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:10 2010' -->


<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;text-indent:397.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">], 2010</font></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 style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan Stanley&nbsp;&amp; Co. Incorporated</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RBC
Dominion Securities Inc.</font></p>

<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-13.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">]</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
c/o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Morgan Stanley&nbsp;&amp;
Co. Incorporated<br>
1585 Broadway<br>
New York, New York 10036<br>
U.S.A.</font></p>

<p style="margin:0in 0in .0001pt .25in;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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-
and -</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RBC
Dominion Securities Inc.<br>
Royal Bank Plaza<br>
200 Bay Street<br>
Toronto, ON M5J 2W7<br>
Canada</font></p>

<p style="margin:0in 0in .0001pt .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;">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;">Sprott
Physical Gold Trust, a trust organized under the laws of the Province of
Ontario (the &#147;<b>Trust</b>&#148;), proposes to
issue and sell to the several Underwriters named in Schedule I hereto (the &#147;<b>Underwriters</b>&#148;), an aggregate of [</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">] units of the Trust (the &#147;<b>Firm Units</b>&#148;).&#160; The Trust was formed and organized by Sprott
Asset Management LP, a limited partnership organized under the laws of the
Province of Ontario (the &#147;<b>Manager</b>&#148;).</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 also proposes to issue and sell to the several Underwriters not more than
an additional [</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">] units of the
Trust (the &#147;<b>Additional Units</b>&#148;) if
and to the extent that you, as managers of the offering, shall have determined
to exercise, on behalf of the Underwriters, the right to purchase such units
granted to the Underwriters in Section&nbsp;2 hereof.&#160; The Firm Units and the Additional Units are
hereinafter collectively referred to as the &#147;<b>Units</b>.&#148;&#160;
The units of the Trust to be outstanding after giving effect to the
sales contemplated hereby are hereinafter referred to as the &#147;<b>Trust Units</b>.&#148;</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 has filed with the U.S. Securities and Exchange Commission (the &#147;<b>Commission</b>&#148;) a registration statement on
Form&nbsp;F-1, including a prospectus, relating to the Units.&#160; The registration statement as amended at the
time it becomes effective, including the information (if any) deemed to be part
of the registration statement at the time of effectiveness pursuant to
Rule&nbsp;430A under the U.S. Securities Act of 1933, as amended (the &#147;<b>Securities Act</b>&#148;), is hereinafter referred
to as the &#147;<b>Registration Statement</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;">1<a name="16644-4-KE-01_PB_1_205645_7056"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=2,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=752606,FOLIO='1',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-01_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:10 2010' -->


<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>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Trust has prepared and filed a preliminary base PREP prospectus relating to the
Units in the English and French languages in accordance with National
Instrument 41-101 (&#147;<b>NI 41-101</b>&#148;) and
National Instrument 44-103 for the pricing of securities after the receipt for
a prospectus has been obtained (&#147;<b>NI 44-103</b>&#148;)
(the &#147;<b>Canadian Preliminary Prospectus</b>&#148;) with
the Ontario Securities Commission (the &#147;<b>OSC</b>&#148;) and with
the securities commissions or other securities regulatory authorities (&#147;<b>Canadian Securities Commissions</b>&#148;) in each of the provinces
and territories of Canada (the &#147;<b>Canadian Qualifying
Jurisdictions</b>&#148;) pursuant to the procedures provided for under
Multilateral Instrument 11-102 <i>Passport System</i>
and National Policy 11-102 <i>Process for Prospectus
Reviews in Multiple Jurisdictions </i>(collectively, the &#147;<b>Passport System</b>&#148;).&#160;
The Trust has obtained a preliminary receipt under the Passport System
(the &#147;<b>Preliminary Receipt</b>&#148;) issued
by the OSC in its capacity as principal regulator, representing the deemed
receipt of each of the other Canadian Securities Commissions and evidencing the
receipt of the OSC in respect of the Canadian Preliminary Prospectus.&#160; The Trust has also prepared and filed with
the OSC and the other Canadian Securities Commissions a final base PREP
prospectus relating to the Units in the English and French languages in accordance
with NI 41-101 and NI 44-103 (the &#147;<b>Canadian Final Prospectus</b>&#148;),
and has obtained a final receipt under the Passport System (the &#147;<b>Final Receipt</b>&#148;) issued by the OSC in its capacity as
principal regulator, representing the deemed receipt of each of the other
Canadian Securities Commissions and evidencing the receipt of the OSC in
respect of the Canadian Final Prospectus.&#160;
No other document with respect to such Canadian Preliminary Prospectus
or Canadian Final Prospectus, or amendment thereto, has been filed or
transmitted for filing with any Canadian Securities Commission and no order
having the effect of ceasing or suspending the distribution of the Units has
been issued by any Canadian Securities Commission and no proceeding for that
purpose has been initiated or to the best of the Trust&#146;s knowledge and the
Manager&#146;s knowledge, threatened by any Canadian Securities Commission.</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;">The
prospectus in the form first used to confirm sales of Units (or in the form
first made available to the Underwriters by the Trust to meet requests of
purchasers pursuant to Rule&nbsp;173 under the Securities Act) is hereinafter
referred to as the &#147;<b>Prospectus</b>&#148;
(and shall, with respect to sales of Units in Canada, also include the Canadian
Supplemental Prospectus (as defined in Section&nbsp;6(j)&nbsp;hereof)).&#160; If the Trust has filed an abbreviated
registration statement to register additional Trust Units pursuant to
Rule&nbsp;462(b)&nbsp;under the Securities Act (the &#147;<b>Rule&nbsp;462 Registration Statement</b>&#148;), then any reference
herein to the term &#147;<b>Registration Statement</b>&#148;
shall be deemed to include such Rule&nbsp;462 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;">For
purposes of this Agreement, &#147;<b>free writing
prospectus</b>&#148; has the meaning set forth in Rule&nbsp;405 under the
Securities Act, &#147;<b>Time of Sale Prospectus</b>&#148;
means the preliminary prospectus used in the United States together with the
free writing prospectuses, if any, and the term sheet, each identified in
Schedule II hereto, and &#147;<b>broadly available
road show</b>&#148; means a &#147;bona fide </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<a name="16644-4-KE-01_PB_2_205654_5335"></a></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="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=751149,FOLIO='2',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-01_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:10 2010' -->


<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>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">electronic
road show&#148; as defined in Rule&nbsp;433(h)(5)&nbsp;under the Securities Act that
has been made available without restriction to any person.&#160; As used herein, the terms &#147;Registration
Statement,&#148; &#147;preliminary prospectus,&#148; &#147;Time of Sale Prospectus,&#148; &#147;Prospectus,&#148;
&#147;Canadian Preliminary Prospectus&#148; and &#147;Canadian Final Prospectus&#148; shall include
the documents, if any, incorporated by reference 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:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160; <i>Representations and
Warranties of the Trust and the Manager</i>.&#160; The Trust and the Manager, jointly and
severally, represent and warrant to and agree with each of the Underwriters
that:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160; The Registration Statement has become effective; no stop order
suspending the effectiveness of the Registration Statement is in effect, and no
proceedings for such purpose are pending before or threatened by the
Commission; the Final Receipt has been obtained from the OSC in respect of the
Canadian Final Prospectus and no order suspending the distribution of the Units
has been issued by the Canadian Securities Commissions and no proceedings for
that purpose have been instituted or are pending or, to the knowledge of the
Trust or the Manager, are contemplated by any Canadian Securities Commission.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160; (i)&nbsp; The Registration Statement, when it became effective,
did not contain and, as amended or supplemented, if applicable, will not
contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein
not misleading, (ii)&nbsp; the Canadian Final Prospectus when it was filed and,
as amended or supplemented, if applicable, will when filed, be true and correct
in all material respects and contains full, true and plain disclosure of all
material facts relating to the Trust and the Units as required by Canadian
Securities Laws (as defined below) and does not contain and will not contain
any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein, in
light of the circumstances in which they were made, not misleading, (iii)&nbsp;the
Registration Statement and the Prospectus comply and, as amended or
supplemented, if applicable, will comply in all material respects with the
Securities Act and the applicable rules&nbsp;and regulations of the Commission
thereunder, (iv)&nbsp; the Canadian Preliminary Prospectus and the Canadian
Final Prospectus comply and, as amended or supplemented (including for greater
certainty, by the Canadian Supplemental Prospectus), if applicable, will comply
in all material respects with Canadian Securities Laws and the applicable rules&nbsp;and
regulations of the Canadian Securities Commissions thereunder, (v)&nbsp; the
Time of Sale Prospectus does not, and at the time of each sale of the Units in
connection with the offering when the Prospectus is not yet available to
prospective purchasers and at the Closing Date (as defined in Section&nbsp;4),
the Time of Sale Prospectus, as then amended or supplemented by the Trust, if
applicable, will not, contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading and will be
true and correct in all material respects, (vi)&nbsp; each broadly available
road show, if any, when considered together </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<a name="16644-4-KE-01_PB_3_205706_5796"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=4,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=426848,FOLIO='3',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-01_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:10 2010' -->


<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;">with the Time of Sale Prospectus, does not contain
any untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading and (vii)&nbsp; the Prospectus does
not contain and, as amended or supplemented, if applicable, will not contain
any untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading and will be true and correct in all
material respects and contain full, true and plain disclosure of all material
facts relating to the Trust and the Units as required by Canadian Securities
Laws, except that the representations and warranties set forth in this
paragraph do not apply to statements or omissions in the Registration
Statement, the Time of Sale Prospectus, the Prospectus or a broadly available road
show based upon information relating to any Underwriter furnished to the Trust
and the Manager in writing by such Underwriter through you expressly for use
therein.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160; The Trust has complied with all applicable securities laws in each
of the Canadian Qualifying Jurisdictions, including the respective rules&nbsp;and
regulations made thereunder together with applicable published national and
local instruments, policy statements, notices, blanket rulings and orders of
the Canadian Securities Commissions, all discretionary rulings and orders
applicable to the Trust, if any, of the Canadian Securities Commissions (&#147;<b>Canadian Securities Laws</b>&#148;) required to be complied with by
the Trust to qualify the distribution of the Units as contemplated hereby in
each of the Canadian Qualifying Jurisdictions except for the filing of the
Canadian Supplemental Prospectus.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160; The Trust is not an &#147;ineligible issuer&#148; in connection with the
offering pursuant to Rules&nbsp;164, 405 and 433 under the Securities Act.&#160; Any free writing prospectus that the Trust is
required to file pursuant to Rule&nbsp;433(d)&nbsp;under the Securities Act has
been, or will be, filed with the Commission in accordance with the requirements
of the Securities Act and the applicable rules&nbsp;and regulations of the
Commission thereunder.&#160; Each free writing
prospectus that the Trust has filed, or is required to file, pursuant to
Rule&nbsp;433(d)&nbsp;under the Securities Act or that was prepared by or on
behalf of or used or referred to by the Trust complies or will comply in all
material respects with the requirements of the Securities Act and the
applicable rules&nbsp;and regulations of the Commission thereunder.&#160; Except for the free writing prospectuses, if
any, identified in Schedule II hereto, and electronic road shows, if any, each
furnished to you before first use, the Trust has not prepared, used or referred
to, and will not, without your prior consent, prepare, use or refer to, any
free writing prospectus.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160; The Trust has been duly established and is validly subsisting
under the trust agreement governing the Trust, dated as of August&nbsp;28,
2009, as amended and restated as of December&nbsp;7, 2009 and as further
amended and restated as of February&nbsp;1, 2010, between the Manager and RBC
Dexia Investor Services (the &#147;<b>Trust Agreement</b>&#148;)
and as a trust under the laws of the Province of Ontario, has </font><font size="2" style="font-size:10.0pt;">all requisite power
and authority to own its property and assets, to conduct its </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<a name="16644-4-KE-01_PB_4_205714_2897"></a></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="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=584848,FOLIO='4',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-01_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:10 2010' -->


<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;">business and invest in accordance with the
investment objective </font><font size="2" style="font-size:10.0pt;">as described in each of the Time of Sale Prospectus
and the Prospectus </font><font size="2" style="font-size:10.0pt;">and carry out its obligations hereunder and to
issue, sell and deliver the Units in accordance with the provisions of this
Agreement, and </font><font size="2" style="font-size:10.0pt;">is duly qualified to transact business and is in
good standing in each jurisdiction in which the conduct of its business or its
ownership or leasing of property requires such qualification, except to the
extent that the failure to be so qualified or be in good standing would not
have a material adverse effect on the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160; The Trust has no subsidiaries.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160; The Manager has been duly organized and is validly existing as a
limited partnership under the laws of the Province of Ontario, has the capacity
and power to own its property and assets and to conduct its business as
described in each of the Time of Sale Prospectus and the Prospectus and is duly
qualified to transact business and is in good standing in each jurisdiction in
which the conduct of its business or its ownership or leasing of property or assets
requires such qualification, except to the extent that the failure to be so
qualified or be in good standing would not have a material adverse effect on
the Manager.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160; This Agreement has been duly authorized, executed and delivered by
the Manager on behalf of itself and the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160; All necessary action has been taken by each of the Trust and the
Manager to authorize the execution and delivery of this Agreement and the
transactions contemplated hereby, including, as applicable, execution and delivery
of the Canadian Preliminary Prospectus (and any amendment thereto) and the
Canadian Final Prospectus and the filing thereof and the Canadian Supplemental
Prospectus (as defined in Section&nbsp;6(j)&nbsp;hereof) under Canadian
Securities Laws in each Canadian Qualifying Jurisdiction.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160; The authorized unit capital of the Trust conforms as to legal
matters to the description thereof contained in each of the Time of Sale
Prospectus and the Prospectus.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&#160;&#160; The units of the Trust outstanding prior to the issuance of the
Units to be sold by the Trust have been duly authorized and are validly issued,
fully paid and non-assessable.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&#160;&#160;&#160; The Units have been duly authorized and, when issued and
delivered in accordance with the terms of this Agreement, will be validly issued,
fully paid and non-assessable, and the issuance of the Units will not be
subject to any preemptive or similar rights.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)&#160; The execution and delivery by the Trust and the Manager of this
Agreement, and the performance by each of the Trust and the Manager of its
respective obligations under this Agreement and the Related Agreements (as
defined below), as applicable, and the issue and sale of the Units do not and
will </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<a name="16644-4-KE-01_PB_5_205723_3020"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=6,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=946511,FOLIO='5',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-01_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:10 2010' -->


<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>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">not contravene or conflict with (i)&nbsp;any
provision of applicable law, (ii)&nbsp;the Trust Agreement, or the limited partnership agreement of the
Manager, (iii)&nbsp;any agreement, resolution or other instrument
binding upon the Trust or the Manager that is material to the Trust or the
Manager (including the Related Agreements) as applicable, or (iv)&nbsp;any
judgment, order or decree of any governmental body, agency or court having
jurisdiction over the Trust or the Manager, and no consent, approval,
authorization or order of, or qualification with, any governmental body or
agency (including any Canadian court or Canadian federal, provincial or
territorial governmental authority) is required for the performance by the
Trust or the Manager of its respective obligations under this Agreement, except
such as may be required by the securities or Blue Sky laws of the various
states in connection with the offer and sale of the Units, and for the filing
of the Canadian Supplemental Prospectus.&#160;
For avoidance of doubt, the Manager&#146;s obligations under this Agreement are
limited to those set forth in Section&nbsp;6(k), Section&nbsp;8 and the last
paragraph of Section&nbsp;10 of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)&#160;&#160; There has not occurred any material adverse change, or any
development involving a prospective material adverse change, in the condition,
financial or otherwise, or in the earnings, business, assets, operations or
capital of the Trust or the Manager from that set forth in each of the Time of
Sale Prospectus and the Prospectus.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)&#160;&#160; There are no legal or governmental proceedings pending or threatened
to which the Trust or the Manager is a party or to which any of the properties
or assets of the Trust or the Manager is subject (i)&nbsp; other than
proceedings accurately described in all material respects in each of the Time
of Sale Prospectus and the Prospectus and proceedings that would not have a
material adverse effect on the Trust or the Manager, as applicable, or on the
power or ability of the Trust or the Manager to perform its respective
obligations under this Agreement or to consummate the transactions contemplated
by each of the Time of Sale Prospectus and the Prospectus or (ii)&nbsp; that
are required to be described in the Registration Statement or the Prospectus
and are not so described; and there are no statutes, regulations, arrangements,
contracts or other documents that are required to be described in the
Registration Statement or the Prospectus or to be filed as exhibits to the
Registration Statement or filed with the Canadian Securities Commissions in
connection with the filing of the Prospectus that are not described or filed as
required; other than as described in the Registration Statement and the
Prospectus, there are no material contracts or arrangements which the Trust
expects to become a party to or bound by before Closing Time (as defined
below).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)&#160;&#160; Each preliminary prospectus filed as part of the Registration
Statement as originally filed or as part of any amendment thereto, or filed
pursuant to Rule&nbsp;424 under the Securities Act, complied when so filed in
all material respects with the Securities Act and the applicable rules&nbsp;and
regulations of the Commission thereunder.</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<a name="16644-4-KE-01_PB_6_205731_7748"></a></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="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=466702,FOLIO='6',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-01_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:10 2010' -->


<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;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Trust is not, and after giving effect to the
offering and sale of the Units and the application of the proceeds thereof as
described in the Prospectus will not be, required to register as an &#147;investment
company&#148; as such term is defined in the Investment Company Act of 1940, as
amended.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(r)&#160;&#160;&#160; The Trust will be a &#147;mutual fund trust&#148; within the meaning of the
</font><font size="2" style="font-size:10.0pt;">Income Tax Act (Canada) and the regulations thereunder (the &#147;</font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Tax
Act&#148;)</font></b><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(s)&#160;&#160;&#160; The Trust is not a non-resident of Canada within the meaning of
the Tax Act.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(t)&#160;&#160;&#160; The Trust Agreement has been duly authorized, executed and
delivered by the Manager on behalf of itself and the Trustee and is enforceable
against the Trust and the Manager in accordance with its terms, and the Trust
Agreement is in full force and effect and has not been amended, restated,
supplemented or otherwise modified or replaced.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(u)&#160;&#160; The Manager has been duly appointed as manager of the Trust
pursuant to the Trust Agreement and the management agreement, dated as of
February&nbsp;24, 2010 (the &#147;<b>Management Agreement</b>&#148;)
and the Management Agreement has been duly authorized, executed and delivered
by each of the Trust and the Manager and is enforceable against each such party
in accordance with its terms, and the Management Agreement is in full force and
effect and has not been amended, restated, supplemented or otherwise modified
or replaced.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160; The Royal Canadian Mint (the &#147;<b>Mint</b>&#148;), at its
principal office in Ottawa, Ontario has been duly appointed as custodian of the
physical gold bullion owned by the Trust pursuant to the precious metals
storage agreement, dated as of December&nbsp;20, 2009 (the &#147;<b>Precious Metals Storage Agreement</b>&#148;), and such agreement has
been duly authorized, executed and delivered by the Manager on behalf of the
Trust and is enforceable against the Trust in accordance with its terms, and
such agreement is in full force and effect and has not been amended, restated,
supplemented or otherwise modified or replaced.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(w)&#160; RBC Dexia Investor Services Trust (&#147;<b>RBC Dexia</b>&#148;),
at its principal office in Toronto, Ontario has been duly appointed as
custodian of the assets, other than physical gold bullion of the Trust,
pursuant to the Trust Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)&#160;&#160; Equity Transfer&nbsp;&amp; Trust Company, at its principal office
in Toronto, Ontario has been duly appointed as the registrar, transfer agent
and distribution agent for the Units pursuant to the transfer agent, registrar
and disbursing agent agreement, dated as of February&nbsp;24, 2010 (the &#147;<b>Transfer Agent Agreement</b>&#148;), and such agreement has been duly
authorized, executed and delivered by the Manager on behalf of the Trust and is
enforceable against the Trust in accordance with its terms, and such agreement
is in full force and effect and has not been amended, restated, supplemented or
otherwise modified or replaced.</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<a name="16644-4-KE-01_PB_7_205742_141"></a></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="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=464849,FOLIO='7',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-01_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:10 2010' -->


<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>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(y)&#160;&#160; RBC Dexia, at its principal office in Toronto, Ontario has been
duly appointed as the Valuation Agent (as defined in the Prospectus) pursuant
to the valuation services agreement,
dated as of February&nbsp;24, 2010 (the &#147;<b>Valuation Services
Agreement</b>&#148; and together with the Trust Agreement, the Management Agreement,
the Custodian Agreement, the Precious Metals Storage Agreement and the Transfer
Agent Agreement, collectively the &#147;<b>Related Agreements</b>&#148;),
and such agreement has been duly authorized, executed and delivered by the
Manager and is enforceable against the Manager in accordance with its terms,
and such agreement is in full force and effect and has not been amended,
restated, supplemented or otherwise modified or replaced.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(z)&#160;&#160; The Trust has good and marketable title to all physical gold
bullion owned by it and all other personal property owned by it which is
material to the business of the Trust, in each case free and clear of all
liens, encumbrances and defects; and all of the physical gold bullion owned by
the Trust is held by the Mint as custodian pursuant to the Precious Metals
Storage Agreement as described in each of the Time of Sale Prospectus and the
Prospectus.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(aa) There are no contracts, agreements or understandings between the
Trust or the Manager and any person granting such person the right to require
the Trust or the Manager to file a registration statement under the Securities
Act or a prospectus under Canadian Securities Laws with respect to any
securities of the Trust or to require the Trust or the Manager to include such
securities with the Units registered pursuant to the Registration Statement or
the Units qualified by the Canadian Final Prospectus, except as described in
the Time of Sale Prospectus and the Prospectus<b>.</b></font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(bb) Neither the Trust, the Manager nor any director, officer, employee
or affiliate, nor, to the knowledge of the Trust and the Manager, any agent or
representative, of the Trust or the Manager or any of their affiliates has
taken, or will take, any action, in furtherance of an offer, payment, promise
to pay, or authorization or approval of the payment or giving of money,
property, gifts or anything else of value, directly or indirectly, to any
&#147;government official&#148; (including any officer or employee of a government or
government-owned or controlled entity or of a public international
organization, or any person acting in an official capacity for or on behalf of
any of the foregoing, or any political party or party official or candidate for
political office) to influence official action or secure an improper advantage;
and the Trust, the Manager and their respective affiliates have conducted their
businesses in compliance with applicable anti-corruption laws and have
instituted and maintain and will continue to maintain policies and procedures
designed to promote and achieve compliance with such laws and with the
representation and warranty contained herein.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(cc) The operations of each of the Trust and the Manager is and has been
conducted at all times in compliance with all applicable financial
recordkeeping and reporting requirements, including those of the Bank Secrecy
Act, as amended by Title III of the Uniting and Strengthening America by </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<a name="16644-4-KE-01_PB_8_205752_7608"></a></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="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=870703,FOLIO='8',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-01_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:10 2010' -->


<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>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable
anti-money laundering statutes of all jurisdictions, the rules&nbsp;and
regulations thereunder and any related or similar rules, regulations or
guidelines, issued, administered or enforced by any governmental agency (collectively,
the &#147;<b>Anti-Money Laundering Laws</b>&#148;), and no
action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Trust or the Manager with
respect to the Anti-Money Laundering Laws is pending or, to the best knowledge
of the Trust and the Manager, threatened.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(dd) None of the Trust, the Manager or, to the knowledge of the Trust or
the Manager, any director, officer, agent, employee, affiliate or
representative of the Trust or the Manager is an individual or entity (&#147;<b>Person</b>&#148;) that is, or is owned or controlled by a Person that
is, the subject of any U.S. sanctions administered or enforced by the Office of
Foreign Assets Control of the U.S. Department of the Treasury (&#147;<b>OFAC-administered sanctions</b>&#148;), or located, organized or
resident in a country or territory that is the subject of OFAC-administered
sanctions (including, without limitation, Burma/Myanmar, Cuba,&nbsp;Iran, North
Korea, Sudan and Syria); and each of the Trust and the Manager will not, directly
or indirectly, use the proceeds of the offering of Units hereunder, or lend,
contribute or otherwise make available such proceeds to any subsidiary, joint
venture partner or other Person, to fund or facilitate any activities of or
business with any Person, or in any country or territory that, at the time of
such funding or facilitation, is the subject of OFAC-administered sanctions, or
in a manner that will result in a violation of OFAC-administered sanctions by
any Person (including any Person involved in or facilitating the offering of
the Units, whether as underwriter, advisor, investor or otherwise).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ee) Subsequent to the respective dates as of which information is given
in each of the Registration Statement, the Time of Sale Prospectus and the
Prospectus, (i)&nbsp; the Trust has not incurred any material liability or
obligation, direct or contingent, nor entered into any material transaction;
(ii)&nbsp; the Trust has not purchased any outstanding units of the Trust or
other equity interest in the capital of the Trust, nor declared, paid or
otherwise made any dividend or distribution of any kind on its units or other
equity interest in the capital of the Trust; and (iii)&nbsp; there has not been
any material change in the capital, short-term debt or long-term debt of the
Trust, except in each case as described in each of the Registration Statement,
the Time of Sale Prospectus and the Prospectus, respectively.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ff)&#160; Each of the Trust and the Manager owns, possesses or licenses, or
can acquire on reasonable terms, all material patents, patent rights, licenses,
inventions, copyrights, know-how (including trade secrets and other unpatented
and/or unpatentable proprietary or confidential information, systems or
procedures), trademarks, service marks and trade names (collectively, &#147;<b>Intellectual Property</b>&#148;) currently employed by it, in each
case, in connection with the business now operated by them, and neither the
Trust nor 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;">9<a name="16644-4-KE-01_PB_9_205804_8146"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=10,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=1038965,FOLIO='9',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-01_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:10 2010' -->


<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>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">has received any notice of infringement of or
conflict with asserted rights of others with respect to any of the foregoing
which, singly or in the aggregate, if the subject of an unfavorable decision,
ruling or finding, would have a material adverse effect on the Trust or the
Manager, as applicable.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(gg) The Manager is insured by insurers of recognized financial
responsibility against such losses and risks and in such amounts as are prudent
and customary in the businesses in which it is engaged; it has not been refused
any insurance coverage sought or applied for; and it has no reason to believe
that it will not be able to renew its existing insurance coverage as and when
such coverage expires or to obtain similar coverage from similar insurers as
may be necessary to continue its business at a cost that would not have a
material adverse effect on the Manager, except as described in each of the Time
of Sale Prospectus and the Prospectus.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(hh) Each of the Trust and the Manager possesses all certificates,
authorizations and permits issued by the appropriate federal, provincial, state
or foreign regulatory authorities necessary to conduct its business, and
neither the Trust nor the Manager has received any notice of proceedings
relating to the revocation or modification of any such certificate,
authorization or permit which, singly or in the aggregate, if the subject of an
unfavorable decision, ruling or finding, would have a material adverse effect
on the Trust or the Manager, as applicable, except as described in the Time of
Sale Prospectus.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160; The financial statements included in the Registration Statement,
the Time of Sale Prospectus and the Prospectus, together with the related
schedules and notes, present fairly the financial position of the Trust at the
dates indicated and the statements of financial position of the Trust for the
periods specified; such financial statements have been prepared in conformity
with the International Financial Reporting Standards (&#147;<b>IFRS</b>&#148;) applied on a consistent basis
throughout the periods involved.&#160; The supporting
schedules, if any, included in the Registration Statement present fairly in
accordance with IFRS the information required to be stated therein.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(jj)&#160;&#160; Ernst&nbsp;&amp; Young LLP, who have certified certain financial
statements of the Trust and delivered their report with respect to the audited
consolidated financial statements included in the Time of Sale Prospectus and
the Prospectus, (i)&nbsp;have been the Trust&#146;s auditors since the formation of
the Trust, (ii)&nbsp;are independent public accountants as required by Canadian
Securities Laws and the rules&nbsp;and regulations of the Canadian Securities
Commissions thereunder, are independent in accordance with the requirements of
the institute of chartered accountants in each of the Canadian Qualifying
Jurisdictions in respect of a listed entity (as defined in such requirements)
and are an independent registered public accounting firm within the meaning of
the Securities Act and the applicable rules&nbsp;and regulations thereunder
adopted by the Commission and the Public Company Accounting Oversight Board
(United States) and (iii)&nbsp;there has not been any </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<a name="16644-4-KE-01_PB_10_205812_7091"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=11,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=451337,FOLIO='10',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-01_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:10 2010' -->



<div>

<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;">disagreement (within the meaning of National
Instrument 51-102) with Ernst&nbsp;&amp; Young LLP with respect to the audit of
the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(kk) The Manager maintains a system of internal accounting controls
sufficient to provide reasonable assurance that (i)&nbsp; transactions are
executed in accordance with management&#146;s general or specific authorizations;
(ii)&nbsp; transactions are recorded as necessary to permit preparation of
financial statements in conformity with IFRS principles and to maintain asset
accountability; (iii)&nbsp; access to assets is permitted only in accordance
with management&#146;s general or specific authorization; and (iv)&nbsp; the
recorded accountability for assets is compared with the existing assets at
reasonable intervals and appropriate action is taken with respect to any
differences.&#160; Except as described in the
Time of Sale Prospectus, there has been (i)&nbsp;no material weakness in the
Trust&#146;s or the Manager&#146;s internal control over financial reporting (whether or
not remediated) and (ii)&nbsp;no change in the Trust&#146;s or the Manager&#146;s
internal control over financial reporting that has materially affected, or is
reasonably likely to materially affect, the Trust&#146;s or the Manager&#146;s,
applicable, internal control over financial reporting.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ll)&#160;&#160; The Manager maintains disclosure controls and procedures (as such
term is defined in Rule&nbsp;13a-15(e)&nbsp;under the Exchange Act) that comply
with the requirements of the Exchange Act; such disclosure controls and
procedures have been designed to ensure that material information relating to
the Trust is made known to the Manager by others within those entities; and
such disclosure controls and procedures are effective.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(mm) Except for the trust
unit previously owned by Sonia M. Yung, as settlor of the Trust, and the units
of the Trust issued in connection with Trust&#146;s public offerings on March&nbsp;3,
2010, March&nbsp;8, 2010, March&nbsp;25, 2010 and June&nbsp;1, 2010, the Trust
has not sold, issued or distributed any units, including any sales pursuant to
Rule&nbsp;144A under, or Regulation&nbsp;D or S of, the Securities Act or on a
private placement basis under one or more exemptions from the prospectus
requirement under Canadian Securities Laws.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(nn) There are no business relationships, related-party transactions or
off-balance sheet transactions or any other non-arm&#146;s length transactions
involving the Trust that are required to be disclosed that have not been
described in the Prospectus.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(oo) Except for the Underwriters, there is no person, firm or corporation
acting or purporting to act for the Trust, entitled to any brokerage or
finder&#146;s fee in connection with this Agreement or any of the transactions
contemplated hereunder.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(pp) The net proceeds of the offering of Units will be used in the manner
specified in each of the Time of Sale Prospectus and the Prospectus and for no
other purpose.</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<a name="16644-4-KE-03_PB_11_210021_455"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=12,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=366078,FOLIO='11',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-03_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:13 2010' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(qq) The terms and conditions of the offering of Units comply and will
comply in all material respects with Canadian Securities Laws including,
without limitation, National Instrument 81-102 <i>Mutual Funds</i>,
except to the extent that an exemption therefrom has been obtained from
applicable Canadian Securities Commissions in each of the Canadian Qualifying
Jurisdictions.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(rr)&#160;&#160; Neither the Trust or the Manager has any liabilities (contingent
or otherwise) which might interfere with the performance of their obligations
hereunder or under any of the Related Agreements to which it is a party.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ss)&#160; Each of the Trust and the Manager is current and up-to-date with
all material filings required or desirable to be made by each of them under the
laws of Canada and each of the provinces and territories thereof, including all
Canadian Securities Laws.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(tt)&#160;&#160; None of the directors or officers of the general partner of the
Manager or any associate or affiliate of any of the foregoing had, has or, to
the knowledge of the Manager, intends to have, any material interest, direct or
indirect, in any material transaction contemplated by this Agreement, any of
the Related Agreements or the Registration Statement or the Prospectus or in
any proposed transaction with the Trust which materially affects, is material
to or will materially affect the Trust, except as and to the extent disclosed
in the Registration Statement and the Prospectus.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160; <i>Agreements to Sell and
Purchase.</i>&#160; The Trust hereby agrees to sell to the
several Underwriters, and each Underwriter, upon the basis of the
representations and warranties herein contained, but subject to the conditions
hereinafter stated, agrees, severally and not jointly, to purchase from the
Trust at $[</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">] per Unit (the
&#147;<b>Purchase Price</b>&#148;) the respective
numbers of Firm Units set forth in Schedule&nbsp;I hereto opposite its name.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><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;">On
the basis of the representations and warranties contained in this Agreement,
and subject to its terms and conditions, the Trust agrees to sell to the
Underwriters the Additional Units, and the Underwriters shall have the right to
purchase, severally and not jointly, up to [</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">] Additional Units at the Purchase Price.&#160; You may exercise this right on behalf of the
Underwriters in whole or from time to time in part by giving written notice not
later than 30&nbsp;days after the date of this Agreement.&#160; Any exercise notice shall specify the number
of Additional Units to be purchased by the Underwriters and the date on which
such shares are to be purchased.&#160; Each
purchase date must be at least one business day after the written notice is
given and may not be earlier than the closing date for the Firm Units nor later
than ten business days after the date of such notice.&#160; Additional Units may be purchased as provided
in Section&nbsp;4 hereof solely for the purpose of covering over-allotments
made in connection with the offering of the Firm Units.&#160; On each day, if any, that Additional Units
are to be purchased (an &#147;<b>Option Closing Date</b>&#148;),
each Underwriter agrees, severally and not jointly, to purchase the number of
Additional Units (subject to such adjustments to eliminate fractional </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<a name="16644-4-KE-03_PB_12_210054_4141"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=13,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=140991,FOLIO='12',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-03_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:13 2010' -->


<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;">shares
as you may determine) that bears the same proportion to the total number of
Additional Units to be purchased on such Option Closing Date as the number of
Firm Units set forth in Schedule&nbsp;I hereto opposite the name of such
Underwriter bears to the total number of Firm Units.</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:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160; <i>Terms of Public Offering</i>.&#160; The Trust and the Manager are advised by you
that the Underwriters propose to make a public offering of their respective
portions of the Units as soon after the Registration Statement and this
Agreement have become effective, and the Final Receipt has been issued in
respect of the Canadian Final Prospectus as in your judgment is advisable.&#160; The Trust and the Manager are further advised
by you that the Units are to be offered to the public initially at $[</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">] per Unit (the &#147;<b>Public
Offering Price</b>&#148;) and to certain dealers selected by you at a price
that represents a concession not in excess of $[</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">] a Unit under the Public Offering Price with
respect to sales of Units in the United States and $[</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">] per Unit under the Public Offering Price with respect
to sales of Units in Canada.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160; <i>Payment and Delivery.</i>&#160; Payment
for the Firm Units to be sold by the Trust shall be made to the Trust in
Federal or other funds immediately available in New York City against delivery
of such Firm Units for the respective accounts of the several Underwriters at
8:00&nbsp;a.m., New York City time, on [</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">], 2010, or at
such other time on the same or such other date, not later than [</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">], 2010, as shall be designated in writing by
you.&#160; The time and date of such payment
are hereinafter referred to as the &#147;<b>Closing Date</b>.&#148;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><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;">Payment
for any Additional Units shall be made to the Trust in Federal or other funds
immediately available in New York City against delivery of such Additional
Units for the respective accounts of the several Underwriters at
10:00&nbsp;a.m., New York City time, on each Option Closing Date specified in
the corresponding notice described in Section&nbsp;2 or at such other time on
the same or on such other date, in any event not later than [</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">], 2010, as shall be designated in writing by you.</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
Firm Units and Additional Units shall be registered in such names and in such
denominations as you shall request in writing not later than one full business
day prior to the Closing Date or the applicable Option Closing Date, as the
case may be.&#160; The Firm Units and
Additional Units shall be delivered to you on the Closing Date or an Option
Closing Date, as the case may be, for the respective accounts of the several
Underwriters, with any transfer taxes payable in connection with the transfer
of the Units to the Underwriters duly paid, against payment of the Purchase
Price therefor.</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:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160; <i>Conditions to the
Underwriters&#146; Obligations</i>.&#160;
The obligations of the Trust to sell the Units to the Underwriters and
the several obligations of the Underwriters to purchase and pay for the Units
on the Closing Date are subject to the condition that the Registration
Statement shall have become effective 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;">13<a name="16644-4-KE-03_PB_13_210106_8627"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=14,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=107233,FOLIO='13',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-03_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:13 2010' -->


<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;">OSC shall have issued the Final Receipt in respect
of the Canadian Final Prospectus not later than 4:30&nbsp;p.m. (New York City
time) on the date hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><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
several obligations of the Underwriters are subject to the following further
conditions:</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:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160; Subsequent to the execution and delivery of this Agreement and
prior to the Closing Date, there shall not have occurred any change, or any
development involving a prospective change, in the condition, financial or
otherwise, or in the earnings, business or operations of the Trust, from that
set forth in each of the Time of Sale Prospectus and the Prospectus as of the
date of this Agreement that, in your judgment, is material and adverse and that
makes it, in your judgment, impracticable to market the Units on the terms and
in the manner contemplated in each of the Time of Sale Prospectus and the
Prospectus.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160; The representations and warranties of the Trust and the Manager
contained in this Agreement are true and correct as of the Closing Date and the
Trust and the Manager have complied with all of the agreements and satisfied
all of the conditions on its part to be performed or satisfied hereunder on or
before the Closing Date and on the Closing Date, all of the physical gold
bullion owned by the Trust is held by the Mint as custodian pursuant to the
Precious Metals Storage Agreement as described in each of the Time of Sale
Prospectus and the Prospectus; the Underwriters shall have received on the
Closing Date a certificate signed by an authorized signatory of the Trust and a
certificate signed by an executive officer of the Manager, each dated the
Closing Date, to the effect set forth in this Section&nbsp;5(b)&nbsp;and the
effect set forth in Section&nbsp;5(a)&nbsp;above, as applicable.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><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
Manager signing and delivering such certificate may rely upon the best of its
knowledge as to proceedings threatened.</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:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160; The Underwriters shall have received on the Closing Date an
opinion of Heenan Blaikie LLP, outside Canadian counsel for the Trust and the
Manager, dated the Closing Date, to the effect that:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trust has been duly established and is validly subsisting
under the Trust Agreement and as a trust under the laws of the Province of
Ontario, has </font><font size="2" style="font-size:10.0pt;">all requisite power and authority to own its
property and assets, to conduct its business and to invest in accordance with
the investment objective </font><font size="2" style="font-size:10.0pt;">as described in each of the Time of Sale
Prospectus and the Prospectus </font><font size="2" style="font-size:10.0pt;">and carry out its obligations
hereunder and to issue, sell and deliver the Units in accordance with the
provisions of this Agreement, </font><font size="2" style="font-size:10.0pt;">is duly qualified to
transact business and is in good standing in each jurisdiction in which the
conduct of its business requires such qualification, except to the extent that
the failure to be so qualified or be in good standing would not have a material
adverse effect on 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;">14<a name="16644-4-KE-03_PB_14_210117_7906"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=15,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=541441,FOLIO='14',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-03_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:13 2010' -->


<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>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">that the Trust Agreement
constitutes legal, valid, binding and enforceable obligations of the trustee
thereunder;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160; the Manager has been duly organized and is validly existing as
a limited partnership under the laws of the Province of Ontario, has the
capacity and power to own its property and assets and to conduct its business
as described in each of the Time of Sale Prospectus and the Prospectus and is
duly qualified to transact business and is in good standing in each
jurisdiction in which the conduct of its business or its ownership or leasing
of property or assets requires such qualification, except to the extent that
the failure to be so qualified or be in good standing would not have a material
adverse effect on the Manager;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160; the authorized unit capital of the Trust conforms as to legal
matters to the description thereof contained in each of the Time of Sale
Prospectus and the Prospectus;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160; the units of the Trust outstanding prior to the issuance of the
Units to be sold by the Trust have been duly authorized and are validly issued,
fully paid and non-assessable;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160; the Units to be sold by the Trust have been duly authorized
and, when issued and delivered in accordance with the terms of this Agreement,
will be validly issued, fully paid and non-assessable, and the issuance of such
Units will not be subject to any preemptive or similar rights;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160; this Agreement has been duly authorized, executed and, in so
far as delivery is governed by Ontario law, delivered by each of the Trust and
the Manager;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)&#160;&#160;&#160;&#160; the execution and delivery by the Trust and the Manager of this
Agreement, and the performance by the Trust and the Manager of their respective
obligations under this Agreement and the Related Agreements do not and will not
contravene any provision of applicable law or the Trust Agreement, the limited partnership agreement, of
the Manager, as applicable, or, to the best of such counsel&#146;s knowledge, any
agreement or other instrument binding upon the Trust or the Manager that is
material to the Trust or the Manager (including the Related Agreements), as
applicable, or, to the best of such counsel&#146;s knowledge, any judgment, order or
decree of any governmental body, agency or court having jurisdiction over the
Trust or the Manager, and no consent, approval, authorization or order of, or
qualification with, any governmental body or agency (including without
limitation any Canadian Court or Canadian federal, provincial or territorial
governmental authority) is required for the performance by the Trust and the
Manager of their respective obligations under 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;">15<a name="16644-4-KE-03_PB_15_210128_3736"></a></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="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=360600,FOLIO='15',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-03_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:13 2010' -->


<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>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)&#160;&#160;&#160; the statements relating to legal matters,
documents or proceedings included in (1)&nbsp;the Time of Sale Prospectus and
the Prospectus under the caption &#147;Description of the Units,&#148; (2)&nbsp;the
Prospectus under the caption &#147;Underwriting&#148; and (3)&nbsp;the Registration
Statement in Items&nbsp;6 and 7, in each case fairly summarize in all material
respects such matters, documents or proceedings;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ix)&#160;&#160;&#160;&#160;&#160; subject to the qualifications, assumptions, limitations and
understandings set out therein, the statements as to matters of the federal
laws of Canada set out in the Prospectus under the caption &#147;Tax Considerations
&#151; Canadian Federal Income Tax Considerations&#148; fairly describe the principal
Canadian federal income tax considerations as at the date thereof generally
applicable under the Tax Act to a prospective purchaser of Units pursuant to
the Prospectus;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)&#160;&#160;&#160;&#160;&#160;&#160; subject to the qualifications, assumptions, limitations and
understandings set out in the Prospectus under the caption &#147;Eligibility for
Investment&#148;, the Units will be qualified investments under the Tax Act for
trusts governed by registered retirement savings plans, registered retirement
income funds, deferred profit sharing plans, registered disability savings
plans and registered education savings plans as well as tax-free savings
accounts;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xi)&#160;&#160;&#160;&#160;&#160; the Trust Agreement has been duly authorized, executed and
delivered by the Manager and constitutes legal, valid and binding obligations
of the Manager, enforceable against the Manager in accordance with its terms;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xii)&#160;&#160;&#160;&#160; the Manager has been duly appointed as manager of the Trust
pursuant to the Trust Agreement and the Management Agreement and the Management
Agreement has been duly authorized, executed and delivered by each of the Trust
and the Manager and is enforceable against each such party in accordance with
its terms.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xiii)&#160;&#160;&#160; the Mint, at its principal office in Ottawa,
Ontario has been duly appointed as custodian of the physical gold bullion owned
by the Trust pursuant to the Precious Metals Storage Agreement, and such
agreement has been duly authorized, executed and delivered by the Manager on behalf
of the Trust and constitutes legal, valid and binding obligations of the Trust,
enforceable against the Trust in accordance with its terms;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xiv)&#160;&#160; RBC Dexia, at its principal office in Toronto, Ontario has been
duly appointed as custodian of the assets, other than physical gold bullion of
the Trust pursuant to 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;">16<a name="16644-4-KE-03_PB_16_210135_9621"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=17,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=812239,FOLIO='16',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-03_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:13 2010' -->


<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>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xv)&#160;&#160;&#160; Equity Transfer&nbsp;&amp; Trust Company at its principal office
in Toronto, Ontario has been duly appointed as the registrar, transfer agent
and distribution agent for the Units pursuant to the Transfer Agent Agreement
and such agreement has been duly authorized, executed and delivered by the
Manager on behalf of the Trust and constitutes legal, valid and binding
obligations of the Trust, enforceable against the Trust in accordance with its
terms;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xvi)&#160;&#160; RBC Dexia Investor Services Trust at its principal office in
Toronto, Ontario has been duly appointed as the Valuation Agent (as defined in
the Prospectus) pursuant to the Valuation Services Agreement and such agreement
has been duly authorized, executed and delivered by the Manager and constitutes
legal, valid and binding obligations of the Manager, enforceable against the
Manager in accordance with its terms;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xvii)&#160; after due inquiry, such counsel does not know
of any legal or governmental proceedings pending or threatened to which the
Trust or the Manager is a party or to which any of the properties or assets of
the Trust or the Manager is subject that are required to be described in the
Registration Statement or the Prospectus and are not so described or of any
statutes, regulations, contracts or other documents that are required to be
described in the Registration Statement or the Prospectus or to be filed as
exhibits to the Registration Statement or filed with the Canadian Securities
Commissions in connection with the filing of the Prospectus that are not
described or filed as required;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xviii) (A)&nbsp; in the opinion of such counsel, the
Prospectus (except for the financial statements and financial schedules and
other financial and statistical data included therein, as to which such counsel
need not express any opinion) appears on its face to be appropriately
responsive in all material respects to the requirements of Canadian Securities
Laws, and (B)&nbsp; nothing has come to the attention of such counsel that
causes such counsel to believe that (1)&nbsp;the Registration Statement or the
prospectus included therein (except for the financial statements and financial
schedules and other financial and statistical data included therein, as to
which such counsel need not express any belief) at the time the Registration
Statement became effective contained any untrue statement of a material fact or
omitted to state a material fact required to be stated therein or necessary to
make the statements therein not misleading, (2)&nbsp;the Time of Sale
Prospectus (except for the financial statements and financial schedules and
other financial and statistical data included therein, as to which such counsel
need not express any belief) as of the date of this Agreement or as amended or
supplemented, if applicable, as of the Closing Date contained or contains any
untrue statement of a material fact or omitted or omits to state a material
fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading or (3)&nbsp;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;">17<a name="16644-4-KE-03_PB_17_210146_8715"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=18,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=589649,FOLIO='17',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-03_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:13 2010' -->


<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>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prospectus (except for the
financial statements and financial schedules and other financial and
statistical data included therein, as to which such counsel need not express
any belief) as of its date or as amended or supplemented, if applicable, as of
the Closing Date contained or contains any untrue statement of a material fact
or omitted or omits to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were
made, not misleading;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xix)&#160;&#160; all necessary documents have been filed, all proceedings have been
taken and all other legal requirements have been fulfilled under Canadian
Securities Laws to qualify the Units to be offered and sold to the public in
the Canadian Qualifying Jurisdictions by or through registrants, investment
dealers, or brokers duly and properly registered, if required;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xx)&#160;&#160;&#160; the form of global certificate representing the Units has been
duly approved by the Manager on behalf of the Trust and complies with the
requirements of applicable law;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxi)&#160;&#160; the Toronto Stock Exchange (the &#147;TSX&#148;) has granted conditional
approval for the listing of the Units, subject only to standard listing
conditions;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxii)&#160; no consents, approvals, authorizations or
orders under the laws of any of the provinces or territories of Canada or the
federal laws of Canada or any court, governmental agency or body of such
jurisdictions or any stock exchange are required for the issue and sale of the
Units as contemplated in this Agreement or by the Prospectus; the terms and
conditions of the offering of Units hereunder comply with Canadian Securities
Laws, including, without limitation National Instrument 81-102, except to the
extent that an exemption or waiver therefrom has been obtained from the
applicable Canadian Securities Commissions in each of the Canadian Qualifying
Jurisdictions;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxiii) the Trust&#146;s agreement to the choice of law
provisions set forth in Section&nbsp;14 hereof, will be recognized by a court
of competent jurisdiction of the Province of Ontario (an &#147;<b>Ontario
Court</b>&#148;), and judgment obtained in a New York court arising out of or
in relation to the obligations of the Trust under this Agreement would be
enforceable against the Trust in the courts of the Province of Ontario, subject
to customary qualifications.&#160; In such
counsel&#146;s opinion, there are no reasons under the laws of the Province of
Ontario or the federal laws of Canada applicable therein for avoiding the
choice of New York law to govern this Agreement;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxiv) an Ontario Court (A)&nbsp;would not refuse to
recognize the jurisdiction of any federal or state court in the State of New
York of competent jurisdiction (a &#147;<b>New York Court</b>&#148;)
rendering a judgment that </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<a name="16644-4-KE-03_PB_18_210156_563"></a></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="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=1007911,FOLIO='18',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-03_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:13 2010' -->


<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>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">is not impeachable as void
or voidable under New York law on the basis of process being served on Anthony
Tu-Sekine of Seward&nbsp;&amp; Kissel LLP, Suite&nbsp;350, 1200 G Street N.W.,
Washington DC 20005 as the agent of the Trust and the Manager to receive
service of process in the United States under this Agreement provided that the
Trust and the Manager has not purported to revoke the appointment or Anthony
Tu-Sekine has not terminated the agency or otherwise rendered service on it
ineffective, and (B)&nbsp;would give effect to the provisions in this Agreement
whereby the Trust and the Manager submit to the non-exclusive jurisdiction of a
New York Court;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxv)&#160; if this Agreement is sought to be enforced in the Province of
Ontario in accordance with the laws applicable thereto as chosen by the
parties, namely New York law, an Ontario Court would, subject to paragraph
(xxiv)&nbsp;above and to the extent specifically pleaded and proved as a fact
by expert evidence, recognize the choice of New York law and, upon appropriate
evidence as to such law being adduced, apply such law to all issues that under
the conflict of laws rules&nbsp;of the Province of Ontario are to be determined
in accordance with the proper or general law of a contract, provided that none
of the provisions of this Agreement, or of New York Law, are contrary to public
policy (as that term is applied by an Ontario Court) (&#147;Public Policy&#148;); <i>provided</i> however, that, in matters of procedure, the laws of
the Province of Ontario will be applied, including the Limitations Act, 2002
(Ontario), and an Ontario Court will retain discretion to decline to hear such
action if it is contrary to public policy for it to do so, or if it is not the
proper forum to hear such an action, or if concurrent proceedings are being
brought elsewhere.&#160; In such counsel&#146;s
opinion, there are no reasons under the laws of the Province of Ontario or the
federal laws of Canada applicable therein and no reasons, to such counsel&#146;s
knowledge, with respect to the application of New York law by an Ontario Court,
for avoiding enforcement of this Agreement, based on public policy; and</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxvi) The laws of the Province of Ontario and the federal
laws of Canada applicable therein permit an action to be brought in an Ontario
Court on a final and conclusive judgment in personam decided on its merits on a
substantive issue, for a fixed sum of money of a New York Court that is
subsisting and unsatisfied respecting the enforcement of this Agreement that
has not been stayed and is not impeachable as void or voidable under New York
law for a sum certain if:&#160; (A)&nbsp;such
judgment was not obtained by fraud or in a manner contrary to natural justice
and the enforcement thereof would not be inconsistent with public policy, or
contrary to any order made by the Attorney General of Canada under the Foreign
Extraterritorial Measures Act (Canada); (B)&nbsp;the enforcement of such
judgment does not constitute, directly or indirectly, the enforcement of
foreign revenue or penal laws; (C)&nbsp;the action to enforce such judgment is
commenced within applicable limitation periods; and (D)&nbsp;a court </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<a name="16644-4-KE-03_PB_19_210206_9497"></a></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="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=210084,FOLIO='19',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-03_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:13 2010' -->


<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>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">rendering such judgment had
jurisdiction over the judgment debtor as recognized by the courts of the
Province of Ontario (in such counsel&#146;s opinion, submission under the provisions
of this Agreement to the non-exclusive jurisdiction of a New York Court will be
sufficient for this purpose).&#160; In such
counsel&#146;s opinion, there are no reasons under the laws of the Province of
Ontario or the federal laws of Canada applicable therein for avoiding
recognition of judgments of a New York Court under this Agreement based on
public policy.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160; The Underwriters shall have received on the Closing Date an
opinion of Seward&nbsp;&amp; Kissel LLP, outside U.S. counsel for the Trust and
the Manager, dated the Closing Date, to the effect that:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160; this Agreement, in so far as delivery is governed by New York
law, has been delivered by the Trust and the Manager;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160; the statements relating to legal matters, documents or
proceedings included in the Time of Sale Prospectus and the Prospectus under
the captions &#147;Tax Considerations &#151; U.S. Federal Income Tax Considerations,&#148; and
&#147;U.S. ERISA Considerations,&#148; fairly summarize in all material respects such
matters, documents or proceedings;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160; the Trust is not, and after giving effect to the offering and
sale of the Units and the application of the proceeds thereof as described in
the Prospectus will not be, required to register as an &#147;investment company&#148; as
such term is defined in the Investment Company Act of 1940, as amended; and</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160; in the opinion of such counsel, the Registration Statement and
the Prospectus (except for the financial statements and financial schedules and
other financial and statistical data included therein, as to which such counsel
need not express any opinion) appear on their face to be appropriately
responsive in all material respects to the requirements of the Securities Act
and the applicable rules&nbsp;and regulations of the Commission thereunder, and</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160; in the course of participating in conference with officers and
representatives of the Manager and representatives of the Trust&#146;s independent
accountants in the preparation of the Registration Statement, the Time of Sale
Prospectus and the Prospectus, nothing has come to the attention of such
counsel that would lead such counsel to believe that (1) the Registration
Statement or the prospectus included therein (except for the financial
statements and financial schedules and other financial and statistical data
included therein, as to which such counsel need not express any opinion) at the
time the Registration Statement became effective contained any untrue statement
of a material fact or omitted to state a material fact required to be stated
therein or necessary to make 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<a name="16644-4-KE-03_PB_20_210220_3641"></a></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="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=173413,FOLIO='20',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-03_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:13 2010' -->



<div>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">statements therein not
misleading, (2)&nbsp;the Time of Sale Prospectus (except for the financial
statements and financial schedules and other financial and statistical data
included therein, as to which such counsel need not express any opinion) as of
the date of this Agreement or as amended or supplemented, if applicable, as of
the Closing Date contained or contains any untrue statement of a material fact
or omitted or omits to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were
made, not misleading or (3)&nbsp;the Prospectus (except for the financial
statements and financial schedules and other financial and statistical data
included therein, as to which such counsel need not express any opinion) as of
its date or as amended or supplemented, if applicable, as of the Closing Date
contained or contains any untrue statement of a material fact or omitted or
omits to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading.</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:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160; The Underwriters shall have received on the Closing Date an
opinion of each of Davies Ward Phillips&nbsp;&amp; Vineberg LLP, Canadian
counsel for the Underwriters, and Shearman&nbsp;&amp; Sterling LLP, U.S.
counsel for the Underwriters, dated the Closing Date, in form and substance
reasonably satisfactory to you.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><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;">With
respect to Sections&nbsp;5(c)(xviii)&nbsp;and 5(d)(iv)&nbsp;above, Heenan
Blaikie LLP and Seward&nbsp;&amp; Kissel LLP may state that their opinions and
beliefs are based upon their participation in the preparation of the
Registration Statement, the Time of Sale Prospectus and Prospectus and any
amendments or supplements thereto and review and discussion of the contents
thereof, but are without independent check or verification, except as
specified.</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
opinion of each of Heenan Blaikie LLP and Seward&nbsp;&amp; Kissel LLP
described in Sections&nbsp;5(c)&nbsp;and 5(d)&nbsp;above shall be rendered to
the Underwriters at the request of the Trust and the Manager&#160; and shall so state 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:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160; The Underwriters shall have received, on each of the date hereof
and the Closing Date, a letter dated the date hereof or the Closing Date, as
the case may be, in form and substance satisfactory to the Underwriters, from
Ernst&nbsp;&amp; Young LLP, independent public accountants, containing
statements and information of the type ordinarily included in accountants&#146;
&#147;comfort letters&#148; to underwriters with respect to the financial statements and
certain financial information contained in the Registration Statement, the Time
of Sale Prospectus and the Prospectus; <i>provided</i>
that the letter delivered on the Closing Date shall use a &#147;cut-off date&#148; not
earlier than the date hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160; The Underwriters shall have received, on each of the date hereof
and the Closing Date, opinions dated the date hereof or the Closing Date, as
the case may be, in form and substance satisfactory to the Underwriters, from
Heenan </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<a name="16644-4-KE-05_PB_21_210253_5250"></a></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="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=906274,FOLIO='21',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-05_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:15 2010' -->


<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>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Blaikie LLP regarding compliance with the laws of the
Province of Qu&#233;bec relating to the use of the French language in connection
with the documents (including the Prospectus and certificates representing the
Units) to be delivered to purchasers in Qu&#233;bec.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160; The Underwriters shall have received opinions of Heenan Blaikie
LLP, dated the date of the Canadian Preliminary Prospectus, the date of the
Canadian Final Prospectus, the date hereof and the Closing Date, in form and
substance satisfactory to the Underwriters, addressed to the Underwriters, the
Trust and their respective counsel, to the effect that the French language
version of the Canadian Preliminary Prospectus, the Canadian Final Prospectus
and the Canadian Supplemental Prospectus, except for the consolidated financial
statements and notes to such statements and the related auditors&#146; report on
such statements (collectively, the &#147;<b>Financial Information</b>&#148;),
as to which no opinion need be expressed by such counsel, is, in all material
respects, a complete and proper translation of the English language version
thereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160; The Underwriters shall have received opinions of Ernst&nbsp;&amp;
Young LLP dated the date of the Canadian Preliminary Prospectus, the date of
the Canadian Final Prospectus, the date hereof, and the Closing Date, in form
and substance satisfactory to the Underwriters, addressed to the Underwriters,
the Trust and their respective counsel, to the effect that the French language
version of the Financial Information contained in the Canadian Preliminary
Prospectus, the Canadian Final Prospectus and the Canadian Supplemental
Prospectus is, in all material respects, a complete and proper translation of
the English language version thereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160; The Units to be sold at Closing shall have been approved for
listing on the NYSE Arca Exchange (&#147;<b>Arca</b>&#148;), subject
only to official notice of issuance, and duly listed and posted for trading on
the TSX, in each case, as of the opening of trading on the Closing Date,
subject to the Trust providing the TSX with customary documentation.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><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
several obligations of the Underwriters to purchase Additional Units hereunder
upon the exercise by the Underwriters of their right to do so are subject to
the delivery to you on the applicable Option Closing Date of such documents as
you may reasonably request with respect to the good standing of the Trust, the
due authorization and issuance and listing and posting for trading of the
Additional Units to be sold on such Option Closing Date and other matters
related to the issuance of such Additional Units, including without limitation
(i)&nbsp;legal opinions in form and substance satisfactory to counsel to the
Underwriters, and (ii)&nbsp;a certificate of the Manager to the effect set
forth in section 5(b).</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<a name="16644-4-KE-05_PB_22_210316_7672"></a></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="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=54497,FOLIO='22',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-05_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:15 2010' -->


<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>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160; <i>Covenants of the Trust and
the Manager</i>.&#160; The Trust and
the Manager, jointly and severally, covenant with each Underwriter as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160; To furnish to you, without charge, 10 signed copies of the
Registration Statement (including exhibits thereto) and for delivery to each
other Underwriter a conformed copy of the Registration Statement (without
exhibits thereto) and to furnish to Morgan Stanley&nbsp;&amp; Co. Incorporated
(&#147;<b>Morgan Stanley</b>&#148;) and RBC Dominion
Securities Inc. (&#147;<b>RBC</b>&#148;) in New
York City or as directed by Morgan Stanley or RBC, without charge, prior to
10:00&nbsp;a.m. New&nbsp;York City time on the business day next succeeding the
date of this Agreement and during the period mentioned in Section&nbsp;6(f)&nbsp;below,
as many copies of the Time of Sale Prospectus, the Prospectus and any
supplements and amendments thereto or to the Registration Statement as you may
reasonably request.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160; To cause commercial copies of the Canadian Preliminary Prospectus
(and each amendment thereto) and Canadian Supplemental Prospectus to be
delivered to or as directed by the Underwriters without charge, in such numbers
and in such cities as the Underwriters may reasonably request by oral
instructions to the printer of such Canadian Preliminary Prospectus and
Canadian Supplemental Prospectus given forthwith after the applicable
Preliminary Receipt or the Final Receipt, as applicable, has been issued.&#160; Such delivery shall be effected as soon as
reasonably possible and, in any event, with respect to the Canadian
Supplemental Prospectus not later than noon (Toronto time) on the business day
next succeeding the date of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160; Before amending or supplementing the Registration Statement, the
Time of Sale Prospectus or the Prospectus, to furnish to you a copy of each
such proposed amendment or supplement and not to file any such proposed
amendment or supplement to which you reasonably object, and to file with the
Commission within the applicable period specified in Rule&nbsp;424(b)&nbsp;under
the Securities Act any prospectus required to be filed pursuant to such Rule&nbsp;and
file with the Canadian Securities Commissions any prospectus or amendment or
supplement thereto in accordance with the requirements of Canadian Securities
Laws, including NP 44-103.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160; To furnish to you a copy of each proposed free writing prospectus
to be prepared by or on behalf of, used by, or referred to by the Trust and not
to use or refer to any proposed free writing prospectus to which you reasonably
object.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160; Not to take any action that would result in an Underwriter or the
Trust being required to file with the Commission pursuant to Rule&nbsp;433(d)&nbsp;under
the Securities Act a free writing prospectus prepared by or on behalf of the
Underwriter that the Underwriter otherwise would not have been required to file
thereunder.</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<a name="16644-4-KE-05_PB_23_210327_536"></a></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="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=27845,FOLIO='23',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-05_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:15 2010' -->


<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>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160; If the Time of Sale Prospectus is being used to solicit offers to
buy the Units at a time when the Prospectus is not yet available to prospective
purchasers and any event shall occur or condition exist as a result of which it
is necessary to amend or supplement the Time of Sale Prospectus in order to
make the statements therein, in the light of the circumstances, not misleading,
or if any event shall occur or condition exist as a result of which the Time of
Sale Prospectus conflicts with the information contained in the Registration
Statement then on file, or if, in the opinion of counsel for the Underwriters,
it is necessary to amend or supplement the Time of Sale Prospectus to comply
with applicable law, forthwith to prepare, file with the Commission and the
Canadian Securities Commissions and furnish, at its own expense, to the
Underwriters and to any dealer upon request, either amendments or supplements
to the Time of Sale Prospectus so that the statements in the Time of Sale
Prospectus as so amended or supplemented will not, in the light of the
circumstances when the Time of Sale Prospectus is delivered to a prospective
purchaser, be misleading or so that the Time of Sale Prospectus, as amended or
supplemented, will no longer conflict with the Registration Statement, or so
that the Time of Sale Prospectus, as amended or supplemented, will comply with
applicable law.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160; If, during such period after the first date of the public offering
of the Units as in the opinion of counsel for the Underwriters the Prospectus
(or in lieu thereof the notice referred to in Rule&nbsp;173(a)&nbsp;under the
Securities Act) is required by law to be delivered in connection with sales by
an Underwriter or dealer, any event shall occur or condition exist as a result
of which it is necessary to amend or supplement the Prospectus in order to make
the statements therein, in the light of the circumstances when the Prospectus
(or in lieu thereof the notice referred to in Rule&nbsp;173(a)&nbsp;under the
Securities Act) is delivered to a purchaser, not misleading, or if, in the
opinion of counsel for the Underwriters, it is necessary to amend or supplement
the Prospectus to comply with applicable law, forthwith to prepare, file with
the Commission and furnish, at its own expense, to the Underwriters and to the
dealers (whose names and addresses you will furnish to the Trust) to which
Units may have been sold by you on behalf of the Underwriters and to any other
dealers upon request, either amendments or supplements to the Prospectus so that
the statements in the Prospectus as so amended or supplemented will not, in the
light of the circumstances when the Prospectus (or in lieu thereof the notice
referred to in Rule&nbsp;173(a)&nbsp;under the Securities Act) is delivered to
a purchaser, be misleading or so that the Prospectus, as amended or
supplemented, will comply with applicable law.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160; To endeavor to qualify the Units for offer and sale under the
securities or Blue Sky laws of such jurisdictions as you shall reasonably
request.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160; To make generally available to the Trust&#146;s security holders and
to you as soon as practicable an earning statement covering a period of at
least twelve&nbsp;months beginning with the first fiscal quarter of the Trust
occurring after the date of this Agreement which shall satisfy the provisions
of Section&nbsp;11(a)&nbsp;of the Securities Act and the rules&nbsp;and
regulations of the Commission thereunder.</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<a name="16644-4-KE-05_PB_24_210334_5926"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=25,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=150508,FOLIO='24',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-05_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:15 2010' -->


<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;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160; To prepare and file with the OSC and the other Canadian
Securities Commissions promptly after the execution and delivery of this
Agreement, a supplemented PREP prospectus in the English and French languages
in compliance in all respects with NI 41-101 and NI 44-103 (the &#147;<b>Canadian Supplemental Prospectus</b>&#148;), in a form reasonably
satisfactory to the Underwriters, such filing to occur not later than
11:00&nbsp;p.m. (Toronto time) on [</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">], 2010.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&#160;&#160; (A)&nbsp;Whether or not the transactions contemplated in this
Agreement are consummated or this Agreement is terminated, that the Trust shall
pay or cause to be paid all expenses incident to the performance of the Trust&#146;s
and the Manager&#146;s obligations under this Agreement, including:&#160; (i)&nbsp;the fees, disbursements and expenses
of the Trust&#146;s and the Manager&#146;s counsel and the Trust&#146;s accountants in
connection with the registration, qualification and delivery of the Units under
the Securities Act and Canadian Securities Laws and all other fees or expenses
in connection with the preparation and filing of the Registration Statement,
any preliminary prospectus, the Time of Sale Prospectus, the Prospectus, any
free writing prospectus prepared by or on behalf of, used by, or referred to by
the Trust and amendments and supplements to any of the foregoing, including all
regulatory and stock exchange filing fees and the costs and charges of any
transfer agent, registrar, custodian or depositary, all printing and
translation costs associated therewith, and the mailing and delivering of
copies thereof to the Underwriters and dealers, in the quantities hereinabove
specified, (ii)&nbsp;all costs and expenses related to the transfer and
delivery of the Units to the Underwriters, including any transfer or other
taxes payable thereon, (iii)&nbsp;the cost of printing or producing any Blue
Sky or Legal Investment memorandum in connection with the offer and sale of the
Units under state securities laws and all expenses in connection with the
qualification of the Units for offer and sale under state securities laws and
Canadian Securities Laws as provided in Sections&nbsp;6(h)&nbsp;and 6(j)&nbsp;hereof,
including any filing fees, in connection with such qualification and in
connection with the Blue Sky or Legal Investment memorandum, (iv)&nbsp;all
filing fees incurred in connection with the review and qualification of the
offering of the Units by the Financial Industry Regulatory Authority, (v)&nbsp;all
fees and expenses in connection with the preparation and filing of the
registration statement on Form&nbsp;F-1 (or such other form that may be used by
the Trust or the Manager to register the Trust Units under the Exchange Act)
relating to the Trust Units and all costs and expenses incident to listing the
Units on Arca and the TSX, (vi)&nbsp;the cost of printing certificates
representing the Units, (vii)&nbsp;the costs and expenses of the Trust and the
Manager relating to investor presentations on any &#147;road show&#148; undertaken in
connection with the marketing of the offering of the Units, including, without
limitation, expenses associated with the preparation or dissemination of any
electronic roadshow, expenses associated with the production of road show
slides and graphics, fees and expenses of any consultants engaged in connection
with the road show presentations with the prior approval of the Trust or the
Manager, travel and lodging expenses of the representatives and officers of the
Trust and the Manager and any such consultants, and<b>  </b>the
cost of any aircraft chartered in connection with the road show, (viii)&nbsp;the
document </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<a name="16644-4-KE-05_PB_25_210346_4688"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=26,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=921063,FOLIO='25',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-05_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:15 2010' -->


<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>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">production charges and expenses associated with
printing this Agreement, and (ix)&nbsp;all other costs and expenses incident to
the performance of the obligations of the Trust and the Manager hereunder for
which provision is not otherwise made in this Section; and (B)&nbsp;if the
transactions contemplated by this Agreement are consummated, that the Trust
shall reimburse the Underwriters for all fees and expenses incurred by the
Underwriters in connection with the transactions contemplated by this Agreement
(including but not limited to the fees, disbursements and expenses of the
Underwriters&#146; counsel), in an aggregate amount not to exceed $150,000.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&#160;&#160;&#160; To use its best efforts to have the Units accepted for listing on
Arca and the TSX and maintain the listing of the Units on Arca and the TSX and
to file with such exchanges all documents and notices required by such
exchanges of issuers that have securities that are listed on such exchanges.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)&#160; Without the prior written consent of Morgan Stanley&nbsp;and RBC on
behalf of the Underwriters, that the Trust will not, during the period ending&nbsp;90&nbsp;days
after the Closing Date, (1)&nbsp;offer, pledge, sell, contract to sell, sell
any option or contract to purchase, purchase any option or contract to sell,
grant any option, right or warrant to purchase, lend, or otherwise transfer or
dispose of, directly or indirectly, any&nbsp;Units or any securities
convertible into or exercisable or exchangeable for&nbsp;Units or (2)&nbsp;enter
into any swap or other arrangement that transfers to another, in whole or in
part, any of the economic consequences of ownership of Units, whether any such
transaction described in clause&nbsp;(1)&nbsp;or (2)&nbsp;above is to be
settled by delivery of&nbsp;Units or such other securities, in cash or
otherwise or (3)&nbsp;file any registration statement with the Commission or
prospectus with any regulatory authority in Canada relating to the offering of
any&nbsp;Units or any securities convertible into or exercisable or
exchangeable for Units.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160; <i>Covenants of the Underwriters</i>.&#160; Each Underwriter severally covenants with the
Trust and the Manager not to take any action that would result in the Trust
being required to file with the Commission under Rule&nbsp;433(d)&nbsp;a free
writing prospectus prepared by or on behalf of such Underwriter that otherwise
would not be required to be filed by the Trust thereunder, but for the action
of the Underwriter.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160;&#160;&#160;&#160; <i>Indemnity and Contribution.</i>
(a)&nbsp;The Trust and the Manager, jointly and severally, agree to indemnify
and hold harmless each Underwriter, each person, if any, who controls any
Underwriter within the meaning of either Section&nbsp;15 of the Securities Act
or Section&nbsp;20 of the Exchange Act, and each affiliate of any Underwriter
within the meaning of Rule&nbsp;405 under the Securities Act from and against
any and all losses, claims, damages and liabilities (including, without
limitation, any legal or other expenses reasonably incurred in connection with
defending or investigating any such action or claim) caused by or based upon,
any untrue statement or alleged untrue statement of a material fact contained
in the Registration Statement or any amendment thereof, any preliminary
prospectus,<b>  </b>the Time of Sale Prospectus, any
issuer free writing </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<a name="16644-4-KE-05_PB_26_210355_2983"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=27,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=663026,FOLIO='26',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-05_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:15 2010' -->


<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>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">prospectus as defined in Rule&nbsp;433(h)&nbsp;under
the Securities Act, any Trust or Manager information that the Trust has filed,
or is required to file, pursuant to Rule&nbsp;433(d)&nbsp;under the Securities
Act, or the Prospectus or any amendment or supplement thereto, or caused by any
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading,
except insofar as such losses, claims, damages or liabilities are caused by any
such untrue statement or omission or alleged untrue statement or omission based
upon information relating to any Underwriter furnished to the Trust and the
Manager in writing by such Underwriter through you expressly for use therein.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:42.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each Underwriter agrees, severally and not jointly, to
indemnify and hold harmless the Manager and the Trust, the officers of the Manager who sign the Registration
Statement<b>  </b>and each person, if any, who
controls the Trust within the meaning of either Section&nbsp;15 of the
Securities Act or Section&nbsp;20 of the Exchange Act from and against any and
all losses, claims, damages and liabilities (including, without limitation, any
legal or other expenses reasonably incurred in connection with defending or
investigating any such action or claim) caused by any untrue statement or
alleged untrue statement of a material fact contained in the Registration Statement
or any amendment thereof, any preliminary prospectus, the Time of Sale
Prospectus, any issuer free writing prospectus as defined in Rule&nbsp;433(h)&nbsp;under
the Securities Act, any Trust or Manager information that the Trust has filed,
or is required to file, pursuant to Rule&nbsp;433(d)&nbsp;under the Securities
Act, or the Prospectus (as amended or supplemented if the Trust shall have
furnished any amendments or supplements thereto), or caused by any omission or
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, but only with
reference to information relating to such Underwriter furnished to the Trust
and the Manager in writing by such Underwriter through you expressly for use in
the Registration Statement, any preliminary prospectus, the Time of Sale
Prospectus, any issuer free writing prospectus or the Prospectus or any
amendment or supplement thereto.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:42.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160; In case any proceeding (including any governmental investigation)
shall be instituted involving any person in respect of which indemnity may be
sought pursuant to Section&nbsp;8(b)&nbsp;or 8(b), such person (the &#147;<b>indemnified party</b>&#148;) shall promptly notify
the person against whom such indemnity may be sought (the &#147;<b>indemnifying party</b>&#148;) in writing and the
indemnifying party, upon request of the indemnified party, shall retain counsel
reasonably satisfactory to the indemnified party to represent the indemnified
party and any others the indemnifying party may designate in such proceeding and
shall pay the fees and disbursements of such counsel related to such
proceeding.&#160; In any such proceeding, any
indemnified party shall have the right to retain its own counsel, but the fees
and expenses of such counsel shall be at the expense of such indemnified party
unless (i)&nbsp; the indemnifying party and the indemnified party shall have
mutually agreed to the retention of such counsel or (ii)&nbsp; the named
parties to any such proceeding (including any impleaded parties) include both
the indemnifying party 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;">27<a name="16644-4-KE-05_PB_27_210406_6228"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=28,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=371175,FOLIO='27',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-05_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:15 2010' -->


<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>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">indemnified party and representation of both parties
by the same counsel would be inappropriate due to actual or potential differing
interests between them.&#160; It is understood
that the indemnifying party shall not, in respect of the legal expenses of any
indemnified party in connection with any proceeding or related proceedings in
the same jurisdiction, be liable for (i)&nbsp;the fees and expenses of more
than one separate firm (in addition to any local counsel) for all Underwriters
and all persons, if any, who control any Underwriter within the meaning of
either Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange
Act or who are affiliates of any Underwriter within the meaning of Rule&nbsp;405
under the Securities Act, (ii)&nbsp;the fees and expenses of more than one
separate firm (in addition to any local counsel) for the Trust and the Manager,
the officers of the Manager who sign
the Registration Statement and each person, if any, who controls the
Trust within the meaning of either such Section.&#160; In the case of any such separate firm for the
Underwriters and such control persons and affiliates of any Underwriters, such
firm shall be designated in writing by Morgan Stanley and RBC.&#160; In the case of any such separate firm for the
Trust and the Manager, officers of the
Managers<b>  </b>and control persons of the Trust,
such firm shall be designated in writing by the Manager.&#160; The indemnifying party shall not be liable
for any settlement of any proceeding effected without its written consent, but
if settled with such consent or if there be a final judgment for the plaintiff,
the indemnifying party agrees to indemnify the indemnified party from and
against any loss or liability by reason of such settlement or judgment. &#160;Notwithstanding the foregoing sentence, if at
any time an indemnified party shall have requested an indemnifying party to
reimburse the indemnified party for fees and expenses of counsel as
contemplated by the second and third sentences of this paragraph, the
indemnifying party agrees that it shall be liable for any settlement of any
proceeding effected without its written consent if (i)&nbsp;such settlement is
entered into more than 30&nbsp;days after receipt by such indemnifying party of
the aforesaid request and (ii)&nbsp;such indemnifying party shall not have
reimbursed the indemnified party in accordance with such request prior to the
date of such settlement.&#160; No indemnifying
party shall, without the prior written consent of the indemnified party, effect
any settlement of any pending or threatened proceeding in respect of which any
indemnified party is or could have been a party and indemnity could have been
sought hereunder by such indemnified party, unless such settlement includes an
unconditional release of such indemnified party from all liability on claims
that are the subject matter of such proceeding.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160; To the extent the indemnification provided for in
Section&nbsp;8(b)&nbsp;or 8(b)&nbsp;or is unavailable to an indemnified party
or insufficient in respect of any losses, claims, damages or liabilities
referred to therein, then each indemnifying party under such paragraph, in lieu
of indemnifying such indemnified party thereunder, shall contribute to the
amount paid or payable by&nbsp;such indemnified party as a result of such losses,
claims, damages or liabilities (i)&nbsp; in such proportion as is appropriate
to reflect the relative benefits received by the indemnifying party or parties
on the one hand and the indemnified party or parties on the other hand from the
offering of the Units or (ii)&nbsp; if the allocation provided by
clause&nbsp;8(b)(i)&nbsp;above is not permitted by applicable law, in such
proportion as is </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<a name="16644-4-KE-05_PB_28_210414_6479"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=29,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=674468,FOLIO='28',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-05_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:15 2010' -->


<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>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">appropriate to reflect not only the relative
benefits referred to in clause&nbsp;8(b)(i)&nbsp;above but also the relative
fault of the indemnifying party or parties on the one hand and of the
indemnified party or parties on the other hand in connection with the
statements or omissions that resulted in such losses, claims, damages or
liabilities, as well as any other relevant equitable considerations.&#160; The relative benefits received by the Trust
and the Manager on the one hand and the Underwriters on the other hand in
connection with the offering of the Units shall be deemed to be in the same respective
proportions as the net proceeds from the offering of the Units (before
deducting expenses) received by the Trust and the total underwriting discounts
and commissions received by the Underwriters, in each case as set forth in the
table on the cover of the Prospectus, bear to the aggregate Public Offering
Price of the Units.&#160; The relative fault
of the Trust and the Manager on the one hand and the Underwriters on the other
hand shall be determined by reference to, among other things, whether the untrue
or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Trust
or the Manager or by the Underwriters and the parties&#146; relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission.&#160; The Underwriters&#146;
respective obligations to contribute pursuant to this Section&nbsp;8 are
several in proportion to the respective number of Units they have purchased
hereunder, and not joint.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160; The Trust, the Manager, and the Underwriters agree that it would
not be just or equitable if contribution pursuant to this Section&nbsp;8 were
determined by <i>pro rata</i> allocation
(even if the Underwriters were treated as one entity for such purpose) or by
any other method of allocation that does not take account of the equitable
considerations referred to in Section&nbsp;8(d).&#160; The amount paid or payable by an indemnified
party as a result of the losses, claims, damages and liabilities referred to in
Section&nbsp;8(d)&nbsp;shall be deemed to include, subject to the limitations
set forth above, any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such action
or claim.&#160; Notwithstanding the provisions
of this Section&nbsp;8, no Underwriter shall be required to contribute any
amount in excess of the amount by which the total price at which the Units
underwritten by it and distributed to the public were offered to the public
exceeds the amount of any damages that such Underwriter has otherwise been
required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission.&#160; No person
guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of
the Securities Act) shall be entitled to contribution from any person who was
not guilty of such fraudulent misrepresentation.&#160; The remedies provided for in this
Section&nbsp;8 are not exclusive and shall not limit any rights or remedies
which may otherwise be available to any indemnified party at law or in equity.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160; The indemnity and contribution provisions contained in this
Section&nbsp;8 and the representations, warranties and other statements of the
Trust contained in this Agreement shall remain operative and in full force and
effect regardless of (i)&nbsp; any termination of this Agreement, (ii)&nbsp;
any investigation made </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<a name="16644-4-KE-05_PB_29_210422_2639"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=30,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=452373,FOLIO='29',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-05_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:15 2010' -->


<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>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">by or on behalf of any Underwriter, any person
controlling any Underwriter, or any affiliate of any Underwriter, or by or on
behalf of the Trust, its officers or directors or any person controlling the
Trust and (iii)&nbsp; acceptance of and payment for any of the Units.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.&#160;&#160;&#160;&#160; <i>Termination</i>.&#160; The Underwriters may terminate this Agreement
by notice given by you to the Manager, if after the execution and delivery of
this Agreement and prior to the Closing Date (i)&nbsp; trading generally shall
have been suspended or materially limited on, or by, as the case may be, any of
the New York Stock Exchange, Arca, the American Stock Exchange, the Nasdaq
National Market, the Chicago Board of Options Exchange, the Chicago Mercantile
Exchange, the Chicago Board of Trade or the TSX, (ii)&nbsp; a material
disruption in securities settlement, payment or clearance services in the
United States or Canada shall have occurred, (iii)&nbsp; any moratorium on
commercial banking activities shall have been declared by Federal, New York
State or Canadian authorities, or (iv)&nbsp; there shall have occurred any
outbreak or escalation of hostilities, or any change in financial markets,
currency exchange rates or controls or any calamity or crisis that, in your
judgment, is material and adverse and which, singly or together with any other
event specified in this clause&nbsp;(iv), makes it, in your judgment,
impracticable or inadvisable to proceed with the offer, sale or delivery of the
Units on the terms and in the manner contemplated in the Time of Sale
Prospectus or the Prospectus.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.&#160; <i>Effectiveness; Defaulting
Underwriters</i>.&#160; This Agreement
shall become effective upon the execution and delivery hereof by the parties
hereto.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If, on the Closing Date or an Option Closing Date,
as the case may be, any one or more of the Underwriters shall fail or refuse to
purchase Units that it has or they have agreed to purchase hereunder on such
date, and the aggregate number of Units which such defaulting Underwriter or
Underwriters agreed but failed or refused to purchase is not more than
one-tenth of the aggregate number of the Units to be purchased on such date,
the other Underwriters shall be obligated severally in the proportions that the
number of Firm Units set forth opposite their respective names in
Schedule&nbsp;I bears to the aggregate number of Firm Units set forth opposite
the names of all such non-defaulting Underwriters, or in such other proportions
as you may specify, to purchase the Units which such defaulting Underwriter or
Underwriters agreed but failed or refused to purchase on such date; <i>provided</i> that in no event shall the number
of Units that any Underwriter has agreed to purchase pursuant to this Agreement
be increased pursuant to this Section&nbsp;10 by an amount in excess of
one-ninth of such number of Units without the written consent of such
Underwriter.&#160; If, on the Closing Date,
any Underwriter or Underwriters shall fail or refuse to purchase Firm Units and
the aggregate number of Firm Units with respect to which such default occurs is
more than one-tenth of the aggregate number of Firm Units to be purchased on
such date, and arrangements satisfactory to you and the Trust for the purchase
of such Firm Units are not made within 36 hours after such default, this
Agreement shall terminate without liability on the part of any non-defaulting
Underwriter or 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;">30<a name="16644-4-KE-05_PB_30_210428_2794"></a></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="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=388769,FOLIO='30',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-05_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:15 2010' -->



<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust.&#160; In any such case either you or the Trust
shall have the right to postpone the Closing Date, but in no event for longer
than seven&nbsp;days, in order that the required changes, if any, in the
Registration Statement, in the Time of Sale Prospectus, in the Prospectus or in
any other documents or arrangements may be effected.&#160; If, on an Option Closing Date, any
Underwriter or Underwriters shall fail or refuse to purchase Additional Units
and the aggregate number of Additional Units with respect to which such default
occurs is more than one-tenth of the aggregate number of Additional Units to be
purchased on such Option Closing Date, the non-defaulting Underwriters shall
have the option to (i)&nbsp;terminate their obligation hereunder to purchase
the Additional Units to be sold on such Option Closing Date or
(ii)&nbsp;purchase not less than the number of Additional Units that such
non-defaulting Underwriters would have been obligated to purchase in the
absence of such default.&#160; Any action
taken under this paragraph shall not relieve any defaulting Underwriter from
liability in respect of any default of such Underwriter under 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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If
this Agreement shall be terminated by the Underwriters, or any of them, because
of any failure or refusal on the part of the Trust or the Manager to comply
with the terms or to fulfill any of the conditions of this Agreement, or if for
any reason the Trust or the Manager shall be unable to perform its obligations
under this Agreement, the Manager will reimburse the Underwriters or such
Underwriters as have so terminated this Agreement with respect to themselves,
severally, for all out-of-pocket expenses (including the fees and disbursements
of their counsel) reasonably incurred by such Underwriters in connection with
this Agreement or the offering contemplated hereunder.</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;">11.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Submission
to Jurisdiction; Appointment of Agent for Service.</font></i><font size="2" style="font-size:10.0pt;">&#160; (a)&nbsp; The Trust and the Manager
irrevocably submit to the non-exclusive jurisdiction of any New York State or
United States Federal court sitting in The City of New York over any suit,
action or proceeding arising out of or relating to this Agreement, the
Prospectus, the Time of Sale Prospectus, the Registration Statement or the
offering of the Units.&#160; The Trust and the
Manager irrevocably waive, to the fullest extent permitted by law, any
objection which they may now or hereafter have to the laying of venue of any
such suit, action or proceeding brought in such a court and any claim that any
such suit, action or proceeding brought in such a court has been brought in an
inconvenient forum.&#160; To the extent that
the Trust and the Manager have or hereafter may acquire any immunity (on the
grounds of sovereignty or otherwise) from the jurisdiction of any court or from
any legal process with respect to themselves or their property, the Trust and
the Manager irrevocably waive, to the fullest extent permitted by law, such
immunity in respect of any such suit, action or proceeding.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><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;">(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 Trust and the Manager
hereby irrevocably appoints Anthony Tu-Sekine of Seward&nbsp;&amp; Kissel LLP,
with offices at Suite&nbsp;350, 1200 G Street N.W., Washington DC 20005 as its
agent for service of process in any suit, action or proceeding described in the
preceding paragraph and agrees that service of process in any such suit, action
or proceeding may be made upon it at the office 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;">31<a name="16644-4-KE-07_PB_31_210831_7056"></a></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="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=234779,FOLIO='31',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-07_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:24 2010' -->


<br clear="all" style="page-break-before:always;">


<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">such agent.&#160;
The Trust and the Manager waives, to the fullest extent permitted by
law, any other requirements of or objections to personal jurisdiction with
respect thereto.&#160; The Trust and the
Manager represents and warrants that such agent has agreed to act as the agent
for service of process for the Trust and the Manager, and the Trust and the
Manager agrees to take any and all action, including the filing of any and all
documents and instruments, that may be necessary to continue such appointment
in full force and effect.</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;">12.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Entire Agreement</font></i><font size="2" style="font-size:10.0pt;">.&#160; (a)&nbsp; This Agreement, together with any
contemporaneous written agreements and any prior written agreements (to the
extent not superseded by this Agreement) that relate to the offering of the
Units, represents the entire agreement between the Trust and the Manager, and
the Underwriters with respect to the preparation of any preliminary prospectus,
the Time of Sale Prospectus, the Prospectus, the conduct of the offering, and
the purchase and sale of the Units.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><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;">(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 Trust and the Manager
acknowledge that in connection with the offering of the Units:&#160; (i)&nbsp; the Underwriters have acted at arms
length, are not agents of, and have assumed no, and owe no, fiduciary or
advisory duties to, the Trust, the Manager or any other person, (ii)&nbsp; the
Underwriters owe the Trust and the Manager only those duties and obligations
set forth in this Agreement and prior written agreements (to the extent not
superseded by this Agreement), if any, and (iii)&nbsp; the Underwriters may
have interests that differ from those of the Trust and the Manager.&#160; The Trust and the Manager waive to the full
extent permitted by applicable law any claims it may have against the
Underwriters arising from an alleged breach of fiduciary duty in connection
with the offering of the Units.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.0pt;"><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;">13.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Counterparts</font></i><font size="2" style="font-size:10.0pt;">.&#160; This Agreement may be signed in two or more
counterparts, each of which shall be an original, with the same effect as if
the signatures thereto and hereto were upon the same instrument.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><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;">14.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Applicable
Law</font></i><font size="2" style="font-size:10.0pt;">.&#160; This Agreement shall be
governed by and construed in accordance with the internal laws of the State of
New York.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><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;">15.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Headings</font></i><font size="2" style="font-size:10.0pt;">.&#160; The headings of the sections of this
Agreement have been inserted for convenience of reference only and shall not be
deemed a part of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><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;">16.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Judgment
Currency.</font></i><font size="2" style="font-size:10.0pt;">&#160; If for the purposes of obtaining judgment in
any court it is necessary to convert a sum due hereunder into any currency
other than United States dollars, the parties hereto agree, to the fullest
extent permitted by law, that the rate of exchange used shall be the rate at
which in accordance with normal banking procedures the Underwriters could
purchase United States dollars with such other currency in The City of New York
on the business day preceding that on which final judgment is given.&#160; The obligation of the Trust and the Manager
with respect to any sum due from it to any Underwriter or any person controlling
any Underwriter shall, notwithstanding any judgment in 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;">32<a name="16644-4-KE-07_PB_32_210844_5335"></a></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="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=614379,FOLIO='32',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-07_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:24 2010' -->


<br clear="all" style="page-break-before:always;">


<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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">currency other than
United States dollars, not be discharged until the first business day following
receipt by such Underwriter or controlling person of any sum in such other
currency, and only to the extent that such Underwriter or controlling person
may in accordance with normal banking procedures purchase United States dollars
with such other currency.&#160; If the United
States dollars so purchased are less than the sum originally due to such
Underwriter or controlling person hereunder, the Trust and the Manager agree as
a separate obligation and notwithstanding any such judgment, to indemnify such
Underwriter or controlling person against such loss.&#160; If the United States dollars so purchased are
greater than the sum originally due to such Underwriter or controlling person
hereunder, such Underwriter or controlling person agrees to pay to the Trust or
the Manager an amount equal to the excess of the dollars so purchased over the
sum originally due to such Underwriter or controlling person 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="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" style="font-size:10.0pt;font-style:italic;">Notices</font></i><font size="2" style="font-size:10.0pt;">.&#160; All communications hereunder shall be in
writing and effective only upon receipt and if to the Underwriters shall be
delivered, mailed or sent to you in care of Morgan Stanley&nbsp;&amp;&nbsp;Co.
Incorporated, 1585&nbsp;Broadway, New York, New York&nbsp;10036,
Attention:&#160; Equity Syndicate Desk, with a
copy to the Legal Department and RBC Dominion Securities Inc., attention:&#160; Kirby Gavelin, Managing Director and Group
Head, Equity Capital Markets, 4th Floor, South Tower, Royal Bank Plaza, 200 Bay
Street, Toronto, Ontario, M5J 2W7, with a copy to RBC Law Group, and with a
copy to Christopher J. Cummings, Shearman&nbsp;&amp; Sterling LLP, 199 Bay
Street, Suite&nbsp;4405, Toronto, Ontario M5L 1E8; if to the Trust shall be
delivered, mailed or sent to Kirstin McTaggart</font><font size="2" style="font-size:10.0pt;">, Royal Bank Plaza, South Tower, 200 Bay Street, Suite&nbsp;2700, PO Box
27, Toronto, Ontario M5J 2J1, </font><font size="2" style="font-size:10.0pt;">with a copy to Anthony
Tu-Sekine, Seward&nbsp;&amp; Kissel LLP, Suite&nbsp;350, 1200 G Street N.W.,
Washington DC 20005; and if to the Manager shall be delivered, mailed or sent
to Kirstin McTaggart</font><font size="2" style="font-size:10.0pt;">,
Royal Bank Plaza, South Tower, 200 Bay Street, Suite&nbsp;2700, PO Box 27,
Toronto, Ontario M5J 2J1</font><font size="2" style="font-size:10.0pt;">, with a copy to Anthony Tu-Sekine,
Seward&nbsp;&amp; Kissel LLP, Suite&nbsp;350, 1200 G Street N.W., Washington DC
20005.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><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;">[Signature pages&nbsp;follow.]</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;">33<a name="16644-4-KE-07_PB_33_210901_5796"></a></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="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=68543,FOLIO='33',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-07_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:24 2010' -->


<br clear="all" style="page-break-before:always;">


<div>

<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:50.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very
  truly yours,</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.74%;">
  <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:50.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SPROTT
  PHYSICAL GOLD TRUST by its manager, Sprott Asset Management LP by its general
  partner Sprott Asset Management GP Inc.</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.74%;">
  <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:50.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.74%;">
  <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:50.26%;">
  <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:4.32%;">
  <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:45.42%;">
  <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="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.26%;">
  <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:4.32%;">
  <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:45.42%;">
  <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:50.26%;">
  <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:4.32%;">
  <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:45.42%;">
  <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:50.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.74%;">
  <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:50.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.74%;">
  <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:50.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SPROTT
  ASSET MANAGEMENT LP by its general partner Sprott Asset Management GP Inc.</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.74%;">
  <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:50.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.74%;">
  <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:50.26%;">
  <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:4.32%;">
  <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:45.42%;">
  <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="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.26%;">
  <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:4.32%;">
  <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:45.42%;">
  <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:50.26%;">
  <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:4.32%;">
  <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:45.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</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;">[Signature page&nbsp;to
Underwriting Agreement]</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=35,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=484969,FOLIO='',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-07_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:24 2010' -->


<br clear="all" style="page-break-before:always;">


<div>

<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:50.26%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accepted as of the date hereof</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.74%;">
  <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:50.26%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><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:49.74%;">
  <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%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.26%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><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:49.74%;">
  <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:4.58%;">
  <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="padding:0in 0in 0in 0in;width:45.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan
  Stanley&nbsp;&amp; Co. Incorporated</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.74%;">
  <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:4.58%;">
  <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:45.68%;">
  <p style="margin:0in 0in .0001pt;"><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:49.74%;">
  <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:4.58%;">
  <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:45.68%;">
  <p style="margin:0in 0in .0001pt;"><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:49.74%;">
  <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:4.58%;">
  <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:45.68%;">
  <p style="margin:0in 0in .0001pt;"><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:49.74%;">
  <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:4.58%;">
  <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:45.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.74%;">
  <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:4.58%;">
  <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:45.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.74%;">
  <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:4.58%;">
  <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:45.68%;">
  <p style="margin:0in 0in .0001pt;"><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:49.74%;">
  <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:4.58%;">
  <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="padding:0in 0in 0in 0in;width:45.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RBC
  Dominion Securities Inc.</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.74%;">
  <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:4.58%;">
  <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:45.68%;">
  <p style="margin:0in 0in .0001pt;"><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:49.74%;">
  <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:4.58%;">
  <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:45.68%;">
  <p style="margin:0in 0in .0001pt;"><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:49.74%;">
  <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:4.58%;">
  <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:45.68%;">
  <p style="margin:0in 0in .0001pt;"><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:49.74%;">
  <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:4.58%;">
  <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:45.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.74%;">
  <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:4.58%;">
  <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:45.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.74%;">
  <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>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Signature page&nbsp;to
Underwriting Agreement]</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=36,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=971742,FOLIO='',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-07_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:24 2010' -->


<br clear="all" style="page-break-before:always;">


<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 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;">SCHEDULE I</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="70%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Underwriter</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="26%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.5%;">
  <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;">Number&nbsp;of&nbsp;Firm&nbsp;Units<br>
  To&nbsp;Be&nbsp;Purchased</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
  <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:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="bottom" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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="70%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan Stanley&nbsp;&amp; Co. Incorporated</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:26.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="bottom" style="padding:0in 0in 0in 0in;width:26.5%;">
  <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>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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="70%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RBC Dominion Securities Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:26.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="bottom" style="padding:0in 0in 0in 0in;width:26.5%;">
  <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>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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="70%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">]</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:26.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="bottom" style="padding:0in 0in 0in 0in;width:26.5%;">
  <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>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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="70%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">]</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:26.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="bottom" style="padding:0in 0in 0in 0in;width:26.5%;">
  <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>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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="70%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">]</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:26.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="bottom" style="padding:0in 0in 0in 0in;width:26.5%;">
  <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>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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="70%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">]</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:26.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="bottom" style="padding:0in 0in 0in 0in;width:26.5%;">
  <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>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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="70%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">]</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:26.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><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:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.5%;">
  <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>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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="70%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total:</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:26.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">]</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <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;">I-1<a name="16644-4-KE-07_PB_1_211609_2897"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=37,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=288501,FOLIO='I-1',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-07_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:24 2010' -->


<br clear="all" style="page-break-before:always;">


<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 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;">SCHEDULE II</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;">Time of Sale Prospectus</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 .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preliminary Prospectus issued [</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">], 2010</font></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 .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Term sheet containing the terms of the Securities,
substantially in the form of Schedule II-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;">II-1<a name="16644-4-KE-07_PB_1_211626_3020"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=38,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=542318,FOLIO='II-1',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-07_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:24 2010' -->


<br clear="all" style="page-break-before:always;">


<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 align="right" style="margin:0in 0in .0001pt .5in;text-align:right;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE
II-A</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;">Sprott Physical Gold Trust</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;">[</font></b><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">] Units</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="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Issuer:
  </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:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sprott Physical Gold Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.98%;">
  <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="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.94%;">
  <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="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Symbol
  / Exchange: </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:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PHYS
  / NYSE Arca; PHY.U / TSX</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.98%;">
  <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="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.94%;">
  <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="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Size:
  </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:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">US$[</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">]</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.98%;">
  <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="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.94%;">
  <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="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shares
  offered by Sprott Physical Gold Trust: </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:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">] Units</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.98%;">
  <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="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.94%;">
  <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="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Greenshoe:</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:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">] Units</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.98%;">
  <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="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.94%;">
  <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="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Price
  to public: </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:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">US$[</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">] per Unit</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.98%;">
  <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="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.94%;">
  <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="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trade
  date: </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:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">], 2010</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.98%;">
  <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="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.94%;">
  <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="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Closing
  date: </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:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">], 2010</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.98%;">
  <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="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.94%;">
  <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="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CUSIP
  No.: </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:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">85207H104</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.98%;">
  <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="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.94%;">
  <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="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Underwriters: </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan Stanley&nbsp;&amp; Co.
  Incorporated</font></p>
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RBC Dominion Securities
  Inc.<br>
  [</font><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">]</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;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A copy of the prospectus
relating to the offering may be obtained by contacting Morgan
Stanley&nbsp;&amp; Co. Incorporated, 180 Varick Street, 2nd Floor, New York,
New York 10014, Attention: Prospectus Department or by e-mailing
prospectus@morganstanley.com, or RBC Capital Markets Corporation, Attention:
Prospectus Department, Three World Financial Center, 200 Vesey Street, 8th
floor, New York, New York 10281-8098 (telephone: 212- 428-6670, fax:
212-428-6260)</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This communication shall not
constitute an offer to sell or the solicitation of any offer to buy, nor shall
there be any sale of the securities in any state in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state.</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;">II-2<a name="16644-4-KE-07_PB_2_211743_7748"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=39,EFW="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=939902,FOLIO='II-2',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KE-07_ZCA14404.CHC",USER="JDAY",CD='Sep 15 21:24 2010' -->


<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>3
<FILENAME>a2200051zex-23_3.htm
<DESCRIPTION>EXHIBIT 23.3
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>

<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="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;">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 May&nbsp;13, 2010 with respect to the financial statements
of Sprott Physical Gold Trust (the &#147;Trust&#148;) as at February&nbsp;24, 2010,
included in this Amendment No. 1 to the Registration Statement on Form&nbsp;F-1
and related Prospectus of the Trust dated September&nbsp;16, 2010.</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>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Toronto, Canada</font></p>
  </td>
  <td width="48%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.88%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">September&nbsp;16, 2010</font></p>
  </td>
  <td width="48%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:48.88%;">
  <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="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.88%;">
  <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="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.88%;">
  <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="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="3",CHK=715940,FOLIO='',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KO_ZCA14404.CHC",USER="JDAY",CD='Sep 15 22:35 2010' -->


<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.4
<SEQUENCE>4
<FILENAME>a2200051zex-23_4.htm
<DESCRIPTION>EXHIBIT 23.4
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>

<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;23.4</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;">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 May&nbsp;25, 2010 with respect to the financial statements
of Sprott Physical Gold Trust (the &#147;Trust&#148;) as at March&nbsp;31, 2010, included
in this Amendment No. 1 to the Registration Statement on Form&nbsp;F-1 and
related Prospectus of the Trust dated September&nbsp;16, 2010.</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>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Toronto, Canada</font></p>
  </td>
  <td width="48%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.88%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><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="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">September&nbsp;16,
  2010</font></p>
  </td>
  <td width="48%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:48.88%;">
  <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="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.88%;">
  <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="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.88%;">
  <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="2200182",CP="SPROTT PHYSICAL GOLD TRUST",DN="4",CHK=942220,FOLIO='',FILE="DISK105:[10ZCA4.10ZCA14404]16644-4-KQ_ZCA14404.CHC",USER="JDAY",CD='Sep 15 22:36 2010' -->


<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g402753.jpg
<DESCRIPTION>G402753.JPG
<TEXT>
begin 644 g402753.jpg
M_]C_X``02D9)1@`!`0$!L`&P``#__@!`1$E32S$R-#I;,3!:0T$Q+C$P6D-!
M,30T,#$N3U544%5473$V-C0T7S%?4U!/5%]'3TQ$7TM?3$E.12Y%4%/_VP!#
M``$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``+"`%K`IH!`1$`_\0`'P`!``(!!`,!
M``````````````@)!P($!@H!`P4+_\0`3Q````8"`0(#!`0+!@0#!P0#`@,$
M!08'``$("1$2%"$3%3%!"A9181<B*3EI<8&AJ+&X&#)YD<'P(R4HT1DD)C,T
M.$A2<H(U0DEXDK.T_]H`"`$!```_`._QC&,8QC&,8QC&,8QC&,8S"/(N?3:K
MZ<G<_@3;`5SU$(Z\252JM&5/4.K]B9(^TKWQ\?Y2\QN-2Z1`;6YO;C=[3,D?
M7+E*@X@.O+)PGJ2JZVWJFGO#)5\\25.U%P`50=/^T>0*LBP")`X0$743G2VM
M:T:ZW7QQG7QJT$=;2%OT^3]\3N3:@>(<YHU<1$H>TRQHW*WDWRR6\6K&H=18
M<28V[C):4C=Z[L'D`LD[@0*F+,6-2Q;5#1)H>GC2PM7$K=?$9D`:)J*1-B=B
ML-9%(LM;%ZF<L9I6V9>;E>1,^L(/R3=8K2]WV8"/*05HG=)!)4T.)L-;,@5.
MU3B4*8NQHXO)YZB@TB2(&I]2MJ<Z8,KY$69<^'H$3@[?,C_4JX@R@B*;89[+
MG1SG%@(JRBD80TM=JR9O4K<ZC:+^:"DT-2UX=)BFAYH]];;7:9$L;$S$N@XU
MKR4X;`T/!3?/'6^_V_'>O76]?#?;Y]O3T]-_#>O77?6];QC&,8QC&,8SUG'%
M)RC#SS`$DDEC---,$$!9118=C,,,&+>@@`6`(AC$+>M!#K>][[:R!"+J.4*I
M,GK0O9+@C,ZADKIZ)-%9S*KGN'SRS5'(59)T%%NM8-4B/;D$E8[-5P>=$-2Y
M:[LAL=%!Y=N?)(>%A7;+R>^\RZ0:.*2SFBA<Y-+:&;(&?9;N^PF&O\HD33"V
MO9^I2ZN$&;TNY:G/@NT3J&=,WNH;Y$QL;Z4[MI!K,X`(YVP\A*YD,E?H^B7+
M`(HQ7$*L]\FZDE&56Z!@L`*T^,I!S\#@=&37Y8WH#WH]H3KC343`<U/JHTMJ
M?V!6YY6W)(\%P"TB?&<+H-G'(0MHG-"%>)A+-"08]!1;4:5;:`'B"2-ST5Y$
M)H@E;4:,WH.]^WN+>ZI0+FM<C<41@SRBU:%20L3#,2J#4JDL"A,8:2(:=22<
MG/`$>Q$GE&$F:"86,(=YC&,8QC&,8QC(=<J;NL&FYUPO:(=]538_>O+%EHVQ
M4[^R.+B[ZBSW3%US],NB+FCD+6C8GE)(:V:"51[HSR-.L:%J]*G3-ROV*X,-
M*<ZCKLLM"$/MY2.JZ\H"_$7.I="'&1*VZ#GTZ7PCY+Q;C^A-GDYD4G*87U%<
M+1)R9,J.-3M&X9,"T<6;C7AN=BCTG/I-R>Y'M?)22<<&E963T'D;#(E;/`*W
M6"".\EKX^O(\Y,9/)5'=*Q%8*9$_R"K6:216:PEQCKO#62S(I8,1:V+9\F;9
M&:'EI74PJA8;8::,5S=,X20)8C9T$M9XBT-D'FCD"\C^.S^:3-I%(6.(0=OC
MU@I3W9Q<;%>(F@65WH4]CIKTQD*-E<RXS=0*N.64M8HW4U9W$<T.E"TMR$=9
MU(6F"L<3BT4OUIFCE7+&\%FV`?*5DK6*J[F+(ZHHY&GQK:')J*/5/'N1T:7=
M=//&,8QC&,8QC&,8QC&,8QC&,8QC&,8QC&,8S&]I1*;S&/(VV`6D\U(^I)"Q
MNYDC9HO#9>-P:FU7LYSC"]IFS0[(--C^GWY96N;=MK\AV`H]K=4@]&A/A4;T
MR*&)5PM"QKY.P0%H;Z(16'72$,>,CUPCXR6_+K]I11,##F7:IK^K]OSN32M^
M21+3(BE:(UJB"Y.DB+*C9]Y9L[A#2,WH1VXZ0MD2457[Y9$!M-R(IN.0^.F'
MRZO[+A=KMZX2!='W5A$8]2J`1LN2*3F@U:X,Y"E$0J1'G%+DVPL'A<P36_W2
M_FFT+"@#O,J\8Z_L=AB26"&$23ZE`F6J]F,8E4DB#]/*IF\4W/9"0:]UO)6(
MN2MX&-'(4:LQA0J\P'1'2P@=&617UHHKOMV5R&`SZ.V8%&]-E6-[-)IFS\4`
M\/G5YDA;#`V]W5K)96VAR.2*R'HA>OL<]7*3%@RE:EL.M/QC&,8QC&,8S09X
M]`'LL(1&>$7@",6P!$+MOPA$/0#-@T+?;6Q>`?AUOQ>`?;P[J&>.(W*2?O[9
M<]BQKCHVWG7G(6GN04;50NT+'D37:!%9M5S5ZDJ&3.TEIB)#JZ%1.J;A>DT$
M6,;'8*I18Z^23>2$!'(UZ4R17#KAY*^-]7PF(S&[9=/1)(M.]SNLD[77R:CG
M.P+:LF7VW84C9D1]=%688'<FG;\PM`'>>;9CXR!+M;$DRH8B$\16'IU7!".#
MM/<?HQNK5<MISE`\74J@7X1[,C];6I5X9Y90X33[K9;?$3YE$TU>55+X#'(5
ML^`S.)L"VEH/%@1I1!2TY;5&^U^D9?DF5#8ZW;>-T)B#93]ATK%COK[::I[(
MKZ?=..4<0V>+2M\DM;SFPYL;7%F.3&Z(WI^L8UED-91V-GH8'$9RU.1CS>_0
ME7M%+TW6]8LT9B40(B$19&I:QP9&0BBY+\6@(')%K8`AK9=J@N[^)Q=U+FI:
MD+@[+%Q[DY)PKU2C>\NXQC&,8QC&,8S$MG4C7MOO%3/DZ;G-Q<*2LQ!;]="0
M2)]8R&BP&N/R**(7M:F95Z$A_))CLMDS5MG?0.#(<0]*C#V\U4!*H3<&@_$J
MC*]LJ36K'(D8"32,F<)B$SB\.CM&8HFM*;)+-M<B#15P4GL41#:EDH$,]L,;
M2B*.E$G0H%RXWV2%&E(Y;(:5K*37+5MR.R-8*S:>BU@1RNU"22N[<A:(Q9.H
MRDGB<Z)(G`AB>B'C<5B18UKNU+SFDUE;MM"AM-&=M3@11T]>-YVWDHA!9#<U
M+KI9.0D=C;;<=G(XI6ELM4_-M)PDU418,F$PUT7+9^K<Y1,F*-H$D??W)Y=Q
MFMA!3@>7OF?&SA70/$P:L=)1^3,.UM>5U52@+]8<[FY>X)4BF7*:X8B2YD_O
M8$H(KN>2TA$K2!(7*4KR:G<E"XM,ATEE=C&,8QC&,8QC&,8QC/&A!WK>]"#O
M6OCO6];UKM\>^_EV^_/.>-B#K7?8@ZUK?;>][UK6M]^W;O\`#OW].WV^F.^M
M;UK>]:WOOVUWUWWV^/;7QWV^?;/.,8QC&,8QC&,8QC&1^Y#0Y=,V>LTR"V@U
M$-COBEY:H<1.)S;]=4<9FZ%S558$9#VQ;5&6,65N-E-YAKB2O,4A3G,KL`>T
M@Y`Z_P"_\_\`3&,8QC&,8QC&,8S09H>P#T7O01["+0!"UWUH6P[T'>]=M]]:
M%VWO7;?IK?Q^&83XVM%RL5&UFT<A'Q%)+H01A,18CXW&H3T3E(M*%0CU"<YM
M:V5`8#:<24O8TK6B)$,`MA)UZB%F_&,8QC&,8QC&,8QD77"*5D;S-B,V43XT
MFX$?&BPHPU5CHDCV+C7+A:5>.K].1*=I-J`F,\F0,+"%-I<`HX+P([:4T2;9
MI4HL8QC&,8QC&,8QC&,8SB\W*E!\,EA,(<V=EF1T9?BHF\2!(:O86J2F-*P#
M`Y/:%.,L]8T('82-6YI"1@.4H25!)0M#&'>4&55R%NIKX+]1ABG5S7]7G.KC
MWQFM:=V'![#.B,I5UW9$8B5SG-E^<:YVX07<4L+CY;4CA(T\3TU-B^-0)WA+
MW#3(K7,V1R%B*MLF/(=HI#BBRWI8!YS@8F@%='CT:)4';U,)H@CK0RIEZU(B
M<#6MO<I.])=OK^8C.21UH&XOZ\.D3<?O*7^*7+ZX.44DJ[CZOY1J7PF8\I>J
M019-R5]_Z+D!;)QXDS2=0T!@.Q$`VPPYO;;48)HW(3#5CD_PNKT3++ECLW/,
MW1N'Q:@Y_P#)&VZ:+Y62"?Z9WFHUW20B2:LHZ`ANA]K`YA#I,J_I"_1GPB*7
M&V87>)I=2*"=+-0!17[,=$AC&OEVGWL;3^8;@,&E<V^J\PFNXJQ.CWJ)0!C^
MLLWD?NP@P[31%F#2I![X?G#P>Q;F[2M+YI0,)6CB^_BU&/CMS:A?(:RYQ3Y=
M3<A:9L:!P:(62XQ>_:L,K9>Z0F;R.6Q-C?X_W?7PIT2"?X3(6Y7KQIS4IJ0`
MA%B+/+%N9^,8QC&,8QC&,8QD8N4D8J64,-1I[>FBN$MS3R2H*1PI4D"2(3]:
M;#8+>OKF'G^V:G704DJD8$[2I,++1&EE'",+=&[8?,AD[K_7?\_7&,8QC&,8
MQC&,8SUF@V,L8-#V#Q`&'QZ^(?$'8?%KUUZA[^+7KKUU\=?'(Z\1JZ(J7C=3
M]<IK&;[<(B,.2-!5D-2C:INEX"U:T[3NC4;>)!LU.9[?V`!^^7#O[#>O,;[>
M$,CL8QC&,8QC&,8QC&1<<#J<US.B1"I)*-WV+C/8)K(M+&J^I@*E#:5>@DR5
M8`*G23<F,F`HV:W"&C&?IJ+<]!4%@W[(R4>,8QC&,8QC&,8QC&,9\A_8FJ4,
M3S&GU)I>R2!J<6-X0B-/("M:W9$>WN*01R4TA24%2C4G$B-3G$GEZ'XR32S0
M@&&+[#P@X\LL/MR$K(]*Y>VWI"EE96>\3ZS;(FDUDM7JS988"MA3Y_E*R9ML
M+1ZG,O\`+M+0^(!FJI*_O+@J7R%Z=7=7S)IXZQE@L^M+#89#.&E!55,.U)1V
M%D3ZPUD8<XTZ.$<5DJY>QN\P<HW*WM@)BS81'98[1TZ?(-J7D*F9KF]S-;`_
M#D'#3CI(F`^/'0#;20=:%DW*6[1J32V-2I!8UQF2'=L/[/+V9]229D#8J26R
M=IES2T.J)E=61\7M`VX"`1))'O-X=<;Q2^$3-+5K`TKZ];*W:8XSL0EK%#-)
M:7\^*E1.\%:522(2%53)CHXGU.L?&9>JKU4J\U&#F]0E0F)),[UK>NV]:WKM
MVWK?KK>OLWK?QRN*.A"'JU6_H.M!UKIV<;NVM:UK7_Q/\J=_#7W[WO\`7O+'
ML8QC&,8QC&,8QC(O\IW&G6Y@J$=S,D@?&Q5R5X_H(.5'CE1)S=;"VPFXFM7M
MSVD<VL9C`T242=8^$&C6)SV\LTLUL<="TF'*#7;Y?;O_`#[^O[\8QC&,8QC&
M,8QC/6<$`BC`F"\)>RQZ&+OK78&P"T+???IKL'>]]_EV[Y&KAO&JHAW&*F(S
M1LS5V%4S-"TB."S1<`DM7(F,*U>84Y*"T[6R$@,,4&*2]@+:D.@Z*UKV`=ZV
M(4F<8QC&,8QC&,8QC&19<)I7I7-&(U\?724^TEW&6PY>VVOM0D\XV0-KM.O&
M9ZK\"/9?G1IGN0.;-(C50#=)B360H@98C%`1!E-C&,8QC&,8QC&,8QC&,8QC
M&5Q1[\[7<'^'9QN_J>Y4Y8[C&,8QC&,8QC&,9%SE5/H?7S!3ZR95LT66FDG)
MCC[!F-"\&HRBXI+)A8;<SQFPT.UC:Y!&[09T-*?6PD@"16<K(`6F<4)@M'AE
M%K_7?\]_SSSC&,8QC&,8QC&,]9VR]%&;-_\`9:`/9GH+?XG@%X_0/XV_Q/%Z
M:]?L]>V1GX9N%0NO%^E7&A&201RGU<)1FP%CE1ZE3(6QAVM7A*2NYZQS>5)J
MP*D*H1@S71<+>A!['B#X=:DYC&,8QC&,8QC&,8R.ZV=S`GE9&:V*KM,?!'"@
M)Q-5MK;9G42ULE;38L&8FZ``D`2-LI"5[:'5PD)S,:I"Z+#F5.N3DB2(E`PR
M(QC&,8QC&,8QC&,8QC&,8QC*XH]^=KN#_#LXW?U/<J<L=QC&,8QC&,8QC&,C
MQR-G=@P%EJ]77D(33E9([_I&$29*I8W5]#'X)+YT@9IC,BBFDTHQN4Q5G.-=
M4[XMV-J9C2PKG(HQ*4,.Y#Z_UW_/TQC&,8QC&,8QC&,]1P@@*,&(/C"$`Q;!
MVUOQ:"`0MA[;[ZWXM:V'MOT]?7(R\+YY$+/XN4G/8%7#14<0E$)1N;!6[":D
M/9X@WC6KR2VAO.0-S2D,3EF$FG!&0VHP"V>+?L="[[%)_&,8QC&,8QC&,8QF
M`UCA=P>3L<;$B`D7'4RC)DN?W/:9EV<7<I$_AB>*(=*Q*]2$!9T).E9_EB$(
MV8S96S5:H"XI&4//F,8QC&,8QC&,8QC&,8QC&,97%'OSM=P?X=G&[^I[E3EC
MN,8QC&,8QC&,8QF!.0/X</<];?@*]A[V_#G3OX0?;_5[M^!CZYHOPL>#ZQ_\
M'VOU2\WX/=?_`*@_O>X__/\`L\SWKO\`/[=_Y=_3]V,8QC&,8QC&,8QF@P0P
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MGN+HZ.2U0,M.C0-R!,H6+%1XP$ITQ!IQ@@@`+>HD1[GIQZ?Z<M^^A+;&8:QI
M*$*;2F+[):<M)H4K:J+;Y"[H+*AC(9%#7J<Q)Y:HK(%[:HBZ!Q<RR6TX+LU-
M1PBBC,_2VX(-":K67*^K77<'1QQMDP3F:-R&3/[BB>BT.V1`Q1&--CM*)#(7
MQ2YMS8R1MC:7!\=W=>D:V]"H6GEE;C-'NHKQCE5;,UBL#]-5BIYL&=53NJU-
M93IFO9FLBJV9?)[4ADEI1]96NPH\^5S$VQ7+)4G=&9.61&S&=V;3G0F31;3W
MS3?.#C6=*X)%FJQD$A+L%KJ-U:);'$RI[@;>3R#$J+X_IY',D)9C+'UUWG(5
M">L4;B>6=)5!C62#28<ACFG>6??7;OO?;7Q[[].WZ^_P^_O\,KBCN];ZM=O[
MUO6]?^'9QN]=;UO7_P`3W*G7R^_6]98]C&,8QC&,8QC&,9@+D%!;.GC/6R2K
MIMJ#KX[>E-S67*A/#NS>_P"MXC-$+Q/8=HUG3J3%^Y2PDGM>F==HII==F>3<
MU!"4P8]9]U_KO^?IC&,8QC&,8QC&,9H-]I[,?LNWM/`/P>+X>/PB\'?[O%X>
M_P!V8*XQ?AM_`'5O]H[V/X;_`*K)OPD^P^KWLOK+YI7YCP?53_T[V\MY3O[H
M_P#)^+Q>#\;QYGC&,8QC&,8QC&,8QD8G"OFL[F-$[2%9C,G>VWC98$#)J$1Y
M>I"ZM3U:%>R%38A"?WP`T3*Q*V5)&UINF(XH*][;PB=DP]@2*).XQC&,8QC&
M,8QF,[$N.L:F<*S:K&F;+$7"X[(;*BK%([FG%&S.R7AAD4G;(>S:)(.T:\+6
M&)R-T)*.$03M*T*Q"/",(`#Z7GTH;D++8AU&>D35CQ8KNRT4PV!'N1LHB*-V
M"T-Y,U@UKEM3)81ZE(<@<B7EBC?OUO8%@G).4C\TY>2V2H/5&[[//2*631VZ
M7W`*0V),))/IK+>)-%S21R^7R!UE,F?7*:P-HEAJQ[?WL9KLYN&BWHI.>>O/
M4*=;(T28I4^RTH,L6QC.+S<C:J&RQ,&)I)Z)1&7\D,(7C:BT,PV:T+"]19:-
M\[LH$DBV+W,I$[ZVUA)7#VX:VCT?E#M7<<N2#%Q(ZBW'2L*WMMKXSS'C+:\#
MX;T/=IL.36S7%JV*TWI&WVDH%)CI<X&K>.K"D>*O%!7"TI2JW%GIUF#1"I@\
M5(TQK318JOO:?5)`ZXJQCXM73:MI@XJ[L=GC4;64^B8]3JODD%C(*>E,GD5J
M-"2&S)T=WL;@U2-Q)_!RN:XS)PLDZ<I,B:X^ZP5@-.7?&;`HGET?Q/M-LFL&
MGO+PV]8+,7*F%EL6I.^3]95#Y:ZX:R5Q<-GP..P9BE501FB6&+N-D#E<=J?R
M#Z^%"1LCNK<,&5+T[^3M0U`5Q:<XXTOZ^XEW2GES]=$;5DGQ*L3.&XZ7%?\`
M&W50M6('[9K(GI`O5':0HU1$L4V"B)'ME+9)(<B[$4\BJR;0F4Q!!,9=7JV2
MLCFSI9Q`E+*BFD3/<23"2WV+JY$Q2AA3OC9L>E#<<[1YZ;P*``$I;E17<H54
MG&BG7NENJ->\>?;VNV_U+KP&XVNY,GO5UK]WDK*1KDERC2;8F=17=<5HU@91
M&%"7[+<&AP<=+5!VPN.DNB4I5Q>,8QC&,8QC&,8QD8N4D"B\_8:B1RFRV^L2
M(YR3H";LZYQ\OL$LDT1L)M=H]7232AT:M:<9XY%%,"`11BQ0%2H`(EL<!A\N
M*3FO]=_SW_+/.,8QC&,8QC&,8S0:$8BQA`+P#V`>@B_^D6PBT$7_`.(MZW^S
M,$<8(/9E;4%5D%N.::L2S8S%4K9,IJ%X=Y`&1/):E6::XZ>7Y.D>''0R#4Y7
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M4$+$[[($Z[#%JOBS1O;EM*40FVNT-*+2GRY)1.C="T6`(=:UDIL8QGC00ZUV
MUK6M?'MK6M:[_;VS1HDK1HCM%%Z-$6$H1N@!T8(H`AC`6(?;Q;``9@Q!!O>P
MA$,8@ZUL8M[U]M;UVWK6]?9VUV_RQVUWUOMKOKOVWV]==_CVW\N_SSSE<4>_
M.UW!_AV<;OZGN5.6.XQC&,8QC&,8QC&1<Y5-E/.;!3Y=RO\`(H^V).2_'UQ@
MYT<(./.<K80V&WGUHQ.FB&EWV5'WB2Z3HWP\PM"40WC-,,=6W0?,@E%K[OMW
M_/??]^><8QC&,8QC&,8QGK-!H98P;%L&A`&'Q:]-A\0!!V+6_3ML.M^+]F1I
MX;02+UGQAI:"0NR6ZWXM&(4C;&2RFG2<+;,4(%BXXMY1A2NCRG"0<,X9(-%.
MBT.O8;U[<6];"&36,8QC&,8QC&,8QC(NN#K3H>9D2954??1WT=QHL%S9)0`T
MSZLIJF3VC7J63,2DGWL$K;ZLF!\;<$)VV,XPMO1N!>G5,$W:-5*+&,8QC&,8
MQC&,ZN_TBGE_7O"Z\.CG<UL@EJFMZXYBV/<,L;H>W-SJ[KFZOZ>&P!(;$3F[
M,J,]],4V(4F:2UKHVM>@*EYKDYH""M'9\2)16NNIWU;NM+1\LF9AM8-_3HXI
M\*TDLJY3$CWUOA%Q(YC:\W/C\L$5*V14^LTSE3TG]JX-2],!6G(:W)M&%@("
M=VB8XQI8S'V2.HC#SD;"SM;,E-4[+$H-3-2!.WD&'B*+*+V<,E,`9NRRRP;,
MV+8``#O0=?:QC&,8QC*XH]^=KN#_``[.-W]3W*G+'<8QC&,8QC&,8QC(M\JW
MZI(_'Z?.M^'NLR;7'DQQ]9(4F:56TAC':;O8;<DKJ6K1!>&;V[7&)$).Z.23
M9JX*M*4,@32YZ'M*.4>ON^W?\]]_WYYQC&,8QC&,8QC&>H[1>RC-&[[%[+,T
M/?KZ`V`6A[]-;WZ![[]/7(R\+VVH6CBY2C;0K](9/4".$I"H"_RP@Y+(W1AT
MM7B*5.Z=0TL1Q2P2D2H!@!M"#>@@!_P`Z["%)_&,8QC&,8QC&,8QD:%]BQPC
ME_%:I,K5M/ECGQRGL_2VZ("+WNUQYDLR`1U=791FV@3AIL?7)Z0252$#Z2CV
MK8DFS6E2=LI8FDOC&,8QC&,8QC&=#GZ;RI/6P_I]L1):8`$"KE'-52I0K$28
M8F;M\=8IMN1I@IS-*%9Y\L(6=Q'D!`D1*Q=AB"'0LL?0U44.F\6ZD7(-MA:6
M+R2Q>1,-;0A3K%2L#1#1L,FF[/"TYF@I&T]+'W&3K-@6IVI$K4Z-+V?H*?29
M,1W;L8QC&,8QE<4>_.UW!_AV<;OZGN5.6.XQC&,8QC&,8QC&1HY.V`CKUBJ9
M8MK)MM`,DY&T+!DR!S3;4@B2Z86`W,Z.QT8=,SU[)S@1YH']M4>R0>76)RC/
M>[9V\T&2^O\`O_/_`%QC&,8QC&,8QC&,]1XBPE&"-UXBPEF;'KX]P:`+8]=N
M^N_<.MZ^/S^7QR,G"Y]J>3<6Z3?:-B#K`JF<X2C4P6'O:L2YVC['M:O`4WKE
M@G=^$I/+4@4F"-V\.&Q:-#O:@7]T,H,8QC&,8QC&,8QC&8"6SJSB>3T<K9/"
M=&T\X45,YL[6)[G=QB060T3^%L3!#M/X5&F(C3K&7=^>MLYR43LKVUZ6IE`$
M:)469GW&,8QC&,8QC&,ZE7TA+@F9U*>6?%/C$;/DU?&1_A3SDO"*/RR/%OR5
M/)H#9_$E2M0'``>E6H@R>.$+8R%Z3C7#CPE_O8#*]`+5-#C*WZ,5P]C_`!AZ
M8E76&S/+RK7\O&J$\C)&PN;8A;D47=UU>1R!%I&,23L>N;GYKAZ"7&+U^MJE
M"]^5F!WM.(GMV*,8QC&,8QE<4>_.UW!_AV<;OZGN5.6.XQC&,8QC&,8QC&8#
MY`RZW8>SUNII^*!EKD]WG3D4FR<32J=],U522:(FRR9/HM*X-PD.X_&C5+A[
MV.&J3->@;6*$"PHO9.\^:^_[_P"?I^[&,8QC&,8QC&,8S0:/998QZ#L>P`&+
M00_$6PAV+0=>F_46]>'7IOUWKTW\,C=P^GJ*S^-%-SYNK1LIU#*(8C=$M9,R
M;:1KAI0U:TD+,A3;9X_LE,5[#9Y8/<S?VT?O?E]=_$*2F,8QC&,8QC&,8QC(
M^K2+PWRDC:E(9_TYAH::D/Y?MF#6MW..PH29$S-D#U]9Q"#""Y6$!R??N$`1
M&@6Z]XC0[R06,8QC&,8QC&,9UIF=U163]*>LN+OY)KHUU=T<4D<;VQ?V"VDG
M36^HH]/XR$I)VRUI+HT2P"!:-:5XQ;+$1HOV:5(=OL45[7L'J:#1*LZSB;!!
M*^@<>:HI#(;%FQ,S1R,QMD2%H6ED96I&`M*@;6](46G2I20!+*+#K6M=^^]\
MQQC&<9FI\K2P^5*8(B9G&;)XX^G0]OD2I2BCZZ4E-2LR/(WQ8C")6D9U3P%$
M0Z*DH1*4Z`Q0<1K9H`92!4',^^9%P+Y[V8ONORW+7C91MG2>=TM:E01!BL+B
MK?4%@UERAPC3S%(R>T,%@4K)3HVT.%(3,#C+6>3,J-Z6`LB?%`5-S'/+DYR2
MG],\&#KVB21C=[1>(U13#&=OY/:/)9Y?,WK.JV>1O+>B&C$K9(Y(;((DKBTI
M#D6W%$UF-9"A)YD)I<1$G*7DA(.6#MT_6BR"$,HB]N7&D4\B%$4@ZJ8KZNA_
M%+CS>T`;W2+_`%;!71TU56/R19XO-UK1!61L75E"%`H\D89A*M21APK5W4[O
MNW*K_M3`+B\4@M5+NF5$YY5#:U(5[78CUS._!,5>KNE>W0"V5M`('^'**F46
M4V25I3J5,2>MV(EDY$H1I8W?7.)HTU[#9-.GY))%S-$F5R?71'#H?*I_*52)
MK)&>I)C\)A#1()?*78P!8M(6*-LKJ].)VPIT"%2>()>ZJN.-[0N_^J->4J@S
M-:[(VM/`/C<R*DUO49<U"/IJS^TIRD6>V:XU=L$@,@>VGV)H`;?F5N<&/2P)
M[<)QTXI5:0BX+&,8QC&,8QC&,8S`?(%!=S@SUN"C5Y+>ZIKSIQ=8`SE+*FTH
MII'-$1]K(@">TBLHTQ7$PJB@IF\)+RHUO932J3K!`'F?-??]_P#/T_=C&,8Q
MC&,8QC&,9H-V,)8Q%AT,>@#V`._@(6@[V$._77Q%K6M^NOC\=?',$\89;;4Z
MH.K9=>L6#";<?HJF7SR*A:%3"%D?AJE99R+3.M<'14W^%.6F,VF/<%1@-F;W
MLWL+00YYQC&,8QC&,8QC&,9'5=`)^=RNC%G$39.56#=Q^G$&<:[V_/`%2^=/
M-C09_:)B",!![@4)VIA9W=E,?3S-.Z(US*;TI8D:Y4(,BL8QC&,8QC&1+;^7
MT$7<Y)3P.&QR-/9L=XM0OE@GD6RT1L3=8+*[5F-1JV@!P5`7!%(6.01E"K,)
M/2&(W%M?2S$BD![8L)'+3X?'.*QJ<0Z;)WU3#)7&Y85&9+(87(38V]MKX6Q3
M&*+!MLFBKP)M4J0MDCCSB`2%[9%NR')K5AVG6IB3.P=T!],>=GW3UG^O#/UZ
M%I7IJLD'#+C7#)`2UMQ:UM9Z\A=L#E<;*<2S%2T1ADM$J4OGA4E!7"0LH7!*
M4<THR$G8FQC&,^-(V--)H^^1Q:H<$B-^9W1E5*FE>H:G1,F=4*AO//;7-&,M
M6W+R2E`S42Y*,"A&I"4H(&$TH.]0K;^`-8&Q?D`S3B=6I9DGY)T^OX_V+9LM
M>(FFGGX&%BNQ5P8*P'16%1V,,Y85]L6`[+9$7%SI.[OLE5.[BZFG(60EI^G8
M'#)FL\B/5[-)_83[0#=QU<Z)D]3KY(VC9IZM,=8@OB=EO'D8DVNS%:-=#AJ5
M=%;`BLE:E@'!S4BVQI1H$JT[;*N`E0J2]/@9-92.X#;*G%LN?()`]1I';KS,
M[)K%MI.<*UBDF':@:5M?*@88O7I3$RP)J9H\UP^'OD51,<SB[-)TFA'T[N,K
M0\0P^-1=TBT.B#?QV0G56QNP2Z[EQG$;8A\97&7H'!$X2%Q<*:/`W*&`U!)6
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M0Q+M.&FIC>6AMCBDLMM,2#6/B,9B\DXH"91*'&,8QC&,8QG7:J:2+W/Z3/S`
M(6^`9,+Z3E+,K0'6SM["WFW8VR\TLSVAIH0;$[2)P%L*8)!6RQ`%LD2C9QYM
MG/30Y=N?//@IQRY;/4;9X>\W9!U4A>HQ'U3FM9F%Y;93(8H[-;>L>2RG)4G1
MKV!07I0I!_QA:$82,Q.(HT?7AHKG7,^.<=Y"*JD?X(GE=M?2O9EQEMN*NX&Z
M3NR"FKKL-/%7D[W4%8D=(^ZR1D@BYWBS^-.`6A-3F-O+7ID2SM83T`I?35X0
MSJ0<JZ@;T*YJY$=4CE)(F^PS&)6R26=5^VZAJZM_?2=V2(WU$C8T$I>M-#&Z
MD)S6D;NZ&[2)E3BL`+L`XQGSG1W:V-"H<WEQ0M3<E"$2I>Y+$R!$F",P!0!*
M%BLTE,1H9@P`!LTT&AC%H`>XMZUOW(5R)R2)U[>K3+D2LDM0E6(SRE2520:'
M0RSTRD@9A"@DP.]"`:28,L6M]PBWF[QC&,97%'OSM=P?X=G&[^I[E3ECN,8Q
MC&,8QC&,8QD6>5L*KV;Q^GDMBV(DKE$P\FN/<PC*U8E1J@RB>Q>Q&YTAD`)"
ML,+`0JFST62R)E9.Q*4II^CR"QC!X=RFU_KO^?KC&,8QC&,8QC&,9H-"(98P
M@'L`A`&$(]?$(A!WK0O3>O[N]Z%\?CK([<2(#)*NXWU!7\OGS?:$DBL.1M3O
M/VIW<G]NE*HI4M-VYHWAW.4.3@0,HXH@"E8<8</1';8O"$.M2,QC&,8QC&,8
MQC&,9&->BIC?,2*.*MU?@\@"^-\_1L;(`+A]6#JA-LZ`'2AT4C"WB:]/R>9%
M1E(A"8ZEKMMRE>(I`>0$Q21)S&,8QC&,8SQOX;_RU^O?IK]^?G!7=UA('Q#^
ME!<S+Y7V"XNW'M96\EX?V`[)(H_/[I&%U>4C'$08_#V)::S:3&1[E?7B)L<G
M@Y"Z,)S0JEKL@`M0.I#QG:I^C6O"!WZ(_!(]O,&("6)6>TJ/:%C+'I>T\@;4
M0.(=:'W\9>E8#/9FAWL`P""+7A[Z#K\[+E7R7<4*?JF;C\],06$\=:ZN>0U;
M+&$!*%U(604?/\2V?-"E,02>E+9#I!$-IQ@WLI.H5)3=$`-&88+]$#Z-IQ+E
M?$7I)\=X_/2DB:<70*1<E9"B1+"W`M&DN<Y`]P5.H6%Z\)CF&LD4),>"O&=Y
M)V.6H-'GA2A-%?%C&4A]7&KJ@*!3MQW!PH>>I86"R28<EXTN$T:S3(57Z:N9
MQ*IW/:&H63.K17UW7809'B'`Z+.#>Z6=)8UIP0Q!]9VF,;19RSH^,G$Z059.
MKHX411HJ*DI59=@Q,ZJ("CLB%5X?((LN8-&2%ZHNS4J531MT198H?:_LF/PY
M(B8'M:V>:5+)8@01!U;;D,8QC&5Q1[\[7<'^'9QN_J>Y4Y8[C&,8QC&,8QC&
M,9%_E.739C!4/X9U$E3M@>2O'\R#"C`5HCS+:+L-N%69#MY(@\>HV?)M)RY"
M([1:8+;L[9QY.M:,U*#7;Y?;O_/OZ_OQC&,8QC&,8QC&,]1P0#*,",7@`(L8
M1"WO6M!"(`M"%O8O37A#O>^^_37;OOT[Y&+A9#*_KWBS24+JNPDEK5['H0C;
MXI8:%*E0I)8U`6KS2W8A(B,-2IRS3C3B=%$F#`'9.]>+8O%DHL8QC&,8QC&,
M8QC&1A<)/4A?,>)PY3"U9MY*^-L_D;-86A$^1058@L^OVR1PX8-NH5&U;K+%
MT=>BC-,IQ("6HT`G1.,S213)[&,8QC&,8S0/?AUK?Q_'+U__`)#"']W?OGXG
MW4LB*^2W/=?+-Q3&M)O)3GISX(21\.E9B-I25Q8$%>C1(W-4F3!=RS7*U%K<
M)60`OV9C,,HXHL[8BR^Y5]&6Y'6_'KCH[@>MEDD+J&C>!_,BP76OSE*$YB>Y
M^Y<\8DY0^;C$1H\>G5O@TO<F)*D*4[2-Q3BO'H`SW(TI'1;T@^'ZKD5U8*C9
M^14<5,M0]27C7SRO*-LL;D@3Y$RUA;L2Y7T4GEQ"LUK/;6.9-JM%/BX8Z.+6
MXFHDJIL>34!(W3W:']3FN8(PU=7\&K2+!4@C->P^,0>/`6&$FJP,<18D$>:`
M*34Z=*08H"WMJ;1XR4J<H9OC$602#82P\SQC*9NJS,[&LR#H:+XK3R8RBWX5
M/8_);MIWB7??'FHN=357;K"GY5%Y!43M?,?F3)%`:?G!A>9"N2,\=EC["BW5
M%"Y@0;IW97F0W2^A7(>#<6VYLY*)K:0S)9-).YQMNY#S:IK-Y'H*_-):$<<*
MO^R:2C$5KR<V4H4('9P-?&U&N=RXHLBK/+7MWE34[JMV)XQC&,KBCWYVNX/\
M.SC=_4]RIRQW&,8QC&,8QC&,V);FW&N"AI*7HC'-(F3+53<!6G&N3)%IAY2-
M4H1A,VI)3*C$JDM,>:4`H\:<\!0QB),T'?9&#E+,ZRA3!42JT(""P4#[R3H&
M(Q-&/;?K4;L:3V$W-D$G(?>*A.`0X<_&$/(`)A&+3!$Z+2$&FBT#<G]?Z[_G
MZXQC&,8QC&,8QC&>L[V?LC/:_P#L_`/VG][^YX!>/^[^-_<\7]WU^SU[9&;A
MF73Y7%^E2Z"/DJJG00E&&`*)B%6"3FL&EB_V0WL*XA,K"NVJ\U[71Q!0M:\/
MA!H'AR3N,8QC&,8QC&,8QC(T+[&$1R_BE3ZKII/"Y\<I]8&[6$B,V^MFV2S:
M_CNH`0XZ;!$EM#U[Z^L2Q%MX*,.6LR$\+<<$@2DF2^,8QC&,8QGH5&Z)3G';
M#X]$EC.V'7;6Q>Q#LWPZWOTUO?@[:WOX;WW^6?GHE],F?\Z>@WTTX&REC(M3
ME1U,YC;,?L#ZFR.=?@8J>^QWRHECQ/W9B1*G!%&]-D/8']Z7*53%'GJ3'0]F
M<G!&Y&IEA,7XA8KGQ\YQ]?H5;N*@`:0Z<'4BKVNW9`8MC;BRF.W.2OZW/=6Y
M2@&F<&HZ-.#PM5QLA"<GVT)VEL;$"O:-.2K'V8N@[P.8UU4]-[J1N$V<`R1A
MZ4#+P\;*K/C)(6TAO<K\EMP"LHJ5B=P+-."M,Y#CH&/<?&D&W';<RG?Q'>6W
MV<\8QG6RZK/)&5N-VNG#UBX&5GRYY(6<AK*/<)(Q9U2$O\19P/Z-6[73R6L>
MW!R!J?H55]2&!W'%#9!54/?4DC92ANDS1$3%J4,]AO29=I&?QME45E"I6^NU
M9WA8U:*)HEF\[FD$F2F(%Q]`YKJM)L2X+Y?(7"(^[;70K<%;[7F448Y5&9.;
M%7(AL7>Z6RT#&1S3<N.-:J=V!6P;F@A,NJYGD+].D*UX"WM[`VPTD:B<&'2)
M<4GC2M1`20>UL%O;7A:XP,LU,.7I&72I/[30DY;<>EL#76.GLANW&F^2M,-4
MEG-$H32?<ND#>W/$>BZ>!JF(F>K9%(V-V;)!'65%&%+D_P`<7I9$SIEK(<%P
MSZZ_D]0#<MK9`?;$,,,MUL8GRO5"%V`YMLA8I4X-S-$WXMX;"UC0VL,N?WAH
MC41>WI>V-4JE+JW1>/+'.0K4S89GC*XH]^=KN#_#LXW?U/<J<L=QC&,8QC&,
M8QC*5N/#TJ=>N=U($2@L@!4;X3]/AE0B)",(S4JB4\D9$,Q5L9@]#/TM?E90
M1%!*!I,6G!LO9@!FF74Y'7DA8SS6[)5RYEKM-8YLHY`TA7ZY$I0KU^HPTS:=
MM[(Y3X@#>V.@TRN%ICMO21<I+2H41Y(#U;@B)#L[4BM?]_Y_ZXQC&,8QC&,8
MQC&>LX0`%&#,#XP!+&(8>VA>((0"V(/86]:WW#K>NV]]M]^V_3>\C1PUF-:V
M!Q@I:94_`P5A6D@A2-PAT!+$@$"+,XUBXHIJ"-L/4H!Z+/*/-\28\TL7MO%X
MO%L6M2;QC&,8QC&,8QC&,9'I;*+C+Y3QJ&I8^,=!JZ$FLE>Y/[DV,I-;;?8<
M):XPQ[D?G`A3F*X<X29>!E\B/:P"4Q?I2#2+98I"XQC&,8QC&5H]6KG4OZ<G
M#*3\J$D9;98@B-F49&)4U.*9<M,!!+%MN*PB>N3,B0.["-9)VN(/+RNBJ=4Z
MI&TR0DMVG39R#2A.;CKH/LJIBZ/?3Y1+-!",[C9$'E/HLW1G=OD2IXD+7LT0
M/"'1XFQT2"4E=MZ*4;,*[BV7XM_G7<X;RB-6]5CK?H)\_P"V=+-HUSPI.#$%
M(U2DQXE]AVFQ.L>830H2S!""J=]."X:M9K21O)2;4J#2BD@!@_2"Z*01`Z2?
M3GT((@[WP]HL6M"UO6]A'"F\8!:UOU\(@""(._AL.];UZ;UEH6,8SKY=0NN>
MHG;MRSGCSQ71\@(+&.3<NH^&6!S&B/(1B0U?Q6XJ1B-MCQ=Z6"50=-BY3%^6
M,Y?@.K8W2..UFL->H/)HHL9IZUKD[RG:K-^"<.DM?U3+(8X-][L\$C%K2Q@I
M5IY)3-PL*W$E4LC9&FEN6/DT?WR4RY\99++44RE\(^NLG>I8SPJ0,+`\;91M
M1468)K9XW_V^'Z_C^SXYUSY9`;&BUO\`-*M>.-(S^^J%OFMN8$IN#BO<\*L"
MOTM8\@9'7-E+?>5%<@70<92@KGF19"XQB75M$Y(^!;G*PG*ZJWFL)8&^0Q<'
M&N/U67Y!)/1EMV6&W.0E647S.;++D'("9U5.HOR#L2!3?I[3R@V%[MBG%C$F
MF$OE/%JPW]BJP4JAT,!N11.4*)DX,JJQ8W<<PDF&V+B1R9B?'J_*F?:0EA=C
M\Q>+_'^!\?6]*F4N[/2\C9^:/+&VE,`F3^UIU[-5@Z$@M^US:9ZYW.8F=<?&
MW]EBBMRE$6"A%VAK`9);(H++&&"3+\'4R=V-U01B<_5MKE_U3>U9)@&Z0?59
M[.3M+_[M/$!5[I<CBDBSP^P4#"`6]ZJ@XP0&ZJ\ZH=\-5Y7W_:$D:W@/QM7M
M$H_!7$:D]QLNN2/*,C;#[BAJU<WN7B6@.</>BDT*K7F/*^#V90=Y<GC&,8QC
M&,8QC&4?\9?S[75`_P#Z?]/'_P#ZKWR\#(^\AWNZ6-FK,VDF@3PZ.%\TNS3T
ML+<W.7DJ?=9NA26DZ"`XJT@$@&^*C5'F.*89J]O+T-2A3G*``UJ06OO^_P#G
MZ?NQC&,8QC&,8QC&,T&C$`L8P@V8((!BT`/?N/80[%H.NVA;[BWK0==M;WWW
MZ:W\,CWQ.L-XMCCI4=BO]>I:I>);$$CLOKQ$A7-B2)GF*EA.VE.@<VUH7I2B
MP$`.`2J;49H=']]E:UO0A2'QC&,8QC&,8QC&,9'U:R72/E)&I$D=]@X]D4--
M69]8_>+<$!UPJK"A*V*NFVD203J:,B%I92E`XE+0-Z<!QJ50G$I5)S-2"QC&
M,8QC&,ZR?TLELF4MZ5Z"JZ[C$MF\^NCEAQWK.%0J$-B]^DDMDZ]?+)$T1]LC
MS46>YOZUR5QLLEM:6](M5J7;R`BDV]E>U*N>Z=U-R;C[P%X:49-&,F.3>J.+
M='5_-&$A46M*:IE&:WC[7*D.EI1AA*O9,@)<0F*2C!E'&;&86+81:S\PSKP5
M*]UIUE^3"*;Q=&D6V1RPJJU8RM+"V.J9SK2QF!$8T"5K40U(4!SPK:W`U5&W
M3RSAL:(U4H1")T6>9^M@T-36Q-;>RLC:@9V9H2$-C4TM2-.WMC8VH2])D3>W
M($A9*5$A1IBRTZ1(F**(3D%@*)+`6`(=?1QC&4!<P+TD5;<I+898YT4[FYK`
M-1UBM77[6"B"B;'=:*OVO0(F[`GJY">2ZPM)Y9)[%E$<V#0.20Y06G<C58E<
M_>G(OMMQHQW>K=X]OO$HN5V;,'ZI.-LPL5#8TQJZHP-T6;VEN?W!M5+6UB5R
M"3)95.T\#:ERU!7C/+FF)E#1:;]-J.P#&>/"'[-?/Y?;\?3Y=_GV^/SQX=?9
M_P!_3X>OQ]/Y>F.VO3TUZ?#]GP_R^7V?+/.5Q1[\[7<'^'9QN_J>Y4Y8[C&,
M8QC&,8QC&4G<<FQ:W]=/J5J59.BB7OA?T]G1L'[0HSS"$E^Y$,IAVPEC&(G8
M7)I7I_9GA+-WHC1P0;(-),,NQR/?(J+W%*6:L4],R`<><VB^Z5DLY.`][8]N
M52L$W0N%FL8S=(UGO`IWC!:E(:R[`3IW`(2+:DC1GCR0FOO^_P#GZ?NQC&,8
MQC&,8QC&,T&;'HL>R@Z$9H`M@#OX;'H.]@UON(/IL7;6_P`;7IOXZ^.L!\6G
MJYI%Q]JE[Y"M0V.Z'&)I5-B-1C<WM`T4B$J6!/)&VM2I8W(A^6`E&(A(I-)"
M(>_"+6]["'/^,8QC&,8QC&,8QC(ZKJY>3^5\8M<%BIB&!KX^SFOSZJVN7Z6N
M;L]V-!9$FGP&T+F%L,2,J1D41XY<8T&KB#WE.G)<""#SDYTBL8QC&,8QC*4.
MJ^[-LLY*]%[CXF7;',)KU+X]>J:.E#T6H<H'Q7H6YIY,7H1NB#1@11I]?X,H
M4`"83YH:HI((0BC3O!=87W]F7WUVWX`]]?#MOPZ[Z[?KS\Z;Z09QDLZ<]=3C
M(>\0MQ9JZY(WKP,JNO9O*6E:3!IB\,"DUDGC<@7`(/\`?!45%+V(F3IT)"@:
M/3ND(-#[10$&?HL@UO6MZWOOOQF;_9L8MZU^S6]:_EZ9KQC&5X<K^-,1M*8)
M)C">9MU\*;B2-R1$]22BK,K9H23MF**,*9R;,J:WXS/ZVEY[2D,5DQZ6&1)L
MFS<DV6VIY4:Q)$[25R_AYQQB=2$RJ8G<G[EYD6:\K%4;D=R7=8\1F[M'B$AC
M>N<J\AD9K2/PVK:NCY;B6@=7F/Q&'M;N\K2V=3,75^,:&$3=.#&,8QE<4>_.
MUW!_AV<;OZGN5.6.XQC&,8QC&,8QE#O'"71M%](&ZDD%5O*(B6R3@_P:E#`P
M&F""O=(_"GBS6^5.:,O8?`8E9%TXBI"[_B!,`8^(M@+,"(T15S-@V_6M5N5:
M-%@R]JBSG<5BH*FK-$Y;4^8F5BN<=DDL11-G`F3*/:.A\;B$F>=:/VG3%H&5
M<<:H+]EK0L8<G*ZW93#4R,%BM-<?5CD90M@Z7.RTQ"7*0PJP&Y\^H*$93FU[
M4.TUT3[E:48QJRU:TXHDQN7!%LG<F-?]_P"?^F,8QC&,8QC&,8QF@W0Q%CT6
M+03-@'H`M_#0]AWH.]^@O30NV]_B[]-?#?PW@'BM&+?AG'NJ(O?C\9)[A98F
ME16`_&O>Y&:YR`"I8,Y28^"2HMN8MIS$Q>U6TI.Q[+[>'\7Q"D#C&,8QC&,8
MQC&,8R,#A#*R-YD1*P%$^`3<"'C78$1:JQ_Y?[1QKESM"OGA^G6A"3[<_`S2
M5M8F#8"U(40A/(1&D#/*+&&3^,8QC&,X+:%CQ2G:TL.VYXN/;(/5T&EMBS)R
M3(5;FH;XI"(^XR>1+B&UO*/7N!R1G:UB@I"B(.5JS"PITQ1AQ@`;5?8\4N*M
M*\MN!KCW.#VC!HE8L-<E*%6V*'"*3>/MTGCJX]M<"B%[><K9W1&H-0K2"5:0
MPP2=246<6,&N=917?C*TV[](&X`1=<E?#5?$S@-S$Y.MR@L],4P%NUS3^M.-
MS;H\OP'*5*HIJW*-J$XPH@Z,,95254H"D<D@KU/AE(W53X96)R.Y;=&^Z8G#
M#)]#>+G-Y9)[79DZ32DV,Q:1PLI^9;/7C,4IR2F&%32KXZC7!T!2J&ZR5@-*
M3C2IUV7;@\7@!XO[WAUL7_W;UW%\/3X]_AZ?9FK&,9T^.O4NZ2C=>*1=8$EX
M!(N?+#JOWV8Q+G96O+"65[/:8<86^QV+,"R9\>6)V=8.M9P&%2F,J6E')4"A
MP2'I95&##7%M=6RTKH`H*F)X)+WJFI/QLD$3E]^6O)E+;Q#@]RPGCM"9":5%
M&A[AE:_A_"GMB4MK:>T%.+E+9.V,A+B^.[FACK(VQ=J9DX;O<8QC&5Q1[\[7
M<'^'9QN_J>Y4Y8[C&,8QC&,8QC&=5.OI`L:OI<EZM:<M.--(.E>P)5HC0F;-
M+`VRFK'<@2<0#0``,2A&6`S9I9NMDB&$(0#V$>L5=53JC20OF;P@IQ+6B=C+
MXZ]=FH:K!-4,H7N!LHBVN,-:$RG:U@"A90HE[\S<UY`UIDH)$<@2?4=*H7$.
MQ#XL;T79AY01BI)1'JB36[-%D);6?DE0<@A2I*$@0W^TH_82!97,//\`;-3J
M$*652,M.U*C"RT1I91PC"W-NV'S`)0:_UW_/UQC&,8QC&,8QC&,]9H-C+&#0
M]@\0!A\>OB'Q!V'Q:]=>H>_BUZZ]=?'7QR-_#ZN]U/QHINNA6&TVN*)0Q&T[
ML1A6F.+/+-EJUIWO5N7'.3P:I2F>W]@6:-R6"%HC?<WT\(9*8QC&,8QC&,8Q
MC&,B\X&4W_;+B12HB2[OW?&JP3&-2`2WZGAJ4-HUZ&3$*P!/T@W)#)@*-F-P
MAIA*M-9;GH)Q9>_9F2AQC&,8QD&NIV]I(YTW>?[ZN",Q(U\*^4:LXLH911IH
M04C-P:*+,/V$H`S!&!"$0^^M"WK\4>]Z#O:=+5V5/O3/Z>KPN`06L<N$7%96
MJ`E`86F"H,HZ#A-"0`TPTP)6A`WX`C-,'K6^PA;RDSKY]>N:=,BY::XV55'H
MXGFDM04I><BL!Z4)Y2F'5NKFDT9LVL%L&"U;/CZB21.)[5H9]IY/7%MZUV;V
M%B3/):&2MO/.!'-F`<[^O+S=E4`9S4T?XQ<*(7QA8Y![Y;GQKFB=/RAFL[76
M+%U[442G-B]BLSM"7-I3J3'!0B3-)0P*RA+E1&=F?/&]:WV[ZUOMOOKOKOVW
M]NOLWZ[]?OSSC&,95;U4UW(=EH]O<.-1MTH=E3,*^^5G$4ZA4O+--6B2'/)"
M)RK$7((D<!$D12T</#/E0C"9DC@WMQQ-02`+@(.2^F:FY()^,B(?)O5P_6Q5
M-90HA8N1Z2GDO)4=7^S:4\3WR`%0QQU7*['"I3O)8%;#LMR'"RX@7,BBYL5(
M=98/C&,8RN*/?G:[@_P[.-W]3W*G+'<8QC&,8QC&,8SIEOM@-<:^F71F-F+%
M&U4_X3"K<!*`[1A2=X#2#[9!2.0%%':&0F&VQ(*PLDXH8M*CV97L@)1A:H'7
M`ZDM_O"_GWU!H`Q-TA+E7$GJ"\IN=L(G8%I2S;=,HJ1Q^@$91.Z(:-2F%'HZ
M[5>U$MI1H`!&B?$Z)2?[="G*5_I773/..TQK*@)Q/%H+#@LRO;CFY51(ZS>=
MOL?<;,?INUG51)TCU&WHM$ZPTF3&IUBY4!<YM*EJ"/9Z9Q)WLH<Q==OE]N_\
M^_K^_&,8QC&,8QC&,8SUG!`(HP)@O"7LL>AB[ZUV!L`M"WWWZ:[!WO??Y=N^
M1JX;QJJ(=QBIB,T;,U=A5,S0M(C@LT7`)+5R)C"M7F%.2@M.ULA(##%!BDO8
M"VI#H.BM:]@'>MB%)G&,8QC&,8QC&,8QD67":UX5S2B->GUVD/M-=QDL.8-E
MK;5(]+FR!-=IUXS/4``B$#SPTKW('-FD1JL!NDQ)K(40,L1B@(@RFQC&,8QE
M5W6_<D+5TB^HHI<%`4Q!O$RWVTLP83!:$M>(\8SMI&M%@&+0E3DO2)0"WK0`
MC."(T9901F!ZMGT8/JV(8W&.4W&FX924[M-1\9X'R&J,MXL-X,$E8*#XX0V(
MVA5,2:9#M?'8RT-"."[G+D-"X,Z%M?WF3*E30K">8H219@E6-?TE'JYV]R`9
MZVE4=XTR'@.[01+-'$ER4L5,7^GXXPY@215UEID?;6UWE<`M^WU*U"F3M)AD
MMCT?<Y(R-*AB3J5:3L"?1L^C7.NG-6<YY#WX^2DOD=R7A\?C-@U;*V="4JJ,
M5:V/9!&B$,L02)X^N""?LPX7)2#UB%M4-:9(D(`-06J$2C[0V,8QC&=?3FKR
M8XE\-;]Y7)><=`7,S1#F=4T7JV*<JZLIB4VJQ2NG@56=!I#QN>9?6K.ZR^OY
MY'IFOLF9MS*ZMNVI^9)ZS21M?SU#0I;H[+WI"5?7-8<6GHNC>/5B<6..DVN&
M93SCQ1]KF2E+8$4J]T8H8S;>Y!&)H\R&3P;5ESJ/S:TV:(/;VO=&^/S1I7.8
M&IP=%3(VVG9XWZ:WV_EW_=KUWV^S7KOX:RDQNZD$YKJS>>3GR.>(A`V?AK%+
MALY]XL"@R]'=L@X\04Q]54]R+I.:'3`UONF'7,WI&=GD*A#&4S%!K(D**L7%
M;%95%WM-(=]!><]SV&JIBG-R2*1;E!>MZ-E<6?`E-336.)N&C07Q@G7*=4UG
M,EIZBTNNEW=8C$VR(,%B*&YB@<ODZR5/\?:6Q#$%\.)Q.@ZI]XRBL;*N=OA,
M)8F?AY2%66CR2B._..0;,D\AY%7Q1UKQ6O7X]04MA[-#HOQSFD_ACJI;WY8^
MO\KB\;==F-C$['OEYT]GT.JZ$RFQK#D35$(/"61SDDKD[VITD:&%@9R3%+D[
M.2K81:3HT:8L1YYFPB]F#6]]M]LJDXT<DJ(Y.]4:]YCQ_M2&VU&&#@-QMCCV
M]PIV`[M[6^[Y)<HW$+4L.``OV*W:!0G6:)$'0MD'%F:[A&'>[B\8QC&,8QC&
M,9X%\-_JW_+.C"=4\G#]+]5<AO<9A4$:^0S'0SG,#UR(A"7,)9TA%,_C$3*0
MGJBU:I>X-K!(W#SB1&<01HI(@5JR%"]K3*JKN+_'^^;.8_I'74%MRNR)-7$]
MXT=0*N8_=;F5"3B!W4VW#&Y'(V%H9$BH+Y'',B+)T"L+@ECS:U'(B0IT;D:H
M*.3A[3W1_OVF-=%/IAKAQ^)W>G;+&X_T`YMNE[<H,J^YS[A.:$KNO(6HEIC?
M+JU6.K3)D3<,A"O/`I;%3>O(2KTJ\?92U_KO^?KC&,8QC&,8QC&,9ZSMEZ*,
MV;ZEZ+'L>O7U!X!>/X>O]SQ?#U^SU[9&SATMIQQXR4RMX_-;\R4TIA:0RO6J
M4"7C?T,?VL7:)(=1.C@ZKQ+-*=*A&;4N"LS>A!_XVP^'6I+XQC&,8QC&,8QC
M&,C@NL"3$<M8O5Y=?MYT0<N/,[G:JT-M#D)U;I$RV3`H^B@I3\$C;02WO#:]
M*W]2T&J`N*I4T)%I!(DR,\>I'XQC&,8RE[Z0JWJGOI`<P(LWJS4CE.4-*5XW
M"(--*4*EU@\D:<AJ9L3A("-0I.=3'K3>!`04H.</,;1EI50CO8&?GG-_&YIX
M:1'E%<RR7JF];R)?^K7TX&2!!:0MQ<9L*J]U#J'-:21-RHXEY/LY-,7F'%1_
M;2S)T9S1H8%R]N<E1+;W\OH]O3DN3IA<.;7X\7HVQ<J9N/*^U)XUR.(OJ1]:
M9Q!G"+5O&XA+"A$&><:-KDL76D>X7E*W/#=I-XER`K:@LPV]_6M:UVUK6M:^
M&M:[:_RUGG&,8QC*]>;W+N]^*KS52JL^$MZ\L8-*U,E)G[U1:RNCG>!B:XZ[
M.#.4[MDYGL&`UHG-Q(1#W*%ARR/%I2E[0::DD:U@2NF8N'MV6WR"I_\`"?;_
M`!]E_&ET>IG-$\2K>P7.,KYUNNVYX$EALEEB6(R"5L+,\R%`$U2<V()$Z$"(
M)3NI!Q*9T(2IY48W_O\`W_/*U[-Z:M?WW-Y-(.0EESRW(P?$KMA5?QAS;X9'
MW6`,'(.&/]?V`D#/(_'TLKDNFF(R`]DKO3HI(+C($3.]O9<OET>C<D9_J@Z>
MK"<^`MEYN"P)!R>;YM74X8.1#DV1`B0-*RK*TG].QAI'"6II;H,X,3E7ML6D
M@F;>H;`;DSW/GE_"<UF-</0QCC(NE3QW1QMB@$?73!EK9=759U7=D,TX)7!/
MR"AU26K)[OBI=ANJM+IQ2/;E9L[L)TFK[&A-2J7,$_D\46%I6P3&-CLXT'6M
M=OMWO>^V]_$6]BWVWW[Z[[WO?Q]/AKTRN*/:[=6NW_C^;LXW?'>]_P#S/<J?
MMWO+'L8QC&,8QC&,9X%\-_JW_+.HI+P;*ZUTT<C-@+1)>MSQ%;3U!AA18`+7
MSH3626TIOQQA$,Q<8@5ED:`$6MFEZ*WL)AI(3;3.@XP-"GI>UDI.2,[HVSNZ
M.:TM.,"4F7H7YIE/->_E34L6Z,+&0NTM8`-8!:,T<':4I.2+>PEA"&EGZ--?
M4\C?`6X(C7=9)94J8.L`"`2$TUN=I*2C@-MKJMW+9>0V,:=,./*(*T!/5)GU
M8J6LS<();FXEE)21DB[HVO\`7?\`/TQC&,8QC&,8QC&,]9H@@*,&,.QA"`8A
M!UK0MB"$`A"#K6]ZUO8M:WK6M[UK??MO?;>1FX93R'6=Q>I2>U_7374L-E$)
M1N<>KAD&C,:8BWC6+R0-"`;>A;$0TY1I)IP!IT"4`O;[%[$(MB[R=QC&,8QC
M&,8QC&,9@-8X7<'D['&Q(@)%QU,HR9+G]SVF9=G%W*1/X8GBB'2L2O4A`6="
M3I6?Y8A"-F,V5LU6J`N*1E#SYC&,8QC.LMUL>>5$KN3G!CI4JE$M.NFX>:73
M@N%[3(6A`OA*ZK2N83`2XQ=U="ER]0BDNBHBIF`FQ]8$K0-E;6]44XKU"\E!
MJFI=TU;BY[\2N+,SK]C>Y#!+$^D+\N;FN5''T!YS_6M-3_D*[5-)YJE/T`Y$
M]1N&AJ1P72"1BVA"VGOR,@#:K);EZK7?\#KMK]>Q;^';T$+>]>GW:WV^W[<U
M8QC&,8RB;K_EU9KB57JRT9Q2*,M->+"7#J6Y&51R`O2H>1$R6Q&7)&^"/E3\
M7GQDN>1O470&.5DQ1P:`OL>CCS%2G23,)A&D3PRY1Z&B:LDW!!C'5<ZJ^3,B
MZS[(6O,)I.`WM4U1T5,!+6PF44O7]4\E7^07-7C0P.)/UH<&.7'-I;A))F]R
MJ.,3+%Y"SH07$8QC&,KBCWYVNX/\.SC=_4]RIRQW&,8QC&,8QC&>!?#?ZM_R
MS\^/K]RR9TBX<]N1,`E#I$YS`.NATWY!!7^/J3$CY&I)`.DPE?27E(:/>T1A
MXC'9&%*6J)4$Z\LI*4%B3JC2S.T%]'P(6%]'7A(K7`"6HD$'GTR```BQ>%'.
M+LL^8-OM/9!"4`_:![3;4$E:T6G/V82#N$O6\KJ9N0Z[AGU0.5'&BHF=D@J/
MEWU4^%;%'&J)1V&ML8:(XY<$:=L2\S%S.)M+VG6V4ECSBC.<FI(!<ED:HY\&
MO3.#MM2M[5X=Z$'0M;[Z%KOK?VZWZAW_`)=OCZ_;ZYYQC&,8QC&,8QC&>LT0
M@%C$`/C&$`Q!!Z_C""$6PA]/7\86M:_;D?.)\]GMG\=:DGUGPM/7<^E$12.D
MHA21A>(PFCKF8K6$C;B6!_&8\-18"223@I'`P:@'MNXA;"(.2'QC&,8QC&,8
MQC&,9@-9$;=-Y.QR=)I6$JBD5&3**/4)V[*@B66LY3^&.\:D_N+3>)&=IOB+
M;)&OWL-T+4I?/[1%H#BEAJ@K/F,8QC&>-[[:[_[WO?IK7Z][]-??G3.A/"9G
MZGGTB6[NH!![GA#G2G3=OZB:B<(NC1/*QTG4\JZB]NR[ZO2-I,1("`06\CW-
MG>RG0*U(XCC"].F6+FI0G(,[D;:UMS0C*0-B!$W(RC#S@)4"1.B2@/5*#5:H
MX"=,642`U2J//4GF!!H9QYQIQHAFF#&+?XQC&,8QE`G60OZ#-=821TDDSYB<
M>E/%2WZG.@%O\4":94VK=]_W=`GF(1;BE3J2:*I0^G29^C%G(I)/P.L':V$B
M.::E*=Z>=%+FXC(72PXN6M"9+,[LM3E!SXE<V"?*H';'&/F+**$FA,`M.0,U
M32DN6$3&AHXW1F;.I5?I8B@BTD:Y"],)$.?3(\%HC;PTK6ENNYQC&,97%'OS
MM=P?X=G&[^I[E3ECN,8QC&,8QC&,TCWV`/>OCH(M_P"6MY^=K](RVZ/G&/J.
MOH@!6>?Z^W':*MX$0-&'FF0;I/PUF\MI,3XA;/`4Y-B<.][V:K5"-#H`1A\.
M^Y_TF:6>N//34X/T[)2T14DA7&FJTLC*;E2Y8B+D#M'$TC>@$*'%(A5B#IQ>
ME'B+,2$!3F>-,2#1))??I3=2V^6SCA]+'KF<V(]/C!6J>=<.W32L2T*.-,:^
M4UG7-=N-@JRW):C9TJ%(S`=(_(Y*#0UJ=A3KT/B/*2B3!_1D#V[=M:[:UO>M
M:^&M:UO>M:UKY:UV[:U]F:L^8\O#>P-+H]N9_EVYF;UKJY'A+-/$G0-R4Y<L
M.T0G`8>:(M*0:8$HHL9IFPZ`6`8A:#NFSH2]1:U^I_P]GG).VVN"L[DEY/7%
M7$10U^QO3"T%UW&4L-=X?YY,_O;ZXJ7L"&3FDN+@:I3>;]D0(:!,>`[VETV,
M8QC&-[[:[_[W]VOOW\LB?QHYG4GRSE7)J)TZN?G13Q/O^0<:K/<W-I);F939
MT48F1ZDJ:**0N"I2\,[*>];8%;FK1M7MGQJ=`(4RMK`A=5\L,8QF@SVGLQ^R
M[>T\(O!XO[OC\._!W^[Q=N_W9@/BT?=BGC[5)_(TO95W&Q1*.R"Q$L"<0))M
M4L]N$9,7WN/EBTE\IX@M6_*:%W\'XWCS/^,8QC&,8QC&,8QC(T+Z_1G\OXK9
M^[-;4[BV\<9]!BZ>VIWIX=43Q9M?OQUD%)/?(-#;&%0TIXPJ4>X#_9K']$5[
MW3>TTB527QC&,8S09_=U_P#>7_\`[`_[_EZYUG/HR\8>550=16^3([)&.!\E
MNI]R9M.H'&2QQT8C)E6AJAG;VV6,JAQ2IR'MC.>@OK#[P:C%;>0_Q^0->U&E
MR!803V9L8QC&,8QD+;(Z>?#ZW.1]><LK#IQ!);SJMU9Y'"9(KE,Y)CC?+XXW
M&M$8GKC6223IZNDMB15J-`V1>P)-#7>8QYO1M2)K>DR5F:"4.?:DIF$4FRR%
MDA!<B&5+)O*+%DKE+)A*9U('J83%64L?G1=(9@[/+P,HP9"9(UM(%A;-'6=&
MWQ^.M[4P-K<V),JXQC&,KBCWYVNX/\.SC=_4]RIRQW&,8QC&,8QC&:#-=RQZ
M^T`M?YAWK*%NF]0=3<@G_J.R2[:SC$_^I/74Y(W'6*26,WO%LB=BTQ6]0T]#
MY_'R%8Q$'OK6A:78TEP.`J3(7I:MVE3DJD"4Q-?7K6M:UK7PU]^][_;O??>]
M[^.][WO>]^N]]\ZJ'7.Z4EC<X.5T$M2,*8O7<61<%.2-0-%F+G"!H5<EY.RI
M_9$O'^G5Z%YD3!+7%=88'EZ;8:]1],^C879N$1I.%4I0-CQ/SI<]2R!6OQ@Z
M8-9W4_R%KY2<H^,<V7M[3)$3NH7R>5<2U+75MTK9"^/+@N7D2EWD#>L?T[>\
M*E;\[B+?SEOEUB`\D5VGQ^&=?&T^8+Y%K>^D,QFRK)D0ZPXG\2..\]A48<UB
M?31"@V1Q+N=YD88/LI,B&0OG$L96@L+4I<5CDOE`"MHC"BUR-*7B[Z*U5P:2
MZ>%EU9IU$\BC'*N2JC'(Q.%(-0IF7'CC-8"PG2<)AN@EMZR6'MI0O:"V:2C+
M.%X1&[`'LOXQC&,\;WVUK>OM#K]FQ:U_+>=!)A^E7VE%Z:C)-SN4%F5H6#;_
M`%`*YF,/H^"&%VS6,<A]9Q1NX</T5:QS1&RM*-_N60.Z.0O,M%)WYUC[`Z+F
M1L4J64?F]ST6Y0JZ5%DP+E=U)+2GU&.O4FXQ\E[RY%AY`A?&)6FMJ`\SJAB-
M43=PA8(MN0)9%8<1NUTD3L:L+*,0QYS42MT2-+$G5*C.W!TW>H9674II.<WC
M5#:0VQB&7]<-'%[329-*4SV563^0E89HC7$-+(:E;K!B#I'9LU-:QO"K;F]\
M(2F*E^BPKE%@N,9H-",18P@%X![`/01?_2+81:"+_P#$6];_`&9@CC!![+K:
M@JL@MQ30-B6;&8JF;)E-0O#N_AD3R6I5FFN.GE^3I'=QT,@Y.5YIP3E*!^Q[
M"#X=!WO/6,8QC&,8QC&,8QC(M.+#4@^9\1DRF8.I5Y)N,UA,C-`PI!;9%M6+
M+2KU=(I:<N]SC"!U:Y8ECS.F2>_B1')'14?IH4Z(VL2REQC&,;WK6M[WOMK7
MKO>_AK7V[S@,,M2M;%<IZSP&?0^:.M6S$^O+(;XM(FI]5P2>)6EJ?5<,EI#:
MJ4C8)0D9WQG<U3$Y:3N29$YH5!Z<L"DO>ZNNN=R;Y!\7NGQ/)#Q-.5)^35I6
M/2W'VD#VYM1NSN"<W38[-$B0,*-S3*FL<C5,QCPACHG$`2`/*I$(D7O#R(!Y
M"Z+%8R^GNE1P-KZ>L#[%9DR\<8(JDL9D[4N8Y)'WB0E+)0L9GYF=$Z1R:GAM
M&]Z2.+<XIB%Z-64:G6%`4%F!U:#C&,8QC&,8QCX?',7,UW4Y(K'D5/L-I5\\
M6K$4)3E**Y;9>P+9LP(#=@UI6ZQE.O,=T1)?M4^U`CD@?)Z5H=J]$:7(]G^'
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M2*%Q2]<F8W3EA84:"D<#2M[\"I`ZQ-W;_`+0?&G2)U)0=)U!&7,9%WE0UU"Z
ML=-`N%^?6!"AY/\`'5T@9K`28<<Z6XWV4U'UDPN02VEV\#$\R?29$]&B`A+)
M0#-,&ZMH0^9#^;0EYC3>D>9/3QY((ZPDEBT#TIS;.-Y-S>##(EAL*:^3W.OE
M?'7IUL!4U-`VV$OZQDDK2VL41=4R58X2A/M"B7(3'QM&B_41A,NC\^AL3G43
M<B7B*S.,L,LC;NG_`/=W2/R-I2/3,Y$;[[ULE<V+DJHO>M[UH)NM>+?;OGYG
M'7)L&0R7K_<GN*D4L1S98/S19^#7%&W2HX]GJD#<5(A\>UNG=WC25S3L[Q*8
M:04M]QHY`6,QJW(%VP:3`<%&S<O73U)>5?`?JC<F(_43I*XIP.X.\\AVUR8@
MM?.C"Q$6E'[<CM95!%(.^,PDJ'W@G$SP<B.QAH2>VC#*O-W+U+4VJ61"K)[S
M'3=ZBE"=3SC.Q\E:`.?4C*8\+(9-H?+$R5)+:]L-E;FAQ?8A("T*I8@5')4K
MTVKFYX;E)K<]M*Y&Y)?8Z.,2IY\XQC(R\TKF%QWXB<G+S3O\?C+E4U"VS/6%
MYE"Q(B8DTGC<&>W"*%.!RQ4C),`NDQ30WD)/,DG."M6G;TPMJ51(!5-\+^KE
M&;(Z1_'_`),<B)\C9>0]B</>5UJ*F\#(ICSI/'3A`QR-MOJ=M"-C2NS(R$H#
MVAGDBS\=J3>:D9`69@1ZV%A08)Z'O16XKT3$N*?44*B@E=V7#P&XNJWR*2]C
M]YH8-<;_``MCFEAV]&CI`L<'!FGDRTL:6MV.+2ISVM8A?W-D6(2I<XM:;-76
M]Z2S_P!3:RNG&X)#'ASK.G^13G'>3,0;7UNCI#KQEL9-'9=/W=0N42%@=5ZI
M%**;@,:;FA@$YNQ)\PW*TS8I,BP?!`2K:*M;Z.[SQB:2(R`Y]Z-7+\)4%<6U
M[=SGR8T%R+KCC4YRHJ7N+"UA9PODRM]/1\E4/TNCD6-:Y0@&%LD@&-^9HL>Z
M=BCI[\_*)ZE7&B+\I./AK\FA4D>I7'548F?U:2SZ(/42D*]C4M4U9(M)96@C
M[DYI$B.3M*`UX.5*8N^L;J862%>$L,UE2I.B3*%BP\E*D2$&J52E0:60G3IR
M"Q&G'GGFB`42226$1AIIHP%EEA$,8@A#O>HH4%SJXG\HK6O^DJ%NB,639G%]
M^:(S=\:8R7DL<,>WL][1HT87)Q;$+1(]$N$<>FIT5Q5>]H69X0&M+HJ2KQ%$
M&2Q-T$8!E['[/Q`'KQ?#>M;!L.Q!WOMK?@T+OO>M^F^W?MD<>']>1VJ.-%-U
MW$K';;=CD3AB1I:+)9QHQM<P1EJUIX'A")O=GU'M.:,\9(/+NZ\O7L-Z\P+>
MMA#)/&,\;WK6M[WO6M:]=[WOMK6OMWO?PSSC&,V1[DWI5:%`I7(TZUT&H`W(
MSE1!2I>-(1M4J`B3&&!/5B3)@B4*`IRS=D$:V<;H!>MBUO<8QC&,8R+;@YTZ
M'F=$6A4P2(=]&\9["<623@//U%$]3$6E7J:2L2I-IV"G%(%DO/C:]`>)C.-+
M;4;@7IU3`,VD52DQC&0RY&<\N/?%JQHG6%N/+^U2"6TAR,Y#E*V]B$X,3)5O
M%V-LLHM%\?W/:M-Y0\IO?49;"VI"'!8[*RU)0@(RB@GF\VK3EO15L<4XOS0C
M<S*1\?)/3H+X#-']*:TA8ZY31X^4O3C)$0]GFM"N/-B%Q*?V\P9IK<O0+$0A
MFF%=Q?F]QKE'U/\`C$HF,BXV)[\FMP]9JQ8/U(J<CD19Y66O*A-?7YR5ET[C
M)""/N1!+K,K-J^&U<Z6#'(20O"OI-T2L3D4H:?="@5BO!>_.H9UR.K[0\JY#
M-+94W'G@G+=\HBZJD494MK"V2^$;@]/3*OX,)N(V592IFY)P]]D<5DL^7O;]
M7`$\D*#)2%!;7&U?Z`@`[``(=[[["'6M[WO>][WK7KO>]]][WO?KO>][WO>^
M^][WFK&,8QC&,8QC/&_A_EZZ^7K\?L]/CZ^GVYUX86KMJK.75XU?PM0QJZV*
MSW[D=9Z)ENEDET/F7!/DA*%<AD,_>7:Q!064$+J!O.:+']3"(>_1]?*SYF^L
M:Z'OLOI+9J6N\/T+5UQ4Q<8)K<E.$5AQ]J/K!VW:\Y<VV<S.QD0S[$Z>`*Z9
M+RE+I(:MK@Z50\%UR-N5N]M#*7EJ+'GT@7N;0R`B1[P=A2/T9=L7XZWC7,DJ
MF:M5L<E.)G&6&<((PM1N92^'N$;YS\J[,B=?`4&$A!")10T9M*A;=F;<XA(4
MQB&L9;FZ'"3U\\)V3M>3='-E\,DZ&MWZ-Q:>JV9S)B$BF,7<9M%F60'%&::W
M.01)HE4(<Y&T)5.P'+69!+XVK7$:$02\MXQ:.#57QP8[^8>J->27D39-3V=+
M3>`?&XYF>:AIZ54LQ(&'^TIRD![M=(_+;HN]:[NWGM'J=/*1_8T>D9I"#;$(
M],8YK+@L8QC&,8QC&,90W])AD+A$>C#RMEC0,!;O%)+Q>E30,S8_9A=8QRSI
M!_;=F>R,)-V5YUM(]KHDTHT17CT4:4/83`Y+^C\D2\WI+\6Y9.6H+'(;:67W
M?8FL.C/`G:.0/)2W[FCAA6S``%M.LC\W;5R07X^A(E28?M!^+8MW,Y%OE6_U
M-'V"G5%N1!VF"!=R;X\M$(3M"K:4UBM5SL9M3UQ+5@M/#-[9KC,C\NZ.*39J
MX*I,4,D32YZ'M*/K9U9]'/GC;5_7-H>1V%"8TT]1.XZX>:!M8,<'(]1FO(Q9
MKG>Y:-^@*>4$J6]0PS.3'P\K6WE,J6CCB28)MEIE*9J3VD]`R[]V=TU*FJV3
M2Z.R.XN&[K.^%UUM,?9E[`&'2OCI+'J!1-C7('`(1GJUE3MD`D(G9/OV#K[W
M$H/(;78+FT-_7ACG2>LOGA])$Y'\R4"M(P\=>*?-2%222S0YMT\)Y3:_':"\
M1I-NCU"(,L9'AD<GQ!*%KZT2M*P.K&F+C+PC=C5XW!I(3=D/EET1>#O*=BO=
M(I@8JYE7*:XJ)MSDC-XPXR)R>+=,HZ9_6A%&G9*]R4YMCS9(VU8^QUQ5PQ/'
M5J4AY&YD^87(4F@]92[+C.^C?=7=FJ*DXRQ<?>F]S9M/C5;%@/$B:%E@-3)6
MT#C$RK:\HM"`I]269MS?')#-V:;>;",F8H7I$UHRM2*'NIS;E@/26^D4K^44
MEJOCI<R4F6\C^0'.Z](+#$0C6F*ZB/$HZ!3*[ZLL$M*T11K(FK4RIFD%-1U>
MF;FQ3(2VTJ3R=W,<]".D';J#OQ!"+X>(.M]OUZ[YJQE*?TAN:1R*](?F$ROK
MB)"Y6I#6"FX.3I`Z+0.U@V1-8XRQ-E..;D:LIJ)<5H#2QN[N-"S(M@#YY<1L
MT@!O4HL/I$\U.5G.6WN`U4*;#0<0."O-JP5L@LQMG;!&7ABH7J1_V=I3<E95
MPI='`EG"*(TN9+YX\5\D2.C2\!>W9*[QE4Z2@,?>/T8XI&FR&QB.Q%E+$2SQ
M=B9XZTE#"0$138Q-J5J;RQ!2D)DP1`1HR0B"G3D$Z%K>BB2B]!+#R#*I^L5T
M]9-U,N)39QLBTNCT'6:O2F;#=9"_J7E`8FA\.D2D,\2QQS86=\7MLL<X4\/K
M='U'D@HCEBGR+FK1-RQ2I+I%GW*BG_H]/5D?*1+@<I)X/]29HI6V-'MIC"TP
MCBU;3.^2:D+`D4:962,'N,CC#HVME3'RQG5*4+N@TY;>RG=V,3E-RZX#JJ<P
M:*4]*?JKR:(3=MG!=/U)?O%NQTD92B>#X;>LMAC?7R*"/Z-P3)B2UK>]VI#%
M#T8`*M*A:'/WB`2G97L14Q]''IMS_HQ\PN(-;6)(X?(9MSEXV<S6&SCH@<N<
M&HR141,:7N2F#-*GTIE<TDF0UO,9LPR5H9$;Q'B%C.H&B<'DD9;\"%LAZO`.
M`WTG;G29R)NB9LO#ZP!QFMY['V\#O)XXV2&*\?ZP0UF^(XPU$+?+N$8>53JV
M.:Q&%*-,@D+\J<=*UI:9,/M4]$N4S:8=,+BX_6(D8VR3C:;*:QMC"6$E&U,$
M?NFQV&&MJOPNKR68^I(@WL9<C/*7")/?=KS22B"QA)!:MX@]M;[Z[;]-;WZ>
MOV>O;U^[/.,H0^D-]3/_`,/'@392JJK/BD5Y76.C9(S3C"3/XBR6DS('Y^"U
MO]NQ.#/C;('27L\$`E&E=1)6+38E5NJ0"Y[:5&TNSLI<W^M9Q4Z;M8<493R!
M63*>K^1S7'71,74R&/2IQC\#^K4:726ZI.D&^-6BJ]1.DHC[>2L:0+%CXY/I
M*6/(5PDJH!5:T_\`I?W3>:HY$W>O(U<LM7RZMK7E2EK?(PF8E=<2^)NIT:K.
M)V8E8ETOTVH[3?4YJP+TP.#RHB44-:7EV:#ULA:&<V27#CZ25PEM:D%SMS(E
M3'PAY.P`E0AM/C];JQ;'5*EV`V/#XT.M4NKZ429-(K*69K*-:E!X4;@B=UA#
M,J*4EKF!U?HJT7],-Z?TZT)1>U*\G.-;"L9I0XQR<OL/;;)@LG=8T7YD,/:7
M.#J]/IDI=TREI)2@^K0H^W.KD6C?W]G0!)=U,3;WYN<F.N%R>XW<E^C%7+\!
MMZ7B.S+,4S'DG'`0"&S^YK9>F&OQU2)0U3'9RQN6T4P2.8'MS:^^]ER&0)H_
M(V1K$M"<5956/TG7BHQKA5GS@H[D%PLY`P^81N(W;7\AACG9T-HU).2F5;7T
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M+E]BSM^01B$P*,OLRF,D<S!%ML>B\9:U;T_O;B,L!AA:)K:D*M:I$`L9GLB!
M!+`,S80"Z!5^<1Y]]*=>>8'-GB_,`UTU4%;U+<5^(A-MO$G;H1/JJA<=DLFO
MU<Z(&MN&N@SG-W^T(/934L7Q5Y<=L["UP9Y9VAY5N"]JK8I^,=1_J1V?Q>Z/
M,>?K%XK4;Q`0R+@YR.E$?=++50=9,&!PNVSG-_N*),[I'D)KE,XS5TBBM9L+
MXD:T!ZM&ZLJF6'$O@RR_TZX=1%.09CIUAC59P=M1<?HF1":4&5&&<:RK(P5%
MT4,-:($X'I3W")I%\6;T;"YELBM'MS:2"F]P&J3`T#.<,$.B44`<7&(Q'HZ6
MH6.[B>6Q,C6S@.<)`Y#>7U<:!N2)@F+'IW,,='92/6SW)Q&-<N&>K$([?),8
MQC&,8QC&,8SUA*+"8,T(-:,,\.AC_P#W"\'BT'OO?KOPZ$+0=?`.M[T'MK>^
M^O8=;UO6^_KOOZ"%K>M_=O6];#^S>OG]N\\>`/IZ?#X:UO>M?=WUK?87;XZ\
M6M]M^NO7-65Q1[\[7<'^'9QN_J>Y4Y8[C&,8QC&,8QC*2>O%$8Q:/%GCO2$]
M9DTBK:^^I%T[J;LR/J3EJ73Y`)GR;AY4E9RUK<K1KD`W-&C\B8L2*"U1*90H
MVF,)4B)4$V_5E6\)IVN8)4M:L":*5W640CL!@L81GK522.Q"(M*5ACC(F4N2
ME:X*$[6T(4B(D]<L5+#2R0C4J3CA#,%SC(Q<H[!:Z\8:C6.M:,UG%R;DG0,#
M1('H@L\N*.LSL)N9&VQ&\)C.\Z`]094>6^,YH"D)I:\DK9;JVB[*0R<[:WKM
MO7S[_M"+OK?^>M;^_P"_.F\P\AR>E-U^G/@!0\*B>J3ZEMU5'R,G;6^.,Q6/
ML.?[/K"VHO/UT7D+R^O!1:I\N"(([#4HE9!B4U$\'0EB2LC4G0J6Z:'T9KD4
MZ\N:%ZA')I[3HTCC=O5!O2="2H&TQH2)F]53_']J82"VTYQ=SD9I<=:6D*T@
MUT7BTX><,TJ,`8'0>REE>O49Z:7&GJ94FZU-?45;QOR1BDK?6%KI61I=)U3S
MW)R$*=?)X.:\%&HB7$PIN2E'$J@#3F!`$TO:9:2F6$44=5+I6<8^"W'3BEU"
M*Q>YS#["Z58.#L/!*HX!B9WJ?457=ZP2%68Z3+<:2QM3(9R[PB6NZH0AG.#8
MH1`D$7:XH8=,U2Q+?+P^ZH7`WGBXEQ_BER2@5MRP,`U9SE!V<3PW3B,PW;\F
MC9BV6Q1]:6IWBZM$]+D#<M9WE.D=D@U[>H,1:0N"%6HGWO>M:WOX]N_?MK>]
M^GW:[[WO[M:[[^6LJOZK?5"@?2KKCCG<5GQGZPUM:_*:#458SDD<%A;[7T$D
ML,G\I?[,8XZWMKDOFBJ)[B"#:N+I@I#UK<X*C4BH;B2A;U];',_J#\,>I8KZ
M8/'?B9=E?7G,KCZ@W$>[Y-!6%S(73"O:6HD;QR,FSY:-=&!%)HL!6QQ)%%CV
MB2M[6)M<7\(G@:<:`Y`H[.1110/$8`H!8S]Z,-WH`0C&/>M=MF;UK6Q"#K00
M^(6][[!UKOV#K6O=C&1[Y6<>87RKXZW1Q]GC%''Z/VW6TN@QR>4-1;NU)%KX
MS*T[&\F)]@VH+4QU^VV2%O5H1DN"%Q;$JUO/(6D$&@Z@%0?1V>J!5*>N^*SY
MS;BD]X3<F9?!KEZD2%6>Z2YX=[0I*QBI@RM]=D6`S(I0X-UO12.59$9$_$N3
M8I5KX:L46"VN4>9(JU.]UO7?Z<++S;XU$7:@M&UJQNK@C![]Y"4`MK%Q2-NG
M>R6^O4\@:&R1'EM2R3:0C<X"SITAD1<&9[`)4H"2J'L998:O^"O2%K_JN<)*
MKY2]12!2J.3OD!S;Y+<_IK`@A4Q=XE,,N6,`K&OZ_+E3*X,,XC%?IX="ZXG<
M2.;SVQQ4[9T!YS?Y1\6*U4(8X3UVZ[067Q$Z<D2LA^X)\O'>+6]Q9Y-'-<0:
M[$X<P2W[B=Y18;8[SUI>D1"B1,)#=-(Q*$;LX/[Y[J;(Y+(`<P+IF2F=/@V;
MU(NME0]$+.!M=4S;=MW]TG;<99]SFY9(I:8YE6G2$7L!ULJCF]04I3-LC=*\
MN6J2TIDV-$<]3EVAL>T)\3B`KE1>^Q?4'75J:2].CDQS1NFKI-1-P\-V52AY
M#\2[`6'1*SHU9K@R-"ZL8J2DDC,B>6UBO1S?V1%6$D=HZ,@X+D:F5@5N#&[D
M@RCTQ.M_P[ZI!\AC5/.3G#[+A$$IV23*"S=2VMAPI19[)(G*00RO5"\YJ>;'
M#5SG&U;!+90W1=K:E"M4W+&L@YO5A/U`?FWP*J#JR]:QAKVURG%13?`;@^@=
M+33(ML1RB3VAR\E5B-M4QE,@?65\0Z;XS#HG*K$4/9I(C4TG;8@F(0GI_/BW
M#_Z/9TH%%R1J0<X>?Q3Y;+JRPZ4=/CC_`$G:$;BRVM0<3^/>DU-`,FT,<&Y>
M&2'K9%$'AF:&MZ2MQ+<KC3E+=@?-R5D5M'8)J7HQ=,JE*UMJH(-Q)KK==WF?
M%U%H1N6G2.?II(*%Z9A1<DE3-7I\<(\B9E$>8W%,@C"MF1#>FQ,_*"#GOVK@
M;]KF5TB>GISYE<0GW*#C;#Y]/H.0UM[#-TJEYBLG$Q,RH]8VQ-_<HNX-0I=#
M$9RM<)-$926[Q]+[Q<!)$)`UAP]S7?J2IR51YIB4HJBMI)%6`36)CC,@@D5>
MH^S"9`B"RB:69S:53<W":`B$%L&C3DC0ZWORXB][WO?WX-7<!K%CW&:XA$1@
M,<VX.+L)AA<;9HLS"='=1M6ZN0FMB1($.U[DJ%M0O6;(VI6'[V<I,-,WL68Z
ML3B_QSMMELF/6;1E2SYEN`IB*M%MEM?Q=]2V!N*E*2HJ=+PKVTX;\JBOG%)T
M86N`SED<5'#6LJA"L[*-=3DCF<C^CG<UI/P<GB*P7SI]WQ9:?DM1#K]6WN71
M/B/QUD3!;ZR]X9"FZ+*9#.%@89>X:X)"V+4J]B2PI[>968@:Y$X*%4D[:W'_
M`)!TURDJ&#WO0=A1RSJJL1G)>8K+XRLTI0+21[V4J1*B#0E+FA\:%@#FM_CS
MNE0OC`[I5;2\MZ)P2GIP9FQC&,9@);.K.)Y/1RMD\)T;3KA14SFSK8GN=W&)
M!9#1/X6Q,,.T_A4:8B-.D9=WYZVSG)1.RO;9I:F4`1HE19F?<9U:_I7'-,CC
M/PCJ>HVYJE+I,.0%]5_*T(&9H:7%BU#N*<[@5]3(F1JEBT#DW[.<&J&'MHFM
MM6%'E(773RM:VHI1I=1QU4NKIS4Y=<B[0X.\8T1<MXJ]2:N.#],5+')_&24S
M]44EONH:9O:8)6\R($K7HJ6N['<$:)G3BZJ)K%&-E"N.8$"]6W:6)N\KP4X-
M4)T\>/;)QLXYL3HQUXT2"3RPT+Z[CD+ZYR68./O)]<7=^.1HUCN;[4)#<WJ%
MY8U"5C;VML`9Y5"G*+SK7E)U%4KG8+U65;0J!O%L3AXLJS'6*QUM97*>3Y_]
MC[YETL7(B"E3Z_./ER/,KW`T\T7L@;#X-]][RCC&,8QC&,8QC&,8QC&5Q1[\
M[7<'^'9QN_J>Y4Y8[C&,8QC&,8QC*2NK:8QV+??1VXW%/Y)LMF?4[K.]E<!1
M/J1M?'ZN.*E073<#])E"+9X%ZJ,0Z:M=?KG$8"MI#W(QM;?:A<%:(`KLP;WL
M`=BUV%L.MBU]@MZ[[UKX^FM[WV]=_KWFK,`\@Y9;<29ZV45#$BY>XO5ZTU%Y
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M=#2)'IW7/](MK_2'NJ#>KOSKX%M%)AM=?RGM^UZ"XU3&$I9!`Y?0L9F4ND%0
MQR+QI1!&+QS`25)"Y:XIGV5/:>2DR,,I=54@4QIA^KR*9]==/WK2]427\'N'
MO6,K4V)\':5C;U:;]9$&1Q%HM62RB`Q*2UW&('8LO;)`['M,^</?[<T+W!)$
MDK-)HLS'2UG6R-T6JY0;V>.`_13Z>73=D8;!XU4P<W6T.+/4*6VY,)9(Y;.%
M\6?G-O<U[0/SJXF+(`&&-#4F&N9HPV.BI*AT!:O4B6N0EEKV,8QC'^_L_EGJ
M,W[,H8M%[,\(!B]GK6Q"'O01;\.M=A;WL?;P_#>][WV[;^&1IX<3UHM3C%2U
MA,M:LE1-4IA2-U;ZVCQ!1#)#DYBQ<4%H:RBFAB*+2%[)$H+T6T(-?^8WOV&N
M_B%GQ-%(PC=7]\21YC2O4JTV:DSNF:&\ASD.F5*-"SZ?'`I,!8[^ZD1@TC9[
MQ.4^03#&G2>Q)$(&Z@>5/02Z<O,7EHT\R;FK.6+K5&Y1UUL1"R61,F>%W&KA
M#;$6B`ZL.+DNHT0TT0;8<@0IDL5W&"7U,L7ZE(7I1Y%2BC%RT^C7<-+0C56O
M_$E4_P##*_N/!ZY\H"R("I*>&)@G;S;+=:2^?V6SOC<YRVUGIL7!=$K*2ZS=
MM"6TFH(QI6D8F]O`WS,Z3_3.?^G[%KYFMU7<X<G^7?*VSPV7R)Y".;:L8S)<
M)C3K&Z`Q=J85*U64UL<.;G1ZVG]B!/M2M>E@"$Z!D0L+,T6VZUK7P_W_`+^'
MW:UK7PUGG&,8R./(#B)QHY2-#JU7W25<V:<YUS8=3E2"319I6S%B@5JM9;3/
MF")S,27ZS1$B2)4Z(Q>='71N4"6MS8X`-"M;D9Y/4#YH0[K#=(&TN5LUZ?M1
MU_6?2#@EV5/RD7H&AYIX*MGC1D1HI)?K)%HFZ/BZ=L=>+'B`R=GDL888>%U-
M%-G^7L9#LXJ4SPU]OBT.7W&FDZI@MW6W<T*KRJK-=H(QP&:RY>>R-4J>+.2@
M<8(TM):M*%<>XOS<9M>0D$C+/2H$ZM>Y`1)42PXB2'C#VWOQ:[:WO6]]_36P
M[[;UO?R[;UVWW^?IFK(!6OS>)K#J%<2>#1\01.&N4M/<CK&1333XH*<8X]44
M7$'%$Q;CQ;:>G5-TG9G:3*!NZIS;_)*V`E*G)6"5&!*DO2O(.G^1+5.'NFIH
MCG#17%K6'2,P<$"%W1)FJS:I?!1N?1H!CLWM_O$3`]@&A&ZMFEC(X"#L]I<5
MZ785`LS9@-;^''^TY'/*>P_LY?@+F7O_`+_5[S'X:/K]#/JEX?'_`.JO9?4?
MZV=_+?\`I_Q=_/?\R\AF?/\`?V_RSJY=83KQ6#TY^<%"5'74*C=E4C#8I&IM
MSJ,4,<J.?*OAEM6;$8A7\B(?V]N,2-AR>-D2Q<R)4FG4AXD[['6Y_`F"!N:W
MJ.73FYBW9UV^HG6]]6MPVF?'[C3PUXL<H8XPNKZ_O,EA=@V)RV7PZ`(#$ZY9
M"(:C<EZ^CVQ^2.4=(<)4VMHT"YV`X-?O1`F.MYZ,_2D'TT.,KE4-L2B'7I:"
MB_9C;**T@-;@Y*T#0FBC'4E3)697,D9K_&E\9IR+-4>,;6]<J21T#F]1IC>W
M)@WI0LNA^'PQC&,8QC&,8QC&,8QC&,KBCWYVNX/\.SC=_4]RIRQW&,8QC&,8
MQC/`M]M;WV[]M>FM?'>_EK7?Y[WZ:^_.I[0Z1ZZC_P!)$M#F'#F$DWC=TK:N
ME?#%#-3)*(P$GY'NI,_(DRJ/-215Y%<WMJ>P)\Q.WLC5@46F.-N+F0$]\:]H
M>V'\,9@/D"@NYP9ZW!1J\EO=4UYTXNL`9REE3:44TCFB(^UD0!/:164:8KB8
M5104S>$EY4:WLII5)U@@#S/FOO\`O_GZ?NS'5OU;$KPJBSJ8GR52N@UN5[-*
MQF:-&IVB5JXI/8XY1:0ITBS19NTBHYI=58$RH)1@DQ^RSP@$(O0=Z:=JJ'45
M4M84I7J(YM@=0U[#:RA:!2?I4I1Q6"1UNB[`G5*M%$^;5%M;6ETJ5;)+$J4>
MU4"`$1HM9D?&,A3S^X/4CU!>.4BH&^(@JFL8VXI)S&VE'+I!"#B+"BK<\?4Q
MR^L,:6(7)(4E<7(0%0=F&)3DQQ@5:904'V0L.](#A'*^`'3QXV<7K0615^M6
MN(]*%5@O\54JG=G52J;6+,[$<$S8^.;4SNCHC9SI>-K3KE*%-LT:=0<G!H@\
M`AV;:"'7;L$.NVNVNVM:[:^S7;7IK[LU8QC&,8S0;L82QB+#H8]`'L`=_`0M
M!WL(=^NOB+6M;]=?'XZ^.8'XORJV)O0-62N\XH"#VT^15*NG<3+9U+`!B?1J
ME99R$+,K7NBEN\*<M,9M,<X*A@V;O>S.PM!#GO&,8QC&,8SC\LC#%-8Q(H=*
M&E`^QJ6,;M&9$R.J%(Y-;PQ/[>H:'=L<FY>0I0N#>N;EBE*M1+4ZA(J3&FIU
M))I)@P"_/OX*]`GD]S\4S@OJ'V-;D.B/#ES<N(%6<?9Q$Y;"8I+JPKWBV]17
MC3;$.>6-U8""%\(D<SA3ZJ>RV.1#D3<QR:)R8071P<49,AJHJ'Z2!/N3%4]-
MBVN=\+HB<<<JO5\ST'*"!%NDX_"'6<G4L]!12G9-'F=BA4)L5LA\E;Y@O1-%
MF0P)Q3@:ID:I7)#&2/'@ENQ]2/KI=/*Q^/,?ZJ?'_CM8_'2UYI`ZBD7)^F79
MP:6>GQ.%IU]"I)<-ZR%A;W:/MI2B/2G2Z,1O<2KQHD#BK5*A.B#;$Y,Q&*OI
M$T,Y,"Z@/'+DUQ&DLB:[KX)\1%O)9BA\122I9)K>;E/,NIZ@?*M:2(EH]P6%
MR1!81I;ZQ*FMY:I5&RWB.+T&BG'1H:X>./4OZFG1EK[E)4]S\%0(N0G/:[)/
MRQX^-SRPS?ZI0?D)?5MFUD\U1-VUL-$D?D,E;(4;,JL8V>RD3N8D1)$KJ[.9
MDCTF:.U5QQ^D#]+JX*B;I9-^7%8TW8\8A,:<+GJZXQ/U636O9V>ATDED(VRS
M-A8QRM]C\K1N[$>C@>I'[54G3Z3`$%<AT?Z^3W4MX_<9^H1Q:+GO("&ME*VO
M&N4G%Z=.2RR"6J"U!?\`5374]V@#8K<=HUH!+5;&^1ZO6Q&<:B?6A]F0&16<
MF6*-,R^C>;?2:)%R)K3J&<?JOI^U)Q;-[N-D57TD]\?JIM!'*+MK&0)I549]
ML;>3R'UZ)F-?.[0[6<M2%Q6**DI*?ZKDEMCPV*5S=;KTBNA]!^(/$2SJXYD:
MBO*>WN5Q\1>N30IVWZGL+?4<!>5[K6<1(,F["EE;HW1Q(8Q.KV@DRAP0@L!O
M7NK,4G3"*V9V!F]N0-21.WMB-*WH49!29(B1)R4B-*G(+"420F2IP%ITY)10
M`%EE$EEE@````AT$(=:WN,8QC&,8QC&,8QC&,8QC*XH]^=KN#_#LXW?U/<J<
ML=QC&,8QC&,8WO6OC]NM?MWOMK]^\Z[/46^D&43P=:>`=[Q)L;^0/$OEU*+T
M8);,H<:\,\^CS-4+K$&%3-H$PR-(TAD1;!(U4J9'R+/[>QZ?3R6\QLE;(61H
MQVEGT-8B[-'38I"R),Q)X_,>4+Y<',:5(4X`:V4IY6W#.;NCB50:%.EVJ/:(
M',(DQ[5#3D;-*;B]@3IBO`G+MSQD=^1L%E\\9:P20ZQ$U<*8[?U(S5\6JGEU
M90R>*1*=(':1P$DUJ/(,7JIJW%#9$K,M$8UNQYX$3B2:G,$')$:_[_S_`-,8
MQC&,8QC&,8QC-!NC-ECT5O6C/`/P;%\-#\._!O?IOTT+MO?IOT[^F_AF">,*
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M%Y<I$NJ>,S2%SIBFRE$J0ID$,`[C:E:1]CJM:^2M=)R5CL\O;HE`V.SCV(I5
M`H3.0QX$TB,:EA<2E3%.HN7)&1M>RX]-(P>:JC<L9"W),I`UR1@5'&J69\1!
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MQ<]R:5RQZ;(Y&H\RMI8SG!X?'UX5(VIH:D1`!GJW!P5ITB8D.S#S@`UO>JM:
M)N^F+WZJ-XR2D+=K"XXZS=/_`(VLCN_55/XG8;*U/(N2G*1=IH<G6(.[PA0N
MFT)Y"S2!4H*5;2GDJ-%>R,`/=MN,8QC&,8QGC>]:UWWO6M:^.][[:U^W>4<=
M=[J7OW3[XU0R#T_&%\RY5<TI:\<;^-[4A5N;=N,RR4,/N0^TA*D#.YA<U,!>
MY3#O<T2+4M;E)'Y^:](UA:%N=S2*%OH\?$^:WCR4LB-<H(/7\EJ_I8<;[8Z6
MCQ5<VV9.6)[O&<\A;'G-LV!%(NZ-JJ+I&E\AP'&#3!Q7"][2-O7,Y1)9S68I
M2-G>7C<;C\.CK#$8FQM,9BL696N.1J-L#>D:&*/Q]C0D-;,R,K4A*(0MC2TM
MJ5,@;F]&22E1(TY*9.4624`&OM8R+7*R%U]-8_3R6Q+%2UNB8>37'N7QE:J3
MI5(91/(O8C<Z0R`$Z5F%A)4S9Z+)9$ZHG8E*4T\)Y!9@P>'<I=?Z[_GZXQC&
M,8QC&,8QC&:#0B&6,(![`(0!A"/7Q"(0=ZT+TWK^[O>A?'XZR/O%*#RZMN.]
M2P:=V$EM:71J(I&U^L1$\NDA22Q<!4L.V[)WIZ/4NKD484<42!4N/,/'HGML
M7A"'6I"XQC&,8QC&,8QC&,B\X-U.BYEQ)U5/<@!?17&JP4#)'`$J_JLHJ8ZT
M:^425[4J`M@D87])+R8X@0D#>2E`VU:X&!;%`"O-I90XQC&,8QC&,8QC&,8Q
MC&5D2K@S;,PY)[Y.*;O@$;M2OH/;4%HJQXS2)I<X3L5GM+XUL46O<Q18P&NW
M*XJE2[))7'Z[0%PU@E-CL,?G[IIB<6U8@>/DPG@/=D<CM7.,JY-Q*;VYQ_M]
M3;U)R]!0`H)%B7.5UY8%<VZFMN/EV[,9A:3G<:*T)9(YE*3+&CR\F6IXR[,J
M)`!L=4S_`,(*Z1T/9X(MJ>-V]*2*\MFK*SJ?E04\M92^4W&UUO=5C7RKDD??
M$+FV)H'*;*E-PVE%;!/4-TK;CX!*$38P(6AXCB%W4VZN+6W.[>L:79"C=&QP
M3G)5[>XI4ZY"M2J-"">F5HU19R92F-"+8#"#RS"Q@WX1A%KOWK2KV*1B(]6"
MY4$5CK%&D*CIY\;E)Z./L[:RI3U/]ISE0#S!R9L3)2##_9ZT7[49>S/`'0?%
MVUEGF,8R!=W]23BQQZY5TCPZLR4R%KMN]2&,UC6(XD[+J]AILX>)%%ZG0V=8
M``EL$)=+HF41D\*JAL6'*%LJE#(J;]DH"C42I5&?K+<VN3G$JE:KBW!VOV.U
M^7_(2QY-$*L@3O%WJ;*54:J^GK"O"TW=AA["XMR^029)&8&EC\=;C!J$FW^5
M-ABI`OT66B/K`XO_`$A69<:9OOC]UUH@U\/[OL-`UW14:R.Q9>[1EEI"P";)
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M64&KUVN&>.=HVFY0^,M3`NL&Q'E.G3.LTEREN3$&OLD<24I(5CJO$:J4"T,T
MP>SCCS#<IXQD7.51-.G,%0:N97*$C87R7X^FP845"J&H.MDJPVX59I7CRJ94
M+4942;RY<B$:$H@+;L[9JDC6M&:E'KM\OMW_`)]_7]^,8QC&,8QC&,8QGK."
M$91@1B\`1%C"(??0?"'8!:$+OOTUX0[V+OOTUV[[]-9&+A;#8!7W%JDH95EA
MI;7KZ/0A&WQ6Q4:9*C2RUJ`M7FENQ"5&8:E3EF'&G$Z*),&$'L-Z\6Q=\E#C
M&,8QC&,8QC&,8R,+A)ZD+YCQ.'*86K-O)7QMG\C9K"T(GR*"K$%GU^V2.'#!
MMU"HVK=98NCKT49IE.)`2U&@$Z)QF:2*9/8QC&,8QC&,8QC&,8QC&,8QE<4>
M_.UW!_AV<;OZGN5.6.XQFC8OQ=[#\>V]!\6MA_&WZ!UO6]:WKOO>M?#YYU[*
M)XS5]U+/_&GG-H%KMPOE+R&4<,ZPD*?8AJXI7W`6,-]=PBRZ^5BV5M$]Q7EH
MLM^THNZ)S1@W)&1H<0&F$$IRBLQ].?IR\@87(:[YA]2/D-8')7F^SPZ=,3+&
MW"3-JR@.-6[$5H6:9$T-%F9K;BD;S.H)$8,VSN0N2IR+4N"9\W&TK*E?'4*V
MTRS..G'ZY%S>[V_1M/VHYLH$86EQL>LH3.5S86VGN"I"4W*Y0QNRA`!*<[.Q
MB<*,PG1!CHXC*T$:P\1G3JXU<]^>G2<DO(:D#.(C!9?2&X<<ZKDHF0\A$:U<
MR67Q_AMEW5";,32QVCS(].R%UJVMX->9"UIC\2JQJ;U(%A*#ZSL!3(N2%]CS
MA)UB>`?/QP21.C+L;6ZVUBF6%`H6SR2Z\N_2.(J$^U3P3`7=6-6ZL[DRKFR4
MM"YB5.NE,<7^;4EHE;8_H6B`W5;^D14ST[K<GO$J*4E=%R<I$%('6'%M1N-M
M2ZL&N3RIB<#ZS;Y0I32`4R6MXW0I"ME@FF,A3(&E4B3I'-6X+CB6^!%=UE]*
MTJ*M:JH&M[1X\75&+?KY/.GKE7=@DX9]QOL"XHE(Y8_5RZK#W9\E,H8Z>FY(
M/JM)2Z>GC;K<JCT<$B!"6PV/1*\WIJ=(GBUT\HU%YU&*Z87GEW(JCC,.Y"<D
MW!;(9!-;2F9R@V565(RUTF=73;"GFT^<5SL[$LA+8:](FV+I'T2\,=:M);/8
MA"H=7S$3&('$XS"8TF6O#DGCT186J-,9#C(7==('Y>2TLJ1$WE+7M^<W)[=U
M0$X3W)W<%SDM,/6JU!YG)L8QD7.54MK"(1^H%-I0,<^0/7)CCY%XDC`H3)MQ
MRR)%8C:WP*;BVI6(PG`B#^,AX&E+$><K"3M.6D4[,V5N4>O]=_S]<8QC&,8Q
MC&,8QC/4=[/V1GM=]B_9C\>]>+OH'@%X]_B_C?W/%\/7[/7MD9>&!-0$<7*4
M)H-5*%M/%PE&&`*IH%2"4GL'G5^RAO@%:9&H"OVIVJT9HU,3OPZ!V!H/AWN3
M^,8QC&,8QC&,8QC(W+K')(Y;Q:IOP;(#U+IQXG=@AMO:?>W5K(8[*@<<'7A2
MKW,/06]\,>RY(I(^L!&QJF-(9[H5>#SB62.,8QC&,8QC&,8QC&,8QC&,97%'
MOSM=P?X=G&[^I[E3ECN,@;U-.3"_B9P@O^VXK[57:PX:;7=!QY$,H3Q+^0]M
MJB*THR+,J(9@#G%<Y63)X^><G2Z&:0TH71R-]DD0*CR::&2P>9G0LI&Z(_:\
M`Y(\[>/3K!87-Z6O]OG!EZV!67*!VI2*0>8T[>+)+I"79;;4EJ<E(\&25O/8
MBCF44@^[-%%Y`2TIRR%P;J.FQQG<^'W!;C)QZDAX5<Y@E7M*JTW`!VU(7>YI
MLI6V#<[WI4+8AJO?-IRN7.'F3-Z&>$\)@@@\7@#.'&8_M&JJXNN`RNK+9A<>
ML*NIRV#99C"Y4W$NT=DS0::G..:WML4:VG<&\\Q(G\PC4!&0H`4$HXL96Q`W
M4GU,ND56/)N#32\>+5?T]3'4CBL@KJV*%Y1FP]"3)&ZSJCF\9F[(DDKD06(A
MQ22M!%PP%>Y/[:^ID+&O2D+VYR86P+0+ZO2"Z>%B\3:^E5^\M)]-+EY[\J6R
MOI7R4GMEND2E\D@[LPP]$RETI"YM'-+O,UM#51:@MI1H7U8RFZ`C\B46F0)=
MY<MVUZ>FO3X?=V^'\\\XQC&,CKR0L9YK=DJY<RUVFL<V4<@:0K]<B4H5Z_48
M:9M.V]D<I\0!O;'0:97"TQVWI(N4EI4*(\D!ZMP1$AV=J16O^_\`/_7&,8QC
M&,8QC&,8SUG"``HP9@?&`)8Q##VT+Q!"`6Q!["WK6^X=;UVWOMOOVWZ;WD9.
M%\KK.<<6Z3EE.04=9UB^0A$MAD#,4D+1QAF$L7E%-8E:56O(4"+/*4&[.+6*
M-#]MXMF;%O>M2?QC&,8QC&,8QC&,9'U;*KA+Y21J%I8X(RAE=#363/<K]S#$
M6FMEOL*$M498-R#SFBR!K(>X29P`S>1&-8%*8NTJ`%#LH4@L8QC&,8QC&,8Q
MC&,8QC&,8RN*/[UKJUW!WW__`!V<;OZGN5&6'.3JVL[>M=G5>D;6MM2*E[DY
M+E!21O;D*(D:E8M7KCQEI42-(F+,4*E2HTHA.G+,..,`4`8]4[LO5]76$@=+
M3H3IX<]>27%(A>Y-$7Y,4U#J:7-5FGLKM[M=)35=/32Y85>$]J[0=&C9+`9(
M0:7+CD3@3%F-U(3`6G_%HR!6GS[YN(N:7(JA+0I7C=Q4C!45X.49R*C3?&)_
M)+LF'L%UK\OYM5I;X^[A;W&&9(VU70B>4"W*V-H<)S+MML:>'E.65=>(`!Z\
M(PZ$'[-Z[Z^6^W;[.^M>GP]-9JQC&,8QC&,8S`7()_N>/L];'4HPEO[HY7I3
M;%.R36],XZ;JA>9HB16@]!`J<FP*433%AJE>G$HQ4I0:#M20@6&`T5O/NOO^
M_P#GZ?NQC&,8QC&,8QC&,T&C$`L8P@V8((!BT`/?N/80[%H.NVA;[BWK0==M
M;WWWZ:W\,CWQ.L-XMCCI4=BO]>I:I>);$$CLOKQ$A7-B2)GF*EA.VE.@<VUH
M7I2BP$`.`2J;49H=']]E:UO0A2'QC&,8QC&,8QC&,9'I:S76/E/&I`D<S`\>
M2*$FK0_,_O)K"2;<2JPX2MBKB)G$FV\&FD0I+*4P'(E4%M3@.-2J"1*E2<>I
M"XQC&,8QC&,8QC&,8QC&,V3DY-S,WK79W7HVMK;4BA>XN3BJ(1($"%(4(]4L
M6K%)A29(D3$@&<H4J#2R""@",-,``.Q:V)LECI!+(I.?6<I/)3TJ6/'F.:$!
M+\I7)AK$2=F-&?HMU/5HRC%:4EO$H-4I0#4$`,)`(>OM_'X91QR"I&^KGZJ5
M@HZ'YDVAQ">6?IZ<>#7)XKNK^/\`:!4J(4\H^2NRTCVV7G6L[`E`@)2+=H3H
MVL8%'F7$9C@:X(R`MIO-CNBY2MM.*I^YR<AN7O/AY$8G):&R[[Q>ZWJR/,A1
MNC5L=2T5Q@*HVH7]HDVP@*FA$ZBDMU+$1)#4Z!VT$Z0BMZ8H^PQ=D9XS&F1I
MCT<CK6WL<?8&-M1M+(Q,C0C);VEG9FI`2G0-;4UH$Z="W-R%.0C0HR"4R8DH
MDH``_6T$(?0.M:UO??>M:UKOO?QWZ?/?VYYQC&,8QC&,8QD?>0\:N23,U9D4
MN_[C[FU7S2\BG1VG@+-[QJ1AFZ%PLUDV:)$N\\!WC!:E(8SZ`1MV+$)%YI/H
MW8\D%K[_`+_Y^G[L8QC&,8QC&,8QC-!NS-%CV4'0C-`'L`1?#8]!WL&M^H?3
M8NVM_C:]-[]=?'6".,#]<DGH*K'_`)!,0(U<SI%4RJPV(MO3-(&R0B5*PGIM
M-R-Q=DR/LF`E'L@EQ5@"(>^QO?>PASUC&,8QC&,8QC&,8R."ZNY`?RUB]J@L
M!"1&&SCS.X"IK#;JY!<W%\>K)@4A1SHID"K"TG(&=`RJV!0ZFHAN"52[I$9"
M@*=6>7N1^,8QC&,8QC&,8QC&,8QC*YNJ/7K+9O%=RC:VYXU2<D23B'2VMW:P
MD2-[J6;V/!37*91BJ;@BC@K;D<OKJQ]LBV/NK!MT;7$;F8S.D<4&RAJ9$"VD
M6:3YKL:I[@E#K3RFCF5#TT.641XF5?7\@+EM;I>;$*Y:6G'+&?\`B1,&AM8"
MI8\3&QT''>4<>I+&&F-R=U@;PS#8X\R%$O+<D[/KCNX-TV=N,AA0+QW`4VVT
M,W]Z[@0;'VQIMF!D?U1$)W^KNG_S&EWU?$)7Y70O(;V+P;W1TQZZHG_B9VEL
MG^P5^$7^PA0FG'VN^1OU,^I_]H[D?[C\EH'_`*A^LOOGZP>]=J/^6>Z_<_DO
M_,>?R=OY7S]'#_%5C\KY^CA_BJQWZO6MA\6^G%H(AE@V+6N5&]AT,80>+6A#
M`'?A\7?ML8-;[=MC#KUU@;C)?_5;Y14A"+SBS#T^(PQSD$C&C8GU5R;6NB#<
M;F,CABD*E4VBVC.\RKC9ZXG982]@3JBB3`;,+$8///Y7S]'#_%5C\KY^CA_B
MJS!E\WQU7:`9:[>Y`Q]/=^)L:]:1H9N(:%7)M*:VOEY6&SUTROZP:\80'-3$
MXO)#BZ)".RM4C*-)2F%GB+\6<M;ZOF]:W^3A]=:W_P#-5\\\_E?/T</\56/R
MOGZ.'^*K,%H;YZKJ[DK*.,8&+I[ER>+47`[X5282KDWMC5,<^L6QJY0,!"+0
M_>1;J@7ULY.:M69K:0U&Y(B""_:DJ#<SI^5\_1P_Q58_*^?HX?XJL=^KUK8?
M%OIQ:"(98-BUKE1O8=#&$'BUH0P!WX?%W[;&#6^W;8PZ]=8&XR7_`-5OE%2$
M(O.+,/3XC#'.02,:-B?57)M:Z(-QN8R.&*0J53:+:,[S*N-GKB=EA+V!.J*)
M,!LPL1@\\_E?/T</\56/ROGZ.'^*K(><S7GJ>,D5HQ18:GA,F1+^8'%!@C6Z
MW7<C4"\R>26Y(^PPDN3C?322U%??6!Q2&3E"@%[V6L):@EKUY[9&3"UOJ^"U
MH7Y.'7B_&[?]5/IW]>WIK6NVN_;7;6M=OEGG\KY^CA_BJQ^5\_1P_P`56838
M;QZK[_R'L[CDG8^GJGD=75%3-PNDC.5\G!LSHT75*[HB3*SH$9>_/D.3(KI-
M[5N9ZC8DRA.]-A:4(34JWMFS\KY^CA_BJQ^5\_1P_P`56-?^+WW#K>^G#K6Q
M!#O?_53Z>(6@]_QA!UZ=^_J(.OM%K7KK!?&:^>J[R@H*I>0478NGO&(_;L*:
MINTQY]5<G%KNSHG;VVR4+@K;=^24*2@D]S#4X0%"V+6@!V'6A"SI^5\_1P_Q
M58_*^?HX?XJLP9?-\=5V@&6NWN0,?3W?B;&O6D:&;B&A5R;2FMKY>5AL]=,K
M^L&O&$!S4Q.+R0XNB0CLK5(RC24IA9XB_%G+6^KYO6M_DX?76M__`#5?///Y
M7S]'#_%5C\KY^CA_BJS";#>/5??^0]G<<D['T]4\CJZHJ9N%TD9RODX-F=&B
MZI7=$296=`C+WY\AR9%=)O:MS/4;$F4)WIL+2A":E6]LV?E?/T</\56/ROGZ
M.'^*K/&__%]WKMH73A#O?XH1?]4_H(7XH=_CZ$#786];[B#L.NW<6MZ[ZW&;
MAI8G58MKBY1ME1"3\+9G&)K7[3(6*4W&9R)-M![;'`U68E73<R*EE,`GX8->
M!3MM+"G]F63K6Q"T(6Y-?E?/T</\56/ROGZ.'^*K,#WI?W5:H45-AD#%T^'S
M=T7W6]`,VVA3R:3>Y7VRMOFF^0N7GS`>9:FOW&;YQ$D\*M1Y@OV1Q7LQ>/.P
M1=7P00BUKIPZT(.A=O\`JI].^N_;-7Y7S]'#_%5C\KY^CA_BJS";#>/5??\`
MD/9W').Q]/5/(ZNJ*F;A=)&<KY.#9G1HNJ5W1$F5G0(R]^?(<F172;VK<SU&
MQ)E"=Z;"TH0FI5O;-GY7S]'#_%5C\KY^CA_BJQK_`,7ON'6]].'6MB"'>_\`
MJI]/$+0>_P",(.O3OW]1!U]HM:]=8+XS7SU7>4%!5+R"B[%T]XQ'[=A35-VF
M//JKDXM=V=$[>VV2A<%;;OR2A24$GN8:G"`H6Q:T`.PZT(6=/ROGZ.'^*K'Y
M7S]'#_%5F![TO[JM4**FPR!BZ?#YNZ+[K>@&;;0IY-)O<K[96WS3?(7+SY@/
M,M37[C-\XB2>%6H\P7[(XKV8O'G8(NKX((1:UTX=:$'0NW_53Z=]=^V:OROG
MZ.'^*K'Y7S]'#_%5F"X=?/5=F=^7;Q]1,73W1R"CH92$U>Y`J5<FS&A\17D&
MSMLJ)K2$#VO2J6$57.@7,Q9XB5>G1#M-[(1"@&]ZKI+JN*^0C!R*&Z=/`$GC
M].2NF$[)I+R>$V'LDLFL7FZQU,6[[+2UJ9;%4J,E*$(TYA*@P\9H3"2B\S/^
M5\_1P_Q59MU:GJ\HTBI6,/3B&!*F4*1`#OE0$0PIR1G"`$0]Z#H0M%["'>_G
MO7IOX;Q'QVNCJQ<CZ"I7D%'&7IYQR/W?5<#MADC[RJY.K7=C:I_&FZ3M[2Z*
MV_\`\BI<$"5R*3*STF@IC3RQF$:]D(&]YD_*^?HX?XJL?E?/T</\568'O2_N
MJU0HJ;#(&+I\/F[HONMZ`9MM"GDTF]ROME;?--\A<O/F`\RU-?N,WSB))X5:
MCS!?LCBO9B\>=@BZO@@A%K73AUH0="[?]5/IWUW[9J_*^?HX?XJL?E?/T</\
M568+AU\]5V9WY=O'U$Q=/='(*.AE(35[D"I5R;,:'Q%>0;.VRHFM(0/:]*I8
M15<Z!<S%GB)5Z=$.TWLA$*`;SI^5\_1P_P`56/ROGZ.'^*K-NK4]7E&D5*QA
MZ<0P)4RA2(`=\J`B&%.2,X0`B'O0="%HO80[W\]Z]-_#>(^.UT=6+D?05*\@
MHXR]/..1^[ZK@=L,D?>57)U:[L;5/XTW2=O:716W_P#D5+@@2N1296>DT%,:
M>6,PC7LA`WO,GY7S]'#_`!58_*^?HX?XJLP;<M\=5RE7V@F%\8^GN\G<@;V9
M:&8%#6IY-)RH^^/5?678A;^[`7#`-6U)VZLG)N,2(MA5C6.B([1@""#_`!6V
MUWN?"@L2%:?U0U8PF!LW-M0#WY]2M2;:8&W?ZK?67_G_`+C\UX_=WOC_`)CY
M?P^:_P"+WSF>,8QC/CO\>896S.,=D[*U2)@=TPT3JR/C<C=VAR2&]O:)5[:X
M$*42Q.9VUXR5)!I8NVM[#WUK>M!T:CQY+*G/8V@XB-J$JJ/$FMJ(PIB5(DPT
M:-2S%C($!K4)$AIB5*>@"G-3IC!IR1EDC$#?VNX=:WZZUH/IO[-=OE]GI]GR
M^&;4*1%I8-Q"E3Z7FIBD9BS2<O2P:0@TU02E,4>STH$G*.4''%D#'LHLT\TP
M``C-&(6Z[Z[]OGV[]OGV^_[/VYYWOMZ[S3L0==N_S^[>^WW[[:]-:^8M]M:^
M>]9MD:-$W)BT:!*F1)"?'[),D3E)DQ7M#!FF>S)3EEDE^,TP9@_"`/B,&,8N
MXA"WO=:%K??M\OCWUO6_\MZUZ;^6_AOY;QWUW[?/?R_U_5]_P[]M?'>LVJI(
MB7:*`L2IU84ZE.M)"I3E'@*5HS0GI51.CBQA`I2G@"<0<7V.3FA"86,`PZ%K
M==]??KMV^6]?J[>G\L\YX\6O7??TU\=_+7[?YYM0I$6E@W$*5/I>:F*1F+-)
MR]+!I"#35!*4Q1[/2@2<HY0<<60,>RBS3S3``",T8A;KOK[_`/+?[_3T_;GG
M>^WKO-.Q!UV[_/[M[[??OMKTUKYBWVUKY[UFV1HT3<F+1H$J9$D)\?LDR1.4
MF3%>T,&:9[,E.6627XS3!F#\(`^(P8QB[B$+>]UH6A=^WR^[>OVZ[ZUWUOY;
MUWUOU[;WVQWUW[?/?R_U_5]_P[]M?'>LVJI(B7:*`L3)E04ZE.M)"J3E'@)5
MHS0GI517M@#"!2E/`$X@\OL<G-"$PL8!AT+6YT(/;O\`#MZ=MZWK?W:[;UK?
MK\O3U^7?-6>.^NV]]_36^V]_?_KZ^GI\_3X^F;4*9&6J.<`)DX%JDA.D/5A3
MEA5G)DABDU*G./"7I080F,6*C"2C1[*(&I4#+"`1YNQ[KOKOV^>_AZ;[?J[_
M``[]O7MW[]O7MVSSO>M:[[]-9IV(.NW?Y^OPWZ:U\]^GIK7V[[:U]N;9$D1-
MR8A`@2IT2-*6$E,D2)RDJ4@H'?PE$$$`+(*`'7?L66`.@Z[]@ZUF[UOO_O\`
ME]O[,\=]=^WSW\O]?U??\._;7QWK-JJ2(EVB@+$R94%.I3K20JDY1X"5:,T)
MZ545[8`P@4I3P!.(/+[')S0A,+&`8="UN="UV]._V=NV];_RWKO\O3T[?9FK
M/'?7;>^_IK?;>_O_`-?7T]/GZ?'TS:A3(RU1S@!,G`M4D)TAZL*<L*LY,D,4
MFI4YQX2]*#"$QBQ4824:/91`U*@980"/-V/=>+7?MW]?W?MW\-;W\M;WWW\L
M\[WK6N^_36:=B#KMW^?K\-^FM?/?IZ:U]N^VM?;FV1)$3>F(0($J9$C2EA)3
M)$B<I*E3E![^$H@@@!9!0`Z[[T66`.@Z]=!UK-UK>M^NO77V_P#;[?UYY[Z[
M]OGFS4I$*W9'FTR95Y-22M3;4IRC])U:?Q>Q5)]G%CT4H(V,6BU!.PG%;&+0
M1AV+??=>,/;6_7X]M:\(O%W^SP]O%KT]?A\/7X>N:OC\,\=]=M[[^FM]M[^_
M_7U]/3Y^GQ],VH4J,"HYP`F3@6J2$Z4]6%.6%6>F2&*34J<X_0-*#"$QBQ48
M228,11`U*@980"/-V/==]>GW_#_+O_O?_?/.]ZUKOOTUFG8@Z[=_GZ_#?IK7
MSWZ>FM?;OMK7VYMD21$WIB$"!*F1(TI824R1(G*2I4Y0>_A*(((`604`.N^]
M%E@#H.O70=:S=:WK>]ZUZ]ONWV^.];UW^&]ZWK>MZUOOKYYY[Z[]OGFS4I$*
MW9'FTR95Y-22M3;4IRC])U:?Q>Q5)]G%CT4H(V,6BU!.PG%;&+01AV+??=>,
M/;OZ_9V\(O%^KP]O%\/7X?#U^'KFKX_#-/B#VWOOZ:^/?6]?JWKOKUUOY;UW
MT+Y;WFV+2H252A<4F3%K%I:8E4K+3E`5*2D?MO*EJ3PEZ/-+2^94>Q`<,0$_
MMSO9Z+]J9XMUX@]^W?U_=]VN_P`.^]>NM=^^]>O;MC>]:UWW^[6][W^K6N^]
M_LUGC8@;UVWVWH6NW;>N^MZWZ;[^F]=M]^WKZ;WOM\=]LVZ1,C0)DZ!"G3HT
M:(@I,E2)22TR5,F(`$LHA.02`L@DDDL(0%DE``64#00A`$.M:S<ZWK?P^7IO
M6];UO7Z];UK?ZO3U^.L>+6M]N_K^K?;7?X=]_#7?Y:WO7?Y=\VJE&B6[(\XE
M3*O)J2EJ;:E.4?I.K3^+V*I/LXL>BE!'C'[-03L)Q.Q"T$8-BWWW6A:WKOKT
MUKX]];UO7;[=;UK>O3U]=?#MOX;SS_O[/YYI\0>V]]_37Q[ZWK]6]=]>NM_+
M>N^A?+>\VQ:5"2J4+BDR8M8M+3$JE9:<H"I24C]MY4M2>$O1YI:7S*CV(#AB
M`G]N=[/1?M3/%NO%K6]:[^N_AK7?>^WV[[=^VOOWZ??C>]:UWW^[6][W^K6N
M^]_LUGC8@;UVWVWH6NW;>N^MZWZ;[^F]=M]^WKZ;WOM\=]LVZ1,C0)DZ!"G3
MHT:(@I,E2)22TR5,F(`$LHA.02`L@DDDL(0%DE``64#00A`$.M:S<ZWH7KK]
M^MZW_EO6M_JW\_ECQ:[]N_K^[O\`+6]_#6]_+6]]]_+-JH2(E@TPU29,I&A4
MA6HQJ""CA)%8"CB`JDHS0"V0H`2H/)TH(V`T!9QQ7CT$PP(MSL0=:UOY?+TW
MW_9K6N_W_#TUZ_#US5\?AC&,8QC_`']G\LI%F']IN5.764@W'F2S:364R75Q
MF%5\37V:N:5B&,/7&[C9,[<KJII/*W$]FJETG,75V&CABE`HCS!')_*B)'M:
MQG#4O*?!D7VUV11G/:>OROEA$>/G&GDQ9;/Q1KUIY-6W5LDE4Y1TK5L*F58@
MGU$6T)_FU?LW+USL"OJYC(+'?8<P3%RDS*G2J`12--T7F`T16>4CRPZ7-,.E
MKV7,=L_#;E=#;'52&QIO(T%GRZL6?B8F3V#,T;^]KB91,]/+U*U:*7OQ2V1I
MTLA<D9;@!.L/*,FSS+4."3B-RA6-#T_QQV1\=[K6M4ABKZ[1B3,3FAK23K6Y
MXC\B8E:!Y8WEM6IB%C<Z-BQ,M1*22SB#@##K>4L\M9=?<?XAT]?3^7<<PI9E
MZ71CE'9'3UH)XK9L*Y]2)@J0=%SIV;%DTATCL9ZF[LX)XA7);0=/CR9VX.;"
M\P-T36$)3DLOP&R)WY5<2WR069R$:;^D4:?N1_))I9>4-RD4['V:"4XPU-^#
MMDH$F;GT,AB[O>-B1V0-*%17SB8\&US*75S6/"P]V5F\YX+(7FL>5//WCTX&
M6H1'8F_\?+AK)NG-M.UV1Y37EM0*31$^8,<LE;L[S>+RJ>6;3=CR&?5L_&$-
M#(J$RR2+#7ERUY4ZR'RD?)$T<T.F2C:95+6AFDUO<E8[+(TT29\;8M+VHGB!
M;DK;RI9&D2XADDA['((TUND>4O2-8>Q+`*3VH:4Q6I&.NZ($<DSN9]=\=[(+
MO*+6E<0>HZNY-6'";D3+(-(>'ZR0N"+BG9=>)F&9N#O2\PC+E)ZCKFI7(4*@
M$UC#@S72@;5K\84XR59D!DXR7C+*0Y=-W$"XIVD:YIR6:H37;#R7Y1<PYZW2
M:LN-B--`K2CL0O9NN)WOVD5EQ70Q6"@6V/6T@6F,D>9T;J5''LDP:0=H?#.9
M,UA\4N/DV8(U.(<TRBI86\I8M9,Y?[-G+!M8T$#4M4DLJ3NSX_V$Y(E?F"1S
MIS=EZJ6DA(D&U`@.``AK?F']IN5.764@W'F2S:364R75QF%5\37V:N:5B&,/
M7&[C9,[<KJII/*W$]FJETG,75V&CABE`HCS!')_*B)'M:QG#4O*?!D7VUV11
MG/:>OROEA$>/G&GDQ9;/Q1KUIY-6W5LDE4Y1TK5L*F58@GU$6T)_FU?LW+US
ML"OJYC(+'?8<P3%RDS*G2J`12--T7D1.^)`XC(>!4#5W_P`J)+>ZE_H2*2.1
M%<L^23;%U5;<4(21/[JE$CKQDL1MA<Y.MI\CZ*$SN36*Q2B22-QN1N3N;P-&
MW,J-OL0YDJ'%'Q%Y0+&EZ?XX[H^.]UKFN0Q5^=HQ)6)T0UI)US>\1Z1,2Q`\
ML;PV+DY"MM=&U:F6HE))9Q!P!AUO*6N6LNON/\0Z>OI_+N.84LR]+HQRCLCI
MZT$\5LV%<^I$P5(.BYT[-BR:0Z1V,]3=V<$\0KDMH.GQY,[<'-A>8&Z)K"$I
MR1DUHJT7N^>.SQ'[0N=CY=2>M9[R+MQO6\G;R#QZC+M"*%;JCC$!'Q[:)T.E
MD]?./(ZQH;)`M94!7K7U+6TQ<%JUY<%3HJ-^1TVI-=Z;DU8%1RV*6]$4]=<,
M>*ZKE:RVE9;7:[<CYTR=QF:J5.</E31.YRTZ=YQ6J5#-)PF:38T6Y1YRJ.4N
M<*C+@_:+72YY2/DB:.:'3)1M,JEK0S2:WN2L=ED::),^-L6E[43Q`MR5MY4L
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ME[VG:JS62Z`OUN-<`2I76,Q]AE$L":A<XPH6;D**M:P;LNQUA$F3TO'[HL:O
MF;E;S\;./?&EYGLF0V%*N/=/4?4C;9UTU/9D3L'35.%W$+E(NM<BAJI>[#6L
M]DH9,37L(E$(>(=!Y5%;,)U(0Q>\^E=R:BDVNRQX'?DACU63*TDMCOK,V2UE
MMCBW(3J<9)3QK=US;$2HC.9J@373,)*RL>[$KZ;-3?L9:B*.+SN/3GZAB]V;
M>`W-1[CTADT2D#'Q/Y"2./2B'2)YB,JCS['ZEEKZRO+#)(ZN;GEF<VYS;TBE
M.M;EJ=06(O80F>`8]"JGZB,GY#PJGMW22@N"25TW=/V.(N/#_3-D-D=F4(ZB
M\@E;"@J9P?X8KED5?K)66H]2&KXC#R&Y+8B?9;=8L1?8?MLL)7IX]U,7!;8^
MI(X-4H=9*OALGO>ZZTCMZL+E,WFO':Y(QQ:CLOD/`JRZZ<)&C9X+&::=4DOM
M2K;FCC6L9[/70IXA@MQ>::DTGM68_3C:;=KR9\GJ9Y$&J97>L1>:TF\JN*/W
M3>ECU);\:M1%.'2*R2$5C=T^G(^,TF1.#!+&^>TC7AQ->-A/U/?8HK41]W:6
MF/9%Y2/DB:.:'3)1M,JEK0S2:WN2L=ED::),^-L6E[43Q`MR5MY4LC2)<0R2
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M%1U'-)>]IVJLUDN@+];C7`$J5UC,?891+`FH7.,*%FY"BK6L&[+L=81)D]+Q
M^Z+&KYFY6\_&SCWQI>9[)D-@RKCW3U'U(VV==-3V7$[!TU3A=Q"Y2+K73T-5
M+W8BUGLE!)B:]@\IA#Q#H/*HK)^9V)?:*X^/$\8W"Y[-5\A>2W3S(X2W4R31
MJ;XC/>*DAI2!OG,%HM:B"9$S/K(:*',/(JZ[#5NM:O"!"KE50NK?*&QZ@S(W
M1NWCJ&+7=KX#\U'F/R&31.0,/%#D+(8_*(=(GJ)2J/OL>J66OC*\L4DCRUM>
MF9T;W)O2*DZUO6IE)8B]AT/01C#NJCJ'R;D1"Z?_``T$-]P2:O&_I_1M#QV?
M:9LELCDRA/49D,K84%2KW^&K)9%7ZR%=JO<BJ^(P\EO2V(F]FW6+$7V'[;+!
M5Z>/OM3_`,J(+SQX_12Q([8P+IMKE[R$>G:3L-CMLCH65=/!@X\NKP!,IKQ%
M,S7&$$5):CQ2<):U4@@+:M+N%2XKVJ9R%':#J"03RZ<+S(7:M^0Z:12F62XR
M-\\^=419G&9R9\ESPBB\9Y)SEJC4?+>)$N<7+;/'6@A,S,+?M5M(T,Z-&UMY
M2=$E((+V?(Q_D;3U`^G(U-DJEC9'I2BYCM\LBK=)WU%$922T4_%GUD522*IE
MY;`^.<><2S3H\Z.+>I<&4*YR*;E"<#@J"94K(S^H<WV.[T37C59B#FU*^,_/
MV=7H_G7$QJJDL:-AO&/(N'LTKA65,'EKIF4S%E,DE<40O?(+7#M#$9$]:7I(
MYME>F21MRS"T;!=T2YX1*6$\LH1QLK3DS'*\XUU4P<A9Q#+5D'(I30L2:[(J
M>$V-4MJR*1O#+"+_`'0U2UL:*S76N81;:.T'J2A^KL!/(BUV_&9LGC'QUHY@
MM.P6VU[2C=2P"-6=9;0J3K6^=V1'(LV,<\E2=4D*3ICMO,L;WA8<82E1A&H,
M-%M"A'L20FKU[*Y)2J-=66(4:\6!/YK&>>U'EQJ''VDL9Y.;3:NB."5DWQ4=
M1S27O:=JK-9+H"_6XUP!*E=8S'V&42P)J%SC"A9N0HH.?A"M!PKZ\K8D,>Y$
M*NFA2UP=0AB9B6>[6F*VQ`TD'K*CRZ_L&,2[=H-ZRQ:VKCD1'>8%=5"@B5BR
MA?%98\5P7'F1[:HG'?JGEQ)RJY*'6WT@6/D`W\HJ^F;=.Z]KV^(DWT+<:"&W
M1;<ZZ>UOR:R93*I1'88;")3'Z_M`]I0-,28G,:".O4<M*T)0VI6"%L#@P6Z]
M0U:[M?`CFJ\Q^0R6)R%AXH<A9#'Y1#9$]1*4Q]^CM2RU[9GE@DD>6MSTSN3>
MZ-Z54F7-RU.H!LO>@F>`8M"JHZA\FY$0NG_PT$-]P2:O&_I_1M#QV?:9LELC
MDRA/49D,K84%2KW^&K)9%7ZR%=JO<BJ^(P\EO2V(F]FW6+$7V'[;+!5Z>.#7
M+='*_C!?S1,YU`K/D=[&V]S3N0[<5L='(Z/L[@%4G#Z:V(U17=>-,O5/,'#`
M+BW1=:M*MZKU`Y$W"YN3BS3.0)[/<PR";'3*LFPSW=VK&_TGUNY#R?C+QHY9
MS._66UWBS(7:S7R%4622:T1J/K(Q$6.FF&N9I"Y2PP6NH>U*8J=7"B+O:1\>
M)`9*E&9FY&/\C:>H'TY&ILE4L;(]*47,=OED5;I.^HHC*26BGXL^LBJ215,O
M+8'QSCSB6:='G1Q;U+@RA7.13<H3@<%03*E9&?U#F^QW>B:\:K,0<VI7QGY^
MSJ]'\ZXF-54EC1L-XQY%P]FE<*RI@\M=,RF8LIDDKBB%[Y!:X=H8C(GK2])'
M-LKTR2-O&Y;;UT.+I:L(HFM;3FM;L'/LJ!4CPULNYG6/2*\GF!<')%.>6U/Q
M6ZXO9LO1QEKHZRVQ59D80.M@O-<NE[Q"<U(!2RN;BQN\![`7#J9I;.X>\<YD
MS6%,)Y]::'KA8&R9M'!QN?2%T.AK:E7R.6Q)V.=C6*8&/)2L]_C[HM>SF][*
M5H'!R>C`'."RG.?,,BH\ZXCJ-O:[-\<+KO;I\T))G.Q[HL.T9"OED@Y>IJQY
MIWM7$CL*4/4C@4/F\0GL!H=^D,'6,E?ZL`M^?H6V1M<R-CN^X]_"9,I/;%_\
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M,39,VMRX]\LI[>5RI?J?+RW&>/3V@`H$OY%CA-B3V0<;IG8<6EG&R#6I:$[M
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M$]%.@H2V>0Y/Q\Y?\A;#M6N[RY.10^20)MN7@OP_CL`8['>Z_=JMN3D%Q+IR
MZY5R'E-&(HND8[*52RW+S9(6A%(9<DU6U3L2A_A,1)4[FA\CNBY@Q"K9C32Y
M/=#_`&BV5JWN;<X/D:J&?V%7$SL9>>!0SQ:OFY_J:0Q*QUJM_E#JT:9HS%9,
MSJ)+)4[&WN)REGVN1'T/V5*>1U1T[;;'<7).8N]R<(>E/4EX5/(6^4:?%[YR
M?.NWD.P2=RDC\RC$WW1+&#50TOQZF)\@;W@F0*I1-#US82JLQR*6<L>[TG;6
M<CN"0<CIE54[M'EGU;:&N=X3IG&1MM*\?..-+\KGJLI"DKL`AMH3>.Q5'4K8
MK$L:T;0\RMVGK\`QQ4G6:L\_,?I$6!8LC:KOAUP1B6539$33\?WY;3KC))18
ML!+BD[J,E3'+YJZT9@^/S_(F3D0Y,,GD,IBKL<W/M93R+R*'R9&_25.[V//<
MD\H*A.>N6W'B<UK<EKQ>[&.T*VF$R!NX)NUTI$>*#,H4QNQX)+JC+>"ZE>SK
M[?E@8A"U4BC*ZR76RER.41B0)V2I%!#/$S@-:-F2^?\`"1WDL]F<KEW,GBIS
M8LSEBU'.KZF2Q^PZQO&FF.)NC<U@4;!63C5+E8DUH5G1,6V#6FE"WMJU*J=H
MFVJ&[B7'F:3.UZ&Z,E36K:D_W6]U\;.04ZN"5+YG*"IC8M@5-5L54UVGDEH>
M]RI4>YMJ663ZVQC4O1JU[?ZT;W]P$L#'3A`E-Q!Y7<N)[Q,XO3E]J=RGSY,^
M.U*2QYG:V//B9;-7615K&7AQEJM.A*1HB%4C5K#GA02C1I$I1JP8$Z8@D("@
M7#XQC&,9B@-&5`4NM!V1UY&&MYNL369;CZRMX6-_L<UC;M,[(=,7UH$B=WT]
MG9M!96H]>M..;V4(6A(,EM"%+K[`:PKD40C\$#!HJGA,6<HH[1N(HV)N11IB
M<8-(6V40Y4TLB-.0W(#(U(V=K?&;29.6!"Z($JT@(3R0#UK>:NKB13N'6@_0
M>+O%CUXBD#;`IRXLR%7*H8WRQ.2DE2&,/AQ(W!C229(F2II"G;CTY3TG1HB7
M(*DM&E"5R"31F/3..OD1EC*VR.+R9I7L,BC[RD)7L[XR.J8Q$Z,[J@4!&F7M
MCDB..1KT*DLQ,L2'&IE!1A)HP"X"GHRGF\BM$B*MXDE;:=1H&RJ68EH3`8:[
M1MQ"9"U!AS!H/N6/J&5`F);V%:VH$ZUB;@B0-"A$C,-('RI97\'<'Q\DB^)L
M"Y]D\/2P"1.BQK2*5;U"$*Q[<$L4<C#RA^;8"ELFD"GW8=H249KNN$86/VPL
MXQ45'U%0T<##J<KR+UW&B2FXD+7&FTI$6-.U("FEG3'G[]HK4I65H3)6=D2J
M%!J=F9TJ5I;"TC<F(3%_;E-6UQ-Y+`YE,(-%Y/+*M=G!_K62/C*A<GJ!/CNV
M'LCL\1!Q5$FJH\Z.C(J5,KBO:C$JI<SJU;4J--0*E"<SV1>N8-#'F5/D8B[0
MT/LW7$.\O?4Z;0WR2KDYBK:$;T\*-G.3@G:PJU13,A4*AH64A2H3M29&0<86
M+@,CXQ<?)?$(3`Y)4$%=HA6LB,ED`85#&F`BATD.)>TBMXCWL-%'-BUR0R61
M-SP8E-+T\MK^]-KJ%8A=%R<_-J-*E1)$J-$F(2(TJ<E,E2)22TZ9,F(*"40G
M3D%!`40004`!1))0`EE%`"66$(`A#K&(:,J`I=:#LCKR,-;S=8FLRW'UE;PL
M;_8YK&W:9V0Z8OK0)$[OI[.S:"RM1Z]:<<WLH0M"09+:$*77V`UA7(HA'X(&
M#15/"8LY11VC<11L3<BC3$XP:0MLHARII9$:<AN0&1J1L[6^,VDR<L"%T0)5
MI`0GD@'K[RB*1I7*FF;*61M42YB87^,,TB-2EF.S7'I0OCKI(V="L%K9J9`]
MN$3C*QS(*V$"P]B:QG:%M&3X?;)HU'YG'7R)2QF;9'%Y,TKV&11]Y2$KVA\9
M'5,8B=&=V0*`F)E[8Y(CCD:]"I+,3+$AQJ92482:,`N`IZ,IYO(K1(BK>))6
MVG4:!LJEF):$P&&NT;<0F0M08<P:#[ECZAE0)B6]A6MJ!.M8FX(D#0H1(S#2
M!\RW"XI]9W*9A8&PN6O,8;X8YR4I,`E[5Q5H<7EV:V`QR*\"L+:@<Y&^."5.
M6:`)2QS5*`]C1Z%K90.OH16K*;'8%%V:*,PW%6YJ4;.C+2^\'=P]D-Q>G91K
M6U;N^.1@`&.;TZ'JW5Q,``Q:K/&$(M>B4U;7$WDL#F4P@T7D\LJUV<'^M9(^
M,J%R>H$^.[8>R.SQ$'%42:JCSHZ,BI4RN*]J,2JES.K5M2HTU`J4)S-FV5/6
MC*;/#$$'C6CK,"<98BA6UIG-5."U!+@D$AE2IS`K4/K20B<7!`B9G$U0TMS>
MO6H$"),C5'D&<(;^*_')NJZ2T@32U>**AF!2=-+JY=(XA>XE*425&W-J)MDC
M.\EKTKXTM[4SM#.VM+H!4VMK*TM;.@2IVQO1I"<[(D25N1I&]"06E1(4Q"-(
MF*UX2TZ5*4`A.27KUWH!1)8"P:WO>]!#K7?TS%@*%IHC\*&T5;11K/NQU1OE
MO+69L*9'*RGE`B2-:-UFKHT^2<9$X$,Z!"QA5N:I0?MA1(V(0Q-"8A$#833C
MS1MB1:'0J8U3!WF)P$7M8,P"8$2%MAP0,BR,C2QA.V%H@L3<JC+DXQEP:VSR
MK:YQMP7,#@E4M"M0C,\L_':BX[9BZY&*J(.TV>[D,R5?,T+"B3NYH6"+`A#,
MH*$67I.D<6V%$DPU*ZI""',$2*+C7F]L@`H=9&F,-B=AQ60P6=QQEF$,EK0N
MC\IBLC;DKO'Y&PNA`TKHR/C2N+.1.K0YI##4;BVK23T2](:<E5DG)S3"Q<3!
M3-5)U=>K2H#&=&U4V)6.LR1MI)J"`-J1$%L1EP]K-T-MCRE"U`TT('%K2)7%
M"SB-:4BLEN..2CX\OXW4([3666&ZU%`G28SML<&*9O3C'4"XR4-SK%R88ZA?
M$BHHUO<EKK"TJ:&.CJI2&.KE#TR>++5I["24WAY95U2UM2L310.J88QP6(MF
MB0HF-A2^62%:(1IF]-H0AB,4'^4;4*!K1>8.-\DU($#6E]B@0I$Y.YE-6UQ-
MY+`YE,(-%Y/+*M=G!_K62/C*A<GJ!/CNV'LCL\1!Q5$FJH\Z.C(J5,KBO:C$
MJI<SJU;4J--0*E"<S9ME3UHRFSPQ!!XUHZS`G&6(H5M:9S53@M02X)!(94J<
MP*U#ZTD(G%P0(F9Q-4-+<WKUJ!`B3(U1Y!G%HYQMH:(U^ZU5':IAK;7;PI:E
MCO$0-1:AG=#V,+0!BTXDJQ*!K2&)-'F%O9$BDPU(SM+*U-#:0F:V]*D*SAK6
MM>FM=O7>_P!N][WO?[=[WO?W[S$@*%IHC\*&T5;11K/NQU1OEO+69L*9'*RG
ME`B2-:-UFKHT^2<9$X$,Z!"QA5N:I0?MA1(V(0Q-"8A$#83/CS1MB1:'0J8U
M3!WF*0$6C8,P;8$2!MAP0,BR-#2Q=.V%H@L+<JC+DXQEP:VS:5M<HXX+F!P2
MJ6A6H1F<J;*NKMFE_P!?&R&1]',1Q]-%29$6W$B<VV+HBT99$:8U!@1[8(^+
M2!`-4RLFF]M7'H$*E:F4*$:8TK[LQAL3L.*R&"SN.,LPADM:%T?E,5D;<E=X
M_(V%T(&E=&1\:5Q9R)U:'-(8:C<6U:2>B7I#3DJLDY.:86+B8*9JI.KKU:5`
M8SHVJFQ*QUF2-M)-00!M2(@MB,N'M9NAML>4H6H&FA`XM:1*XH6<1K2D5DMQ
MQR4?UV2N(+')9)9LS19G13&8A3:DTJTE"?(GA.A%O:!M4O*G9SAIE;S!FGM[
M&2H*9T"I0K5(T)*E6I--T0&KJXJM)($%;0>+P5%+):^SV3I(JS(61/(9Q*#B
MU,FF+T4@))`Y2B1*2BU3\_+-'.CNJ#I2X*E!_<S$AJVN);,8-84G@\7?YW6)
MKV?7,O=V9"OD<$/DS?[HDAT2=U!)BV/FR%I_Y4^&-9R43NV?\O<-J$G_``<^
M8W4[632DG3>UPYK;062<<KGJY!M4D?)<I5@4$B.?I&G4%R!P&F3'FHFW9[F+
MW0@%[O:M(T00D:X#/.(G%:V81#ZXM'CC2-B5]7RM8M@L&FM80V31&'KEA"I"
MK7QN.O#.L:&=>J1JUJ52M0)"%1Y"]P+-.&%>KT=F:%PN'US$X[`Z_BT>A$(B
M#.ACL4B$29F^/1F-,#40%(V,K$QM*=(VM36WI2RTZ-`A3$)DY(`EE%A#K6LX
M4"A::(_"AM%6T4:S[L=4;Y;RUF;"F1RLIY0(DC6C=9JZ-/DG&1.!#.@0L85;
MFJ4'[842-B$,30F(1`WR^GJK<VZ"-BZOHF>RUFH0*X!'?<J(N+Q)4UZ3`9E3
M)&"2BX^C4,'E$ID</`V^UCJA.2I9!(%!83=<L>8C%9$XQ9WD$;8GMU@[X?)X
M8YNS2A<%\3D:J/O<44O\<5JR#3V5Y41B2R*.GN3<8G6&LCZ[M8SA(G%62;HF
M,-B=A160P6=QQEE\+EK0NC\IBLC;DKO'Y&PNA`TCHR/C2M+.0NC0YI##4;BV
MK23D2](:<E5DG)S3"Q<4!3-5)U=>K2H#&=&U4V)6.LR1MI)J"`-J1$%L1EP]
MK-T-MCRE"U`TT('%K2)7%"SB-:4BLEN..2C^HT5M`X_*93,VB*,J6730DDN4
MR?:0"E_>TB3QZ1M2QW5^W7[8T(C#C4+"6>6RHE"E8I2H"5"Q4:=\*J*-IZCD
M#FUU!6T0KEN>CDBMR1Q-E2-!"C:(DU,V)-`3`#HAI94AAB-@9$WL6>/HC#$3
M*A0)3!DB^[(:MKB6S&#6%)X/%W^=UB:]GUS+W=F0KY'!#Y,W^Z)(=$G=028M
MCYLA:?\`E3X8UG)1.[9_R]PVH2?\'/F-U.UDTI)TWM<.:VT%DG'*YZN0;5)'
MR7*58%!(CGZ1IU!<@<!IDQYJ)MV>YB]T(!>[VK2-$$)&OB2#CW1\L@,<JY]J
MR$J:_B;JD>8E%4S&C:FN)O+7MPT@>(J!I`A.C;L0!S=2?>;*:A7&IW=W3''F
M$.K@6IR<VQM@:8XAB34S-C7%VQF3QYMC[:B(0,[<Q)$06Q(SH&]*`I*C;4K>
M6!$F1IBRR"$P`$E```(=:C=`^#'"^IVZ:M=6\4>/%;(+(CI,2GZ>!T_`XAJ8
MQA.I,4I6&1&1]B;S75K2*U!RQ&C5F&DI%H_.I@E*@@.#S-UXST`]PN*5T\5'
M!W2$09P7.L5CB]D3JF]J<5QBTYX5:"=H9JPR2&N;F.6^\#589>)S<MR<+MY]
M7[;E1].U:JLQ#<:B!1DZT6UN"S(9P-K3[?TR#:)P0`T6K\/_`+V0VNSNTI'(
M0!.2-F>'AF2*R6MU<$BG:W'0E(\AXRBA=]5'7%SP]M>TLE016T(:P3F.))$A
M2K$2%](99(@<6XMW0I'%>G1N(4VE:4E:J`G.+T>;H7$T/%3C4SL]7QQCHFJV
M".4J,P=3QR/0EA8(]`0FOB.0C31MB9T2)J0(!21`W2?W:!)MOU*&MJDNDVGQ
MK;W!-]ISX[46^26=2IZJB#.[_9T7=H183BY,"%<.8Q-\;&UFD#$_D*2S4K@A
MDC,TLS-)@'$;')&=D8VI]&X-[*UITGHI+C'QQXU)9"W\>*&I^C$,M4MJV4I*
MDKF)5ZGD:QG3'HFE2]E15I:@.AS6C4*$K<-;HX2%.><2FV46:8$7P9WPZXFV
MA9K7==E<:*)L"X&(V-*&2T)K54)E$]9SH8L$XQ`QKE;VRK7MOW%W$9KC'_*+
M2M-"\X]:@T0I/.-'S1MHFFF:23V8-M8PE-)+/0.#;8#IJ/MYILL;G`7=W0/!
M)Y)J50B?S=^9DJ31`$\E6A`O?BW%:6`\.[B%*5)!8(Z5A$Z[BC/7ST!Y(?(D
M4T)E+,_$R)'Y!]+?TRT"GWX%U;A::UNG82SV[24G:A]VY*F3%<X;XW'VF/(H
MDTLK8UQ=M9DT=;8^VHDZ!G;F%$@`UHV=`WI"R4J-M1MI12!*C3%%$)DA99!(
M`%@`'4;('P8X7U.W35KJWBCQXK9!9$=)B4_3P.GX'$-3&,)U)BE*PR(R/L3>
M:ZM:16H.6(T:LPTE(M'YU,$I4$!P>9NO&>@'N%Q2NGBHX.Z0B#."YUBL<7LB
M=4WM3BN,6G/"K03M#-6&20US<QRWW@:K#+Q.;EN3A=O/J_;?<44332NTDUV*
M:SAIULIDZ-"5/A,:/ZQ^S0-CBU-J@U;HO6SW)J9WIZ9&EW/"8ZM3&\N[*W+4
MS4Z+TBCV7'0E(\AXRBA=]5'7%SP]M>TLE016T(:P3F.))$@2K$2%]3LLD0.+
M:6[H4CBO3HW$*;2M*2M5`3G%A/-T+B:'BIQJ9V>KXXQT35;!'*5&8.IXY'H2
MPL$>@(37Q'(1IHVQ,Z)$U($`I(@;I/[M`DVWZE#6U272;3XUM[@FY:1251I)
M[);/(KF)`G\N:%3%)I2)F2&.;TU*4;4B7I%XS0#*.][(&1B;WP[V6E#ZW,$?
M;W@Y:C8FDA'[:HI.IJ/95,=J2`1N`,BLQ$:>WQQ`!&0,+<WD-32DUO>QF%MC
M&T)4S.P-)0P-C`T)B&IF2(6\DM,'@<JX=\3IQ;;;?LTXU45+KP9G&,NS1;TG
MJN%/UDM3G#-E_5!>VS1T954A0JXMLL`XZ>E<"C&4S6S6X28P0A[YW&Z4J:(R
M:<RZ,5_&&&3V4)4.<OC6V$HW&1;5+5JY:%6H)\(BBW!S<G)Z<RDGERW-^<G!
M^7@4/*Y4N-XTIXP\>#:LCU'!IBND=/Q16-=%:V:XPVM$/C"D0G49PHXR-9*-
M&QEJP/CXD7IVLM(G<&Y]?&M:4H;GAR2JLWH4:1`B2(4"9.B0HDJ=(C1(R2TJ
@1(E3%`)3I4J8@)9*=,G)``H@@D`"BB@!++`$`=:U_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g84444.jpg
<DESCRIPTION>G84444.JPG
<TEXT>
begin 644 g84444.jpg
M_]C_X``02D9)1@`!`0$!L`&P``#__@!`1$E32S$R-#I;,3!:0T$Q+C$P6D-!
M,30T,#$N3U544%5473$V-C0T7S%?4U!23U147TE.0U]+7T]21RY%4%/_VP!#
M``$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``+"`$I`LT!`1$`_\0`'P`!``(!!0$!
M`0````````````<)"`$"!`4&`PH+_\0`:1````4$``("!PT4!P,)!0D``P0%
M!@<``0(("1$2(1,7,5%8F=@4%189.4%9=WB3F-+6*3,W4F%I<7*!D9*7J+&R
MMK>XT=<*&"(R.'FS<Z'P(R4T-4)35W6()"A#M,$G-D1'2&)H=/'_V@`(`0$`
M`#\`_?Q2E*4I2E*4I2E*4I2E*4I2E*TOW+_8O5/C%@H]M%LYQ!#S\V'V[;"?
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M'$(^'CL;\L:Q2W1UC,ZP07C-<8[0[R7>;4FW5)/(`N_<>='LV#R8]MK8383I
M2EUJ.-T'$)=2UII.A=1SI!3)F2P@![/+L=A<0A`[N<+WO:_/K_MB6^Y;/*UO
MO6MRK=2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*5IEW+_
M`&+_`)JKWTS_`,1/%)]V^QOW`M*:L)I2E*4I2E*4I2E*4I2E*4I2JY>*W_@N
M<GM\:4_ONZZ58N'_`';_`&XG^IE6^E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E
M*4I2E*4I2E*4I2E*4K3+N7^Q?\U5[Z9_XB>*3[M]C?N!:4U832E*4I2E4@SA
MO++I7</9K4)&F..=9)P0XS:*SP_F#-D=D#3(W35EV-KK[I<1%[+[I;&#J,(,
MG&#,2EXRCYUM!VL\TV#+\<A9^(2[9"1,H)/XI^H$&N&1F=*KQ?B(LP4YXN9N
MP:L4A*85QFP:H2VAIJPR7+*CX0V,::31CI=Q5TP`M)AM2LQ+F3W0P6KA)ZP(
MF>R.<2#4]-E:8H@4G>]4YPZ^'UI,FYP'X9F`G&D6'$:,$.8,,7O*9AD8,!"!
M<;#<*<J,0R<7\"TA&LQ$ACBKZIA@5%C+8GBGP7`,*[*22=:TJ*<@:ULMCOAS
MP4L1ZZ&3)IUL2JM>AJ-'P72G(FE["1@MK^!]/6WXGY*1-I'F^YVVO$BCY11F
MF)+T6[MM:5]NYAU-2(XE5$5H=AR$985WD[&&YVXAJ-IK-R99+1P@U-*!$1[I
M9..C`5S+AS2Q5E>$6D1&)G,FPI&LH?5=IWXP-_-GXWD1Y)Y?637_`$3B7;,X
M228U/K;Z)J+ZD/8-IN[`93;-UA?<2"VFY!5EI';Z$T!7(H*BZ<!$4#Q<D3(C
M>VCGBA:9R66>"@FR2N-=(9NO;5VM'79)C.2HU07+KP[B80R?+$?J[T:J03D1
MJE5$8)MJIEEB+9@@Z!R2%D6&.*B38_/D(;0Q5/KBE-DLT=U),@PFK-1)E./7
MZRG*PWHS1'ZV`'JQ3BDBN-/)Y#);N:IC!71U!.'.@6R!44=2NG.%'6$@AD32
ME*4I2E*KEXK?^"YR>WQI3^^[KI5BX?\`=O\`;B?ZF5;Z4I2E*4I2E*4I2E*4
MI2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2M,NY?[%_S57OIG_B)XI/NWV-^X%I
M35A-*4I2E*7[E^7>JHO>+36<=QXOVCU\DEA:SRS&TJJ^>6L[Z?BRYDA^:N"J
ML9M-O#2`&3)1NN&%9[L"1R;JD2/S3$>#.4SP)I*9J^N$$XP?62V`K?@229YG
MWCAZ2L]RL1SMR7V1I-K[)$N2.[U(Y(S925C2-LQY(,@9,=(:ZF0>SG&0,31M
M'N8=C/Q*2:);ST$\[`A3!?,=^<,^49*9'%.C4X^F9'Z/N>_(*D#7]WM]1<3P
M78\6=>(-U]C-@WD]N*[9;A%2)CNS79MN5PIJ"X5>RLW5Y6;N9T(X!BI'>CVL
MX;LV[LM?8-]R$?B>()ZDW25*U*9Z$UW&ZY!C<FI`36G3VYW0Z'8:9++<@[?6
MW@VVXWVHGE&<;6&>W_1$NF[K*LX<D!.S-BS7.8V=O',FTJ\IQD,T]@-8]9XT
M>C<2#;L%<;2DS7YQ3PJBAM@4ZB$TIP,5PE9MOV-?5C"&X28[8Q+YM3,-:\U)
M$5RMJ%.SWV>W.F-&$B@)G;$</IGZ?,8HIO)W%G*F/)G./8MR`NMV$2L<'THB
MUE06>0R&8:.L+JR0P;(ASS"=NK8%$[""3>#W/$M1]&T>*4G1HQ?0%PEHWT6)
M/5O*#J<BFES_`!'+$(S,R9-*-I39B&268P#=L&H@*LE'5M,<BBEK)PM=."N5
MMF:LMC?'B79L`JO2FF:5IDOJ$C1$EK+"8;EFA:B9'B%.<!/&<'HCR`N,AOOQ
M;E=U-\ZN'HX9:FTD]C-$XE-=OKCG<5C+A<P^?G7Z_P!7[W/J_P!W=^K2E*4I
M2E*KEXK?^"YR>WQI3^^[KI5BX?\`=O\`;B?ZF5;Z4I2E*4I2E*4I2E*4I2E*
M4I2E*4I2E*4I2E*4I2E*4I2E*4I2M,NY?[%_S57OIG_B)XI/NWV-^X%I35A-
M*4I2E*4KA@IQ`N8%-@$B@!H?IV&,@E0`C`UA!.RB6%&##Q%$Z8MNR9]//+I"
M?V\N>777,I2E*4I2E*4I2E5R\5O_``7.3V^-*?WW==*L7#_NW^W$_P!3*M]*
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M);&V?/M[Z4WZPQ,>JV[NNG/KRQM;J[M_J6O?N6O>K&0_[M_MQ/\`4RK?2E*4
MI2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4[M8*2KPT])IKDEW
M2[(\&IBY(C]-))YY.4F\9,;)EQGD)O)#32CZJ3:3W04HT>)-M!1D4,[D0L:R
M3TPD7%%$Q+X<O`>E"\/7P?@_QJ3G_-&GI0O#U\'X/\:DY_S1IZ4+P]?!^#_&
MI.?\T:>E"\/7P?@_QJ3G_-&GI0O#U\'X/\:DY_S1IZ4+P]?!^#_&I.?\T:>E
M"\/7P?@_QJ3G_-&GI0O#U\'X/\:DY_S1IZ4+P]?!^#_&I.?\T:>E"\/7P?@_
MQJ3G_-&GI0O#U\'X/\:DY_S1IZ4+P]?!^#_&I.?\T:VY\(;AZVPSO;7X.U[8
MY7M?MJ3GW;6OR_\`S0K"73OAJ:7R,]][4QZ1$=<!&+MWG?&K`+'Y5FJX;789
M&`M<G82;"98"2`+X)I9Q.]S*H08MQ<\32R;OCGCAECACFYZ4+P]?!^#_`!J3
MG_-&GI0O#U\'X/\`&I.?\T:>E"\/7P?@_P`:DY_S1IZ4+P]?!^#_`!J3G_-&
MGI0O#U\'X/\`&I.?\T:>E"\/7P?@_P`:DY_S1IZ4+P]?!^#_`!J3G_-&GI0O
M#U\'X/\`&I.?\T:>E"\/7P?@_P`:DY_S1IZ4+P]?!^#_`!J3G_-&GI0O#U\'
MX/\`&I.?\T:>E"\/7P?@_P`:DY_S1IZ4+P]?!^#_`!J3G_-&N>D\);A]HRT@
MKY37A+&4FRXFZ[$6ZH_I>7"11PM-<3W*VU3-)7)$44DX.C+Z2FJY'$^1-`!'
MR)4QV'+,'"]K&K6M;N=^]_NWO>]_OWO>]:TI2E*4I2E*4I2E*4I2E*4I2E*4
MI2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*5L$^=B?:9?HWJNC07Z(O$K_P`Q
M9\_NPZG58(OJN2$A+2W@FJ"UFCI*BJ8(Z1Y@\]E;-/)C&\4Q+\]3Z4F743]P
M?,I+SQ4TXAYI%#\V'R9?LA@.N(YQ28.*QQKY)V+8?ET*;==&KMLXR@A9#LJP
MKKTZEB.FR"^I%!+JYHH9,)[ED]#(G4%I'%XX*FH+\7DX4ZGM//%1XCJXI<0-
MLVMD060^%@RJO9Q1U!5RIMIDR$^NUB[+(&HDAEFLKJ"V`EM-(9DYN5)2#[@?
M1I&2U%IF@7LD#&TL<``3+:!-EF+LBWFD\(S3G,9:CLB:,I7Q6EA-!2<$0O+;
M72WPT&8ME!3@IDN^;,Y7(.->1BV!L%`3E)$$/G;>B!'\UY$4I2E*4I2E*4I2
ME*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*V"?
M.Q/M,OT;U71H+]$7B5_YBSY_=AU.JP5=*'#Z(KD4X8L74#B6H%2`YT(8<F`<
M,%!@2PQL`N,7''+!#"8"#@@&"XPH6.6`8X6>5A,:=3O":,FH5U[A_.8RV5V-
MIZQM%9O<I5H&T_*1H19#SCMZAK#)2!G$K>@5\*@K$6&Z+FH*CD22J3(BN>Y&
MU%KH`9J98^X=J:SGXZ5M<6&3(##0V1M<R85C-Y,C-=:Y,AN'L0F[0R4%+B>K
M*A\F_"2"_P!N--J-(J2`2[^@A#$,K(IITJ.:B5^[8X?R\S]L8GV!19I4?0NP
MVHFEG,U32(/BX7:Z@&A-[:=^."R46@4!-8LN."9$23Y":_H;,B!/:"H=+-TV
M1;S<22#=LSI2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4
MI2E*4I2E*4I2E*4I2E*5L$^=B?:9?HWJNC07Z(O$K_S%GS^[#J=5C5*4I2E*
M4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*5XN1W"=:4?OATIV``I]ML]T+Y
M(,SCEF6$.(R"H*97`QAAEAGD#F.5#Q%QQSPRR#OE;'+&][7M59K8A<36?==H
M$G4UO3KZV#4T0K%4LFFV5T*&5"S?,R.PT!Y&$0LI#[9$AE`NDBK69`$Z,4+"
MF@B^(X@`68E\,9J[0_$O]D%@3Q?=_*[IVA^)?[(+`GB^[^5W3M#\2_V06!/%
M]W\KNG:'XE_L@L">+[OY7=.T/Q+_`&06!/%]W\KNG:'XE_L@L">+[OY7=.T/
MQ+_9!8$\7W?RNZ=H?B7^R"P)XON_E=TO!'$NMRY\06!.5\L;7^9^7MU7RM;G
MS_K=9=SGS[E_L7K&W3X?B;[4:Q0AL0;W<U[9)J8(^1'P.TR>B)A=*H`BO8?*
MZ:75S.UR:.?"`L%;HF121?,3I7O</#^[;)+M#\2_V06!/%]W\KNG:'XE_L@L
M">+[OY7=.T/Q+_9!8$\7W?RNZ=H?B7^R"P)XON_E=T[0_$O]D%@3Q?=_*[IV
MA^)?[(+`GB^[^5W3M#\2_P!D%@3Q?=_*[IVA^)?[(+`GB^[^5W3M#\2_V06!
M/%]W\KNG:'XE_L@L">+[OY7=.T/Q+_9!8$\7W?RNZ=H?B7=7S06!.[:WJ?>7
MKWM;PN[_`)KUCMK!;B;;%1RX7Z9W?U[:0B%.>RL-XI970\PKAF0-?M@I)@XL
MX,C0^UY',(=U`1^&Y#*=B#F$DF505,`-'`2@9P?(GM#\2_V06!/%]W\KNG:'
MXE_L@L">+[OY7=.T/Q+_`&06!/%]W\KNG:'XE_L@L">+[OY7=.T/Q+_9!8$\
M7W?RNZ=H?B7^R"P)XON_E=T[0_$O]D%@3Q?=_*[IVA^)?[(+`GB^[^5W3M#\
M2_V06!/%]W\KNG:'XE_L@L">+[OY7=.T/Q+_`&06!/%]W\KNG:'XE_L@L">+
M[OY7=;!('XEW8\^?$%@2]NAESMZ7W>W/JOZ_];NL%-+(:X@:B_.(&&V-WH4;
MAI.WT>Q)V&#VD(KB#<KG_J[ZR&1G"FEL]HTJ[:31$<RBI03>N.N"A&4HXJ"+
M8_GMB13L[NT/Q+_9!8$\7W?RNZ=H?B7^R"P)XON_E=T[0_$O]D%@3Q?=_*[I
MVA^)?[(+`GB^[^5W3M#\2_V06!/%]W\KNG:'XE_L@L">+[OY7=.T/Q+_`&06
M!/%]W\KNG:'XE_L@L">+[OY7=.T/Q+_9!8$\7W?RNZ=H?B7^R"P)XON_E=T[
M0_$O]D%@3Q?=_*[K&R(C'$VE&;=KH@%W<U[10=:)`C!D%%\'1$P>'>(<B02P
M)F&4CB>)M:6"1A$DP^,V\"6+FCV!HNFAJ`@H8QK,N#DGVA^)?[(+`GB^[^5W
M3M#\2_V06!/%]W\KNG:'XE_L@L">+[OY7=.T/Q+_`&06!/%]W\KNG:'XE_L@
ML">+[OY7=.T/Q+_9!8$\7W?RNZ=H?B7^R"P)XON_E=T[0_$O]D%@3Q?=_*[I
MVA^)?[(+`GB^[^5W3M#\2_V06!/%]W\KNG:'XE_L@L">+[OY7=8[-JW$V<&U
M,PZV9;OZ]E2L5P7`$R`O#'0\P,;6QYN>VP30,-X9&RVN#+D0&WA!P!\NHAGS
M`JD(Y#)<8L5P3`!3F1/:'XE_L@L">+[OY7=.T/Q+_9!8$\7W?RNZ=H?B7^R"
MP)XON_E=T[0_$O\`9!8$\7W?RNZ=H?B7^R"P)XON_E=T[0_$O]D%@3Q?=_*[
MIVA^)?[(+`GB^[^5W3M#\2_V06!/%]W\KNG:'XE_L@L">+[OY7=.T/Q+_9!8
M$\7W?RNZ=H?B7^R"P)XON_E=T[0_$O\`9!8$\7W?RNZ=H?B7^R"P)XON_E=U
MYZ%GQM['N\*-K7L!.<63HS7MJG),X)"FS->3$'+C:<\>S'$$?8$1QNW%*)9>
M25=(D@Z8$"R`2QR9U.+9ACCAC"!!V?4I2E*4I2E*5%LX?09EGVLW_P#J@LU`
MW#F]3YT5]QQK!^P]BUF72E*4I2MN7<M]MA^GC5<W"*]31TK]H)E_Z9NK&Z4I
M2E*4I2M+]S[N/Y[57OPS/\/$@^[=XC_[_FQ]6$TI2E*4I2E*V"?.Q/M,OT;U
M71H+]$7B5_YBSY_=AU.JQJE*4I2E*4JN+4O_`!I\4[V^]:OW'H#JQVE*4I2E
M*4JO6-_51]NO<0Z%_MIW]JPJE*4I2E*4I2JXG#ZK7#_^79LC^\]JM5CM*4I2
ME*4I2E1;.'T&99]K-_\`ZH+-0-PYO4^=%?<<:P?L/8M9ETI2E*4K;EW+?;8?
MIXU7-PBO4T=*_:"9?^F;JQNE*5MSRZ&&67+GT<<LN7<Y]&U[\N?7RY\N]57C
M6VSW;F1YSX1@+5K6=>8$)[`R)``+AE3;Z2H[=[E58V+MS)6<([0;&GTFHR*G
M'S2_<!,*A/98-7"(B#F[%;C!`U[OMD<4?P1=(?AZ33Y`5.V1Q1_!%TA^'I-/
MD!4[9'%'\$72'X>DT^0%3MD<4?P1=(?AZ33Y`5.V1Q1_!%TA^'I-/D!4[9'%
M&YVYZBZ0\K7M>]K;ZS1SO:U[7O;G?0&]K<^_>U^7>OW*@77)I<3K7=@+K#(:
MTZ5NH%=F?868A%,YO#,20*6-3_.D@S>=0,"A?0]0P%+M<X_S#=*J61C`57+)
M@*H,23QC8A(">NV1Q1_!%TA^'I-/D!4[9'%'\$72'X>DT^0%3MD<4?P1=(?A
MZ33Y`5.V1Q1_!%TA^'I-/D!4[9'%'\$72'X>DT^0%3MD<4?P1=(?AZ33Y`5=
M&V=K-LFOLM`4"[(:XP&Q4G8-/F;-LO"'-H'[+JFBJT/,Y(>9DJN-=WZNPR3L
MFKQ!3%*%5$@Z#ALF<)Y=G2LP!@QK634I2E;!/G8GVF7Z-ZKHT%^B+Q*_\Q9\
M_NPZG58U2E*KWE/9K:+^M&]M;=;-?80DB\;0=#DR/!WS)LB]88YWF=[3:ST)
MNMY#9^M\VV4_.NT)JJBJ*JBK(MO^>")4J0&N",/?;VR.*/X(ND/P])I\@*G;
M(XH_@BZ0_#TFGR`J=LCBC^"+I#\/2:?("IVR.*/X(ND/P])I\@*G;(XH_@BZ
M0_#TFGR`J=LCBC^"+I#\/2:?("K'Z+65Q-HOF#9N72NM6ERP<V5?,;O<^AF-
MXI@)%FB-'<*L>&L$XF?"T-,#+82P79`#AS,F"R9FGCJ`R78`\&7#4!<@>V1Q
M1_!%TA^'I-/D!4[9'%'\$72'X>DT^0%3MD<4?P1=(?AZ33Y`5.V1Q1_!%TA^
M'I-/D!4[9'%'\$72'X>DT^0%3MD<4?P1=(?AZ33Y`5.V1Q1_!%TA^'I-/D!5
MZ75[9:;)0F?8:!)^AJ,XI?D$MJ"7D&;B>:G--#5="!.9631$[$12=D*PFJHJ
MPWS<8J98^3Q0U4D;#/E#!93_`+`@5\Y:4JO6-_51]NO<0Z%_MIW]JPJE*4K#
MK;G8B48.-:[-&&(K8\KR3L9.)N&FZE2/*BW$#-0K)<*R_-:JXEAU-R+I?61.
MQH\1GT@BE$V>+<VH*Y408^3`+BY9QU:2>*/>UK_U1=(>O_\`GI-/D!4[9'%'
M\$72'X>DT^0%3MD<4?P1=(?AZ33Y`5.V1Q1_!%TA^'I-/D!4[9'%'\$72'X>
MDT^0%3MD<4?P1=(?AZ33Y`5.V1Q1_!%TA^'I-/D!5C\?97$V/[3-+:"^M6EP
M2FU-?9#@0-GVWBF#,@=*R!)L8R0.Z,UJ^AN)HN82\XT+(P*/BG#!&\%<=0S4
MR^1,,B9R![9'%'\$72'X>DT^0%3MD<4?P1=(?AZ33Y`5.V1Q1_!%TA^'I-/D
M!4[9'%'\$72'X>DT^0%3MD<4?P1=(?AZ33Y`5.V1Q1_!%TA^'I-/D!4[9'%'
M\$72'X>DT^0%5=^^_%[W*X=.,47G#2#71R7F+)^8MC",MV9#6,B/:\Q9>2UD
MN7<NES5P+XF_1TDV2_,.:AD+<JI>:\2>(92YO]#5*4I46SA]!F6?:S?_`.J"
MS4#<.;U/G17W'&L'[#V+69=*4I2E*VY=RWVV'Z>-5S<(OU-+2OV@F7_IFZL;
MI2E?,;YT+_L\_P!&]5L\.#Y[OC_F1;4?I,"K*J5XF2U9YH,=/Y<CEMISRD%&
M9;J5F,T%A<`;"0ZGBG(*@<;#;5'*9P$+MY.75P$@EGEP<,0%)*FQ3XN&6!?*
MU4\P5Q230;$NH2NG/R1)@/3%K_KPN:O(<&DX+V3@J>II;SQ/8M*6VO*DL)[.
M-QLOKS7&[5LQ-ESGV(NM?LILNZ7F31'"\@I>8G%X@N202PS2B>?1<1F_!XAG
MS[0([;HJ9)FQ,D/F&8O@P^259-!5+R:=E^-'U'SCN13SS':*@W33@7GD59IE
M-<9V-9%XR+=:BNO(K8UIEMSJ;.0L2S[23SAC!N*[+E$#=)G:7JL9JY<T]#!$
MZ83G6ZBKQ+.E`4U=KN!I*S15452%3%XZIHGN^(SN!LGK<]HL;&OR$WW6N2!K
M[MQ)2''9Z&I$E]W/R5M?4N)5:-XO1"\7NU*4T(A)RA(AYI+[E&3E4BU1PDQQ
MW/`IY4\7/^A,<1P(ZN)36-0],3%7&]M+%VJ#_/60HH>C0.SN\(Q19.5XA;2R
M+,[76LB0">Z$1+PEL1L9-D%4S#)@D30PYG$C\'=Q;X#:T`-390&/)H7HQ7XS
M2)56U)/2&`2'8"(<CE7E99:[UNLR,G)Q.4FRS$C,8]&*.HK;I5UPX6;36+KJ
MR`IET_8H\5>/&TI2LD.F&9D\^(]GN>(B0T!EHR0_G&_6IKIE%!*1I.;Z,@*X
MAL0N"KRXUR2"P^AD_P!T9GRA5NH2FI^>!%/M3#SQ$PQ$QY]'/&V6/2QOC>^.
M5K7QO?'*ULL>=KVOT<K6RQY\LK8Y6O:V^E5H[/\`JAO#*_\`6Q^P=N59=2E*
M5L$^=B?:9?HWJNC07Z(O$K_S%GS^[#J=5C5*4JO6-_51]NO<0Z%_MIW]JPJE
M*P^WCEV:80@<](,'1FY)174UX,8J\4MC-S%_2(W(I/N$L!)C[CJ*[*"2:EM[
M,YK6.*R''2:I!JJZ)@,.F)CG.IP+27L+"'%RBACQ<PW:NXO79U%6H=F#8QS3
M;KI&B6UV"UH)B&?T:&WRY'E'DG2<ER>UWO$0;T:^4P1@315Y^)*B@OZR<V?/
M)!.M5-E@3BBQV93G2?;L#[#.<5NJ6S]DI(2DB+KKC]:6F3U48[V0?S(3!94Q
M&.MUCO0)OMQ%*K5T%PR$K/9L%F,C+0>+D,-[S<2<4]MS5L&RH;8L*/A2:,@S
M1)D:-*8;.1A8M97:<>ZN1!LN6D@%&R<>+I#3G2D3(VRJ8BCI`2L52<\%$Z#B
MMW4&TE>QE[?Y/B[?2`]8!\V#G'4BY&HN?SB-.TB$_&IL/([459(UZ;)=H^:+
M*`C3<C-C1^I;C7/,8X0+PD2&DP`8'%5.WR*_%+@!(2'LLY)+F,E&3-@6OQK+
M)PQ&C8FI7&RD/$".U$9SR8A%X[DE1%CW$DW(XEX6/'>\%20XD3&DG+1F142O
M,/+BL1TGE'&-'<,S/)'G/)L0QLDJI5$1FTT',?D?;1O:A+ER+L<JVFI26K-"
M05O,Z6;3C$1U=ZM[$LYFN&::>"^X6[:K:_.UKWM>WU+\N=OJ7Y7O;G;N7Y7O
M;G;JO>W*]]:4JN*!_5+^(+[0G#[_`#[>58[2E5ZQOZJ/MU[B'0O]M._M6%4I
M2E5[;F?XB>%M[M]\_N!;K581CW+?8M^:M:4I2E*4I2E*5^1'^E2=W13[;9_]
M#7:OUW4I2E1;.'T&99]K-_\`ZH+-0-PYO4^=%?<<:P?L/8M9ETI2E*4KJUS+
M+!&5L\<KXY8IBAECEC>^.6.6),>]LL<K7M>U[7M:]KVO:]K]=K\ZP;X5H00/
M#1T!P!##"POIQKB)?$/#$/&X@T3M<8;.^.%K6OF*,((*)E>W2$$SS$SO?/+*
M]\^*4I7S&^="_P"SS_1O5;/#@^>[X_YD6U'Z3`JRJE1>NKL62,WU=C'G>VE=
M+?+?<S?.$$AYD"R@IHQI..)3CP33B,K`J@`A4F.:#'/I8X1M*%MYHQ,%1P,1
M,*^Y&X<\?/\`!C)UQ-)3FQ6R$]:TRF\91=TEO237HYXRU@+R,6CJ-VH]S2X?
M'2@$$](KH4$E:,B*UQ5A<=*LZ;N977CINTDE>'EI1B1?,8D&N/@?<S-@D!QI
MI25GID[TH*"7PXG]!DE)0OHJ&<+4?C:E)6=S\(2@FW).-T/I47UAQ+#A.BFL
M,>R`T`TR?Z%D?]"HCTQ64ARH2X]T^3WD,L/$\I3DD3JNN%Q.5L.DG@M/0A.[
M.3W@2<E\L59JKB1DAH>:.B%;(0$RN5H:].786-'DONA&%GJ%VB]4%CH=Y-$*
MK20U):`;@3Q\\X_P<`>*\`Z0V@U\\%9QHBD8`$0R9A&.%!<S0IF/4?574]\*
MBZO-_I.<Z-M*V]PUL9"EIR+)8ML6WVTFMIO/`P`F.@T5(%`FPBHR?BQ<L`60
MH%$LH8,MHR/@(8$\`Y.'5H_,+56VR4:F>#;4%W:;)T@1C*;M;`2D;W$)C%-C
MT%<-,IS%KY$WS88D*,D""`9-W)+2B[?Q24\#,D8]PJ</C6=0<A9X$4>0&P[P
M)`=\CFG.SYFE=L+RJKR8@LMN2LCK*BDN\`PHLZ6"4>,H](C/&O9"<SG;:2\A
MRH+N(EEL++$H]60*:`2"+K:PA[+(@7+I95=2,S=\E`1>+)8(1($W<;F=%:;G
M+D`\`O\`V@1MKH);'/)&4,2WK*56CL_ZH;PRO_6Q^P=N59=2E*5L$^=B?:9?
MHWJNC07Z(O$K_P`Q9\_NPZG58U2E*KUC?U4?;KW$.A?[:=_:S\4E-.1B!M55
MSY)+3"``AH\H*)LN1(DRP5ND(8-'#0@)8L`';KS%&%P#PMUY96M7&/N!#2RI
M(\I+"4GDE$R3)D#9U1)%"ITVH?\`0"Q0P8'"!,F#O_X0`'/,4S_\#`2NVZ6/
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M);$7'BJJ3\?2<5(24AG9[6#+X6(V$3)*`+QL[DHTXA5E8BK)*F22;)#:=1!3
M((I1QE,VP92`6DQ,FOW[,TDTZ5FR^VJR?/9>CEP/ANOG!B-^<W\KL"+WRWY%
M;DW%%:*4)(>PZ=$:@H2FW$*2E0JS\D<%2<`8YW(M@05E,H=SB0UY`7R>1IO+
M24MD2YC,AF:250FJEPS1:V&(I40R3,F0\3(5LP^R@B"]GPOGC<3&U\[7OW/.
MW.]N=N=N7.W.W.W/N<[>MS];O^M7ADV3XV6%@RWDB060J+Y(1'".(:<ZT`\K
ME!'`74CB#@:32J@*=+YK91&5S21B*!ADI%TI1&)V&#(F<@O=57%`_JE_$%]H
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M<)LM'.5B>`A)+D!W)B3=KG6Z7..X/U&JW$%>\Z,O99ZO>$?0B4UYBN"W\&FM
MASA.I6?"K*&IS.V>7V^ED\2H.1$9++O--;B!V;S3DH99!BF<_-=QBP'AHNV8
ME]"TC@SB/S?.Y)48KTAI#V+EF%V='S&,,T)!F>/0U6+(HA1UX%TQVD%1KO9Y
MQ^W3[TDA].5.>(I-=5U,9BI!S$JC];*G%V+PZJ2JRG;J])9N3(%1-@W9,;;;
M[XCXV@H3.UWC""9W7G&U78L&4'-Y%G?"T[HCG997%NHATPY4!?8R\"@J`992
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M`G^8TKT'3B_X&.,-^(_3+KK`EE2<4<+[G2&*J$CUAV1<!0-+)1<+K#=2\1->
M=R9&E:!=.MQ'K-!QH(NYT[LYLMB#42,FR\F$RVY(BVZT%HPXJN5.;Y644J54
MLF@7S?TFKCC.LI-D!#=#>R9S;0S"/@6Y/#CV1W2G61AS$E%Q7MKYZ!]C"CCD
MU8C=$CL-`G"*-RY"A>-&9&ZHB")`<A(3OA%H'W7(PV374BC.>",DY$WL%D[Q
MV.W_``X/%*>D'M>6C4GQZ]9X4FS*W$^<!`TT!(S8X+6@/A\RTW&ZN$#F)\9#
MP7GD+'3E!74FX1.^+I7TLVF&5%!LI$\B=BT$;6&I_?KN3VG$SF`AU$<,QLE`
MG`=S,P=&7'[`<G%HED-J*;("4L7PV3!QVX.+-D'Q4Y5*+J&RG,J+]V;F*U2;
MGB5KN3;/S[C]QJPSH&(N-&@%%=S/541L%$]*D@>2;X3GB@$4Q`$6,6:D1BMN
MW(PMK+F*9$5^-&J,E@+95RV,J=%7]*C_`/T)]WN[/=VW*_\`<UU[MO6OW[5^
MN^E*4J+9P^@S+/M9O_\`5!9J!N'-ZGSHK[CC6#]A[%K,NE*4I2E=2O?]2*__
M`)6H_P#R0]80\++U-/0#W&NMG[(VI6>E*4KYC?.A?]GG^C>JV>'!\]WQ_P`R
M+:C])@5956F5N=KVY\N=K\K^O:_K7M]6U^NWU;5^9&6M1MP(5V@><AZOPV05
M&MK7LJI3KKG;!-0@@'ZTN*`EE8FVOBM('Q(ACMY&UQETJZ=N'$4".%$A=**3
M-)'BXV"/A@))"<=V[AHT_P",$%3V+9;!A]]M>`&]%$4:NJ1EL%]=C$RP<VHA
MG1D3852WHU0P!XA*R"+,9J*63(\L-X60'XIK,?-57B)IN(I!#,1=Y)&R099>
MS9V?:TPFX$X;[.DZ0F_#RXRW^XD:%.+9)PTVI9@N.P`R:FN%M95,J_7&@)*-
MB?<325?/4!'.-]95$P[F!PL4;9Z,Y%$C)Z-^9&W`ZQ&NQ[^(M)_12(SFBQ)(
M-\1+8-5;!!N+(K+0E`DK/B#7JW'<H-U87UFZPDAHJ^BDDLF&.$+'4$)<Q1K"
ML"0I(6OBH\=U$;B#-AQ;&/)[P7(#T0I$0%?9E97W/MVRI^;Y-OM0(J0A,=,<
M+*4S[X$M'B6GD(*<S$N52BS&,R_PKM(E6.E<GM$\0UR/'45;VW4%HD-BQ0H1
M0;Q94@[WR=.Z"\Y,-+)O%9D96L@W:PL2&\T%L(;(:#M=@2>145!V*9TMB&Z`
M=Z(O:,XI^NB5LK%]E61>-C.I$@P=?!%89\RN',+/D;2@4SZ*XG<YDRG2ID<<
MZ<A)I`0D0D!L&UA-%%#-ERBFF6*ZZS7-V,K3>\9Z_K:@&FJ]9::9Z$R6NRHM
M0GDPUJ:6.F:I23$#L1(^#=#A5%&'EC`^^4YNNEUC(Z@K2>IS8D,4U&B(7(Y.
M(.IXZ&G,A-">>(P;:1M9VHH#B(H&`QI#U;DEY2*V%0B('F&8"<KX,.,%'>0X
MYC,@$3'6#B:&*,=R!'S.M;E:UNKJM:W5;E;[EN=^5N];G?EWZUJM'9_U0WAE
M?^MC]@[<JRZE*4K8)\[$^TR_1O5=&@OT1>)7_F+/G]V'4ZK&J4I5>L;^JC[=
M>XAT+_;3O[62VSR19P:WSZ@9-TR[[+T+RDA>A,HB'7(9<^2TQEU+#;P+?3BA
MX\MYK(IL-.Q2RI,T,=N8L#@`)?+E5`X.O>RS;1=(HC>T<RV^HLT#WF@@#7IS
ME6TM.M1D.#3+?<;J;$H/)-P)&7&V5+6Z&W6VM6E)1>X*98P^2;Z7S:IGYH`-
ME>+',N<25[%D=KJ3HW<:3><CJCU?67:I:YERS[2VT]>'3L8XWXF&U14UV!06
MNJ-C<]FQ`FW;S<13*"QGDZQF0BJ;K8YQ%/9?!8VLXD:42!>ZEGL,PUF^ITB$
MW[C(^NBB6BQG3:GZ`0=);#<:*BID4ERA3-:VK&E)HH`R@[EUSK\E+:M$:C'P
M:0VF"V5R54^;-U'J[$=JH$TS<T&BJR7)@Z*H?U3Y+D:0X6=02CKLY83@.=6X
MI,"'78*@NR.S4YK)>2)#12T3+(;@*MQP2\EN!CMY348X4WWQ4"R&7=Y5X[?G
M5<)JRL_CS9O`+8R*YN>,N)2CL&(67BAD(,)J)A-DG3-V.=PO!N)]\%%VMMHM
MZ0$H5KW3C)I4F0)_<0Y<S4E0:0-A6VY%#;B"XWE2+6]JNI@),9QX/MV[DJ0G
M5'4I.E">K:><9K6IZDW3^;JCA/549&`:J"_G(ZVH_EUTL5?F;APB;B+LJ!/#
M:%2V%$S6-'(3;88,DLO%IM#.6V+L9MHW7^N+*$`T&P41I268[)P*YU<(`-'N
M[$]U"K:<D&&^"0";F/NMR=,$>0CI+"CRUU6EO<9F;A(![<%W/^%I(=X*Z<R=
M#_4Y<W%9^PZ06;K.4[/=&\Q+32=`CW7@"3=>P40N)D9**7=DD9:X0>CJW$+?
M9FRK[LXH^?9Z!W'KU>$AHR/1/YS-Q-V?E>6B#FD\HLG1EM_/KL#D3B3)7C22
MUDMK,I05B2*D&1'4K*&>*!W^O#$T5.1*UW3-F8SP(&N+=.)=H,G7$4^"[IA,
M\2=G2%JL54@G-#Z\JG"<L0>\I,-$VV3/D2KM8H0^9>Z2J$@U'&Q;6N5)M./B
M;7#/BGMB"JDI`E&,'%#(4`G#,1MU-7]GLF;K+),)/Q"C\DON9)6(`<C07W:J
MM9RO5OMA++O1[S?=AN5IF"E9"M?4E?0@6P3/R4$LI[>+ZWHA$N*S6^1,-UN:
MYKJ*Z@B;<64\N671LI(<C;)*+I`75`X`G9KB[BGBG"I5#(D\X+6Y6M;JZK6M
MU6Y6^Y;G?E;O6YWY=^JXX']4OX@OM"</O\^WE6.TI5>L;^JC[=>XAT+_`&T[
M^U852E*57MN9_B)X6WNWWS^X%NM4_2[JC`T\*PRW*;)'<QL^SNUZN%PW>^D%
M'=;"R7;.49D/=NMISHS=?;/-K/9#1]L/)*7$51#'-$3Y(RG'#9,?&]F<-""`
M36QIR9$XI->>PLL3D_3A5;LZT1(:C1G<9CY.N/TA#+/A020!3Q5@("8Y7JAE
M6TNO)(+V1E@'!%[(FC9#']/]<%605Z4%:+TI5>+JL6%=1I457*HHKI5BD<*D
M/`.ISL\ZN#LYPOS"*%I5C;MA+"`<?&;$/&&J(X<T7.Q/'UD4:[PM!YA4-Q3'
MR&R32XW6"U5DPD7/W&542,&T69K$+J&9T\<R.&&ZU"*:W"JD8N(J#HJ2CIQ\
M\<+(Z8&4CE-T?U:2FB\8[+1(E#1F^4M^(BU%2FMNY:B8DCR=D=R?J4T(L6'$
M>CZ/DYTW4E&ZL38+;;)<7)0/9`!E[FS'9(Z?NHFB24@N`I*39:0282CR6\'N
MMR1*CS'5SL;RZA,YAR\I2(]'6_<W"OH3K:[!8K)7EYZ+:A;%N-!M-8JH%4M$
M(D`-6GK/HK.B2J.UF);8E`CZ-T=6]%J#*[Z<JDRGTSGL%+A0LT'(4?9A;BI2
M`>RI@^%QO,X\U`UL\N#J3B35(JO&+G?5M+0/3YCHQ%MM:%&XEHR2BQ$WTE/L
ML.XZ$CI$#R"ORI#1=)R47*<&2Q(X?SH<SE:1U/$+'4LZX%P((S<BJ'B8WFUC
M1K1AJD$P->C%F-Y./GT)EI-E5Y.U,+'5->V`+S^W6R0N<>`09A26MBARTA)"
M:!TSA]^C`FB80H^>!>_3:R:AE-5G<J.M?G%4<QE[*#O3[)PZK(3907H[I*?)
ME^G7(YV2Z)ED"-1I*,*(1_SN/1*QXE31!%=VW+M>Y15))2++*;I)K"D.XH\T
MJ,"Z>=(2H:G).;I)U/HM&B;,A^RGD>E1+B$%T810FR"=.+:RLFW<09A=9-.)
M64G*.:$<)TPIB3%$\01W!S-+Q]%K;!:;/*K#F7RR&64%A1+`*[R<:H[W0="&
M6U%4.8"+CH6UA?4,+&;`C*RJH'>Q8C'!\LX#6M`M1W&57B2Y#J8J%70#/9=P
M`&W,_1,%<OM$93C>P@!VWHLM<8&73*0FCO@*][8+`I0+/.P=[9=+ND?236-O
M.!ZN9"C/%)5I"=:"^G7DGO"02J<=>:`Y62\;NDBB`NW!$;ZZZ71'+*7)+4VZ
MG))N6U)`*&92%>.0ANQG*OHVMZWK\_NWYWY_[[_8]:OR)?TJ3NZ*?;;/_H:[
M5^NZE*4J+9P^@S+/M9O_`/5!9J!N'-ZGSHK[CC6#]A[%K,NE*4I2E=2O?]2*
M_P#Y6H__`"0]80\++U-/0#W&NMG[(VI6>E*4KYC?.A?]GG^C>JV>'!\]WQ_S
M(MJ/TF!5E5*<K=[O?[NNWWK]=JVY=&UKWO;U[=ZU[Y7O:UK6OSM;G>_*W/G;
MG?E:]ZKR+;_MM^/^-XL@AD@R<\Y?4M@E!@F5-X@M-CYQ9JT\D&+YGEUUN5+;
M;Y5D!KEY<<"?'$?)Q!JKZX_5<T5602J(U/-RXG_!C<3[5-00%&TN2(UH$DEI
M2')L3R-%[]<!;)89[WA^067&[Z-8JA(KB25H[!6Y+C962)*S`2FZ9:D@M9<7
M,6V(,KIZ-("-Q"M0EA94&_E,"(C+*?-CW@$5/<!%923&4BQ[([:A]RX98#IN
M6)%L`2R\6I&A!\K&28T55]N1O-5/6AUM=1R1[Z)6^^L+G=::@,V;(>6DL,67
MPW6LG7]=`R1+0HCFE203".`H-^Z0Z"3'&3E0I)*@"XDLA'UR`OGR:&/7NFX=
MN5W8@56,,(VW':0<#7><RE]>%->+6/)QQAS0XFR6=C!93X:JZG)3E;PS_2C2
M=9O&E%/*W-C.AA&RQ8X@O-.6P<N;6QO;I6M:]LK<[=7=M?E?GROW.?5>_?OW
M>NMU*56CL_ZH;PRO_6Q^P=N59=2E*5L$^=B?:9?HWJNC07Z(O$K_`,Q9\_NP
MZG58U2E*KUC?U4?;KW$.A?[:=_:L*K3E;O6Z^[U=VG1MWK?=Z_J>O]2_+['5
MW*\X[F<TG^VEMF/ELH#Q:#E3QTEPM=T)">O-]<2S-K6,)ZLCJA<TGJ!(>V./
M92QHN*%G?''*^/2QQO;#>7MD]9M$T95;!A$2&<VV+",R;2R`DL]/3B6+2A>'
MBZ,5>+V%22W0.KZZMNA?:K-:J"6#$5G,J&C&(9H`@WC66'DU#B!HL0N6.4G<
M!CH^KZ#+\/R9,3&>2](Y-TM]%(P\WTI]20PY=/8M-KD8]D=NQXM`/'S"DG7R
MS54N@/=-27N</MPG9P>U4.(]I>F*[;2C$YM&P;C[?M\UR^9P!MMF^LI%M*4R
MX/=<.%2I-G#-<J\VD9!`7LB8RZ6<J&H(."DFJR>>-<U=X@^HR2C$#H4YQT$M
M+J!**T@(#E55AI';6AQ94FI).+O+*3<%6X\(1\]$X5JR*H.Y!3\F(K7N5720
M1W(N2,^J2]O8<7U1!8+;>3+<,TNME!NAIQJE.86Q9W+F4;(LLYLUL/=40TQN
M*CCNPG`BO4-($\R.4)A+"0_E5MI;5/640IAAN6V1.\6L.88X4\E9D2*V4QU-
MTX*%8L:\PJ8-A+E%$GTQ,B"LFF<3"8L)PF>0J>JDCA(6]Q"^5[R5RMWK>OZU
MO7OSO]^_7?OWIT;=ZW7_`!Y_[[]=^_?KOUUK2JXH']4OX@OM"</O\^WE6.TI
M5>L;^JC[=>XAT+_;3O[5A5*4I5>VYG^(GA;>[??/[@6ZU6$8]RWV+?FK6E*7
M[E^7=]:J#-A(1F^2IVV(4RB6X7@<B?B$\/\`VD"BRY\,`S,FED00TR2^30CX
MLIGDM(63#,V%PF:5$UH+1THE+TFL@1,L.$KN5*'&Z24H<VBD?==<V/BI$V2B
M#7^7W?JE#<H(S&/*L725(3)B>)=S#DK3@YT`<RG.YHI(:Y*.O\1-`Z'BCRBK
M'V0*X"2>6;+9;*Z/"[0BSB,$FH;<<AM_;^\D3;$O#V;[_=#4D\(L9:[VC_3F
M7FW-5EA!9KU37"DA&-HBC<R=EHG5XY!/+KJ;\@+K\SBD1[);CDV$VUQ'5AIM
MB3)),[?)TI#[3<.(HLM%>=241:P6OY2'-61=Q5(TP$-7LU@TD68D+8(X\/,Y
M0-WFB@WG>UR=D)Q%TI1\(ZTK?4SJ[/0LFEIU*2&X=*0V([FB\5T1;!/\4_";
M12<)/'4@UBH#%$]@J2P8)N$'./<$B.4UK@0J.6(%'XWY-`3OTN%+&,2P&)K+
M#,U8(.QG,.V5@LC%L,;#Y!VRQQR['D+T\@^>./\`8OC_`&<;=5N12E*_(C_2
MI.[HI]ML_P#H:[5^NZE*4J+9P^@S+/M9O_\`5!9J!N'-ZGSHK[CC6#]A[%K,
MNE*4I2E=2O?]2*__`)6H_P#R0]80\++U-/0#W&NMG[(VI6>E*4KYC?.A?]GG
M^C>JV>'!\]WQ_P`R+:C])@5952E;<\>E;EWKXY6Z^77CE;*UKWY7Y6O>UK7Z
MK]554PSP]U>)[0RK,UXA,N5=5U#9*-XPD-410WTT)1ULV1DHG+"FP9)8R>XV
M,MB'6\I)C'`*J2>Z6^I)CXCJSD(&EAK.M7;QSP3SX03<=C6?:1A."Z0<LPQO
MN,VIE>@S#25-3?$@[L2/`\@R9)!,CFYB9!LA-8KKQ'K!C9E%<3Z0@,1,!3E5
M17U0')8,=A(7"G5G>;<Q9&V<<2&SW%,;UG8)FJT8H3B3F_(SUVXBC<$ZO(9D
MJZFV*8,!/.-SS'QNZ`G'@5CM?+DT$)`<Z:LNAV\YV<)MM/V*&3#[LFQTYMMK
MIN_Z2HJ+=::4@.)7+[[*+U6W"<)*`BXK%$-5C)<>II0:AG!.4R2S@F)Q-PIH
MH.2A<[Z%9X?SJ7'^VW:ZI"*.UYOO:#6_9?8624=J$V"AK06FK+1DJ'62U8\]
M$KO,IRN[7DB-Y?=S@%7E`/-,`=Q($RDI@3%:1*U7&W1QM;GSY6M;GW.?*W+G
MR];G6M*56CL_ZH;PRO\`UL?L';E674I2E;!/G8GVF7Z-ZKHT%^B+Q*_\Q9\_
MNPZG58U2E*KUC?U4?;KW$.A?[:=_:L*I2E5\;+:1M?828%IPO=-'=<63AJ/+
M>E<YM,!6"15,HQWZX4U[MY[MQ1R#L,">1E`JZ4`X&3%NI@&G,VG$G!#V;)TN
M-%\T<-9=V3:62!/>PQU[*[6UCG?6J)70F1D2;AYJX[&L(")Y-F=[)UWPL)DA
M3,>B\KFTTM1(AL5AH^3@>:J1888[B+@(O0/;A9J3F=$IR(W]FG:P9(DER[&K
MP+D;<>-[,DW"NR$3:V1@Z$8HEJ#@,G1BR?AK"S#I53)KJ0OV3'&]$I-4T17,
MMEUMCZLCA:7:*K+2B-.@AX&4HRWJC/%,(Q:02"+43]Z)8;TQNLXD7S?*H<."
M,1SMX`DVP%4T9R5$0P*"N&Q5/'!5KF1UPV+0F8:2NGR&JRNVHCEE/VE8$8'F
MZFM=>.;(I.K8>LIHR')8CJ,`H\9.9/$6'N,QLV_F;1G>XU(+)YJS'*$6569F
MG&OHFK.LL/0.:7\74K1^T\"3C<@0-RI5<=JRIJ3H>*HG%+AA9DDDXZEY9&1R
M0F%A2B5D3+C<Q0\[WR9I2E5Q0/ZI?Q!?:$X??Y]O*L=I2J]8W]5'VZ]Q#H7^
MVG?VK"J4I2J]MS/\1/"V]V^^?W`MUJL(Q[EOL6_-6M*4KB9$".9T-2S)E<U`
M(H,0"/9%P<C@9(R,`8,%`S-\+CX%1QRI88<OB)8$84L7$$PRS!"RPY/0PY<N
MCCRM?G:W1MRM?O\`+EW:=##ERZ&/*W+E;HVY6Y<[V];UKWOR[W._?IT,+=S'
M&W7:_P#=MW;=R_<[MO6[U<4RGD3>904T3*F1"!O$^2$'+@C"$SN(!@MB<*YB
M899%S5BQHT7L8!O@-V`R8!Z?8QA<<^92E*5^1'^E2=W13[;9_P#0UVK]=U*4
MI46SA]!F6?:S?_ZH+-0-PYO4^=%?<<:P?L/8M9ETI6E\L<;<\KVQMW.=[VM;
MG?N6YWKSCI>+38Z,<<3S<J`TF^GX7%/+KG64UO(Q,+&W2R%-*JP:)$``\;6Y
MY9BF,<;6Z[WY5@ZY^*MP]FRJE4(OM/&L@+AW"^95"A#-P["KH]L1+!"6!1H&
M09(41,@1,L<#&&(%\R^5^0^(=^JNH-<2=GGC/F:.]4.(1*>.8N814XA:53"P
M$@[RL'@&*679]3X;1;%C!H7$J$;,GBY;#EFH&!`48/-3Q[5,W2G9PBWQ0>&3
MO`&6SN8!!47>NZ4L<K8V`5S'Z!HHL[>B+9<F(+8,J&HAI!HN*,)S!Q%"#$SQ
M^!#9_;M;Q/IR[PR]@&\5,I"@&&?"G_2-;O8Z*7N"7+YE`-B".=@A,A<KYF;#
M7L%B'S[")?.V-H.U/DG:C5?4'5J"'?PZ=GWHZX<@**XK=!Z-I*TE6$89=CMB
M(;<5CR:*X=K6L>'23YM.&S1Q!2`!XR'T;&2!,2]L;R^+Q%#R3<#)YZ$\1MFE
MQ^G>Q@/6U(E+L8>.']@48I`<G2VI@V%,WL4P`S(6-X9\S8Y<%+MDH6^U^*_H
MZF&DY/D&3'K!ZBI!E\P2FQNOVQ>N^(8IFV-PB8JE,L4,Q"L>RMF'?S*&K""W
MQ%+B8VR#,`9"9=QAL)`LVAFQH9FN));`("9A'AHQDEEO\,F*'E?`4(U=IK:O
M<N*'G:^`@8U@\\,K7QRQM>U[5+ULL;WY6O;I<N?1OU96MW[XWY96^[:F>/2P
MSQM?ETL<L>?>YVO;G52#1U_XB\!OW8V\"KVEB]&LS[(27/R)>6RT^E7PC924
M7;7FQOJMF3:[?,63#:$-<L;)9WL.7,!]D#P%P$N)(?S7SZW#^553YKY];A_*
MJK&/9;;KB+:JI#8$D51X?RZ^Y&5#S;AR$8V0MLGU.$W/`D1S.YM:+8Y2Q,%-
M=&+8]@S<CG/BI##C]+,>B20G6UVZ7'4L9ICU;XU;E9J`X7VRN&_&SH6R`"HI
MQ[DY-E'D<9.9P(,7!LJ[M0,<&\XUQ+M>X2PJ-W"Z!D?R&*(QI5(%`5I3]G\U
M\^MP_E54^:^?6X?RJJ?-?/K</Y55/FOGUN'\JJGS7SZW#^553YKY];A_*JI\
MU\^MP_E54^:^?6X?RJJ?-?/K</Y55>?:>OV]$B[5ZZ3GLVOZGIS/UY2YQNEH
MD%E9H&<KB6I>9*.RP;'C$B6LE$TM'+IPYT6X&69LR**$$'B'AB)D):=2E*5L
M$^=B?:9?HWJNC07Z(O$K_P`Q9\_NPZG58U2E*K4EZ#=TF_MN_=C=6ES6`PBR
MC`$(0\ZFY/A:7L51*4X5?L].XBL(!R-N9,8@M%IL$)FBZC;$T6'1,1`LK@FL
ML:V?-?/K</Y55/FOGUN'\JJNH7G!Q7FJBJSD<ZWPRFVW4!-.K*\X%]2V=1T-
M#1TTL(<45995U$8LGI:60*`C&CJ@?,%RA4N$(,.,&'AEE;#2%-Z>*7M`]"Z;
MK!&FD$QPP6N;P<6V8]MI([UQ$,$SHA2Z?#3F<Y`=Q;+FA;ECMLW'$S;,Q*2,
M`8$AY5S/"BEBN<7S7SZW#^553YKY];A_*JI\U\^MP_E54^:^?6X?RJJ?-?/K
M</Y55/FOGUN'\JJGS7SZW#^553YKY];A_*JI\U\^MP_E54^:^?6X?RJJ]5J1
M`NRK,G/9?8/9Q=@XX[IQ:VOC)16]!):0\&ZAHD&E98M<\J&Y%MBIF51=.2@-
M>P1/&Q0J63`^EEF,-GE>P2E*KUC?U4?;KW$.A?[:=_:L*I2E*P@W1@V<Y7-:
MROS7=<B=*DK7"?SDPDB$SEGF88[D3%B!YKA)41S0C#YN`H?!`ESS[(&`\<BN
M0J1<L9QO@8M>T86]-\M:UOF</5[JJGS7SZW#^553YKY];A_*JJ'IUG_B,:SQ
MPM2W.L@<,6.&`@B$2IM;6<MM#!@^K*QK`BB-ELH*464'$\GHY%`0)+:;':22
MM.YV+`Q=(;J,I*)@(OEK!<I<9N9H[39$7X<TF@O%?.J8K>8LM9;&E9(S:(9F
M^#:<[Q:Z$>4\8]674G=!8$CA;43;L9I<<NEN^R<Y,5)$2Y@^:^?6X?RJJ?-?
M/K</Y55/FOGUN'\JJGS7SZW#^553YKY];A_*JI\U\^MP_E54^:^?6X?RJJ?-
M?/K</Y55/FOGUN'\JJGS7SZW#^5559O$5X7G$GXDEH>M)LGZ/QOVF<I"R1+L
M=%V&6//KMC8L;%2LJ>B"^%R_G;Z`R%R7F7+*PWG@<[/CAV(*^?Z8*4I2HMG#
MZ#,L^UF__P!4%FH&X<WJ?.BON.-8/V'L6LRZ\^ZG8UF*W%QXO9R(+0:382CJ
MZY72Z%A.;[<;J(F@9FE%975Q6,DTM(2B!8(0P=45$V6*%@`\Q1AL,,;WM6YZ
M8HYIU%$3^'SK4]]L$RXP17'85WK7]7338'(Q87'`^BS:]F\M/.:4D'/'#/)5
MUMA^86X+TK`".<B)GT\.7CJWO1-F(9O93>M1B=$,A](U$6A,?(\1)H>/3$Z"
M8N;`S"%+LVN+($//'`1>C\O`XQS/"PP:0G\[!8>T:_"TT20U:[G=,`M^='OG
M<N*)(6TRX[MKG_YK+VROB;*.O8QP28I(PN6>>0EP6_DD$\,KXV!*AX!A889U
M(3<0&NDDD!M(J6W4--"L`GHR"GE$9*(@VO?*P1--3`2I(J%SRO?L8``>'.][
M]'G?G7<7PPO_`'L<<OJY6ME?J[E^=^=^?U:UMCCCW,;6^Q:UOS5K6E[6OW;6
MO]FW.MO8P^[T,.??Z./\*UZ%N?/GES^WSY?>Z7+_`'5B!+/#\TCG(X<5Y2U5
M@AU.<Y:]_1R)&C81Y&)"WSQ$\U)$DMP@C/\`13V`F&.82@D.4B>"SMT@C&%[
MWO>$#/#\D&-\O-FI.\VU,&]@S*XE(_E=VX;G0F(3+7OE9+--;949T2NCI=^6
M.&($=SNP1P0;7!`'P#L'8/AC;&[ZZ[B9VV9U32-BH]*9#YFYPT)-JZXZ$Y/P
MS!PP5'=IU*:D'*!8(/'LXPQ"#I1V*<)C#"V)%L9B7Q`K+O7K:C7[:MJGGA`<
MHMJ1$U%/8)#J34\0XEO!A.#(+L]VM)<?N(FCOR,W<"#R%,M-_-MN.$MAECF,
MG8X98Y99`7O;&W.]^5OXWY6M]F]^JUN[>_5;KJM:9MV'F]I*<VK.@K5;,W[#
MM8[=%F"4'4*IWU:U#'%PQOEV\G<WC)4^^9<""$Q.(.K<9*EI-5L/,YR1%R&V
M8?*O065=7M*&=K^N..7GJ[G'L)M=)"462Y8V@D\LF>CEP)0!O)2`C]@(24%@
MVH4@]$4A,AVM#$<%DUL$Q,`UIT&7F]QU9Y*N:M*4I2E*4I2MM\\;<[<^=[=V
MV-KY96Y]SGCC:^5OO5"4J[,ZYP5AV2;9[A>'@_,^1JV<I2DQ8_M<OC?&UQL<
M78O)(F0=LLL<>GCAE:^>6.-N>66-KXJ&^+1P_,310J@;"I\DY*&8^*</"<>3
M#/!)1L5&-`&AD]1A>.WXG'BI00D8\V&RAL8J4PL&*8&#",%\Q?L<XEL2Y#B@
MMJ!-^WKB#;+#,T@</?;TD2\UWS$P`*8&WC$[3!SN:MA@*$=QRNDA@#@CFU$L
M'?/(/I\^(^-?#.W]0WB16O?#*U[7U8O?E?E>U[7OC(&6-^5^KGC?+&_=QO>W
M*]\*M.-WS+`?6]BDZ-,>(*42I#W@>3]3SZ9J8]'1DDI!N`=<FT5)K*0U%!:<
M5U411;!S+(%$1EPH$3-D3@YP`'S;<EG=;B?:X)I(<X^67N)&-BN=@S.$A:"[
MK(H80@E\LBX>*B0@E91C(A@OAF<##)J9C,,I@*(9L7R!&#P[1O<5'AUN$<H4
MSW&@9I*!\*XZ>E2@^2,.K*@!8<<MV8@CRW@R%,X#<<L,'B*6*B89WQQOAEEB
M(%?/-1HOIE2`C%W$Q':VGJWS7+S,N-%>2G.CF+98VRM<%30C:@1$M?'+'*U\
M![VOC>U[7Y7YUZJV6-^=K7M>]NJ]K7MSM?O7MW;7^I>M:TRRMCW;]WN6M:][
MW^Q:W.]_J\K7Y6Z^Y5:K^XB:8['DY(6T5C(_NS-;74QV\]%5GN0LTM6H4<!4
MP`74$N>-IADIQLU!<J-88093B>+4>79Q+W!PP/1LE$C'GJ!TJ!P\UR<%I'D;
MB12J7VS<B8HDG`W-=$5OFF)HK%RT0%P-I1Q!@,ZJKZC-+L03%Q?,DD[*NB2C
MH9[_`)Z9+.C&XN*45L_+EBY0$(N6!"```"#`!!!PQ#"!`!QM@$"$'A;'`($+
M"UL`P@\<0P\;6QPQQQM:U?:E*4I2E*VWRQM?E>]NERY]&W7E>W?MC;GE?[EJ
MC:1YGB&'4T-9EN4XYBU'%[)<-5D=\-=BIV=@L,A!;XG74JI)?*P8>&8@G1$R
MZ&&&6>7+'&][8=*_%AX>":,(`D[3QU(H@9WSLRQA,%USY?)4N&$+@D@]I%M2
M#@85A\1@\2R6!F(?-"WR`+%Q1L,P\=#/$T@H?S/DT(GWAD0$P%@:P.,OA];G
MFTW(@*"$*$H`JBY"C>3CI47(6P&%B!DV9[/@+AD6QQ"$SQZ?+B06OEE<MHKQ
M(31>^5[@&<=3U$GB9`O>]P3&)14>B>IE;#A]$6Q91($3X%L^PG294U@*`'CP
MV-J<V[M5+VRAK3SB-W(2G!VO\.9MC^ITJC#MJT(/?8!X&W4.HIL@J9Q:+KX,
MXXE`4));XBJ1R;`P@%U@=7*DP,GB_$U@@MB9$>45[O1P7*@Y&\SSWX?>YY),
M\PX!YY9'1%1#A1PIY0&PN%BM@SQDJ;S,B`AX%<L1<!+[D?BQ<.Y2,X%5;:N-
MHX,"F<B(8,W6<\`"W4`\;Y#I=\)P;L>]%5*]&^)Q+RO90)Y\@S98$3+'&^8T
M<S+$<PI=UR)91CN446V.&?GO'+W;#Y3+X"6YX9V/-955BW1SMUX97$M;*W7;
MG4D6RQO?E:]NERY]&_5E:W?OC?EE;[MJW4I2L'=G=W&W"+J0X+BMD+>R>WK\
M115R/M:H[4R!%9+-VQBY#MH34]CP)QN0#!:<H_\`LRE*+\#M98-A#MV-&U(S
MYN4:)KQ$#:2.0S)2%M3NZ]T/8C:Q'".B1X32$M13===3BBV!D`JMK5N.EX8T
M:(N`T0$NBN[8A\V/S?(I3`R6P4&`Q3X$:)5C%K6M:UK6M:UNY:UN5K?8M:M:
M4I2E*4I2E*4I46SA]!F6?:S?_P"J"S4#<.;U/G17W'&L'[#V+7;[8[:MK6!"
M:"83:+GF*=YA65!GZ]ZZQYB4$D.8WFGD,5%3P*F%#,-&94=LM.&+K\L2^[QR
M+%B]K"8JJ\<'43R`@KF-C+T&<D[N%#FCB5N=M[$2`E*9!QL76AM66/ZD6OJB
MGY7,)&;5C-P!%A)^DY",##Y"[`STDJ2R*?QP4(RCV&4V]D*K0PP@P<<<`L,<
M,,,;888XVM:V&&-K6QPQM;JQPQM:UL<,;6QQM:UL;6M;E7TI2E*4I2E*TO:U
M[<KVM>W5?K[]NNU_LVOUVOZUZPFV1T.AS8)S$)>2CCJ@7:-LI826Q=L((4BK
M)G%ND"H^)LFVG$K9$3[>F",[FL.R*4.S6WY`B]4Q%&$$;!=1N74RM;KQ?&\[
M_GV->'GN',;4UL8[X1%H5#VHUG37HT'OQ#+H6"PIJD.Q:XE$PII.B\D([#3;
MN:9FL0=,@2P]4BZLKZM/=I(2,Y5UIW5PS"L3Z]1JU8@A%@->,XT92?YW-EGM
M!+`2D=/!$%$-'#5PPK9#GU97/C&%5?7E,<\NN):.'5M>4E)6/&SHTHTI2E*4
MI2M+Y6QMSO?E;\]^]:W=O>_K6MUW]:L%)GXB6N\4/X_"K7'>VQ^QB;<M90UQ
MU>:0\S2TWO-?+(J/)`*.<),:#THT#?LQ9PSP^(R;YD/_`*,I#YWP#RC+SPXJ
M$]88B):)KEH*RC_9\+9/2ZAN)L>$2P%RQ#S';[178RUTCYP#!6QS#[&^=@T8
MEE?D.$H]&X5^QRX:K9?MQC&S^T>YFTHAT`/$\@/">EB%(PS&M;^WCC$.I1#7
MYB*!"]^EB&2=A!V96#RO@8,F<KY9Y3;%V@VDL)]A&BO4W7EDJ((N`^:\BQ"Q
M;.DV:MAF#YN4G:=13;H5#M@AAL<SRBLFC>08HMLA\NR9]+$.(.*9'SC*;'O>
M5L6)#<8ZL`2=V]V<I.![&]E]=AF(_$QK-&TPP`GL897P:TIM`8_);3D%C&%U
MFCHP0*>B'74GA&W=;(-/XEFFJDJED#MF+A!PW59>25UOK\1S*WEQ@YP&890<
MQJ4JI:]'Z>;B9N1Z0D=A.1Q.B1L&RWB[,>#>>X2D.TU,LL9^0=_%-U&9^22`
M:4)+4%,XO/9!6F\1A.40G6SLF3KFX=IA%9W--3:B<XD="=$1(-UUDJXB=F1=
M'FHQY@,7`;3S&;DMR!MHG(VG`&UT9QH\I*5'G%S9><,0QYWY-:0Y*>4B(Y`U
M&T:`)RX&"*BKCD5E=.3C@Q@`4LE$_-ZW>QE-*7&%[5I;J:^/-I0([T9V'3:9
ML;'[-DR/<$INN1>%!:#Z/-%%1%MW6;B8J8LE)Q<SX;S75%ATW2DA&7C0Q-9/
M$+$CHA>+GYO5HNI,Q/&E!XH9IF.KS)F$4D6.',,C'FBJAQZ(6D0<B[&IF2-1
M$.!*\;"#R>&$981>SN30CJV".65@4R#8TTPX8.XY)TS`PM3$&-UQHS!+L.J3
M^CYE/?423CSP@Z0E^+76?*.V(#D3O-620W$U3Y9+5<E(SAD$4N1-XDE,D?2R
M/O\`#1K9&*\L3&L7$6V*0R@)NQD&.=M$AI;HQAF`%>V0:<*O/$-A[-@@9VM<
M"Y@+9$<4(+.XE@1AL,+UY9W;:\0;6EJN=6V`T(,[+$4%NJRHCOCAY/LH^5!Q
M*Y;`;-+1G#KQ.(D?2@S,U40,$"QJ/W/L`63LA\QCW8BQ>X@L`Z_)IKBW-D^^
M]BMJF*OPN6/#$G#P_P#4%]NQKMMI"YYFPO0'N])"N086R4C/-/$#S+N"+AFE
MK=%(XI4RCNB-)(3>QJAFZ]AQ^QHM:#?C^-6<UV`Q6FF@H[79K+0$IKM5N)):
MU[`)J$WD,H124DB%:]^@5(%``;7O?*^-\KWO?U]*4I2E*TO>UK7O>]K6MUWO
M>_*UK=^][]RL1=A]Y]:]9EI(8\@OHPM3"Z2.1]D:^16VG',&P[[+=DN`&=:D
M)1NFN.03R)YJM8N;=IU%368CY7N.NN1+)AC&0H``EOB6[`8]FB'76*-+F.8.
M%+%'MN8OC3!,YQ&.%NF,HE=9=='>29S>,@7YV*EGMM(750QLP[*S3*Y!CE;]
M@#P^'A(-BQC:7>;<.=>F"(&ILIB2`G:A1(/B+>]\RA=KZJI4:2$>2;WOEAB1
M>TP/<;,"V`1PZ<RMF())<;\-;0B*#5U5FZD0/@Y<Q,!1WNYX]0Y"D,X(&,&8
MP$4)%D4!V/I1%Q,A!&>RG7".)YH#P'Z79<;9VS/3TI-2219.2B)5,3R86`!4
MBF@!$"18$/&V(80!0GB`6!#PQQMCC@$%AACC:V-K6M:UJYW1QY<KVYV__=>^
M7Z5[]?U>[6WL07_=!_@8_P`*=B"_[H/\#'^%;NCCW+6Y<_I;WQ_1O;[]<%02
M4U6)F$]5(E%,@:#S",D5(N$H$S`0F.6&88Q0Y@.7%PSPRRPRPS#RQRPRRQRM
M?'*]KX72-PU-!I4'P47?J-`MW"#EED5>;6CM"CN02%\Q1#&62;(<<%VD^$S.
MY@44Q80@X"^=C`F8]KV%ROE>-AN'R\H\L8,ZL;R[?P9?`,(-,9,@/XEM_$`.
M`>5K^8S+6VF3Y$D4DE]&W0Q),B9&.*#A_9*FP,;6QOUPTO\`$K@#/,68=<(L
MW,8!8P/8=^:7N(6*)H*)),L#T%)1U@V*=H[471AL[CC'"S!VA4UG+L%PD5FJ
M`Y@N2QR"UXWEUHV<5EEFQO(&2=+34"R$?,!R:W7'$.PC![#@6N9$>$(26F-F
M1TI+"%-@@@.8)`.-%4RRQ&1'"IE<PS&>6V0F&&%\\LK6PM:^72YVY<K6OE>_
M/O6QM?*]^Y:UKWOU6O>JI'/MI,FYKC6X@X<*@B)L>(:JI-B7^(<YD0H[8>8Z
MBFFQDQ>9.J;7.Y><^T,UI1L$V04W4(-_5QB57+"X.UP24[4L_$8^8>L.I,.Z
MFM5;0XT3UQ5=#X5PW5+DP2$O&WS-4X/OS/YG'?DOR0K8V6G@X<PKY%DLME8@
MUV<C^9VNPFVU&DGIJ"3R;I2E*4I2E*4I2E*5%LX?09EGVLW_`/J@LU`7#K$Q
M"X>VC`F>6.&&&F^L.6>>>5L<,,+0>Q;YB9Y97MC;`/'GGG>][6MCC>][VM4!
M\.]M]O=0D+B32`6NH/G:$=50=?PU(KT[Q-I"TG4J$H1:+1N<Q&,I%YM*IP>Q
M\I&"8P&;H=#Z;B4IXF$R/&F`G9;;?3&_8!UXD*6XUC-?EIU,\-M&,&BV$!9=
MZR`WU-X-]$>CU+,ELB`NM^AQFS5)>D<W'[/%"=[[*-4=I-<<LMJY(T#@LB<7
M.!6I%#6DF0'F3FAM/-KSW,:')^J$8R`]H^(Z]0&]V&VI#D60TPRI+R]&*Y%9
M"2FT<F5A+9\^Z669*N`M@DF1TS$B--6?$XUY,F'H2;:%,[S/,]V2XT2Y%K18
MKG3;X.:_V719T4XY+G3B;F\4"+2J.1$75<AV,!9.N]B-UD8NMV.](;XODV9Q
M4(<DB2V>Q(\8$HO)OR#LDPM=&/**,B%!&$YAY`T_*[HI,BIY\4X$=]!>,5*"
M>+EYH)@K/2,Y*(Z<5(EQK8^+V.W^F.$]QK:_-2.F3)R1<72$=.8R2"^0IF=:
M!M;,DP1!(3B;9M-NN-(`AKTEQ6/,CJ..-$1VZH,3)93%5SM$\G)ZTK=^;XLN
MNF*(CR?@+*"9$&<>;#R2(J*VODF"*CU96O2W'C=D!^,,Z6,A88-B/E9X&0W6
M456\:6U0@"97D@!/;C:55@_/SRWW@MBR2THT709##./"3D:($]V%V$JBL`%_
M.=W'H[:R%D[LQ02*L:7)&2U-C7":X;@,-Q9)Y'7J`UVT:(+YN'(:XKVM,N)>
MMXHP#X8[CV82V$K-9H.-`"&6VJ5EUP/UN0[D]0$L\:,$@9*4(Y<(:.HHA->2
M$6UDTP\E%LIBVA*2I">TW$GE75R:)/8CQ;<4E&>P99TF6"*L>+/?)>7=2=GW
M4Z(SDR5"Y5/6QB>+IU[?K(=ZJ]^SX$V<1C9'+NE;.)!M7)IV$[-'B3Q*3D`:
M,I06B8;I<<E/5(88<>-ISN($)A6,RD8AXXZD\(=4<QIRRLVH8?+D0!F>WUAN
MF"IEDDS(J*HO]CE'-#$@\71FHJJVW.RV8OJ,9MAM;D*,]-YTM@\@R^W%S6?5
M>/MLVZB-%-LXLVX*>>$;2`@'C">KC&#A`==(H2SDU'6B.A!3I.@7B1)<C[&N
MF"G\S5MFV<KZB=I08I%VBY!BXRI(>DK1W#.,.57'D;/-]!D4LA"R1YSDR>)%
M-/)#%'#-6*JYQ-#5LAX<G]Z2#M1MW!ZVFM4HT]?<H'LU%-++K(;B7+3#'IUZ
M'?1"(=5C27ADAF$\5/*62R!>Q\`?`T/<J(!D`/@'!W$NGJ1IV2(B48I8CG;R
MC)L[L)ZR+')20P4R`<X*W5'U@1P):#7+K2`*H;"MDFH.J,@4IU)RLW5I,5`E
MIM+S2)^B:]A&O<W2-(ZR50WVTL$<WG%J8\5;(!ON!LBH+BSDN0V7FDJ*2X13
M!TJ$X41LI;A0BPXWFL,$HLF\ACJ<H)(H'L-IM;&#MA"3QA>0,39`JO@%%)JO
M1$SQ*/**Y&;IH-9CJ7H\5[7Q&09"C!W%4MX-!8`$QN654P,`SB.G&SQ0Q'>A
M<[/2?=<&XNRN&G%IQCQTR/`L_%4@MB22[S;`;\7HID1:1R`=K@I[>>JNV+2`
MUR((QH,HV':CE[&1KAW$RS*I2E*4I2HXEV78T@6-7E,,PO-#CZ-(_1#+B=[P
M<9JY1*1DLK<,/IB7PP&,FSAPT,634A)3BQQ77%@Z0144@?5E`D2'K43&EMAQ
M%,,'%*BC*FCFF"G:P[9@UH*JK'&YVP3>&'R[&J;#/XD&7<FJ["<*9A@,4A")
M5!-GH4@?"%DB6H_4,E:+BEB4(:_PIK8P$R+H&BYDQ,P$GGF5;#&;Y!!3ACF>
M&&!I65+E`L32ZOJ.0=AU9Q+IE27U@YD(=55(X;%$'SF"M.=N=K=?._<ZK\NK
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M`C\6.6DXGVEB-,!.%7F>C&3IYO&FX30"Y5;-BJ0Y4R(&7L#C>A\*Z)&R)#B<
MA2`]DYGP',#_`)?AEM%&_&*:>AHQ(,I6EE28\,OE$9:2^XWCT!0'68\':B<O
M'TMQPHY%F+7<67DDLUSC:\^PN$U&L8NENOECRZ_6LYR"VYA'$&WV3"Y1CNAK
M/;!AG'DF$HM&CH_'L:.QW/&.464G#)D1(#%<Y^4EM].RV(%GDHIH>>L$06V]
M>VZ\FFTUMS*Z$[I@F*90RCD%3#F3>6IODAR2N\4-'-)B.F#B-\)Z.YPG4C%:
M%55@J3.AD3*N<!*`98S?T\>_]7[G/ES^_P!7WN_6M[6RMRO:U[<^?7;GRO;N
M7MWKV]:_=M6&.QNB$%;%.-,E(<NZ(>V.;!#S`QMIX%7KQEL$TBH=[9@(PKU3
M2ADG(C%[-CB.?B68421(C7<\<?/UC*%\<,L(%CO::=-8I$96O'$.$:*@0D5=
M36-KSO,P4;-GQ#-CU41_,:#$LX,08XIA:X;(.3'''-KDRZRKPC-2C<P3C-QM
M-Z&"L/%+2+7M>W.W<_XM>U[7Z[7M?JO:_7:_5?KK6E*4I7!5%1-1$T^L+!\D
ME)*42-**FIJ)H`BGIZ>1`$-'3QXZ:$"*DR1,J$*9-FS(H1<L7"%''$#"#SSQ
MJ6`EO93B/&!P-67BLZMZ.YC^9!]O2Z&$+L+LXFW['YL'U`;+T03;9B^'SP60
MA5,VF?R*[%M]@W'4X/CHL@9MZ8#>;^N&H&O.J",LIL*1VGM]9=IRRM(DB+)Y
M5><O2PX<A!!AW1+DOO`ZMR1)[D,&!AQLU9Z.57&+V&R+$,21'`$J%DO:UK6M
M:UK6M;JM:UN5K6[UK6[E:TI2E*4I2M+VM>U[7M:]K]5[7MSM>W>O:_=K&?8_
M3_7G:Y(12,TQX27%YGF\U6.)*0E%78\R1(X+WPS#<\/S(RSZ%)<7.,(4,+*Z
MJRG.CB&P\+DU+`\GBF"8U,NU48;!0PK,AD<0'8.3=A.$8D@J99_R&ST5/:$R
MDSIP\4`:C?XEZ_'Q1)4I-U$1$[LB4OR)!C?CW!>/&BQC<1NJ\8%7.[%7]`[$
M262ALQJ(\;)K81X_2VXBD&0ELHFD)[/3FD53BX;=)-4B@!`H1-N%TFQ3!$+(
MP0:4&G>9[)^%BMPKW]92E*4I2E*4I2E*4I46SA]!F6?:S?\`^J"S6->A:3DO
M<-G3%$Q-FR&2QI#KFDXG2!@0H=)Y*<!,TCB:*&PL<Q2IDMD8L.`9#PRS+BAX
M#8XY986M?S?"E<H*WP]-4FZ*GY(CFAN)D+7"1VV."`4/-B6-:;CP/*+?/D@1
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MZ21HR9S5;$PULN93UT<\H&\@4>"&FB3U(>Q!-4=&3XDR-HWBM?(#J1`1K@->
M*%U^.1E^=23BD!F2BF169->YLT>&5#?GA9;N7-@"%B"8"2QX9W#OUZ9*3"[=
M[*]7&W(,CS8V,6RWG<OI2PDK;'VB44Q3EM'>A;!N$LW(7/CI*<&G9YBD[I10
M+(K?S0`:,XC>,*\,G6XSA!1EN.J6"2'`[<UM0F0GIC^3%M,5[ZL2V>F6.7$X
M%5P-IQ+BFXUEZJ2QG)ZNE+R3VSRQT*[R!4E9NM14;_MH?X>L.0*YF&O1(\YJ
M9J8RF.U8V4602D?,ZSI`94<.ASNJ(T1]DE1&/*QC"*C+P7DAL'6PM-527&N;
MP;$D''XC%@"N$BSMI?KML6[@7W+3'+K[G!@:<]:L%6YL0F+G%&QQ5M)LE((O
M8[=$4TH%FV5+(Q_.V1E%Q5%[`AT;K9RV<=A\/B%$=3-B,UUS)&S7<$'-'7]X
MQ\P)*.-MHO=JQTPEJ-HU7%?,-.,.Q)?3#9JT;2DMRLAU-/-;+$D+%\DG:"U6
MX$EQ8D<)36<EDJ8KKAF%YDEY*D%'7DI>>#<34A6*REJHP=-WQ?)-9+':!9+$
M6H8C1I%N3?Q2`2#E(C.!-!*BFA2UY2:7#TAEG2*V)/3W1*YQS-656#,I.ZJ[
M4<Z1//B.=8534-!.*I?%IEQC1(6%%I315,@&:+A'%@SZ(<<BZD`6R!]@H::M
M`S+DGS"DR?-;469F6XE6)+0VH\$%&;SF`A@H736@A9WP9HSG24$=*"'2G(40
M70E&7*G'SQ54.B8#X]BE:#H):,!LU<8S4/N)91W!)DKRP?$=IY/53EG7,\C.
M*5GU<N(02$<L"F''PZUY63T[S)F&E!G_`#N)B8)Y4F6+S-@`"&(,*&$'@*8O
MAD.)CACB(-D'A8,/(7.UK9"98!VMAAEG?*^.%L<+7MCC:UMPEN8>>/<Z6-\+
M7^KG_9MSY>MSO;G]2JS>%N("ZHMV*G)&-7.L;9+=_:N8XR-].]P5*.+/X.+&
MJY4\+((+(%(?($7&'XCY7QOYM2W,34[9Y6/6O5FM*4I2E*TO>UK7O>_*UK7O
M>_>M;KO>JI@$$/>#>YXFGB#@K:S\.9XM%#8S2&Z9EOR1O4K,])D%>DUP@V'L
MG+9#5R.WJS6W&B6<*G"J/,KX?;M-`!NB/62?2K6;6M:W*W<_XO>][WZ[WO?K
MO>_7>_7?KK6E5!\2QT2#&$K:LSU%+@=&;CUT(S9-#_B-J*9P<Y/NO+<#B]'G
MJ/06$5-!!O\`=Z'%[E>$H1&G9%1U0&3F"AD40<')84"QVNAS;@SK`TJ;UOL*
M44Y(E.4'=!J\T6E)B0M/%OQZ0+:+3_.B3"K,;2\]V@V8].E#<91ZCR)F..4-
M/!Q]L8%MM]:E9R-3$G(Q_BV[`$Q5V1#3HUX)1CD%)24DI9>-GXXC:!D1X4L1
M;VM)\+)Y#DX9>=*2VYI<CJB)PH:&BI.3H0L1@RRDUG,@BY5O2N*KL6:.!L4%
M[ZO%'0GRS.L<M9X2$N,IIH,@&(PG[7)M$?1F4QEM/;J"DA0'-RV\LW!%[Q=`
M+K=C;+6;P/F(N50'[()+B*[6.`,1:27'K.@@.+;"!==%>-E1->3DF37]3?>W
M;L@IZH4FLK`PR`VTL8Q&"TY);8CL732@HN!.=BFAI"]$RVB.AM1,SN*CM>03
MR(<F+L$Y);L:35R/R,"RUN.&O#!%M[W2)IO(DT.]24W5(B4&QW4VVDWI$(F'
M$4*,Z,7(\$W%Q.)5CDL=5\?8I7$3W8SE-M1RX'3K$?$'=4%Q0HFHK8[V<R6O
MN6<-*]BID`?#*<KD>"0,L)*7+42L;)MD<F<4(.=">XK2P%&$S;KQ6)2DJ6G2
M\>&[PP)=EZ2@1WJ\YSX:2[+CX+FQXY)*@[K?;!SFI.<A<BL`%`$2R*H.M(D5
M)/&KMP4F27<U=,(D`!B1#SN^R@/N)/NND:ZHR^C^?[\@3B'1LB2*A2_)+!:+
M5E9I)FN@3%D](7XK!.#OMSP@Z%QQK;1)I(@)4ZN)[S;`#Q0,@7((!F$:U#FP
M1MHI%6<[!>[Y;T>3.S,9C5DY80)37GY)CL-*#?E4=81%"R,DH*"4-I[H/QV7
M2QRJ:\4`B:;5S%D1H#)=GUK<K?=OZ_/GUWZ^Y;KOW;VM;E:_5;JM6M1M+\0Q
MM/49O6'I?9J*_P"-I"03C;=S1<!>YA-6$HY;'.^%\L,@S)$\3-!%E)'6$\<J
MK(2R23UM'.$E5/)FP<->'Y(,BIY":M09M=RE($NZ7OI$CLO)2^;$/.F8X!>S
M7*/37"8'<<%PL(?>RRRA%*.Y*61!!<G%*T6/QPVN%BK6`!L3I2E*559MPEB;
MD;.,/A]F1S5H!;<=DMF-WB:>8.E<Y'C]4<ZRRH"UB5%$AET0&;-#Y:SZ>\O)
M>8@!AS1E$`T?&\!6W)2QSM*)$RJ<4+$2)<`H3*``EBI4L"&7+ERY</`$````
M''`$```'#`($`+#`($+#`(+#`/#'&WV%OGB'GD'CAEG;'*^&(F=PP[Y6M>^-
MLQ,<!,@\+WY6RSL&)?"U[Y]#/ET;T80KQ1GJAI+Z-[/MUQ)<U,U5@YER'I:A
MQ"$T)OCF09_V'(P*Q'='3S=LF%(XV'U4<+@=;-1FS.#*63(-S6)U7<AE-4US
M%@,V;4OB_06HY*H!J']AD(\S6LJ+$J$5IMQP7,16[D[8*1=4BT4.2Q64CF*]
M(:]L1'8L:MTO'^3O;*OFZVD\`7-BPS*RY43S,J<7=`CT65DLCK9,"JZX)A+=
M&4ID:2HLQB@*S#7]0$."'..TC(^;X.IJ\F2.T]@X_>K9>36-K:?=IKB:.`0/
MKF#A0FWD#.^RTH`S1IIK+&I!,C=];4M&997=CU>B<F.\6+(X@-M1PHO!NHK:
M3W$5;SFDMRNJ6F4V$@YDXU9JMM&+NYW&$]TXIB8FGNH>&[1C6$RYV?L6$+)2
MQ'@;<D.4'_";."26S$>O<L2PJ1;#,BR>W'.]C*T(H&#;?=1U^%XYR=^2<B,9
MW/<%!1T3%)11_!$.+[KH.DO9<7V=*4=I#-0,G)=;DVT8,QLJ20F[2O33]V*!
MQVF9--MAB)++F)DFBS@<<FJK,:]FXMMYPIJVH$3IG(GR93XG+*(1_(Q)DLV0
MVG+I(G-3+9X$AM1L'V^@2['6BB1O<CEGH1;LCCF3C=-1>YT8,;SG4+W,.8@M
MMH<\E!8IRX>\)$G$[/OU<C9ENB/7:WUH[(NK<8*3H;2&SW.V9+?4\Z(J.XA]
M"14T_(S><4=)!4F'9+3W&H)KESR5")1$S3K@+8ZNB^]CCBV07)Z&U5!&C6:4
M!8D,AKZM1JVGLF1TVCKU;NR\%2EL%&2^`KY20>:[:*G&9"<I)9XD\5Q`6`7:
MVB:*43SH3J:I]6]K,>X[A/ZW:@;#P&$"CM_9^==.&L5!E-F&A5@*)MHG\V6J
M*H^A\@Z$S-`>)-ONLDX$;,XHJY$F;!P**R,?"'%P`BGB&[@;-ZZR<RV7KNWV
MY(*V[-6=CYE:,6BPU)$HNZ4I<A!_:\MQG12DJ<<NE+'9"')Y*:5=+4WTMH1Y
M%8*BC)#G53N2$$L)IJ35>9]HP<P'>6;YHKB3098)N>+LVL"=*H\BI<V-](AA
MFIKK"1<1W>=?#/3W*V5M1;RYD$G`N!MR*&A%4$P`I%[)K7O>W7;E?GE;[ELK
MVM?[MK6O]VN&I)I!83SJ4JDBBBFJ)0R1/D#Q8$X2.DC@(A8V3.%#.`I<T4-%
MQ12YHJ8#$`,EQ!`!PQ`A,\,JPM0R(VH^R\D\/@$<V+!YN.,=F]*"ITRHGQ(^
MB?!UD6%-VMI(^H6O?-HP/(BZR'%%1'S49]#D6S0WXZ3PRJ#'"4':TJE*4I2E
M*4I2E*4I2HMG#Z#,L^UF_P#]4%FH&X<]K7X?.BUK]=KZ;ZPVO;OVO![%K&R7
MD=\Z"3M(>W$=-1S2)J/.IU/<6Y<01XWE1ROV&I*2DE-;@>Y<2,!N%#RJ_D18
M:B.CH.TL9--+,OE4(-QOS4QTUR.1%?;==EE$<R2P)>8[6DR+7FV9"CU[HI-Q
M-!ZLU:3W$UW,A*`=A":LAK:6.93U(B8QYVQ'+#YXXB8Y@BV#'#$#P]M2E+]R
M_+N^M7Y]=J[S=(DI[*W/8.M>C")M_P#1-K30R$!+.J"B9X<@,+1U)DCYIJ&E
M$SJN[F&Z)Y>3F6)N3&V4-J+NC2/WBT5HJL(S8S1,/*+CVF!@[4OE<TH4C\>:
M=3#,6@D/J2PT(P37!&64E+P6Q(.U4G0^A'4,9GM=);\6AZX$GS*9=#,QV/(*
M*7(*]U971GD2M%3-W$WY/-]">C\D*960Z)FURT>+HA<+6PL`Q&S*YV.=S5*<
MQ`!5^.7$EQ<YW+)D9QBC+5G"V9#.CN!U-V*&]'Y8=X,9R,22F'MCN/,S(M*,
M@'AP$)-F'A`IX4.G]8"8S>%2IX*ZA/O9E_E1W2UE9X@J41O!=F(RC.,LH"D8
M8,--3.+?9EMKI*N@<5S;7;8/Z!=D76^3S@15!J:4[23"\F@+'830<FE>[T$2
MN.1USC-EN-,12QU]%Y"+AG#B"2<2@]%E\$8\2Y`15+&/YA3$0U^BAH'5M1:K
M;4'*0P2G$>048XO)@5KV#3EHTF%1U8@';(4>]L"2@(9+86N.-?'$*V-Q1.73
MOZ*E*TOE;&W.]^7K?9O?N6M;NWO?UK6YWO?JM:JEM@9K=V[KU>6CFH#A42C%
M3U$TQ=X=P&IGADVX6:IHD("]-=X,>6'FE)<VX+O2S@*$KYHH:LE:RMA84'B^
M31*1\F&S5:S]BL=I1FRFC'+"0$UJ,=AME"9K.:Z.#YG26XUFREE45`0DPOSO
MV$@DI1(J1*!\[WQ!`PZ5\L[Y97]72E*4I2M@EN>&=K6Z5[X96MCW^=K]7W>Y
M5:G#J'"1''O_`!@K=`N^V-Q")^<CF*CBW\\S;>G,BRIRBI=&`R$%_P";3L:/
MEOH2.9!$S+B@-4<O>Q8Z2/$2EEU*5MOAAE>V5\<;Y6MRME>UN=N[W+]VW=OR
MY7ZN=^7=O49R!)K"CT^QT=U'RP2S(#F%0&BCVQ+BGE$ZEHRFZG"K=C,"@A$T
M9HM='5W.Y5TT*`32$TE>^0V:B>3"1Z&8AW+UUG.0E^-(W>26O&TYDQ(^FVX`
MCJ%=HR<U)H;S\<S3-Q>I!+`QIX>94:-W6<<1,NEEAD<N3Q-9@CDLQ306U]Q'
MKS,QM<EF]U%_F&PT%R,G0CQK*"U9NO%O-D\H.$_%;R9[=>2:P7*,75CR@7$1
M':7`,`663Z(J'"R&JGR8L9E>(OJMGK;KWM`WE!R+,<[1/^*XJBA,1&</B]%.
M09.=P,;I#47VP;,)^37/-%S!&D!^YKQTH08]T@^74S>`18`,;+H:48FR`<V)
MB08^N7:JP.UWA89WMFX+=7L"(QXRWW+;-3N&D*V*8".;'2%;S,<LGA"CB%O,
MN`F=N<#(D;BJR*@%WNRQ5MP-C)Y-Y&!<Z"(JK3."P"SR=",FAJ&1U3;0>`@&
M>2X0`'2<,<P<[F[6OA>MF4G1G9)2E[*0&/YR+2V4;:(LY.UO>=:JXE$T,1(H
M28I74O,:@LGC@`Y,JE%!QCYLR",7!+""AYX8^879VB9O.EOM10>#?S5EYX$8
M_P"9-81SX2"]EH)=S:K9=.)50%-MM2>!IM.5&:=E4H7+*[D2#+:+F,%XVG)Q
MZ9+7M>UKVZ[7MSM?OVO2E*K@@<^`Z>)7O\X4(OE9"94):,P<Y%$$*^)(W*C=
MQV6F1<2,Q@\,01U5O1Q.L5&#N.>0IDJ5<B8#GD$'E@%C8_2E*4JM*&C`35XI
M&[+9<!FX2U*6L^F$H,`,QAE:ZLR&&M;#QF\R:8*!?(D("S7JHI1Q6"'Q#6BQ
MB1TW,UF.D'$+$O9;6E[6O:]K]=K]5[=^W>OW[7]>U^J]NJ]KVJK69.&(P'2T
M$A-C1TO%)>*.Y-:$]%>DF2)(TDK+)A>`-EHUV6.Q?'BJM+AY9;?HM<\9(9>Z
M^8.*:B4')MT=0&5D9GH+;"ELQPU]1%%&?Z&MQZLN(I*D8&HHD89>D%^J1]WH
M9V5W;.IAR*1X5P^:2\F7F=].J3BTII0B>_DUVJ81M*7R)1'02:7VIWAZ:N+A
M!6`=S+77HK.EKSBSGZZW*_7J9=4CM_8UNL9IRZ0?ZPGK:9DZ`W$W(QCA(3K'
M0+8,\FQ&J$S`T#!'+6QD:5M98;D9"BO%W8N!&78*4RRG$,J(KZ<3:E*/E<TC
M9,T^*DR4$IV<!H!XH)T1MO5#<)Q9;\@$3>!%VI"WE@2L!#"UJ5IQ)TIX8**I
M@ZI7:C-2V7)R#A,*JK.>1&"EOPG*J(V]@&M@XC1]\-Q-D`[9R))9X)N!<B`X
M5EK$L@F,[EMKJW*2>''K"VQ?-S139':BUBAN)M`KJ',<E8*6*.[YK<6Q+I3S
M5CSB4$]9)N.77:Y7.N$7`05B"L063;/4"AED=A;@7F<>%=I>"?(&2#%=Z.E)
M:7@D);30I>E)%9:=TM:1-/SI\FV$UV%DL):6-=L$N-EA4[%<XHD&^WU,;/S]
M2@5++U+:T*U`$%9KR9:"JXYM5P1:[VNO-F7Y`')9.R"8>5]<H\<XHI)WF$M:
M6VU$9Y0C\\H'@S@JT5+%C+D\\EQ+*GR\#O\`X7<49LV.TS7`UDSDANEM?F^I
MIZY)DTJI=U11K.QY$:,`M)#>*0_1U)N8QOVR51;(JHB6["[UP#"(O(JK"A(R
MXBY=*>IS2?\`"$4PY-3I?<EB16XX_?J8]+/%QLYVF)"C!:Q<C%<PS@:*DD+9
MH1IK8)`TE!*BBHYG\DA--.@5?4L39PUV3.U(AYDR2U9?3L9!5Y'9Z-*+?272
M\)8DAZGA4B9E5DK,AD54-TN95*+`"N=C2/,4X)0+C!M8@RT%*:>"(E@#DS.3
M/0Q^EMW;7[GKV[E_N>M6ZE5IRP/@[>*IIVW$$P+=3B+4C<B1I"[&#CV!.:LJ
MOG6F.X^33QK(`;$(1W.IF.Y322N.94<Y:.5@P$,(`G'"PUEE*4I2E*4I2E*4
MI2E1;.'T&99]K-__`*H+-0-PYO4^=%?<<:P?L/8M9E7QME;E>W.W^^U_6O:]
MNNU[7Z[7M>U[7Z[7M>JTGQH<Z8P>;JFGA\2HGZO2,\U\P\),AAQMDP^].)W<
MQG"^:HMO>&D]5;ZI%$CN08,+SXFG7YP,9RK)X3);DYLR\.5*)^/!*\1L:%LA
MD7B"P,^M.CI(P7)VF@KFHSGIJY.S#A%,55,V28C9+7C),R'SRRS`V<C^!%`+
M"]O,V*H"&*;M84Q)$8,HM9*?,:/9I2&RETO8XB/!C.1%=S56"F6..6!I+<3>
M.J*.?+B898YX#%3HN&>&6.5KWM>UZ]E:]KVYVO:]K]R]NNU_NTKH/0LW[.<5
MY8I17!SCH(#9,K06.01TV@E%$=6(IAP0//#$X63E$V>-IEC6`V:8,I*N2?F6
MLJJ5C7>]#&WTW=M?GTLN=^7<YWY\[V^I>][?4IT+=77EU<N7]O/GU7O?N]+G
MZ_7W[=5^=K6M3H6[^7K?]O/UNY_VOO\`?]?G70N%JM]V%"I!QI9=8($UA'7P
M")[L@Q+SV;Y\%61#@Q2XEBYG)+52Q14)!&@A@`%(F2/X!6-DRHP/H*5\\Q@L
M,<\\\\<<`[7R$SO>W1#QQM?++(3+^Z'CCC:]\LL[XXXVM>][VM;G5?LA<3#6
M1O/!7B:(U-V;;SPCB8%CT(:E-O.:G8AJ`@]R^)*1'<D'"4-PE;$2V60I^<I/
MCA/##P$O8P(+8,$2*QX*W9W5"M;;5XE]/]=E4KC@I:EZRR"=7)LD)-,7PQ.H
M&PFWZ04;PK8;ZF4Q$*+T::LI#:/6[.8(F-D7>A#&$XU8U%L4QK"#`:\50^Q&
MG&<;LE,#1FDQF.@IK9:S>3`\\Q?,B2BI)<L2*8"CB"FC.>`79CAP8<Z<%,'#
M`XXD@4I2E*4I2JS]I8_E#7Z;T[?S7AEK<G7P925%^Y>O;.+Y#O2:8+:I]97F
M5*,1H^!DH2<NQ6NRFO.4PW6F=Y'9=BAU/:-DLWF]2$8%<,W(4FV*=BHP:$RP
MF^D"1XS?:9=5:[M;AG,=/4``C`Q$\5&!,!%E!)6493*G$=Q-U:)ISA;*Z1/H
M3@2TQ8('"0,J4I6#>QL(N%W[+ZD3:33@E]HQJF[$Q(^T7%-\]CZ8E;'M%E(Z
M2_"R=ESP.$FZOQZGMIQX88YBE&R^U57'MBC)BR*%5PQ^#5+C9+P^1&?T+I9J
M*&GH#'J2]F@C.A)=R4@:?QMLA&;Q=+9\T((X20\I&+3P&YR802H$FEU9(/D%
MPXHE5`,]A8=I/IZZ]:(5?#3<")$R=)CJ:#(9ZPMQZ[)B7V_(!V*HG3XC:3\<
M(\H&U149QI<;J(AEQ6*V4U8(,-'3BJ&`[I"S)EE;#%=,X5+^;*=@(@/Y@CY8
MS-IE.;>9!XDND6I%;_B64H$E;;=<8CA)HYI>/"[/K^N;&.%"BFDIA9CK2T^U
MD*XX;M5DLS&+9X3$YVD5I.][&M73Z2BR/J,_UU`04ITD413.ZS3)N6^UGT--
M:\>ED%F$)#:^SZ21"0\?/X5!4T)=++KE?%U$5QJD,.GA-;&1]!3#25$.'I+3
M8"A`NR1D:*"\@MZ3)*;*1HGM!JBKL].`1T%#7EU?$5IL0EQDJ0K]*B)#(3SD
M>-YKIAY-Q5GO[EC\/24YV#,/)Y1?&^>3J6)`1YZ2I%<NQ$:-2<L)>AO7V/%"
M6VZUT&'-:)`9CIB,GKJT6X#&+BC$HRY12G8[C`4G-=T!F'%AE7GHL^FLSC\9
MI")'^3FFGBDI>Y[QDAI(RB3]#\1LK:XCMJ73G0NF$-.,&7H6"12D4-HI8TI`
MF5!WG%=."P0R3C'(7*VY\K<^J_=O;N\KWZ^7/U^7?Y6Y]ZM:5@QM_N-:"S#7
MA:&FF7G#<J9"9GM(0"3/#EP[IH9T%)59HF973P#H\8:WQV=-!&I`DI5+8X'A
M@P&(QBSDD5?0F\9][IQK0%JW#)9E*KI&D64GBYW++4_2T;3[))Z7IXD4Y@L2
M,_Q$BQDY9"2#9_`J@LAJXG#@+)CMOM!EE#8Y1O@BYY54I2E*P+W7@&47@/%N
MRVLET?#:W6`^YEB/T!P*@B$U9UC5Y)Y0G+FL3\6\<_,Z(WI6)HS>56F[CQ8Z
M5CF8&9'+\-$SB.CKJ:HS!J_M7%.V3!./..#"ZDK+77C;'E6+'ZBCM&7(2D](
M`+#..+9<8YW+(ZU7HA7-`"\L!#S><R.937>QUUS,M;0W`HY*4I2J[]Q,I).;
M#:'-Y#4<D>-UN49NR<:D9(E#B!A+*3KB_P!1UZP=&!H`R&(G$7=@X'.A$Q@O
M,YM]MEH]BN(K`)!4S6+&$.2V5U[X7$,MR-)0CC<'6":6,\MP)8R8KGR-)*8U
MF#(1';]]"S$<:*@U9OPVK6%7`-J(Z"L/<>4%M\-]PJR)EVOUX5L^/8+EXF:V
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M>+8%R-HV("M+)PE6WD&&&&*UDF=!YF14"P6-BQ,DF^=A&WF`@6Y9]4I2L8]I
M]KXOU-8)1V/K)<<3J=:OBSH@AY@I0[JE^<Y,.EAAT6-(G9)"PBBY7,HX@B&E
M$W?`!N,MO%E1ZOM9;C,0EE<)1;I1`4ELNTG['[*AH66V6T2DVW#)Z4VU05=:
MT,L!H)AE/B#61B+N5@05YJPXEJZ^:7'>7()V$C2R\I*D,(B03'&CI*7G=2E*
M4I2E*4I2E*4I46SA]!F6?:S?_P"J"S4#<.;U/G17W'&L'[#V+69=*^0H(0V&
M88H>`F`F&08F&>-LL1`\L;XY!B8WM?$0/+'++'(/.V6&5KWMEC>U^55^O/A?
MZ<KSE5Y`CV.U;6>55OL@JE*VHCY>&KKV5SXHF(F2B[,H:5FLUY%'[)C;/,O)
MC7>:>8OU&B0^-\L;^>MK;Q`HR$$RAKB!IDHHA4M@&G-3=36EE22I7[':]L2O
M;3UO<6KSBQPO:_1\\G"UWFI\[6%,"G<^E83;G+_%&810'!WZ9:SS=8.^6(ZM
M`&WRZS%L[CA:V6(P#`G^"6TC)V8UK]'$F+,2CB&):]LU#(+D-?M#.]<L-P<N
M`_N&SOJVPA1"P(JNV$36:9$@#(46Q8<Q<&']F7>Z!"0!J]K8BX-?S2*3SQ4L
MB8!3`?('G@\1V,`AE+%=U_WX;9-*P$N94U+A_P"V:B0$%P.A$<0"635BYR&5
M'(886V8`I`J8*"EL<S6)GS/;$3+;Z9EKQ_X?;N^+@W\\G"MV?$FA8R4-&$"'
M=[',8)Y%;CIJ7P\-UR)ZP)H7('$P%9SP@W2A@('/&]S&)<X*.%A>PEP+X7Z5
M=>/Q!E=2$)`1]H9Q"Y$&4"F)D&_:`;L/%2V>9O,D&64SFR$H0Q@GCY#XXYB8
MB!">9R>>*B-;$C;,?'CC[*\0%U*>)2-^&^$TDL</'(-<V@V^A^.+@9WQ"RR\
MT-_7QO[7J=[8Y9B!WPL:"SRN%EE;EAD'<3A7CWBK26`,$[-BM1-8T\8:V7G?
M!L$2!L&^2A?*_P#;#(R;.3^8+'L;#PO?L1LYKVHENS6L((GB!6N!DMPO8@?8
MPI[:V7ME]V#)@Z741V_L3,"B!#F1D(/HBE\];(53H?UU4TL7/HYV3W3&+FMA
M<,/F.)E83,3/..XQC>(FDEL&*6`RXS8J'AF$BLN/FLA,MI)`0F?9!`TQMML@
MF(Q''//^WG8L2#OGG_:ROEE>]Z]S2E*4I2E*4K2]K7MRO;G:_K7JN"6]%G&@
M2:Z]E=&93*:P;`O4[=;EAKJS:'?.KNSRL7`+X%CD]PT45V^839!&#(EDL/8.
M(%UCS"`FYXE7<?DM`34]JA^=3>)!:%C(#4XB,+N;3%=#$))^,VBGC,K:1/`^
M:'$*!FFUM`W4-/*1P7-"`"#!(NS[,@5PX8B8`$@%L/'$^/9`U7>U'TW4AWLI
MRH#O:;@)!*2"Z&NL)S@;BVG#WO8`^D+J09.)2D3&Y7N$9)&QP1+?W<[UZ*E8
MO;H[`G=6]7YDG5)007.O,1J6';"`;%N`05'<OK"4TFB651L1`1`D>[F<"2(L
MY@BX&,4H,YYFRQ'[%E:N5S[`[(N!(XG[H(SF8B\]PX2PC0CQ&--1C8(4F+C*
MU+C_`&<7)AGTBO-1453#&DQ9>YAF)"''BVQD]OL1NK"HBJHCP,%EQ'\JK\9A
MXID:.9W&]4%9OJJ1&,E*1#!R26F%P;3"QN&I'G$G)LA<;P#;NOH[6/L!YJK(
M4G$8,67D5VM\B5';!DJOG#[9]L]>+NJQ42>^+]US,*:@Q==9-F0<5C2JA*Q5
M?=,)1]K4_))96&0[;Q1VH&8+;&IY1HAKSF'?V`[64!G]'3%1'`S5Y?E`EOP^
M$V>7=KZMQ.9PGM;DJ*(K8\:KTP-2T28N5R:T2CLFOC)4E(<.A.U/22;%BY9L
MJ9+K<>*RLO0PGD6TBHK6#4U,O['5?>S'8V6XS2$QOK26R=A=11-G6>D.8)/*
M.N+W-'$HHD,3'&+B\[@\BBR`5<3L;!A%6"IHZ`*J)3R')*)YO*;<"3K+JTOE
MCCRZ65L>=^5N=[6YW[UN?KUCWL!MCK=JPADW!L)-$?Q055LQ`&ZGNQP%2KH>
M)X/+#"Z0Q&46N:>;]71,A,,2Z"S$!>6#.>6.!<B)GE:U\+3$][Q[@6!2=48@
M5M/(:50Q_-NU^WS$N%*ZFDW&-E+&H%TQ.*A!UDE4Z#8NI(KSVK.1NFHG2+FS
M<&R(2&$3KY5:PZ<1!JN4=:DT,7,^)7DPX15YGV#EA=S?<ZS0O)P.0!!0D!^G
M"Q43-*1PQ!P6BP&NGMF,(^(#BI,?,EKI65R>65M*4I2E*P6V.T:;4NOHCL##
ML@NG5W;IOH@#=1-B8Q*DCX[I:Y$0<P1C>?8S5Q0F/L-$H)LR,8*M!^`8+[2&
M,&U.*WO&[A-"+E0R#N_/&L>0J)Q"]>U=NM-,QSQQW)U80GA,^LJL3"%L$$KR
M3'J836]A=9CHX8Q4=8!=S7D>(FWTC-Q)^4"I;,Q;/^))MAV?&<1D.#Y3CV8&
M&IWOB0>49/%O/IL&1,,<<Q`,%MLJ"FGXF0>E;$P4%'#-%\[9!C@AYXY8VD^U
M[7M:]KVO:_7:]K\[7MW[7MW:UKK%=%2%XIB06TTBJDL3B>H8E%`L";`P/I)\
MLJI1W`(?#/#`VFJ9,HH$#.%L1RATL`9+B!C!89X]E;&UNY:W=O?[%[\[WO;O
M7O>][WO;NWO>]Z=''Z6WWK>M;E;[UKWM]B].5N[RMS[_`*_W^[6E\<;^MZW+
MJYVO]^W*]N5^NU[==K]=N5^NNO1D9);R600T%-(HZ,E%02*:EIA4`BGD"9?&
MV`)8H4+8!@%P`L;6M@&$'CC;KORYWO>_95I>]K6O>][6M;NWO?E:WV;WJ+I>
MG"&X`9IV0YRE2/8?8B<)@"<>,FO%OL9M!&1L<LBY.RRY5!-(CGC=\;ADR!<8
M8Z<&OB"5+C"Y8X7P!'W:V"V>#P1^'MKRK*345!LBM]RMLFZ[X=UP12>00`OH
MAC6)U+!M[&;.9WPS'\Y0FVWXHB5QYAXB`SV4+\KC33KEHRTHA?2AL#+CX<>T
M&W;C1Q$%>V/E)/2"JHVFP:[$*<C6!V`C!V9NOD/Y&@[CB,AA`>?#H%Q+J<IO
M.27*!9P99STI2E*4I2E*4I2E*4J+9P^@S+/M9O\`_5!9J!N'-ZGSHK[CC6#]
MA[%K,NE*4I6V^&&7][#'+[.-K_GM2V.-NYC:WV+6M?[]N5:\K?5^_?\`C2^-
MK]VW/[/7;[U^=;>QA\^?8\.??Z.//[_+G6^E*4I2E*4I2E*4I7P,%2YL$8N9
M`",`&`A`#``P>(H)@`7#(,0$<+.V08P(F&>6&80N.8>>.5\<L;VO>U5VN;A;
M:KW755Z0<3D?3>0UI2P6%-YZ:R6Y-?P%A5MEV0=1=D6MH8S`L@FCHUL1U#*0
MXD=5E`?&XISLPF8F6?5"1#Q/8KS$O&FW$#;,(?9[]B;^VD!F(Y?URP?0["'>
M:-7%ELM*V>>/3P''-ZT'!+Y6P&MTK]/#+EVV@WS8X@X$I<-M;>X!+#I#+NI6
MTD(RFG'`@P1,A1RB!L+?4UWX#B#8A]B3`DY2$N%D)T3HHP88!GQ<H;H0G+D:
MNR(=B-1-_F@T9-;"^SW>@+>D4YR"&6(JF!I,S*Y.2`&],S;"5<\PKJ"$K(:X
MHAD#1=/5L#I7.Y(02'G5MCPGWJK)QJ>W486I!`0&RT7HNRQKELU$(\EI314;
M'48246JO1:TVR_&PD+P!Y7+`/1+7F0W%8==$2P$@N,H%L>8L;9\#=RNE:>"_
M-&H*\Y7.YW2\%]35UL!3R7G0^HOQA!WK:J"<#&(*!UTP]B'%RX,9+"!JD?X!
M-,UB(A!AD\8GQF[^CWN5/-*9!X:H.TFOE'<5S0V\7=3K%52CV16DRI!")L1`
M(*1LS@\$>-VB"^O.]OWR<5FH07W+<Z:)BJMY:7MD.%3+)IWN4A'<JRZXUU>C
MIXKCNBG3;>![NTZZHG2#K0CQVHL@1_#(BN7<;'05M6:1)QMER%%1(25M;;J@
M=Q(JBL4'YC$G1L-F2#,C0)PXM\GXY`XB:,(1^F7U^C_6%FQ=$K%.GUA+C=%O
MLQ)L(6322HZ#1I>6U--2U,$Z6)-),##[`VTHN/.(TM\4>1,S`3`U!UL@%+MF
M'8!?V4VA6I`=P>`@(>6>8D5ZX1@X6P/F6'N('D7_`*P!;$S@'CE@9![)>^'P
M$TYW!E@<P-LEQ%)-3D$[F5,&(QTKC1GZHM.UP[AY#)PTE+QV<MD12V>-A0!#
MK;F)BG!L1+C!8D\\0L0IZ@+0_4O65=47G$,+-M*DI;"&`<$R.LXX)0G5RES'
M/(<LY9TE)8><N+Q003(03S"I/(<@'F)G<(J';*]KY<VM:W5:W+U_LW]>]^_>
M_KWOUW]>M:4I2E*4I6V^..77>W7;JM>W.V5K>O:V5N5[<^77RO;GZ]8+2SPW
M]295=BO)I6/5&&)I6KBC*,[ZRO5XZU3.IGL\>B$><K\A9:9Q]^YE\+Y8!$I'
M`>*3D%EF7'3ABX@@64?9:Y\0>*.R9PCOFBS&B$RH1=.8^[NO[6>BF($'RQQ*
MAS3K8IZ\N@L)CA;HXK+J8DCJ6=_^6/64![YB9_?"?>(\P<P2<E:"L*7``P<;
MBN+4S;1GJ9DWECGAV3/-B;1,S7(5*RN!V7,(H5?[FRR,=B+7-WP$S-A<JW$8
M((8>?;0TPXA46FBY_`D=*BZH.B:@"P71!R'5,5S5I9GEO&THO<:V.0Y-3&-"
M]C%N`1%[$);'12XK^D:`8L2>#[E*/5"X>.=T^3=5]LXW.=EN$"/F2#"><'(V
M)A2`!,`"FDTJ(8.E0A@Q#`(>&>.5]U^+EPUL+WP'W-@LJ-A?HC%3CK$)'"PM
MOGA<V2-D`#9,T!ES",E#0()DL/@(`8!"&#S#QVY<77AJVQRN%N;!IH2V-[AE
M2#H'43QG.UK]`N23R"<9/'S@^7((J2)%S!PV/F&7*@##B!AY;TOBMZ3N(<0H
MS7O*\AG0P11;DXRU3VVD<>X@(`QK(C?T&P8L`AJN1<`4P$DCC!*(P&-A@R^0
M6>&>7S$XC)19N`%&&E7$.E0R;."E2@1?5-PPN3$![$(*54Q5W:5?@5"*IASH
M6P#%'/V.%\LP['B!6^5K7^(L^<1U^Y"%(TT(8$2@#`99!.#;';-HIAHCG<47
M$/+T":P,K8S-5$\SV"&S*#2`W>B+GF6N<PN'YHRXO]7'B#2S8/*<-\D:'4,X
M6S!46/I!`398RIAAE?G8J+-FQZKL(ZS.5^6.(BNU&+'"CT;99%+$1,K9XR+$
MW#@U&B=Y$I2[6QR69H(YAF2TY['/5Z[(S&04.Q`@F#[<?LV+SU4V+D<P+@XF
M",>8-!(Q#""`+II<L""`'G/;&V/<MW>[>][WO?N]V]^=[\N=^7.]^7K5K2E*
M4I2E*4I2E*4I2E1;.'T&99]K-_\`ZH+-0-PYO4^=%?<<:P?L/8M9ETI2E*4I
M2E*4I2E*4I2E*4I2E*4I>UK]5[<[=Z];;888_P!W'''U_P"S:V/YN5:=CQO?
MGSS]]$M;[UL^5;!,;=&W7E\\!_[65_\`XN'K7ORJMKA#VZ?#UU^OE?.][ARG
MSOT\[7ZISE#U[96O]3N]SJ[E64VPM;N7R^[GGE^EE>G0PM?G;#'GW^C;G]_E
MSK=2E*4I2E*4I2E*4K;;#"U[WMAC:]^[>UK6O]^W*]:7#QOUWOG]P02W^ZV=
MK5KT+=_+\//XU.A;OY?AY_&K2V&-NY?/[H@F7Y\KUK</"]^=\,;WMW+WQM>_
MU;\[VY\[^O>MU*4I2E*4I2E*4I2E*4I2E1;.'T&99]K-_P#ZH+-0-PYO4^=%
M?<<:P?L/8M9ETI2E*4I2E*4I2E*4I2E*4I2E*4I2E?,7^[;_`&@/^KA5;/"%
M]3TU^_V<J?MSE&K*J4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4J+
M9P^@S+/M9O\`_5!9J!N'-ZGSHK[CC6#]A[%K,NE*4I2E*4I2E*4I2E*4I2E*
M4I2E*4KYB_W;?[0'_5PJMGA"^IZ:_?[.5/VYRC5E5*4I2E*4I2E*4I2E*4I2
ME*4I2E*4I2E*4I2E*4K;T\/IL?PK?QIT\/IL?PK?QIT\/IL?PK?QIT\/IL?P
MK?QIT\/IL?PK?QJ+9PRQ[34L_P!K'Z&;_P#7MZS06N?KU`W#GRQMP^M%N>6-
MO_<XU@[M[?\`@>Q?JUF7T\/IL?PK?QIT\/IL?PK?QIT\/IL?PK?QIT\/IL?P
MK?QIT\/IL?PK?QIT\/IL?PK?QIT\/IL?PK?QIT\/IL?PK?QK=:]K]=K\[=^U
M*4I2E*4I2E*4I2E*5I?+&W5?*UK]Z][6K3IX?38_A6_C3IX?38_A6_C3IX?3
M8_A6_C3IX?38_A6_C3IX?38_A6_C7S$RQOC:ULL>?9`?7M_WN'U:K:X0V6-N
M'KK[SRQM_P`G*G=O;_QSE&K*>GA]-C^%;^-.GA]-C^%;^-.GA]-C^%;^-.GA
M]-C^%;^-.GA]-C^%;^-.GA]-C^%;^-+98WZK98WOWK7M_&MU*4I2E*4I2E*4
MI2E*4I2E*4I2E*4I2E*5^=#A+ZR*FW/#CU%V/FO;?B!+DK2W$Q1UOE91]Z-C
MVRG*:X,X7"2S-%D%%>Y9(2P_,A(H#8JFE2I7&P/3[#<;,446Q3TM5@^%'Q%?
M&"[0_+VGI:K!\*/B*^,%VA^7M/2U6#X4?$5\8+M#\O:>EJL'PH^(KXP7:'Y>
MUPE/AB1HL)R@DJ6S7$..IRH1.)I\H9W_`-G#!<R2/EA29H`8`=]"@#!#%QA`
M\PA@Q`L\<KXB89X7RQOU+/X5,0,)I-9BM+8WB"H+59;;0FDV4-*WWV43$Q';
M[;2RB*BI:<G)KT)IQ`BGII(L4*$B!0J2*@`A@%2P``886'H_2U6#X4?$5\8+
MM#\O:>EJL'PH^(KXP7:'Y>T]+58/A1\17Q@NT/R]IZ6JP?"CXBOC!=H?E[3T
MM5@^%'Q%?&"[0_+VGI:K!\*/B*^,%VA^7M/2U6#X4?$5\8+M#\O:6X:[`QRQ
MROM#Q%,K6S#YXWX@FT5[98]/'I8WZ+_QRY96YVOT<L<N5^K+&_*]O3<+MZ/&
M1.'MJ"])!=;B?+T<,%LH^Y'@[58VO.=R*ER@H`ZNOK9\04\K*QVP&`IY1."B
M&3AB^8X^>8F>65\]:4I2E*4I2E*4I2E*536@0<=VFW0X@)-]["[>-)"AZ3M?
MF3'C1AG:B9X99C>05W5&)I`7,`&K'SH1444^KNUTJZLHJ9@F*?,C#XX9#V""
MQPO//I:K!\*/B*^,%VA^7M/2U6#X4?$5\8+M#\O:>EJL'PH^(KXP7:'Y>T]+
M58/A1\17Q@NT/R]IZ6JP?"CXBOC!=H?E[3TM5@]7_O1<12_*]LK<^('M!E;G
MC>V5KWMD_+VORO:U^5[7MU==J\JR>$W!D:MA,94=SOOJQV>BV.8H[7:^^6S*
M0AIEE%1.+!^Q(@5?>`(/FQ543ZB9OC;F*;.&!LK](2]>J]+58/A1\17Q@NT/
MR]IZ6JP?"CXBOC!=H?E[3TM5@^%'Q%?&"[0_+VGI:K!\*/B*^,%VA^7M/2U6
M#X4?$5\8+M#\O:>EJL'PH^(KXP7:'Y>UCO,.O1G5*:]"G/'6Q^YR_>1=T&]%
M#V;4L;<SC+;'<K&7=?MC',?2%9F/IUJS>.?\_,]MJA4T,1S-$S:6`*5&!O<2
MPET(=[WPPO?KO?#&][]^][6K=2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2J=/Z
M/YZC;P_/:$3OUJ=57%UI:]K]SG]GE>UK_8O>W*]OJVYVO3G;ES];O_\`'K?5
M[E:\[?\`'_U[WW:VVRM?N<_P;]?<Z[=77;KMUVYVOZUZUYV__P!M>W=ZK=VW
MKWZK=^_53G;ZOWK_`,*6O:_+E>U^=N=N77SMWZ<[<^7KW[G.U[<_L<ZUO?EW
M_O7O^:E:<[?[^7<OW>?+_B_<Y=?<I:]K]5OS7M]3G;GW;?5M_P#6U:9=RWVV
M'Z>-5S<(KU-'2OV@F7_IFZL;I2E*4I2E*4I2E*4I5<6I?^-/BG>WWK5^X]`=
M6.UI:]K\^77R]?E?E]R_+E?ZO*]^5^=K]=KUK2M+WM:W.]^K\_V._>_K6MUW
M]:EKVOUVY_=M>U_O7M:]JUK2U[7Y\K]SNV]>WK]=N[;JZ^OUNNM:<_\`B_5^
M>G/KY?=[E^7W^Y]SNUITK7ORZ_6]:_+K[G7RY?[_`%[=^W/6JY=^OHB\-3_,
M68W[L.V-6+A_.P_M,?T;5OI2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I5.G]'\]
M1MX?GM")WZU.JKAQK7N'G;'/,.]\<K6S#MA<3"][7M;(.PF`@=\\;WMEACF'
MGAEE:V.>&6-[XW_.-ICM(HP.+,B1)[L(;%/=MZOD9?C[9F*9T7W?$6UJ0NS`
M<9D;9RK%3U<Y@EK)MP]9'=B&QG`A$E`RQ7F!FI`-1T([:C7%DL?BEG=L*JZU
M;7:*RM/\F1!M]%D\:]O6$9O<ST:K8D@S'^ULXLYQ1F\SXT<OES("TR&;,YV8
MH$7&@745)*4(E9J$WW"C6#<`!,2$MAMU]T)&,QY/T6)\A1S+Y+0?B&)S(U:3
MK.`2YK:#7Q/@1%F=[!Q4K&PTV8')&$B'YC:6NQ9127(GN@K&R@K-H-8+2'B`
M)D/L!+T&,Z*I.1-496>3P2G=PI-Y)])S<V=M7ZZ%,%7C5$BK%J/I[HILPKJ9
M69U%[.M).LR1RSO93D(#IDB-=033F)9.24OBE`7B_&-%R-#6TS?BS9`]*&L:
MJR%ED;0R;L(PKJ1C7R4G4E)\V,]Z+9+$V@3>_P!M.EG2K&!/$(\O,)NI#T:Y
M@H_41+<A'SKXG!_3:EQ"MG6Q*4/RH\^+(W(`E?7MR[`RI$Q=/<*1H@N"R3$2
M=)#,.B"J,/'Y6(E)`8KQ82"<;[R+*#3?:.BEUY:N7+=S&$R;7:U21I^[9^FQ
MVS'#,2'F]PW-J)?&5F+>(')-\ADDO/.=SXY]VIDF#NIA[.D(WU?$<KM8A$)0
M;2J]WXN&4\\O'PL?,:CRH]47>HPN2%.KMCB"R&Q?%*8R.XW7.CYD2-I\.L*:
ME8FUM=70UWNJXQ_`CAUW8*1:7HK6$XXK.*0XX).A";`Z*W6F_DC*Q'?F9F@<
M8N@DHL:8TXO&$C;Q:PY`R$QI0NDL:08J>J:\E`Z$.ZVPODT)XQTZ$@).43!8
MT?4FPKDPB1X0(?`(`;&#=G^)"\(OG-868HD6)W?KTGZO)2H54!TX5:;!&6%;
M=J.M9)&EI8D)`7<0EB.-9V\[C#[E1!100B11!;CI*J[L;>8OG^W^ZTI>SJER
M()0CL#8)NO&7D;B';DK^)8!WW4E9Q1'$6WRDCGQFHWG`\70O%&$Q;.>/ARK;
M%7E)JDP!6W'AM4+M]RD;"9L:NP3,T-+"F3D:3;242#;RX2-NP4J?3CKX7EZ:
M),D1+63Z,HKSE%3CS6:3O)M@ZH!J@(2R8,Y)Y)+)(#40,A\U,NY;[;#]/&JY
MN$5ZFCI7[03+_P!,W5C=*4I2E*4I2E*4I2E*KBU+_P`:?%.]OO6K]QZ`ZL<O
MSY=5^5^=OSVZNY?ES[G/EU<^=J_+:\MNY@U#=>W#P).MA;)/U'C3?&:X*G9+
MER0%EGY$8HE5GBO"`]W-6BKI2DZ,'A!F8J?$T.RS'1XNV59!3_./)%8C@<"L
M@O/(90XEVV[;DB5(\S3]>).`@UI[]2C=>C5E/T8]L\T]0VSJN^&PR(8;X4M.
M+T*OA>$V!>$./E0L?E0NBR+$JXK(*`J"V46.F\0WQ"]K5R5(H9[.D*`W3'RN
M^3.1*<&%&KB5HZEM.?G#RE_8YCQD5*').-BH[X9DG,Q',&RJ0Y3BB[VD]XER
M%3T93&<".XO</W9&5G5I)PH9#EN2!4^)-CG5K^2WXG*.+FX^)MUK/?7YW.E.
M(+;D05XP>B%DO79,M&D4RJ]TMQH8"*4655OB*303G*8)D/'//>55@-VS)%FN
M`<?)*'_6'QB9J2C.4^J#RUU2WH2TO;<]-5FH"NM602<:%G\IG$9K*#,M)*T`
M56$:5%UC)1]SBIC:5HFFOB2[`/9E[@QBZU*(FBCXP=Q86XRUV'U:0FW(C&?F
MF$5PD\V"\D:1S#S*&CYTV-,"N5%#3V@SE4)19J&[2`Z1@IJ;/3.,]-H=K^'G
M$+@E%5E6+W,@3&SU;:.'H/DI^R)-9UN1'"L*:S(<DI*!+[\7(X&+92M)3\<D
MA+R&GK+Y.QN.XT#&*F!(B*9D$ZSK,H<V&DO8:"][GR]G+&I)CQW)VW\&QP%&
M11S-]?0F]!#CD)HE7JZY$%D%6#-+[E1";>7R@K82&;@V1R@BXGJ9\%=)`-_%
M=I[GJS>X?7#NM$$^L5<F=PA\,P'8%6=2GG,CF3F'.#SBACRPXI!'$>11405I
MVN1P*R48<;N6RZ@:4!G"73NPJA<151NHTAW:49]VT7Y,DF9F&RDJ9-"M77"U
MHF"=2BEIT+RI(FU^RL9%(E<C<>+M'3UF>F\YL6E$[O.D6NQ%MW/A)+-0TT"@
MI9&)6SD9FK\LMYY1X_<7`,2<H:+KXV7^8-/-6<H9G*(29H-\.@CDJ$\3"('(
M"4==C/-,Y#,G4!UFWH6DQT`(;T0S0AZQO&U[8VM>_.]K6M>_?O:W7?[MZKFW
MZ^B+PU/\Q9C?NP[8U8N'\[#^TQ_1M6^E*4I2E*4I2E*4I2E*4I2E*4I2E*4I
M2E4Z?T?SU&WA^>T(G?K4ZJN+KSI-H-1/S5!"#:;Y+-;,`'%G,HBIA;)6-E@[
M!%S2G<`J'=0,@!6L&".<N,*"'_8"SPQZJ[`PC))L6XYI,3C(U^C>XI@B5&$O
M?"V%L;W$%!SSOT;!AVQYY?V;886MRMCCRZ9VK#/9:$O/]XFT9"06<AJCC7W0
MK8@`%D%`0R1Q4550VH9AY"E22<1P.FQQ,<[6#"[-?'&]\[VRP66-X-3(P?#Z
M;+A:+N8@Z7C!*W+SO,0>K$FHUB^QZBJ$H87I0<B2EF+II)RN-/5D<^M+Q<4N
MQUH$SB^S+7PRS-99MAG(Y("*X`9AF$A6R:*&ET'`5`+"(!TV#<<B95@[9!Y)
M)DT6PN.4'.XEA3!?"XQ?,0+'IV^Q]PL`(7+-26FC@,5Q**>61Y30["%\#QM/
M32!^^1DQ;,'`V>%2R!,U>^&)@V(0*`"9CYE@K]MD&V\\!RUPT;/#,<X;,%NQ
MI^=LS)7_`)$^8%`Z.73'`OEV$V+GA<4*^78Q\L>?*\#QE/$#S)A)"2TU)-#+
M1Y-:G`ZWDIEB#?**TE)32:3OQ`9YK,Q@&Y<#+<>B&?0EA&S$'-6R,9$,;7)"
M9V];$F4/+#*NS(W06^G->*EE5BXTR`44F1P8JTU;`%SS:-HF80F">+<B:3E<
MJ)CV0!<0UE)<9(TH)BT3/F94S0T80CDF")*;FFY$S:=D0R(%,B5R!['H'2-R
MEP;E[DSF']@T5N%<N9P_LCAB8]5;4U`0T?$'!)1TI,P+`C%R^">G$B6(`!@4
M(8<$'$J`%8((88`$44,.V.`H@00@F.68>%\>VK;EW+?;8?IXU7-PBO4T=*_:
M"9?^F;JQNE*4I2E*4I2E*4I2E5Q:E_XT^*=[?>M7[CT!U8[4$S7K?$D^1O)L
M6OULA6;<OMS%I/\`--H3%K.5>;UC81O-,'=","`MX`B9!Y!7RQ-7$#!,&<2^
M8.8^8E2VF-Q#2"Y$NGI2:4P3@LPRERJ:GD^P=ES&%,9@8$2I4`KD9',FC`^)
M0$N%F.:,"6"QN-G:^J6W&^AD\"",B)*20#.F5+`DEII)/*8*!P84P:/8%20`
M(&)TT8'&',&L0[&!QA1!11,Q!,\LL7W?MK"*.>1X\2R:[)#J?#ND:-V9&[&;
M95;5'X?BC$@5FD='`5CR(V;LN+3RN6;<C.]P+".S49V&@62(JG'6H$$,YZ2'
M).UTE^*T]28(;2*,D-XKK04&0MMU+:)YGR@Q7IZ&W4Q72PE8H1%;C_:$@%<$
MQ01C"?8\"N^=YY-%.!**0H'9!2'M#;F'.XH[DCY8,E7TOQR=L5/MXR-:1&T*
M)9R,[+GG<0=U(H^`]E9&#[,IDA@C%C0&`@(]L/JK++&/+K;:XC?*.>UQ7`4L
M=))2&MH;+&)H`HQ@NO#B#YY-T5=21CA!.`#*9"*8=CI47`,G8;++CY21%Y55
M8[;!4404"7!G"29:@FAD3S8=RTW$HRLJS?*+";<PE&U^S?2UM:*I@PO9E!);
M;C')W'\X%(,M(9="1"F)C$HD)A;$YG@*;Q+$"@&)H0//LN`ABP(.%A\\!/\`
ME,,Q;9Y8Y_V\;VRZZXI9JMDD8-FRC>0RIH^>Q4SQDND)P)@XHXF[G\3YL<(M
M@*9.V.WN;L;'S$,6-7N8L+V>]Q*[^E5R[]?1%X:G^8LQOW8=L:L7#^=A_:8_
MHVK?2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2J=/Z/YZC;P_/:$3OUJ=57%TI6
M'F_L'N_8[3R>H:8.1/-XO)E=C;J:I&<2::XE)"6T9U`M!2-B98@%4YZ8H6;2
M/F3?3)`%5L44\$*3P'#RKHVIX>$P[;R-/<MLTPRF64GMJZ3"16[GC(LSM=YP
M4ZM:'7(3]Q?[NU^1&7:/)?<"*N/PD.W8QDMR7:@RRV.3F-8$3&!<+H5GA320
MZE=0$>;=A!]J9/;%C2DHR8])2EQ>/39!25N8:VS560^X?5V4LQRSG6DEE%0C
MT+`D9>Z*Z<!A3"6IQDR5=>8BA'<L\%=Y/P::?.=#UC3B\B.KB3*"!@<*+6&!
M!M[90TT&/`".HEBL9BA$R\5R$URLA+"0G7.);554Q'7F/DLN4.QHE]I7X4FW
M;X=$D#--\P<SR#P6-C7B0>>3ND8=S`+VPVG.N<++C8/(:7'R7EFWC<H00I@/
M5<)O(JJNV/I%4'."G)+N1[MU7Z&2^%+M>]R4S!-II:@,`M)4O2I,S%1DIX.S
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M594@E6X\<TQZX&FDPW*=#-(*D15SR[(#(<BDB+J.55,H&E3@VRW(!"6W-<W`
M:K*LZM7?!V.96<2DYPDJ-YXVPE_4]\Q6)'APM%ZDK&VM`+1UB)I)5\F@$)ZK
M+Z7E!](C>;0BH:($>ZD7A4[%FW.XC3!):L^=Q_9:3]DD%UG33G:LB$5I^[]P
M3N!9%6%8I%+KRQ)!,^,E*/\`$=J'$-9Q<:8B+2HXEQI+H[,:^CIX/\O'XF9+
M68)_7J+),3<N),.])$;@;CR-.,3;QX.EV1.FJ1I/CYOKSI;Z0F+)"-I-(*:B
MDC)C&LIEV0,K863TT.;R>D\HDI+CP=.;C7C8L]^(>R=XW9'D=*2@O1/!#,B/
M7$"*W.E-9T&6RQ`3STG>1"B6>64M(:K?*'2;Y>*J*E&[(CG6%NZ_#&^.&&-[
M\[XXXXWOW[VM:W/[M;J4JN7?KZ(O#4_S%F-^[#MC5BX?SL/[3']&U;Z4I2E*
M4I2E*4I2E*4I2E*4I2E*4I2E*53C_1_L\<>#=P_+7MG]`1/[@8F5O_O6Z[=W
M'&]O6^]ROW+VO5Q79<>\)[R+\2G9<>\)[R+\2G9<>\)[R+\2G9<>\)[R+\2G
M9<>\)[R+\2G9<>\)[R+\2G9<>\)[R+\2G9<>\)[R+\2G9<>\)[R+\2G9,.\)
M[R+Z_=_[%.RX]X3WD7XE.RX]X3WD7XE.RX]X3WD7XE:9"8WY6Y"=>>%NL(6U
MNO/'NWOA:UK?5O>UK>O5=/"*]31TK]H)E_Z9NK&Z4I2E*4I2E*4I2E*57!J9
ME;'=/BG<[97_`/M[UI_NX9Y=W1Z!/I<;]Z_/O=7/ESMSL;[+CWA/>1?B4[+C
MWA/>1?B4[+CWA/>1?B4[+CWA/>1?B4[)AWA/>1?B4[+CWA/>1?B4[+CWA/>1
M?B4[+CWA/>1?B4[)AWA/>1?B4[+CWA/>1?B4[+CWA/>1?B4[+CWA/>1?B4[+
MCWA/>1?B57/OSG;*1>&IRME;EQ%F-_>PSQ[NL.V7<Z6-N?<];N=7/NVJQD/Y
MV']IC^C:M]*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*_F(Z+_X/==_:[#_`%C<
M-974I2E*4I2E*5]RO_2BO_\`9+_ZV%?L"X,7J4^@'N6(F_5\*K-Z4I2E*4I2
ME*4I2E*5^&[B/>JC[Y?^;ZN_NM1]6*%*4I2E*4I2E37J'ZH#P[?=9V_=NV/K
E]Z0?SL/[3']&U;Z4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*5__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>g716406.jpg
<DESCRIPTION>G716406.JPG
<TEXT>
begin 644 g716406.jpg
M_]C_X``02D9)1@`!`0$!L`&P``#__@!"35),3%]'4D%02$E#4SI;4%)/2D5#
M5%]'3TQ$1DE.1T5275-04D]45%]02%E37T=/3$1?34-,4E],3T=/+D504__;
M`$,``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`?_;`$,!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`?_``!$(`)H"3P,!(@`"$0$#$0'_Q``?``$``@("`P$!````````````"`D*
M"P8'`0(%!`/_Q`!L$```!@$#`@,"!0H*$PP'"0`!`@,$!08'``@1"1(3%"$5
M,0H6(D%1%Q@C,C<Y87:!DAE3<9&6L;:WT=4D)30U-D)25%=8<G5XDZ&UTM3P
M)C,X1$56>925LK2X&E68HJ;3UG1W@H67L\'7\?_$`!T!``$$`P$!````````
M```````$!08'`@,("0'_Q`!;$0`"`@$#`P($`P,$!PT9```!`@,$!0`&$0<2
M(1,Q"!0B014C418R821"<8$7,S0V=*&R-3=#9G-U=I&QL\'"\1DE)E)355=C
M9X62DY66I*6FM+7#TM35Y?#_V@`,`P$``A$#$0`_`,_C3331HTTTTT:----.
M0_V]_P"M[]&C337')BXU.N]PS]GK\)V_;>UIF-CA#@.X?DO'*)N>`$>`+SP'
MH&NN7.XO!S02@ME&G")A.`>!+)NN!((`;N\J1;L]1#CO[0-Z]O/`\1W)[OVG
MA',69W1MW$R#P8\GFL;0<$,J\%;5F)A]3*OD>Y`]SI?7Q>3N`-4QUZTI]C6J
M3S@_T&*-@?ZOX_IKNG373K+<'A*0$A6V4*7RHH*1`<3;9F83@'(\E>"W$"\>
MXYN$Q$!`#"(#QV3$V.OSQ/$@YR'F4^T#^)%2;&1)VC[C=S-=<.T?I]WX=;,7
MNK;&<;MPNX\%EV/!"XO+X^^Q!'(/;4L2G@CSSQ[?T:PLX[(4QS;HW*H_6S5G
M@'OQ[RHOW('])U]G3333]I'IIIIHT:::::-&FFFFC1KXMCGXVJP$S99A4R,7
M`QCV6D%"%`RA6C!NHY6\(@F+XBIB)B1)/N`5%3$(`@)N=4^W?=5FC($\*-9F
M)*I1SMX#:%K=31(,FMXRP),D',@5LXE9*47Y2(HDS.W:F7,*39GV<&/9?N/B
MY&9P=DIA%)K*O3UIPX(D@43JK(L'#:0>(D(`@)Q59-7"8D#DQBF,`%.(]HT[
MX=NT=CS)M0NLHQ&2C(63.L]02(55<K1ZR=1ZKUFF8Q2JO&*;P7K5,3%\51$$
MRG*<Y3!Y\_&'O[=6-WOTZV#4W7E=C;/SL-6[N#<&)FM5)>RWFSC+DEBQ3D@L
MV*V"H1"^]"*PD4[7%-E'9:K17GTIP>-L8?/YN7&5LSE:3R0T:-E(YE[HZ?S$
M*I'*KQI)=G;T5G9&9!"PC*\R!N:RU\W+8OD&8V&RY)K#QZGYIFE85U7#9^D@
M)!4$B$HF_CW943+$*Y1`IE$#*%3<)IF,4-60[7\YO,RU>41L"#5"VU5=FVEE
M&28-V<HS?IK&CY9!L*AQ:JK':NF[YLGRW2<H@JW\-!RFBE_?)-#H^ZBC5Y2N
MW1LDPCY<)9E.Q+1O*JIBHP<LW46Z9.7+-6/7."Z*CELZ!)T@HV3(HW`1[B^F
M!]MS?!TO8)1M<7UC+/QK&/4:.8=M&)MQ8NUG2;@#-WSH5CB"ZB0%,0O84QA`
MP]PEU(^E?3/J]T[ZN8^?;FZLQOSH;F*)>QE\MNG&9*)HK>(EL06ZU!LG)(UB
M#,K`J7\521;=*4ANZ-I&1NW)N+:N>VO.E[&5,)O*K,%2K4QL]<AHK2))%),*
MX`1ZAD+0VIBT<Z<C@]JF3>FHI9QW1,\*VUA57%,>V([Z!;3@/FTVTC2)%</Y
M!EY84%V#HYS$%@*HJ`H`&!4I0(`E$QNHI_?O#-XV$/7J.L_F'S('<PTDIXC1
ME"K&<.$TXU-TWC55Y1X*"2;E=5)LV:-_'30*HY6*L"5[;B^(OHSM3)YO#9[>
MU:CE]NR"'*XXXO.2V8IB\*""N(<9)'?F!L1NT=&2RR1>I.X6&&:2.&4-A[LR
M=>G;I8>6:K?!:M8%BFL;(`Y+R%["F!?H8!IQ&&?MC7EW16L*TU%K`VZ"`S-(
M.ZX[AE*M:VK0[]"/._)(L)9B@*9'2T<]%LS5!PT.HF=RQ<-BJ%;G*X05<IIN
M?`YGG;-;?"$!#3KBNN;&68FAABMFTDA&';F".=R'F#*KM715"\-12\,I"FY.
M!^_@HE&44>K/3W([%L=2J>Y:T^RZ:2/=S,=;(-\F8IXZTL5J@*AR<-B.::)7
MKO2$P26.8(89$D9NFVQG8,RFWYL?)'EY658JC20#U>]"Z-'.9?EGC90Q$BS%
M.59>[N4@=Y::@*7?G5QK;Z3/2)-*?)))L8RO>VVJX.FPM"N%Y9])$CTTX]D@
ML<&A$B-GCMVX`W@I%23553DICK+\?:L/LLM6A)E4XTS*9?RA!>JO&L>VB)1_
M'B8KE1NW6<'7*S(9-$C;QE7"Y&J!%53)@=MVKUPZ5[VR,V+VON^CE;5;`6=S
MW.VMD:E>CA:=JO4L6[UJ_3JUJ;12V87>M9EBM+7<6FA%9EE._);/W)AZZV<C
MBIJT4EZ/'1$R02O-<EC>6.*&*&6228,L;@21JT1D4Q!_4!37<VFJZ+)O]8-W
MJR56Q\N]CDE3%2D;#.DB%G28=P%.6.9L)`6O?P!R$7>G6`HB"J29P$I>;XQW
MMU*WS4?7K?7EZ6YDUT&;*7))IR\`=ZX.5-!%ZN9JP=QA%UCE21<JH.&A3G(#
MAPW(;Q`C..^*'H5E<Y%MZGOZBU^Q96G7EGQV:J8R:P[B-$3+VL;#C`DDC!8I
MWM+6E)'I3.&7EQGZ<[SK4FORX.<0)&975)ZDMA(PO<6-6*P]GE1Y9!$9$X/<
MHX/$X-=26/.6,ZS98:G.[*U?6F<F8Z#:P<,`RSUN\DGJ3!$TF+03-XI%-94I
MEO:#A!<$P,9%NL8.T?C[@<MM\/4=*><0RTV68E0K1$$)%&,.V4?Q<HX*\%=9
M!<#@CY(2BB0I#F$X&!0O8(#2K2Y\E1ME6LZC8STE;L$/.JM"+%;G>^RWS=ZJ
MB#A0JA$E'(("05U"*`0Q_$.!N!Y@/Q!_$U'TFW'MW9^#@Q=S+7IJ]C<UO))D
MI(]N8::Q1]*>.I7A@2_8O5);\L#PWI14:E_**<YFCCT][&Z>-N>A?RMQ[,-6
M!'CQ\5<UPV0MI',7C,LCN8$AE6!7#0KZHF^B5.QFUD.ZZFR'G#&>+RBG:K,S
M2E!`HHU^/YDY]<3@`I\1;03K-DU`'Y+E^9FT^EP'ISUQ'[EF,A@J7S>%2<IM
M8F6-&&KPS;0ZZQB3;"&\8LH#,K=,!,]!QX9FQC`"8I";DP'"GNQ3(3UFG[$5
M$Z`3D_*3?@'6!=5(LC).'Y$%'!0*"YT"+%0\8"@4P$`Q"E+VE!'UY^*O'=/L
M'M9]@_A6XLQO+$P;@Q\^2ART5.EMN[ZJ8_,FF:])[9O3U[4,522[4L5FK&2S
M6>-T1]NRNFEC.W,DN;^9H5,39DHV$KM5::7(0>FT],2^I*L7HI)&[2B&6.0.
M%C<$$KD1$,!R$.'/!RE,'/OX,`"'/O\`7@?7UU[:Z`P#G-IG"'GI!K75Z\6N
M2#&*.DO*MI471G#`KL%BG;-FP(@4/D"F<#B(_*`P!Z:[_P!=3[6W1@]YX#&[
MFVW?3)X7*Q22T;R06:R6%AGEJS%8;D->S&$L031\2PH24[E!0JQK?)8ZYB;M
MC'9"`U[E9E6:%GCD*%T6507B=XVYC=&^ER!SP>""`TTTU(-(=----&C33331
MHTTTTT:-----&C33331HTTTTT:-----&C33331HTTTTT:-----&C33331HTT
MTTT:-----&C33331HTTTTT:-----&C33331HTTTTT:-----&C37Y7SYE&-'#
M^1=M6#%HD==T\>N$FK5L@F')UG#A<Z:**1`]3J*G*0H>\P:Z_P`I96J6(ZVK
M8K2\$HJ"HA$Q+82'E9Q^1(5"L8YN8Q0,8`X,X=*F3:,DC`LZ63*9,%*C<B9:
MREN-M#6";-'RK-V[[*]0*^99=D02#R5S("()!*/$4_LKJ6DO!8L"]ZB"<<W`
MPCSWUH^(?:_23T,)!6FW7OW)"),3L_%.6M=]HA*DV3EBBL/2AL.RK5KI!8R%
MYV1:M1H3)9AG.TMB9+='?;:1,9A:_>;66M`"(",=TJUU9XQ,Z+RTCL\<$(!,
MLJMVHTT,G[X:E`'<1>-HL;G(IB=,9MZ=:.K"*A?0#MN"!)312G`?5N1@R6+P
M9&04*(",+IS.&?LNR1HMI/69T9P82DK5!9O8]`I#>Y)1O!`I)+I\#ZGDWRY?
MG,8H!Z2KQ+L=8MTVTUEU^+]V/8L6H0CLZ4<A[C>%,32'8ZD%?42JMHH[-H4P
M"3SKY,>1DS.Y$P5@*.+"*O:W5121*=*KUQBFM,+]B?V(ZL5$HJ.Q.J'H#N4%
M(BAA$3N1$1'7.^1V9U[ZFX^3='6_JE2Z)[%DXD_9RC:3$NE:7ZDK7X_Q"G%&
MTZ\>FF=R^5OQR]T;XR%E6$3J#+;(V].N-V?MJ;>&:7E?Q">-K0:1>`9*_P"1
M,S!#SR:52K"RD$69`2QK/@]H^=[+P]<U5M#>.;O,YM4VQ:O3";U$ZR")Y23`
MWK\H5T2*<AQP(AQKLUML-R>H5(7-OHS43"'BD3&P.S)%YX'M,$8V(L8"^H%Y
M2*(_)[P^VUV=9=_4,@HHC3\?R<BF'VCVQRK:'*;\(,(U"76XY^91VD;@``0`
M1'CJQUORRBH?EI5*(T3Y/\A1*?>G$HB'84R@RS0O)`Y`3%3`%!'GL(```U<^
M`^!S;3-6O;LWKO6XG'KV*_XP86E[E[WAL8[$86G(K<E@T=FRK+SVRLW!,E6]
MUER`62#&8G$1']R.04PRH1X#1V;5R92/'(:.,@@?2!R!ZN]B&54D3G:VBBOE
M"\B#<7$^S%0``1]%EHA9,!$>`X,`!Z\]X`'`]636V#/E*4"0;TY^[%$1.20I
M4HVD728E#GN*E&N&LT00]/4C,>1#D!'@-=N,=^N24CD]HTZDOD@.(J`U/.QJ
MIB#QP4AS/I),AB_*'O,BIW<@'87CD>X*OOUI[TZ:-PI<]`"(E*9[#NFEB9$$
M>`%0Z*A(F1(0/41*BW=J``>@''TU]BVO\$>Z)(X</OK>&Q<C]/RT]ULG%6CF
M[E*R36LOALC4C5#SW,<E3'CQ*HX)^-DNL6-4O;PV*S5?_1$A6J\C)]U6*G;K
MS,2#X_D\I_53Y&HFU3<WG7&S\\9(3KZ9(T4\-U7<@,W;URCX8=@I^8=&9V)D
M)``0`!>&2`?443\`&IV8JWCX\O!FD3:P&A6)<R:)2R;@JU<>N#<%`&<]V))M
M!4-SVH3*+`0,)4DW+DX@)NS$GF!]Q,2HW*I4[VDFB('04(5*PQ1#"7[(0BQ&
M=BAS@<0`%TO+%$P<`H8`$!AEEW9#*Q"3F;Q.]7L#$A5%5ZE,+H!-))@`G$L1
M)F*@UE2@7DI6,@5L],``";Q\L8$QM2K@_B+Z/T8=R=--]U.OG3I4,QQ,\[9:
M_P#(JR]WX:J7;]IUA3E(OV?S-D&7EY,))&A01J2[L'=4KX_<.%EV1GRP3YJ-
M!6@]8^WS(:&")>X\,XO5(R%\"\K$'5GY#D4*4Y#%.0Q0,4Q1`Q3%,')3%,`B
M`E,`@)3`(@8!`0$0'G7MJF;"^Y6\88D2UFQI24[4&CD6+^LR9EDIFM*)*>&X
M"#,^[56*C8>X5H!Z!&*I@$J`1RYQ<&MRIUQKM]KT=:*M)(RD/)I>(@X2Y(HF
MH4>U=J[0.`+-'K53E%TT7*19!4HE.7@2F-TOT9Z];/ZRT)EQADPVZ,=&&S>T
M\DZ_B-'M=8I+%23MC7)8X3L(OFXHXY8'>*.]5IRS11O7V[-E97:<ZFR%MXZ=
MN*>4KJ?EYP5[U20<L:\Y3EO2=F5P&:&29%9QR?3335XZAVFFFFC1KU,4IRF(
M<`,4P"4Q3``E,40X$I@'D!`0]!`0$!#D!`0U6KG39@^*[?VK$":;ELX46=O:
M,LLFW6:JJ'.JL:LNUSD;J-C"813A7JB!V_'AL'BB0I,DI;[D;3;*3B&RVFF2
M'LR:B%X18'@-6CT4F*TVP:/Q!N];.FQ@,W<&*8ZB0>$03*%.0Q0'4+=O>YS(
MMBRK`P.1[L@O6Y=M*,BD=1<!&-_;!F@JQ!57C6/:*I"LNBHV1+XX$5<KHI'*
M83EXY%^(3</1K<.Z=K]&>IF#W`^7W",;9VWNG&Q8NM!@)L]DI\-%83+6\E#8
M@3YFC_SQKOC;U&6):[RP6)8HQ#:&QJ&[*.-R6[MNW:*U<>;$>0QMAK,CWDI5
MXKCQFK'79'_+G_(D%B"96]0))&K,7B!6[9?<3V5=U!2$U4;%'K@WDV*R2S8Q
MU$1]6,["O4P0>)<?\7D&IS%(8%&QTC&(KJX+;OG-IFNK.'+ELC&6NOG;,[)&
MH&$6AU'*9SM):,`YSJA'2/@K@5%8QEF3I!PS.HN5-%PO'#?E&4LL/3YD@,$[
MXO+'9D%`Z19!]5RL7:CD[U,@>*X9LI`C`C)=P/""KE9!N82K*IZX#L'1=FO]
MZ<$*IY%.G,47!@$P)`[6G4CLRG#[4R@HMWPIB/)BE!4`X`X\\^](GW=T(^)&
MKT4J;I;<^S\Y*ZS4N]S!76WA;.8IWUHF2>/$9FJ8(UR(KOZ5RFQDF!#U6K3G
M=(Q>].G\F\)<:,=EJ:KVR\+WR&.Y%4EA,W:C6JDBN6KF0=\,H[$/B42?&WW?
M=<K_`.(,;_GVPZ[MV^4*JS&U6RC(PS%TXL:%\<R+Q=JW5=BXBQ>LXI9%P=,5
M4C1A6#=9B!3@#=P!UB`!U#B;I+?=]URO_B#&_P"?;#J16V^8CV^T^<<K.")H
MP;3)9)(QC%#RQ@]HR`%.'=R!CM7;=1,IN#'!4G:`@8HBOV=5Q=OXN.ND>6@I
M6*XVEO-E2]'#+""R;>BL,%G!0$T9;<<K<?W-).K'TV<'3EI;$72W9;5GE1SD
M\0"T3,K>/GW3DH0?$R1,G_;5C(^H+J!^V60=,LYXO7;G[%',V9DL/(@!V\E"
MR+9T00`0Y`Z:H^@CQW`41`0#@9P;]ON>TG\=A_<Y+Z@OML055SABM--,QSIV
M)!4Y0XY*FWBGZJYQY$/1-,AS&^?@H@`"/`#.C?M]SRD?CL/[G)?4'Z0O,WP=
M==U=I#$N?4QAN>P.U39_J]G/CN/$?>!^B\_;3SNM4'5;9A`4.:0#<>Y46<EV
M<_P'+<?UZC-M2P37,PREGD+>H]4@JL2+1+&,'9F"DE(ROG%2>9>(AYI)HT;,
MC'%)J=!5=9=/N<`DDHDI)3=Q$PN-,`5Z@TYN:'@7ER9,RQP.7SOO9IEF;*Z2
M.Y>+.%U"'E4D')BN%SAR!2)%`I"E+\'I^_SLRE_?6I_YNF-<YWVQIW6*(&1(
M0YO95XC3+&*/R$D9"*F&`'4*!1Y`7"C=(H]Q0*=4/>)@`++V5LW`X?X+=P[N
MPF$H0;MW!LW=,>9SZ5D;+V\8=T6ZEVFU\*;,>/7%T(E:G'(E0FNL\L32]\C1
M[,96[;ZNT,7;MSOC*.7Q;4Z)D(J16/P^"6*40$^F9S8F<^L5,OYA16"\*.C-
MBM-@;!/7^<FHR/E5X2-@H^-3D62#Y-J:8<2BSURBFY341(NHG&H-_%`GBE1,
MJ0IRD64*:/6Y"LQ=4S5?H.$;(L(PK]H^:,VJ8(-V0S,/'R:Z#5(@]B"*;MVN
M9%-(")(D,5-%--,A2!*#8!)-TY;)L08W\EN8ZL2:).X.X[9FZF6C@Q2?;&!)
M5ZV[S!\DGBI@/`G#4<-T\DVD,]9&<M3E.DT?1K!0P&*<H.8JOQ31X7D@B`>$
MY152.41[R'3.0X%,40"DMYT<%'\&G2>]!5H)F)>H>92Q;CBC6])W6-[)9268
M`2NOH5<2)%9BH2"GX`CCXF&(FN-U;W1`\DQJK@:ACB9F,*_EX4QD(3V`]\E@
MJ>.>YY?U;5K%8-&Y`PE496R1T?.G?42*F%`EV#9^0)7XNB15\FD^27!-SXIG
M`D7``5`%3]IP`Y@&F7$K9L]R=C5F\01=M'=UJ:#IJY237;N4%I=B19!PBJ4Z
M2R*Q#&(JDH4Q%"&,4Y1`1#5T>-HQ2&P938U<JA%VF-8I-<BHE\1-8U=(JJF?
ML`"\IG4,3T#T`H`(B("(TQ8=$"Y5Q<(B``%ZIW(B(``?RZ8!ZB/IJU?BDB>7
M*?"_8R$*'(W*U<9622-?6L3B78WK):9@7E[)))AVRENWO<?SFYC'39E6MU'2
M!S\O$[?+JK'L1.S,]IC`\*"JJ05`Y`7]!J]PM3JR4.K7TZU`)P*ZH++0A(:.
M)$*JBNFX%52-*V!DHH*Z::PG.B8XJD(H(]Y2F"A"]-T6^0+DU;I)(-D+M96Z
M""*9$D44$K$_221223*5--%)(I4TTR%*0B92D*`%``UD'C[ORA^V&L?7(`@&
M1[N/S!>[0//S<?&60'W^[4B^/:I4KX'I@8*M:`KELS64PP11%:T5.@T5=2B*
M5@C:1VCA'$:%V*J"QY0]$Y)'O;@#R.X:K6D(9V/,C2R!G/)/+D``M^\0!R?&
MK[:_78"OM!3@8.'A$W14%G*<1&,HTCA8B)4RJKD9((%65*3Y!5%`,8"_)`0+
MZ:^]K^#80%N@(#R`HI"`A[A`4RB`@/SAQ\X:_OKT'IP5ZU6""K##7@CC`CA@
MC2*%`>68)'&JHH+,S'M`Y8DGR3JC)'>21WD=G=C]3NQ9CQX'+,23P`!Y/L.-
M----*=8:::::-&FFFFC1IIIIHT:::::-&FFFFC1IIIIHT:::::-&FFFFC1II
MIIHT:::::-&FFFFC1IIIIHT:::::-&FFFFC1IIIIHT:::::-&FFFFC1IIIIH
MT::X#DS(U?Q94).X6-0_E&0$1:,D!)YR6DW'<#*+8%4,4IW3HY3#W&'PV[=-
M=VN)4&ZA@YZ80*`F$0```1$1'@``/41$?<``'J(CZ`'J.J8-QN59/-^348*L
M"XDJY#R(5RFQK3O,$U*NG!&;F9(D/'>O+.^UK'G.4/!BD43_`&/S+H34/\0?
M6&/I!LHW:$:7MW[@F;#[0Q94S--DG51+?EK)S+/4QBRQ2R1(I^9MS4:!:(W1
M*DTV-M5MU9<0S,8<5106\K9Y[`E96\0+(?I2:R5959B/3C2:?AO1*-Q=RYR=
MNDRD4A"E>2\AW@W;=ZJ<!3JVBN7O,8WRQ;1C$%$Q<N.TSZ8D#D#A9XX023M%
MQ]C/&>VRE/I1V]9-E4&?CVJ\3!$T7TAV#W@W3`@**-V0*]J49!,?%.JKX9>Q
M[(*&64_AAS%]7V[XV=O)MVP0E`8&G+W9U0`J7B-D3*F9MU1+XWLF)()FT>W#
MY;I<RKL$A=OS$U63GW/,WFBQ&$AG$=28ERK\6H$XBF8P!W)A-3"93&(K,NDA
M'M()CI13<XLVO*AG;ASRE`F#^&';(ZF=1D7>OQ"[^6S?Q]')3BS)A&M*K69+
M$P9C76J)5BRN0@XGM3M^!XB2*@EJV;*8W.HV1_9W`$XC8N$,<,TM=#&ML1GB
M,*IX]1I>TO5@DY2-1\Y;#3F.,=KYIWCVRXK/8'')W5/JPB=`9<OV&US"7J4Q
MP7(<P5]HJ`<IH,A&4$@\KOFXG.U3A6=0ZJBBJISJJK'%1954YE%5E##R9194
MXF454,/J910QCF'U,81UZ:Y%6*E9KK*!"U.$?S\L+9=YY".3(HN#5MX8+N#>
M(HDF5-(54BF$ZA1$RA"$`QS`4>'=X[[W_P!7-QI>W%D<IN3+VYC#C,55BGF@
MJ^LWT4,)AJJND"GA5$=:%K%EE$EB2Q.6E:Y<3A<'M:@8:$%;'U8D#6;4K(LD
MO8!S-<MRD,Y'OS(XCC![8UC0!1QW37<_UNV<O[%UK_ZNQ_U_3ZW;.7]BZU_]
M78_Z_I'_`&-.H_\`V/M\_P#FEN#_`/'_`,?]W]#K=^T.W_\`K[A?_*M#_P"X
M_B/]O73&FNY_K=<Y_P!BZU_]78_Z_KJ>5BY*$DGT/,,G,;*1CI5E(1[Q(473
M-V@/:JW72-ZD4((@/H(E.0Q%$S'3.0YFG+[4W3M^&*QG]L[AP<$\AA@GS.%R
M6+AFF"%S%#+>JP))($!<QHS.%!8C@$A35R>-O.R4<C0NNB][I4N5[+HG(`=U
MAD<JI)`#,`.2!SR=>D?(R$0^;2<4^>1DDS."C20CG2[)\U4#U`[=VU4272'Z
M>Q0`,'H8#`(AJP+"&]-ZV69UK,)RNF)_";-;RV;@1VU,(@0@V5BU3!-RV[>/
M$EX]%-=+@5'K)P457:=>.GN]VI5TVZL[YZ49=,KM#,S58GE1\AAK#/8P>7C7
M@&'(XXNL<A9`8TM0F"]75F-6U"Q)+;N':^&W-5-;*U$D8*RP6XPJ7*C'^=7G
M[2RCGZFB</!(0/4B?@<7-9TV\U/.$*6S5Q:-87,8]-S"V5H9,\;86IDBJLVD
MVLT*J#]@NB(%82J0JNH\#D42,Y:`HS4KKQ5DZ[;;<@R#"6C7Z3(KPD;=Z<Z.
M9,RQ4C$[)%B'<+;VJU0-X\5()][:39*^7%8[1RDLASS;!N/=XTE6E,MSQ9SC
MZ5<IH-EW"QC_`!,>.%3?R:V`W<)8)RLKW2K,@@1F81DVI2B5XDYE[NKP2WR?
M5QNE7:IGN];8G71\L!#'L\"D0[E:(,9,!\=XW(91Y!*`)Q,J==B7E-^4R?;&
M8J8OK7M^/XA.AROM3K)LF2.YN[;-`HUC(RQ1,TY,"QI'D)[=5++TK?H%-QT!
M:P^0@DR$9@K4]4EL[/O-L7>17)[2S"F+&9";D1UU=E$9#EBU=(I2@GA+AL?/
MZ=NO((&]264U;L4/;8&*LM?>I2,--,D7\>\1'Y*S=8O(=Q1^6DLD<#HN$%`*
MJW<)JH*E*HF<H?;U5-LOS.I6;)]2^?>"%>M+@RE;.X.;LBK.<.3,4Q.(>"VL
M)"B0$1`"DF$D.TI59!<36LZ[*Z)=5\=UAV'CMTU4BJY.-CC=QXM&+?AN;K1Q
MFS'&&+.:=I)(KM!V9F-2Q''*WS$4Z)5&[]LV-J9JQC)2TE<@6*%DCCYBG(6$
M;'@`>K&5:&<``"6-BH]-D)::::MW47U\6Q5^*M4%+UN;:D>1,Y'NHR0;'X^R
MM7:1D50*80$4U2`;Q$5BAWHK$35(('(4=5;7+8OD:-DEBTR7@+1"J*&\J:5>
M&A)=!$0Y*201.U<Q[A0G^]F<M')"KF#Q?)MNX4R6QZ:J#JIT.Z?=8HL?^V&/
MM_/8M9(\?E\5<-')UZ\SK)-5,ACGK6:\CH'6*W5L"%R[U_1:68R2G;6\L[M1
MI_PJ>+T;)5IZMF$3UY'0$))V\I)'(H)'=%+&77A9.\*H%/\`&;)<V2#Q-*2/
M4XA`Q2^(_=V!>2%,A1#[&5NQ8++K&(43>&GXB27(=H+$`>=6+X/PI`X3K"T/
M&NE968E5TGMAGETB-U))TBD*3=%!L0R@-(UBF=4C%J*JZA1677775774,'=.
MFF/IC\-W2_I1EWW#MVAD;V>,,U>#+YV_\_:I06%[+"4HXH*E.N\\?,4EE:IM
MF!Y8/F/1FEC=9N+?^X]S511OSP0T@Z2/4I0>A%*\9YC,S,\LT@1@&6,R^D'"
MOV=ZJRU*[[ONN5_\08W_`#[8=<9H>WK*=ZQ0PG\>V@AH:TOI-O9Z:]FWT(R<
M.H.678LGAB)`M&2R0HMDE3D?HHN&RQ`*D=RCV$1Y?OH9O'&6H`[=F]<$"A1I
M1.W9NG!`-[=L`B43HHJ%`P`(")1$!`!`>.!#4OMG2*R&":XFNBL@H$O:Q%-=
M%1!0`&POA`136(0X`(>H")0`0]0Y#UUQUB.FV$ZF?%AUBV]N:/+18R3&YNU!
M<Q5VQC+<%D6MM5"T-F-6BE2:E<N5)Z]F*S5GKV)5D@8A62UK6X;FWNF.T[^.
M:J]A;-*)X;,,=F)X_2R$O:\3<.I2:*&5)(VCE22-&5P"0>M=M.U:=QM9_C[?
M7L6>89L732!AHE=5\FP5D$Q;/9%_(*(MTU'(,S*M&K=JDHFF5RX65<G.*:9.
MU]SF'+/F:K5V$J[V%9.XFQC+N5)MP\;H';#$OV/8B9DQ?',MXSI,W:<B9/#`
MX]_<`%&2VFNW\5T+Z?87IID>E&/H78MJY<R294_/2'*9"S--5FFN6+X4'YE_
MDJL0,44<4<$$4,421H%%/6=Y9VWN&#<T\\+Y*KV"M^0ORT$<:NJ1)!R1Z8]2
M1B&9F9W9W9F8G44MKN#;9A5G=&]I?P+X]B>PCED,&Y?."I$C6C]!<'(O8]@)
M#'.Z3%($P5`2@?N$@@`&[^OM)A<B5&<IM@3.>,G&8ME5$1*5RT6(<J[-^T.8
M#%([8.TD7;8QBF)XJ0%4(=(QR&Y?IJ5[8Z>[7VGLBMT\QU)[&U:]+(XXT,G*
M;QL4LM8N6;]>U)(`9XIWO6496''I.(_8:;,CG,CE,Q)G;$P3)235['KUU$/I
MS58XHX)(E7PC((8R"/YP[O<ZJ@>;-LYTZ=,]H5EBG92^82:3<989"H3!6J@B
M04W:)$A\$RZ8%%=%K(.VQCAZ#P4@AR?&6R*TKV%E.96EHE.);/BR#V"C'KF8
MDYQ9)P"XMI*350;MVS-ZIR9^JBH]>N4A41`R!USKIV<::I#'_!YT7Q^6JY'Y
M'<-ZC2O-D:>VLCGK%K;L%DM$W/RC1+;GC)AB66.U>G2U&BPW!8A'9J8S]5=W
M3U9*_KT89IH1!+D8*,<60DC`8<&4,8D([V*M%#&T;$O$4?ZM?R%!$41;BFGX
M`IBD*784$Q2$O8*?9QV@F)/D=@!P!/DAP&JN;SL9NS:Q/'&/)J`>5QPZ5=1R
M$V_>Q4O$IG4\9-DLJWCWC=Z5J803;/4%&ZQTTTS+MR+`*A[2]-6CU0Z-;%ZO
M4<92WC0M2OA9YI\5?QUR2A?I?,K"EN**9`\;P6EKU_6BFAE7N@ADC[)(U;4;
MVYNS,[5GL38F>-!;1$LP3Q+-!,(RQB9D/!$D9=^QT96`=U)*L5/3N":C<:1C
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M8LTV:2D@@@9FDDX06%-F@3RY"&`Y>!.)0DAIIJ>;0VOCME;;Q.UL1+=FQN&K
M&K4DR-DW+K1&627\^RRH96#2,JDJ.$"J!PHTRY3(SY:_:R-I85L6Y/5E6O&(
M80W:J_1&"0H(4$CD\L2?OIIIIJ2:0:::::-&FFFFC1IIIIHT:::::-&FFFFC
M1IIIIHT:::::-&FFFFC1IIIIHT:::::-&FFFFC1IIIIHT:::::-&FFFFC1II
MIIHT:::::-&FFFFC1IIIIHT:B_NUR4KCW%+YI&N/`G[HN:KQBA#]B[5HY;JJ
MS<@CZ"/>VC"J-TCE$IDG3YJH`\E#46MCN*DY:;E,I2[0IV-;.>$JQ52\IFG%
MFY1E)),H\@(Q4<NDR;'$!`CF0<&()56Q3%XCOAN"DUE1E6$E3'9TJNMB';%-
MW$"9GOY:O3`4!X!88\L.C_5%`.!]3"&K`,>Q4;A'`\6#\H)IU2FN+%/CQV'7
ME#LUIR9Y'@3'45?+*M4@$!-V@BF````4.#JC5NK/Q6;GS^:D5]D]`<6(JJ3D
M&G%N"N[^I:G0AE$D&5AS-TS#AO\`H>QH<E8^T73+W[8Z9XZE4!7+[XL]\K(/
MSFH.%"QH?!*R5GJPA#])%^R`>6YU#C>[F`\A*-L0P;D2L(DS65N*B1P[7<FH
MF5Q$0IQ(/RD8Y!0DF]2,(E,]<1Y3%`[,VJ^=?6GIR1LTW+V*76,O*SLD\EI!
M4PB(F=OUSN%2AS[DT1."")?<1%),A?DE`-?)UYY=7.HN1ZI[_P`_O"])+Z%V
MT\&&J2'@8W`U6:/%4%0'M1HZ_$UKLX6:_/;L\=T[<WMM;`0;:P='%0JO?%$L
MER5?]'O2JK69B>`6!D^B+GRL"11^R#35G6PZA>3@K5D=XCPO-NB5F%.<.#!%
MQ)RN959/D/5-Y*J(MC"`\":)_!JLYDS=R+QG',$3N7\@[;,&+<@"8Z[UZNFV
M:(E*'J(JN%4R<!Z_*UD!8YIS3']&JU-9]HI5^&9L%%">A7#PI/%D7?N`>YY(
M*NG1A$.1%7UY'D=='_`[L#]HNI&0WI;A#X_8V-+56=>4;/9Q)Z5/M[OI?Y?'
M)E9FXY:&=J4@X)4Z@'63.?(8"##Q/Q/F;'YH!\BC29)I>>/(]2P:RC[.@F7R
M.1KFG`?0'ZVO'R?ZG_W1_@U'[<[D-7'.(;$_8.SLYV=!.KP"R*@I.$9"8*H1
M=X@HF8JJ2L=%I/WR2R8@9)=!$P&*82CJG3ZHN00]`OEV`````/C=8AX`/0/4
M9+D?3YQ]1]X^NNRNMOQ2;=Z,;FH[6L;=N[CR%G%19:V:.0K4TQ\5BQ-#5@E]
M:"<O/,M:6<H.PQPFNY#"9>*GV?TWO[MQ\V2CO0T*\=IJL7K022M.T:1O*Z=C
M*`B>HJ<^>7##QV'609\G^I_]T?X-1-W,;<F>68L]FJ[=LSR+%H%*BJ;ALA:(
M]`IA"&DE>`3(\3+Z0TFM_,Y_Y!='\@J4[2J7ZHN0O^?MV_9;8?XRT^J+D+_G
M[=OV6V'^,M<W;W^,KISU#VUDMJ;HZ49>_BLE%V./QW'I8J6$!->_0G..=JMZ
MHY]2O.@/:>4D62%Y8I)_A^DV?P60KY/&[EJ06J[A@?DYS'*A*^I!.GK`2P2@
M%9(R1R.""K`,.,/V#Z*>NXR39NHZ18.%6CY@]04;/&;I`XIK-W+=4I5$EDC@
M)3$,'T&*(E,4P_DU^M_(/Y1VO(2CY[)/W)BF<OI!TX?/7!BD*F4R[ITHJX6,
M5,A$RF54.8"$*0![2@`?DUYYV?E_F)_E/7^4]:7Y7YGT_F/E^]O1^8]+\KUO
M3[?5]/\`+[^[L^GC5[1^IZ<?K=GJ]B^KZ?=Z?J=H[_3[OJ[.[GM[OJ[>.?/.
MG^WZOT@/T@/SAJUO97E]:UUAWC:=='7FJ8V27@W"ZHJ+/:HHJ""+<PG$QU%8
M!T9-EW"(@$>YC"<`*)A&J379F';TMC?)=1MQ55$VD?*H-YDI!_W^!DC`QF$3
M%]QP*S6.Z3*("`.&J"@`)B%XN?X?.I]GI5U-P.<:P\6"R-B+";H@[N(9<+D)
MHHY;,BGQWXJ;T<I"PX<FHT`81V)0T2WUMR/<NW;M,1AKM=&N8U^.76Y`C,L:
MGW[;2=]9@?I'JJY!:->.X]V.,C8PRD6P5XBD="7$Y[-#JM"F2)$V%JZ35F&K
M8Y2E(D*+\[:99I)\%2(^,DF`)MP`+/<*Y!)D_&E6MYA3!^^8>6FTD^T"H3L<
M<S&63`A0`$R'=HG<H$^9LX1'U`==4;P*8C;\+2TLW(1:0IB[6V,%2!WF,R0_
MD683(<O/V-:(=KN1``[1.U1-Z<`.NC-@]O.(7R@N%SF(D9A;8I$3<D("W\J)
MH2`(^G<HG$*G`H<=RAC#ZF'GO':5=>C/Q99G:-/BML[K-A7S^+J1\)4J9N%;
MM[MC4$)$([E+/UJ\$:A4KY;'1!>V).*4R<AW;TPJ967F3*[1N"C9E;S++2D]
M"'N8\=S<Q347=V))>K8<GEFU8]IIIKNK5-:ZORQFW#F!Z\SMV;LK8ZQ#5I"8
M;U]A9,FW2O4:">SKMH]?M89K*V60C6+B5<,HZ0>(,$ES.E6S%VN1(R;=4Q(]
M_HD73W_MX]H__M$XG_\`JK7&.HOT\\4=2G!\)@W+MNR!2H2M9"B<FPLWCEU6
MV\NG8X:OV:MM$7R=HKUCCWL0=A:I(Z[0C9HY.Z39J$?))I*HKZX7JF;`PZ<.
M[25VZ-;ZMDRO.:13\BU&W2-?:UR8<P%O4F67LZ;BV3R0CRRD-+UZ68*O(YT#
M22:IM)`C.-4<JQS9[Q6.IY`^D]F6.SP[>FL8*E%(\AR..>#R03_1JN-[;LW#
MM0&[!AJ-S#<P1?-R6W2=;$H;E'@7R$Y4A74,.>.[CD<[*1/J/=/M51-)+?!M
M)4554(DFF7<1B<3'44.!$R%#XU>ICG,4I0^<P@'SZD/0,S8ARNDX7Q;E/'.2
M4&@"+I>@7BKW-)OVJF1-XYZU*R8(@58IDC"KV`50IB"(&`0U@C[-_@T4ON_V
MA88W.1F[V)HLOF6B(71E0W^#G%ABX('DK(LVT:[M+7)L0]?@+%DFX<.D:ZU\
M)TNHU3;KH(%=.(.[TNC9O\Z62"&X!I,,I['=<E&!";@-N5EM-?EJ"\>.D6\,
MYN4>FA7;K1T7K\R#-M-M7,U5TI%9G'O;`V>/F#=SO&*QDLIKP93B<,R!9865
M2ZGCM!(C!Y((!!//N`?;34V^-YTJ4>5R6R@V,>&*R9J&0CFD2M*BR"9TC-EH
MU",&(E1.!X<H.679Q^@^O/(?@$>/\@Z\ZQ*^@+UM<C[G+DWV5;NY]*TY8-79
M&5PIF%VBBTG\C-:NQ4D)^AWY)FBBQD+M%P#9U88.V(-V2UHAXJ9:SZ*UB8)2
ML_>CESJI]//`^1K5B/+^[/$=`R32'K:.M=.L,O(MYF">O(QA,M6S]%&*7235
M7BY-@](!%E`%!TD(B`B)0:K%"U6L/6:)WD0!ORE:0-&3P)%[03VD^.2!P?I/
M!\:G6(W3A<QB8,Q#=AKU9G,#?.2Q5GAM*.7K2>HX42J/J`5F#1D2*2IYU8'I
MJK<.M=TJQ$`#?'@H1$>`#V[*^HC_`/DFI5NMYVUQEMM0W?NLV4=#;0Y9,Y!#
M,BCYT%,59/[42D,W!7GDA=>&XMARP2?+,##(""0E`O)]:&KSIV]\$R=S!5[H
MW7N8^RKRHY8_8#DG]-.<.5Q=CU#!D:$PAB::8Q6Z\@BA3@O+(4D/IQKW#N=N
M%7GR1J3NFJMOT:_I5?V\>"O^W97^)-=MX.ZF^PG<IDB&Q#@K=)BO)V2K`TF'
M\+3JO*R#J9D6=?C5I>97;(KQ;9(Q(Z-;KO7'<L42H)',4#"'&OK5K*@LU>=5
M4$EFBD``'N22H``^Y.L(\SB)I$BBRF.EED94CCCNUGD=V("HB+(69F+`!0"2
M3P!J=VFJOWO6CZ6<<\>1[W>[@UL\8.W3!XW5G)4%&[MDX5:.D%`"%$`.@X15
M2/P(AWD-P(AP(_E-UL.E24IC#ODP4!2%,<P^W9;T*0HF,/I"<\`4!$?P!K[\
MI:XY^6L<>_/HR<<?K^[K'\<PH/!R^,!YXX-^J#SX'!'J\\\D>-6E::X5:<BT
MBDX]L&5K798R"QW5:A)7VQ6Y^J=.'B:?$0ZL_)V!XL1,ZA(YG#(JR*ZA4CG*
MV(8P)F-P4:ZPZU_2J$`'Z^/!7`@`A_+V5]P^H?\`(GT:P2&:4$QPRR`'@E(W
M<`_H>T'@_P`#I19R./IE%MWJ=5I%[D6Q9AA+KSQW*)'4LO)XY'(Y^^K2=-1:
MVU[V-JF\$;B&V;.5$S,./_8/QS"EOW3WXN_&<)88#VCYIDS\/VH$'+>4[/$[
M_(.`-V"4.[F>X+<O@7:IC]YE+<1E6G8EHC-<C,)VWRA602$BJ0ZJ,1!1B!',
MS9)QPDFJJV@Z]&RDNX225529&334.7'TY`_IF-Q)R!Z?8W?R1R!V<=W)!!`X
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MC9N0W@;9]H<-6+!N5S+2\.0MSEWL#5Y&YO73-M-2\?'C*O6#(S5F\$Z[:.`7
M:H'*0H)<"!A,(%U$G]&OZ57]O'@K_MV5_B36M*\\B]T<$SJ>0&2-V4D>XY52
M/'W\Z5SY3&59##:R-&O,`"8I[=>*0!@"I*22*P#`@@D>0>1XU:3IJ".#^IQL
M(W)Y'A\18+W28JR;DJP,YE_#4ZKRK]U,R+.OQJTQ-.&R*\8V2,G'1C==ZYY6
M*)4$CF*!A#C4[O=[]8/')&W;(CQMQSVNK(W!]CPP!X/!\_PUOK6JMR,RU+,%
MJ(,4,E>6.:,.`&*EXV9>X!E)7GD`CD>=--0/W4=3;8MLN?&@]Q6XRC4BW`T3
M>DQ^R/*7/(IVRY3&:+GHE)CK!9F39YV&!L]E(]@Q4X[@<@3Y>H/U?X1QTG+)
M.>QG&?+354CKD00G+;A3+<37U^]!%4%C2*%4?F9-RJJG:J+2;9D4BR"QQ#R@
M).E=T=.W*GJ1U;$B<<ATAD92/X$*0??[<Z;K.XL#3G^5MYG%UK`(#03WZT4J
MDG@!T>4,G)\`L`.1QSSJ]#354&4.MITV\8S>)ZZ3<77\F2^:5HEO1V^%6;O+
M#<ZLU:8JH,D[')U/S<73W)I:62,:/M+R)E/)M9!RFQ4!H8AK7@$#!R'TF#U^
MDIA*/^4!X^D-:GAEB"F2-XP_/9WJR]W:>"1W`<@'P2/OI=5R%&ZTR4[=:TU<
MQB<5YHYA$95[XPYC9@I=/J4$@E?/'!!/G3341,R[Z-L^`L_X#VQ91R#\7<Q[
ME7;IEB>M!!3DBVEUT'R<4V++3C!BO#UHLQ,JA"P)YQXR+-2Q5&$?XRZ9REQ1
M'D/:BL[<,W"@L>%!9CP`3PH!)/V`).ML]B"L@DL3101F2.(/+(L:F29UCB0,
MY`+22,J(O/+,0`"=2[TT`>0`?7U#GU#@?R@/J`_@T$>`$1]P>HZQUNTTU71D
M3JV]-[$U[M^,<C;P,.5"^T&PR=4N-6F)F21E:_8H=<6TG$2*240LFF\9+@*2
MY"*J%*<!`#CQKAP=:[I5B(`&^/!0B(@`![=E?41]`#^<FMXJVB`16G((Y!$,
MA!'Z@A>"--C9O#(S(^6QJ.C%61KU565@0"K*90003P00"#X/L=6D::Z^Q5E7
M'F;\>5++&)[;$7K'5[B$9^HVZ!657B)^'<*+)(R#!99%!4[=11!8A1.BF;N3
M,`E#C78.M)!!(((()!!'!!'@@@^00?<:<597571E='4,CJ0RLK`%65@2&5@0
M002"""#QIIIIKYK+3335:?5&ZE.,.F?M^-D^VL/CADFYNG]8PIBUN\!DZO%O
M;,/..74F]`%%8>D59!5K(7&P)HKJM$',?%1R#F<FXELKLBBDGD2*)2\DC!44
M>Y)_Q`?<D^`.22`-);UZKC:EB_>F2O4JQM+/-(>%1%_HY+,Q(5$4%G<JB@LP
M!G/DW+V*L+5AU=<OY(HN+J@R[_-6?(-K@J?`HF(0R@I#*6!]'LSKB0HB1LDJ
MHX4'@J:1S&`!K(L'7IZ2E<=*,WF\NCR*R,A[.4-6:CE2UM05Y,!G*<A7:%(Q
M[B-*)1[I5JZ7CP`2B#@P&`=8/V+<6=1/K[[JI.0L%O>W%6#43=W#(=K!W'X/
MVZU&76>+1D-6ZQ'F,TB#2/DEV=9I]90<7"X.6B\M8Y9=!K.VMGD_XH^"J[%J
MU5VS7+>4]P^5;DHS%.3G8FU5_&E>3?*M$TCNH*L0U;F'K-%LY!5TP1G+-8C?
M*(C('?)$$IGN7'8ZCVI?N2O8(#-#452$Y^S.X(YX\^0I(\@<$'5:TMW[NW,9
M;.U\!2AQ*NT<.0SLTJ&R4\%HH:\D1XYY#=C3*A!5I0P[1>9MVWV;/=V:`J;=
M-QF*,KO"%4.O7ZW:V1;@S33*!C*OZ1*C&W%@CVCW%6=P2*1@`W:<>T=<"Q7U
M,-DV;-RUOVA8QS:QM6X&BO+W'V6CM:C?&C=H\QG()1=V;M;;(5AI3)8\&^5\
M!7V38'H.A2<G8BY(U<&3Q!^J9\'=LNRW'TUNOV89)R#D.AXQ!:SWFG6=5DCE
M_&5:8=SESD"GW>HMJ^:S0E;)PO8F:<-#VB!BDEK"@^G6362)'Q.^#73)$>J_
MCLL@NY7>V+$>>V2"QS*NE',B>KM9]PL[<G.<XBLVB9!=1TL<YEG)B`<QE%^\
M<QB:4M*W=KVY)DAB9DC**DB2J.XB7D'E>/;M5>?)#$#2=M][EI[AP>W,O@J>
M/LY"]%%8M+/)8JV*DS"-7H%73LD$G*L99)^T\(T08ZV3&FFOQ2,E'P[![*2K
MYI&1D<T</Y"0?N4&;%@Q9I&<.WKUVY.DW:-&J!#K.7+A5-!!(AE%5"$*)@CN
MK<)`!)/`'DD^P'ZG7[=-4SY<Z_O2JQ#//:R^W-L;[,QQG*3PN(*3>LI0Z:[?
MD/+I6VJP#JGO553@*9!CY]V@50!!==$!`P]H[<>L_P!-?=-9X^C8NW/5)K>I
M=X5A#4W)$79<33\Z^55,DU95Y+(L/76%@D'I@#RD;#2#Z26$Z9"L_$.4@J32
MN*GJ&K8$?'/>89`H'ZD]O`'\3X_CIE3<>WY+(J1YO%/:+=@@3(5&E9_'T*BR
MEF<<^4`+#@\@<:M'TUX`0$.0_P!OP"'O`?P#J'>XSJ!;,]I%J@Z1N1W$8YP]
M;++7AM<%!7*1>LW\G70DW<-[7:IMH]X0S/VHQ>,N\QR&%=NJ4"<%Y'0B/(W;
M&C.Q]E12S'^I03ITGLUZL9FLSPUX00#+/*D48+'A07D95!)]N3YU,7356WZ-
M?TJO[>/!7_;LK_$FI@[<MV6W+=Q69ZY;;<O4_,-8K$^%6GYJFO'+QE%6$8QE
M,A$NSN6C,Y'8Q<DQ>@0I#E\!RF;OY$2AL>O/&O=)!,BC@%GC=5!/L.64#S]O
M.DU?*8RW((:N1HV9B"PB@MP32%5`+$)'(S$*""3QP![ZD1IIJ,>Y/>9M=V?L
MZC(;F,V4C#3.^/)AA3W%T?.F2=@>5]LQ=S*$>+5D\%0\<VDF"SGO!,I2.D>!
M,)N`UJK.P5%9V/LJ@LQ^_@`$GQY\#2J:>&M$TUB6*"%..^6:18HT[F"@L[E5
M4%F"@DCDD#W.I.::JV_1K^E5_;QX*_[=E?XDU]:%ZRO2WGWZ<:PWS;>4W*A>
MX@REV3@6H_9$T@*,A.LXU@4XG5+VIF=`H8O><I1(FH8FXU+0\FM8`_4PR?\`
MTZ;QG,*2`,OBR3[`7ZI)YXX\>K_$:LSTUUYCC+F*\PP86?$N2:%D^M"8A`L.
M/;A7KI"=ZA!4(092MR,DR(<Y0,)2*+$.8`'@OH/'8>M!!4D,""/!!!!!_0@^
M1IR21)5#QNDB,.5=&#JP/L0RD@@_J#QJDB2,EDW=*H':9PQLF6V"'8J4W<:(
M8R3-`Q%4SE`P$+%Q9_$(<H<$`2B`!ZA89O+GE(7!<VU2.)#V28@:_P`AR!C(
M.'X2+Q,./7A1G&+)G#W"0Q@'D!X&N+;00KK/>-1<]RQAGG;@3*'.8YETH.87
M35.<3=QS@L0J@B81[C!R;GD>9P;]%U2XSI[<I0%%:]('5-V&$2F0KLX9$`.`
M]I.X5#@(&`>\`X+P)1UY<]),O/)\./Q.[\(]/+;IS6>@MR1D]ZC)X^HS#N`!
MXBEW3>9&#?2&8@+]^D-T547?W3C"?O5L93Q[H#QVDUK+KSQSQ]:XV$$??P/(
MU5/[]-=GXRP_><NNY9I2F#)T:#;-7,BM(2!(YJB5ZJJDU2*N=)8#N%A07.5(
M"A]B14.8P<%`_;_UEV=O_5=7_94W_P!2UQ[@>D_4S=&,KYK;NQ-TYK$6FF6M
MDL;A;UNE8:O.]:<0V(86CD]*Q')#(48A98Y(SPR,!:UW<^W<;9>G?S6-IVH@
MADKV+<,4T8D19$[XV8,O>CJZ\@<JP8>#SKHG&ML:T2_5.XO8DDVUKDRVDUHT
MZGA&7*D!T_%;J<@0KUGXOG&'B\H"];MP7X2$QBWP4VY5V^UR-M-6DDI.'DT?
M$07)R51)0OR5VCQ`WV1H^:*<HNVJP%505*)3`("4QJE?K+L[?^JZO^RIO_J6
MN^<$8EW)X3GU5TH:N2]3ESI_&*NA;6I#+BD02)2<4=5H5)M,-D_L8"H8C:0;
M@#1X9,"-G33L_P"%JYU@Z0Y:SMO<O2K>AV1N2]'9NY"':N3>]@LF88:J9,F&
MH9[N.>&.&&_4(DE@2-;>/7U4LUK]2=28MJ;IJQY'';EQ'XSCX#'#`V3KK#=J
M][2M7'?($BL*[N\$OTK(S&&8]ICD@ZXWRW[VYD"'HK18#L:5'>;D"%,`E&?G
MTTEQ*?M$0,=E#ILBE[@[DS/W!0X$3`,'A$"@)AYX*`F'@.1X*`B/`>\1X#W!
MZC[M<OOS^P2EWMLC:VKIA9'MBE7,RP>IF1<L'JSM0QF*B1P`4RLTA2;(E`/#
M%NDB=(3)&(8W-]O]"^J/EFHUY9'QHM!\$]/`)1,F$-!"1\X25X`>"OG!&D:'
M<`E$ST`'7*&^,GG.M'6K+2UX)UR>\-X18;$4[:2)-1JM:APN'K6XF`>!J-"&
MLMX%4]-XK$CJI[M6;A:]/:6SZBNZ-7Q6*:Y:EB966:4Q-<MR1,#Q()IWD,'!
M/<K1J"?&I35'8G[=J]?FIJ_R$)*RT0PDGT0C7&;LD:N];D<BR\RM)-U%3MR*
MD35,9$@^*!R@7@`UR+]#]C/[*4K^Q.._CC5B0>@?[?Y/P?1^#74M\SIBW&<L
MV@KI:$XB5=L$Y-%F6-EY`_D55UVZ2ZAHU@[31!59LN5,BQR*'!,QRD$G!A]0
M+_PT_#/M+"U[NZ=O8;'4ZL=.G9SN?W9G,17L6V1(5EGGFW!4I16+DJ%_1B$:
M&1F6&(*`@YS@ZA=0\G;>'&W[EB:5I98Z=+&4[4B1@ERJ(E&69HXEX'<W<0HY
M=B228C_H?L9_92E?V)QW\<:X5D'8Q,5RK2,W3;:YM\O&D%V>ON81O&KOV*)#
MG=%C%VS]WXTFF0`4;,54RE?=IVZ2I')D"*2V^NYV_P#_`#[_`/AVT?Q+I]=S
MM^_Y]_\`P[:/XFU!\ETJ^">]C[M.MG.GN*L6:TL$&2I=4.^W0ED3MCMUTN;H
MM5'FKOVR(EJM/7=D[989(V96>*^Y>K\,\,LE+/64CD1WKS;<(BG52"T4ABQT
M4H1P"K&.1'`)*.K<'5*0@)1$I@,4Q1$IBF*8ABF*(E,4Y#`4Y#E,`E.0Y2G(
M8!*<I3`(!ZB4#@)!]QP$@_J&`2C_`)!U+K<P]P/<WYKWC"V,R61VL4++7`@[
M!'HSJBIP+[<8K.8I!@VE4N?Y9HJJ()RB0@[*8'Z2P/8C>[7F/OO:<6R]SY#`
M5]PX'=5&O('Q^?VWDZ63QN2HRDF";OI6;2U+84%+>/GD,U6=64-/7:O:GZ*P
MF4?+XZO>DH7L9.X[9Z.0K35K%>=>.].)HXC-%R08IT7LE0CD)()(H[T,8.BY
M)P!5@?"1P-EQVG"R(F'D%G!HI:"?B<3=WRC.$5>\1#D#]PB`"'`5J;.Y-2"S
MU`QRY_"]K15FKC@!,4"F<),#/R)FY^V$74+VE`.#"80$.0Y`;"MI)C&V_4+O
M,8W86?3)W"(]J9+3,@0A>?<0@?)*4/0H>@``:KBPPJ9KNDKOA%!SSDJTM^4P
M4`HIKGLB!UR@)`.!$TSF6^60G!2_+[`Y$/0;JGD99K?P2;WD9OQ6[9VLEZ8\
ML\Z9--AV+*OVDR,";%P'CN'\ID!\N`U%;:@5(NL&&4#Y:&+)&%?98VJMF8XB
MO/"J1V1$'QQZ:\>!XNNTUX+[@_4#]K7G7H@/(!_4#5$Z:U\OPK+[X=AW_!'H
MO[[F9-;!K6OD^%9B`=0W#PCZ`&T:C"(_@#+>91'3]MW_`#33_4I/^+JL.KW]
MYEC_``^A_OIUEI=%#[U5L<_^XJ!_SK-ZG'N+J54OF`\U4R]1["5IMHQ1D."L
M\?)^$#%U!251EVTDFY.M]C13!L<ZH.!$HME$R.2'(=$IRX\_2PZQ_36P)T\M
MJN(,N[I:M2,E8VQ.PK-TJ,E4<G.9&'FXZ0EEW#(%8JCR$?(=R*Z"C9Q%O7C5
MUXI2(+**`<A87]5WX2%AS*^!<A[;MC<=>YN4RO79&DW+.=JK[NB0]=I,^U*S
MLS&@5Z6,2WRMEGX9Q(5X\U-Q-:85IL[<R4<6;?"T\MK_``V]/D)!'7F0&T[>
MJZ/&BKZI/?WL%'@?4.TDD?N@Z6C=^VL9M6D]G+8Z9TPM6/Y.&S#:L32K2B0U
MS!"TK@LY$;&151"29"`#QC8]*F8GH7J/;#9"N^.>54W.X6CNU!=1!1Q&SUC8
MP=A346342,9!Q79.7*\(8_AN6YUD5BJI*G2/F?\`6ZZ0VT*_8!WA[Z8^OVVI
M[E:YC69RV^MD1?+,O7+9+T&"B4"MK!2)5Y)UPJ$A5H!.$`\"U@U4%RMI$#F<
M%<&7I2^#5=.2^Y?W+5[?#>:T]A<$X!/,N,;R<M'K(L\GY=?1#^N1Y:KY@B9)
M*NXW9R4C,S-@9G59(6Q*NPC%5R\:SA(O+VZMX`'3'WV@'N#:WE\`_4"IO0#3
MGE;A7+U5K2E6B$,,S1L1W=\JLT3<'AE``)4CCD\$<CQ"MB;=6786:ES%*.6"
M[)<OX^"W$K&(14FBCN0@@-$\A+JDBE7*)RI['7G!!Z$/3^PGU#=U>1<>;@'-
MO6H&-<,/LBD@JC87-7?V">5N]5JL8UD9YD0\@TB&3:6D7KEO&F:NGSHK),7B
M+9)PDYS]W'3QVJ/-F#?8$\H4J[VPM(1I`MZ4M>;H$NFS870,A,5?CLE-I6\S
MMI;RDF$W!Y<PF,F1FL56/[FAL,7X+)>Z10-Y&XR4O5PJU,C7FV<C%H_MEBAZ
MVR=/?JM4I?R;9W-/6+==UX":BXMTE#*^"F=3L[2B.LZCZY7;M_9YPQ_^JE"_
M^H=)L_+:.0*(\WIQ>E)$$[@J2!>0Z]O@.#[-^\/L=/'2NCA%VHD\U>A\U>-Z
MM=DF6%I;%9Y0C5YO4Y+5V55#0G\M@.64GDZUIW6SV48EV`;V9+"N#7=L4QU)
MXDH>3HR,M\X>Q2L$]LCFV1<I"I3JR*#V2C2N:KYU@M(E5?MR2"C19RZ(W24'
M,LZ1G1[VA;9J!MAW>UR+N]DW&V#`]3M4A>;#>K">%92>7L;QKRWMH2BLW32K
MLXWRD\ZB8U-\RDWK5FFFX%X>0,HZ'%O^$V7&I7GJ,M)NEVBN6Z&#:]BQD,M5
MYR+L$85XA8,J*KLS/XAV\:`Z03<('6;BMXJ9%D3F(!%4S&SX]DG_``,]I/\`
M@R8#_>GJ.M^5LV?PG&@RR`SQL)_)!D`4#A_8D?J#[_?G3=LC#8<[YW>4HU&3
M'687QWY:O'48R^IWU@>5C8.H9'7RG`["HUB\=5[X.=B*D;<[MGW9`AD<V4<;
MK6+(E[QU9+=*7SZI]-<.G,U:RU5-\B1U$7&J-UG<Y"1L<8S6RQ3)_`&8K3R\
M2]U0#T9,);*-SN\&'V_;U&]R<PF5(!>'PZXK5]D:/"OLH-U0D&U4M+Z)!M*K
MHW6`3?Q]7,RE8\?C&U:10D=.YZ/%KM(S`!@$!]PAQ]/ZX>X0^D!]!#T$!#6M
M(ZZ.P.8Z>>]L,BXE;R54POG.:>YBPE-U\74>&.;[%S+68NE%AI%`J(1KZD6A
MU'VRF)ME"G95B<AF[8QA@71R98?(2W(I\=/8D661&:K/W$2!@.2A8>3QP&'/
M)[>]>>`NM'4#:M#`7,;N[&XJK-1JV88\UC#$K5I8F8(MCTB"B%P3#(P4*LI@
ME*LQD)V,62,78\O.%+QAJ]-S&Q9;<9V#&]M:J3;V&,-$F*PYK<V@I8F[EM(1
M?$`JX*I,HO$';(`,](Y353\0-8=`[0\>;Y>I9*;7.GJQL4-@F<OCN'I]ON4[
M)752!Q/1VS-I>\USDG(>3>.()^=M(V"J0;I9!P]":J-7([*_E043N<WM?""!
MSITFL;XKITT6'W:YXC9O$VY\8L%(X:33:>T9LKW:XHR`%2;-L_,7L>W@$DN!
MBX65R$P(!'D`U<'N%^#K].#ZT#:V7<!DN`&/W`[HHJ&L;UJ_;`E)X_PX0`D<
M?44R2J0+Q\E-IN`O5N;`9(Y7TE!0CU`%ZJ0QM-4SX:G:L3,R3S.U>M`2>TNA
MX>PRG]X+Q]#<>0..>'&G#-_A?47.X/%8^.&?&T*T.6S&215]:*M.@:MBHYU\
MQ22A_P`^(,2C-W=O?7<:L)Z>_2^VU]->"OD?@(<@2,OE!K2$[_8L@W!>R/IY
MW1&TZC$.VT<BTC82O^*O99ERZ:0T>@W,9PBCR9%H@`84/4YRA>NIQUJ6>V"9
MO#NL8VK.Y""V>8Q06,LK$45@WMK"HY'NK*)5`C9Q:;3:$)^04>+(%<2;=E4X
M%RX/$QC8I-CT;G@>..>.0Y]W(>H<_@Y]_P"#6KZZTNWC*NSCJ>9OM!C3U?:Y
M1RG)[GL'Y"CE5FJCMM;K*2XJOZ_+D22\&?QUD%9_#/$B@+J*<Q\,^6(HTE8]
MR]QP+FQ>LR2R=UMZS^C+)PQ#_2I8`\<LJA0.."%!'MSK=U/KIB=MX>M1IB/`
MU\M"<C3J@Q(U?EYA$W9^['+*92Y;D&9D9CWD'67K??@S_3+L>'OJ?TRH9(QS
MD!E"F:1.=&.2[;8[RI-)HG\&=M5=G9)7'EC1<.A36EH-E5*\T5;`HR@5JZ;R
M[EOBA]._$N0MB'75V]X)R<1.-N6.-QLGB67=,?.,HNPQV0*/::U7K'#]Z!W*
MM?NL/:H.P1";A,!6:2K9L^5143=+)9/72/\`A`F(MW,93L";J96#P]NF!"/K
M\78I%=O$8RSO)II)-4'U=DUQ184[(<VL7O>X^EE6[*6E5_\`<'(RGFOB_$R4
MW<=&J,W*=1C;]U"ZKG4<5V+#3_#<I9*&GCDUD)D21P]=WMB8N5K6A=JVXKRL
MQ672-+>",-,F09,&KD072`[`?L5RW2>Y2RLDO9-7F5&E[Y?K8<*8V`8F.0<J
M0/I4\<A"&UC>V_@=PU]O[CV34I&SC<KCYIH:7RU,FM%*CS);A9HD6U595D7O
M_.=>\*95=#J<&]CI\;:.H-3J93=RM9LEABZ#,2MDJ1ZU>++2'T1.34(:"=OQ
M<UUZU+(&*Q/VH-I1)ZR36`%1;''N`VM8ZHFT2O;'M]N;ML-!FK)-4BGR%-D:
M)*W%PU<SRM>OU*KMLC4)A[&-V;:25AWDV[AE9-!@P4D$8T'*C)NY44`VV&`.
M/\O_`/GY/=K6F_"+OOO>:OQ1V[?O85C7W;5B;YIZ_J,8?EY7$9)*JX>,]RC^
M:?)Y(]^3SSXXPZQXK'G"5\J*D*Y'\5IUWMJBB>6!X+*F&5P.70>G&5#<E>P!
M2`6!S$=@70]V:;%[1C/-M*:Y#MFX&HU)Y&O,D6C(,\O'/I"W5/V%<E65%CQC
M*BQBWY7LA[)9+Q3UY$MU&_,BY>(F=GB%\("ZP5AV3U2*VN;;YM.-W,96K1IZ
MR7EMX+ASA3&$DI(1327B`4`[9')%R>,I!"I+N2+?%:)C9"UJ-@?+5DZV2;&C
MQ&,/>'+-D7D/>'<W1*`A^H(\ZU:6ZBR2_4&ZP-]CY:0?KL\Y[T8?!U?&3=+)
MJP^.VF38O#=:C2B8!.Q18U"*(J"""900=N'"A2`NJH8VC%1G(W9+%YFG2K$9
M7#L6Y[6Y1..?W`2S=H\$CC@AB"Y;XN)M';M3$[;@AQMG-78Z-<UD$?I=Z(EB
MP&`)-AU$,7JMR_#E^[O13JWCI._![5-Y6.X?=_OCO>18:F984<V^CXZKLHJP
MR1DF)D7+DZ>2,E7^P-Y>:C8VVK`:5@64>W5L]BAW#>R/[-&(2+1FO>1E7X-3
MTN[S2'%=HV-\@87M1&*J49D*DY9OL[--Y`&A46KR4A,B3=OJTXW*Y(1T\8*1
M3`SON73;OH\RJ:Z%\U>@8>K04-6:]&M(:`KL7'P4'$,$_!91<-#M$8V*CF:(
M"()-F3!JW:H)@/!$DB%#T#7V-))\Q?EF,BV)85#$QQ1,41%Y^E>U>`W`]RP/
M)Y^WC3_B]@;8H8^.G/BJ=^9HE%J[<A2Q9L3%0)91-(&DA[VY[5A9.U>!R2.X
MZEK<KM!RQL"WMI;>,FKME+12,C8WG*U<Z^5TTB;M4I>S1,C3K]73*B+QJG(H
MH'2<-%%UW4!8XR8@U';I:*%VOMHR^X?[H_\`WS:Q^>LWT8[;U+LD;>LI8KR7
M0\47#%T+::C>)FY15EEEK#5%Y>)M%);0Z%<(0X/*[82V?N,]>M"(M;(JX:G5
M6;BV5R`6J1T6R"*B@JJ)(I)G4$3")SIIE(8XB<1,/>8HF$3")A$>1$1Y'6[*
MWTOP8]RP-A(YEL*`1VMW)PWZ<2<,P`)X^_OIOV/MB?:^2W566%UQ=BU0FQ4S
MR*_J0B&PTD7OW\UC(D+.ZKWD>.>.3_8P\`(^G/H`<^[D1X`!X`?>(@'NUJ[^
ML3O5L&X;JAY9S/CZQKH1F![S!8RP9-,G*HIQJ.!9U3REFBUA4'L2F,H-K+;6
MRR()"LT?,S"7DH:V`O54W7%V8;"MQ6<F+\C&Y1U(<T_&'"I".5<H9#5)3:0L
MT3/Z.#PLM+A9W:0<F",@7ZO:8J1@U@FX#Z7SW*?1;W7[Z7,6NZR'4<J5ZUXN
M<JMG:LG(8<PJ#^!SB\;N#%%)5A/O;I/S#U8`4.J^P^V'Q2@94#J\`L,'JW;'
M[CR1T8N0""\Y'J$\^.%7MY(_FE^>!SIAZIS7\D:6W<2>9Z]6WN6_VL0T=;&H
MWRH'8"Q>682B-#QS*L)`)[2NPGV;[C(#=OM;P5N0K?@IL,NXXKML=LFXB9.&
ML:S7R5PKHF$ZH^-6[<RG()<IE#'*K'F`_!N0U)<0`0$!]PAP/Z@ZQ$?@HV[(
M;3B'.FS.Q27BRV)K$GF3&S994RBJE!R&Z+&7>-8D%40(RKF06C:85*FD4I%L
M@]QS\J``9=VF:_6-2Y8KGV20]G\8V^I#_P""0#_$$>XU8>ULPN>V_B\H"#)9
MJQBP!Q]-J(>E97@>P]9'*CQRA4^Q&L3/KO='O:-7]LF[+?Q1F%[J6X./GV>7
M;+(%O4_.U.Z2URR'682TL9&ISCE]'PR+AI/NG,2I6C1)8QZ@@!D'3(RK4U'?
M0`Z<6".H5G#.C7<<TM4]C_#./:I+,JS6K?)4WVS:KS9):+CUIB5A#(3YXV)B
MZW+N4647(1Q5Y%PT,_<+-D0:.,QCKS?>D=Z7X@U+]]G'NL?+X(U]U/?)^(6!
M?W4Y5T_5+=D8&])Z\G?%-''$_<>]$)@!56_>`X)X\^.3QQJK\_@<,W5#;58X
MZI\M>Q]BU<KB)1#9L1_B+K+-%QV.Y:-"Y*_F=H[^3YUF3X$P9CK;3AW'V",2
MQ3V$QOC"NMJM3XJ1F9.P/6,,T6<+HH.9J9<NY215*HY6$7#URLL8#`43]I2@
M';VFFHL26)9B2S$DDGDDD\DD_<D^2=7;'''#''#$BQQ1(D<<:`*B1HH5$50`
M%55`"@`````<:::::^:SUX,/`<^G/H`<^[D1X#G\'(A\VM79UN]X4]O.ZA^8
MW\>\?R>/<-V&2V_X=@D5SN6IHJ@S+J$L4Q&((B*1WF0LA(3<R#DB?FG,:>ML
M'!E`BVQ$MGA<996!J=FG$$P66AJ]-RJ*0J"D"BL;%NWJ9!4`B@I]YT"E\0"'
M$G/<!3"``.I9V%5<N9-^VT&L3J1Y-'(&ZG"QK`DX<)F4?-9')L'/3P+N'1#D
M6.NW2>G7.LF8SDQCAV^*L4-2;;<:*]RXP!-:$!.>/!?N9B.00#VQ\`_HQ'MS
MJF>L%J>6';N!A=DCS&28V"O))%=JT42L!P67OMF3MY\M&I(Y"G6R[Z7&R*K;
M"-FF)L)QL4T0OCB"877-<^F@!7MHR]:(YF]M[MTX$I%G#*"7%*HUM-4B8LJU
M`QC;PR*^8,K8?KU+QQZ>X1,8/_Q&$W_\Z\B/`"/T`(_K:CDDCS2/+(2SR,SL
M3]V8\G^K]!]AX&K=IU(*%2M2JQK%7JPQP0QJ``L<2A5'@#DD#EFXY9B6/DG7
MXI..83$<_BI5BTDXR39NH^1C7S=%VRD&#U!1L]8O&K@BB#EJ\;*JMG*"Q#I+
M(*J)J%,0P@.$IT[NF5N,V4==XSMC@#+2FU2K6?<)#T/-GQ7=K8Z;4"[8MLLI
MCSSEM`I8Y15@22C*(\(0Q%OC&V,U%,%`,49J[H_A/]%VS;DLY[='NT"V7!_A
M/*%MQFXLS+-M6AT;$O5'YF"LNVA7-&?NXY)X8HJE9*NW:K<O!5%SFYXZ''X7
M9CTO)S;&+R0``1,<^>JB0I0^<QCGQR4I0`/>8Q@`/G'3W3IY:&&P(JA>&Y7,
M;<R1@=K#E9!^8.&4,>`1]^#]QJM]P;@V'D,CBI+V=2M?V]E!:A[:EQG,D4BB
M6LY-1@8Y'B0,R$^4Y0_<9C8CP'/`_@#Y^1]P?@]?R!\_IK7D=:3JDYFZB6YA
MSLBVI2-DE-OL5D%CBBOT^ECV2&YG+2-@-`GF915H8J\M1T[(/LNA5MPZ^+[M
MLQ-?I]LX5=Q05_(VM?5>6W(=$_=;OPQ_CZ8P_,1U+S%CBK0KFV,[;)0UI&4C
M\70EJ;SL3$PJ'<WE[<TF4$R,@,Q.RX466`OB!C1_!A<"1&4^HR[R#.QR4A&[
M<L+VN_0AW*1EF[6\662AL;5=T8IB&1%XUA9ZXO6`K#WINFI7J'V=H4Z>W%5E
MJ1W[]F)6DH_EQ1/P0)^`>3P2"02BJ03QW,1Y`(0[XS$N<M[8VMA[<D57<I2U
M=N0^I'(V++@!4#*KJLB)/(ZN@[S&D;<*9`;^]C'P:#9SB3&<)(;Q*\IN2S?,
M122]K:.;1:X'%%,D'22*B\!28*L2=;?31(@P'9FMMI=O'DPL55]'Q->9K(QR
M4/>K-\&\Q1!XDN.X'I^0L]6;10X^1M=NVZ.YR6MU<N-5BVRTA+JXK6GU96R0
M]VB&Z*K]C4G<Q*0MG:MSQD*E"SA6)9/,E`````/0`#@`^@`UZG^U'CU$/4`]
MWJ7U#G\'(!S^#3<F7R"V!8-F1CW<F,L?1*\^4]+]P+QX\`$#V//G4MGV%M6;
M%'$KB:D$8B[(K44*+>CD"\+8%OCUWE#`.?4=E<CAE*\`89OP<OK!7>\6F&Z?
M6YJVRER?OXAZXVR9+LC]:1GQ0KD2ZEY;#EIFWZJCV81;U]BYF<:RLDJI(-6<
M5*4QT[<HEJC=M?5U!.D;M-ZBLBSNV:HR\M,H5G'C^@46[TV]S<"I7F"DA+S[
M`QZUYE2IS@I6&54>+^V8Q<[IN`,3.46X%$F`GO\`ZNYZ>W5WS0YQFD-?2PCN
M9KF<L<LXEP9N2*@YQU6,W0<&T415`Z+1LQL"]<%N90O\KR&:K$!`YDS;1R`F
M6EB@8:?8>)Y&<C(R89@KV`H#25:MY!L50$S'(!RH.4RF`ASEY`>TQB\"*_+(
M*L]7(4B8%NQ>L`A[>UR$9^./97#J2/8GN_7@1C85ALUC,UM3<21Y.3;UXT'-
ME!+ZU97EC@[R_):2"6O,JR<ET0Q#D%`S:H;IN;4X7=OO]P%M9R*XL#2IW&_6
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M_:'4<CDDB=9(G:.13RKH2K`D$'@CR.02#^H)&K?MU*UZO)4N016:TP42P3HL
MD4@5E=0Z."IX=58<CPP!'!`.M3#D+:Q6:#U*9[98M8K#)46$WFL-N_QE279M
MK2XI4CEV,I2,KXYF"D8E9DZW*)JJ.?99X[VTD=P6/.S$&PY>E^^"<[/9:%.W
MQGN0W+TJ?\PH*<I<#XSR-#^7[3D(BX@F5,H#M0Q3]AS+MYYJ8Q0.GX8`<#$Q
MLMQWW_6^?]*+6/\`S`U+6SW+[A_NC_\`?-J5YC(7*Z8YH;#QM+5#R%>WZV^C
MRP((/OY''!^XU1G3_:FWLI/NN+(8NO:2GF7K5?4,@:"`>IQ'&Z.K*!P."#W#
M@$'D`ZUGF\'IW]0/H=9%J^;\<Y:F&]$F)]*'J6XG![Z:JS%6:3.Z>1U)RW2W
MBCMO'R$PP:+.V]>LP7*B6=L5^P8R<D[:OXY'+MZ)?5^CNI+C:<H.4FD16-UN
M(XII(WR(@FBC"M9"ICAVG%Q^3Z>P5=O5HX/:"C:*N]<\91"O3[U@XC#C!ST8
M@SM1W8[=*3NTVY9AVZY!9-7=;RO1IJK&7=(`X-"33EN9:K6E@4?5.7J=F0B;
M'$."B!F\A&H*`/`"`ZM?9-N7R1T^-XE<R["K+L;3C-YDV@W")1[%6DLD]KMF
MILU"OVI@4;O&+:U(1<RBBJ11--_!1[M/A5LF<,(>,[1G65$&0JA6CE50AE0@
M]H?@>02K*W'(4]K``GC6^^'Z7[DQDE*S8;:F;=XK5&Q(\Z4I(R@E>N6)(:-9
M8YHB3WR+ZL+E^WO&?AC=F./]S%7AW`';_%_)Q:\J`*F,*9'+EQ"%`RQRE,JF
M)'R0J&,0HJIF-R!>[D)[[XHY5YA=N[3(8Q8>YUYXX,4P`5)!RE)1)E%`$![B
M@M(($#@0$IC@<1$"B`PFW40[RC[@IV:9`9(\HK7KY$GXX$70)(%5[?F'MF85
MP(B'(_+`!]=6E6.#A\Y8D/%F=`WB+[78E\F[0`K@S=-V+&71.F'>4#*(*IE3
MX$P"4Y3`;U`0UY;]%]JRW=L?%7T&J(L.4JY;.?@->9TB6?YN*_C,7(&?LB2N
M9<-AVEEX58X[L4@X!''=^[<FL.1Z9;UD)>M)4I?.R(&8J8'KV+2D`EFEXMV@
MJ<DEHF7['GJK9W0?B;B"/EW2`I2UZ<GL[OO*8JI(Y0@-8!N8#<?(",2(^`..
M04D%>?4=2K,8I0$QA`I0]1$P@``'TB(^@:_.S9MH]HU8,D2-V;)N@T:MT@[4
MT&S9(B""*8<CP1)),B90Y]"E#4*M\60!@,?1='9+B20N\D!WI4U``Y*]!*(/
M'8'`OV0A7DD>-;%,`E!1,CHG(\&#77-RY@OA[Z*K,T*V<=L#:]6O'72056S.
M558JT2>L8Y1!/G<W95II_0E]*6Y).89`I0U?##=WSN[L#F.QG,E)(TA7U14K
M$M([=G<I=*51"%3O4LD*KW+SR)L>8;_IZ/\`C2?Z6GF&_P"GH_XTG^EK')\9
M;].6_P`:I_I:>,M^G+?XU3_2UQ__`,T&_P"Y1_[;_P!'^E'^G_'_``U:O]@S
M_3/_`.IO_P!IJX+<QMXCLM1PV:J^SF61(IOVI&,HB@C:F*)!!.&D%NXI$WJ/
MNAY%8!!$X^1=G*P5*HTX!L<QH[@(NXW><8+L)>1E%J@R;/$3(.FC.O.#!-E.
MF<.XAEIWN9+%Y`.^']!,':;57GC+?IRW^-4_TM2EVW;C)'$DPG`V-RZ?8[EG
M)C/FX@J[<5QXN/RIJ+)W&5,V.?@TQ'I`?S"?<]:)"^3.1W`-H==^DVX_B"VS
MU)W!L638=EX;]/(92#/0Y;#R9N]73'X_/Y6FV#Q1J-!6FN5[U^&64,\M6_/`
MKU)[,KUE=E;GQ^QLCM^AFUS<0>":&J]%ZMM:<$AGGHU91<LB4/(D,D,#JIX2
M2"-R)4C%RIS%(4QSF*0I2B8QS"!2D*4!$QC"80`"E`!,81$```$1U0GFJ]GR
M1D^WVPJ@J,'<HHRA0Y^22"B0]G17:`")2@X;H>>.!>`%5XH8>3&$1M9W)909
M5?!LQ.P,DV=+71HWKU8?LER+HN0L2"GCR+-=(Q@.1O"E?O$5TQX*J1'Y13"`
M:I4``````X```"@'N``#@`_(``&IA\>/42.Y8V=TZQMI9:\$'[89=H)5>&62
MVDU'`)WQDJQ2J<I:922KQ7:4Z^"I+7T5P311Y;/V(RKL_P"$U.]>UE6,I/>/
M##D<R?*Q`C@AHID/W&FFFFO.KD_J?_[_`)!_M:OK37D/>'/NY#G7C7UH&#?6
M:;AZY&)BK(S\FQAF)`^=U)N4V:0B/`\%3%7Q3FX'M3(8P@(`.M]:O8MV:]2K
M$\]JU/#6K01J6DFL32+%##&HY+/)(RHB@$EF``Y.L))$BC>65@D<2-)(['A4
MC12SNQ/@*J@L2?``).KJMM3(*]M_QX#O[$7XN*SK@>#<@G*O7\X)Q*(F'GP'
M11$`X*(A\DI0$"A6MMF*M8]R-4D4@*0%9FV6180*82$;GBYQT8H!W")0,9ZB
MD03&-P)@#Y8^^R_-$PTQ;@.SE8J$0"+IZ53@BF$$S"[>M$:Y&%1*`ARHF"P.
M`*4/0J)S>XHCJ$&PZK&?9`M-H,D8S2LUA**05X^25_87J?:7D0^V)'Q#D1`!
MY[5@$?0?7U$ZHX@-U8^$GI'4(FGV97Q>7R"Q?:EA%PQ64E>2BM7V;E&\E3VL
MI\]RG7.&V[7&V.J.Z)1VIEWGJ0%_/,UTV@R^>.XB3+5OM]CS['5K(!P`!]`<
M::::[]'@`?IJD=-:^3X5H`&ZAF'BC[C;1J,`\>_@<MYE#6P;UKT?A4LPRD.H
MYC6/;F4%S!;3\<-9`#IB0A%G^3,OR;<$CB/"I1:K)F.8OH0XB0?4!T^[<'.3
M3_4I3_DZJ_J\0-F3C];]#C_QC'_@U.OIZ?!T=EF[+93MNW&Y!R=N9A;MEW&<
M;<+/&4^YXY8UAI*O9"3;J)0;*6Q7,R31@5%JAV(/9:16!7Q5!=&*H5)*V+!O
MP<+I>88F8ZP2V,;KG.5BU$EVQ,Z7Y]:Z\=RD4@>*^I-?8U&F2Z1CE,J+*:@Y
M-CWJ&*9N=,"$+(_HC/&K[I2['UF:Z;A)/"K!BHHF(B4KR,L5BCI!N/(!]D:O
MFKAJJ''`*HG`!$``1M2TGN9*^9[$1M3!%FF4*&*<*'90O*\'CM''!/MX.G?;
M^S]K+C<3=&"QK69,?1G>62!9NZ5ZT+M)VRET+%_J[NWP?(U\:O5V`J4)%5FK
M0D36ZY!1[6)@X"!C6</"PT4Q2*W8QD5%1R#9A'1[-`A$6K)FW1;-TBE(DD0H
M<:@+U</O9&^[_!<R_P#N4>ZL3U73U<U4TNF-ON,JHFD4=K^6TP,H<I"BHM6'
M:*1`$P@`G554(DF4![CJ'(0H"8Q0%#6\VJ_/_5XO]\74FS`"X?)JH`5<=<`5
M1P`!6DX``]@`/``\#6O6Z3_3,2ZHN:\FX?5R^GAH,>8O#)9)Y7'J.1BRIC7&
M"J@P_LM:UU$&'!9D7WM$KUV81;`T\F!5Q<)7V_\`H@C;^WL9_P#LNM/_`.Z=
M1G^";?\`#7W*!\_UKI?3Y_3+]'Y]/P<AS]'(:SZM23,Y6]5OR0P3]D:K&0OI
M0MY*@GR\;-_C^_\`1JG^GFR-LYK:]2_DL<UBW)-95Y1>R$(*QR]JCTZ]N*(<
M`#R$!/N23K5"=4SI^I=-7<B7;DCE$F72.L2U;)0VM.CI8^*0]M>VV,/$>P4;
M+:B&\@:L>*$C[4*9V5V4IVC<4!%39N;)/^!GM)_P9,!_O3U'6"!\*5^^6M/\
M%7$_[I,M:SO]D8@.S+:2(#R`[9,!B`A[A#ZD]1]=:LS+)/C<5+*W=)(K,[<*
MO+%1R>%`4?U`#2[I[1K8W>&]Z-./T:M:6O'!%WR2=B!V(7U)GDE?@D_4[LQ^
MYU)_56?65VE8_P!W73[S_6KD4C&=Q91K3G7&EI3:E<O:Q?,65>;LC-1$HJ)"
M>/LD0VEZ?/M^X06AIYTJF7SC5DJE:9J,&]P0#9ENV$1X`-LF?!$1]P!]2>W>
MHZC]=VCL0NC%666,JP]P>X?\A!\$<@^#JU,O7AM8O(U[$:S0RTK*21N.593"
M_@_<$$`@@@JP#*00#K7%=##:+0MZ74+Q;0\H%2>8[Q]7YS/%GJSA'S#>[M\=
M/:V:%I;_`)$$PAY2S6"#<V(BA#$D8"-DXCM+[3\1/:)E*!2@4/0`````#@``
M/F``]``/F`/0`]```#6N=^"VKHI=2]4BJR21W.UG+*+8BBA$SN%BSV*G!DD"
MG$#*JE;H++F33`QRHHJJB`$3.8NQCT];DD=KZHS$K'!'V+]E[P68@?JQXY/\
M`/8#5<]':M>+:TMB.)5GLY.V)Y0/KD6`1I"K,>3VQJ6[5]@68\<LQ+41MYNQ
M_;IOUQ([P_N+I"=FA"+*R-7L<<L6(O./["=`4$K-1+.1!=U!2Z9.TCE(R3R&
MFFI?9MAB9>,,=F/?>58.7L^,<B5N`DY2%G+#1;A!P\Q"/G,9,Q4K+5R3CXV2
MB))DX:/(^38/7"#J/?-'39RT=HHN$'"*J9%2X?GP:3J5Y0O>7\P[1=U.;<BY
M+NMWBXZ^X7F<O7RQ76:^,%%8N(C)N/8F2L[V3?D7=PB<?<V$.BY1;C\6[>\2
M1,Y.L*C;5K3/#8N02%7I&-R$Y$@5R1WJP/@(%);^`/.ICFLQCJ^1Q6W\G56:
M#<2W((WG]-JS25TB;Y>6-P>YIC-&D?D'U"O`Y\BE7JD=%'<5TXI&1OC4R^9]
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M[@`2,Y6<@9<\CI6ESE::E=13/%$7CL`<$<<`,>!]+@\=W'TNI([1Y!J+<F%D
MZ:YC'[BV[8E3&7KJUKF)>1G4J?K:%>3S-`Z!Q%Z@:6M*$82,64KMG0'D.0^?
M\@_E`?4!^D!]0^?6M-^$7??>\U?BCMV_>PK&ME-'BY%BT,][/.&;(&=^&04D
MP=&1(9SV)F.H9,GCBIVD,<XD#Y`F,)1$=:E\(H=-G/5]SF1NNBN9G6]O#)T5
M%0J@MW9,55%P=LMVB($7(BZ;JF3$>XI%DQ$`[N--VVO\T'_P6;_*CU+.L1'[
M)U^3P6S5'@$CD_D7#P/U(`)/'/@$ZV4\=_.R/_\`LK#_`/90_:UJM-E[EMCG
MJ^[>/C*].=*K]0*OPLM(N0\L<SDF<GE;,]<A(+E,W`\@X3<.?-.!52*90#G4
M7*`'VIL8',8QXXY\BTX$0Y`!\LEP/'S\#P.M9=UU]L%QV=]3/*UMA474%6,W
M6DNYO#UH8MP;H(2=BETIBV-V)DP,W3E:3E1O*++,RG\5%A(5Q\LDDC+-RCGM
MUE:2Y5+!6LUB$Y]BR\@C]>>')\?8$\>-)^K4,T-/;N;CC,D6&RZ2V`H)*I-Z
M+*Q'L%+UPG<?9G0<CN\[.`OVH!SSP'`C^$/0?\H:\ZKBZ8'4*QIU$=L%/RK6
MYF,;Y/@XR*KN=L>@X:I3E$R.V8I)RRB\8F8JI:I:W2+F?H\XFD$=*P[D69%4
MYB(F8Z/L<$0`.1$`#W\B/IQ]/.H_+&\,CQ2*5>-BK*?<$?[H/N#[$<$>#JU:
M5VMD:E>]3E2>M:B2:&1""&1QR.>">&'E64^58,K`$$:\Z:J@ZFW5XVY=,VN5
ME.]$<Y*RY<9&-4@<+U"7CFUK2I9)%N2T9`L;AR1RC6J[$10/C0/M)N1Q=;&B
MWK\*0&Q9R;@;'X?)])G,7169$)M-ACJ9H;'):%CFD',(DRI,A74K6G-RS:41
M:O(<C:OJA(/V\BW;N8\"*I.T4E45"ER:"58XY6C98Y2PC<CPY3CN[?N>.X#G
MC@GD`D@\:XLE0GMVZ,-J&2W02&2Y`K@M76?O,9D/[JDB-BR\]R#M+A0Z%L,O
MX6%NR&4M>WS9969410J[![N!R:T1<"=J,]-I2=-Q1'2")"<E6C8E*\SZB1C*
M&\O.13@J8&%$QIK;;NLCT7L%[+,9;,W.8+O,T>KX1:XCMZ/U`\Q^7M'MZO.6
M.2)%</B;P(VN:F[+*.0!(P&4DC<`H'J:E'9YAZ(Z[/61SOE7,$?8);;QXMSR
MC:8Q"9EZZ_+BR#3:XTP!C]*=BG3>1A'LBW+79-\G%NVKE5O`VPS8Z7B+'#)I
M#X-ITF^/N)W\?P_5\S'Z_A_HLU(['X=5K4\?;-L2PH+$@K>F`)I@&/>7//<@
M\#@`A?T/`%/XC]K<WF,_NG`I@FI9&PV*JMF/G2[8_'%8U,"5AV"&P2'E[B>^
M5&X':&9\*3I;[H*UL9ZFF)<AUVXJSN$QR9-X6LUM<L7\"C9L'Y#F3TUG;Y6'
MD@9R,:6.*-1R*XC)1-)S'/($4727BH&*.T\*/)0'W^GJ(>X1#T$0_`/O`?G#
M@0]-:XSX0+TM\1]/?(^![/MQK4W7,&9AIUCKK^,EK58;DZB<I4F0(\ECC-V5
M](R;="SU"QP[N.8*.Q02=UR<59II$$Y0S*.C)NX^O,Z>6!<E2LD$ED&H0(8<
MRP<YSJ._JA8O1:U][)/U#J*&,ZMD`6NW43B8.\MD`P%*'R0PSBQVZ]/)P=Q2
M13!(7`#@H2$+A>0&Y#AN"1^Z!XXTIZ9R7,'E-P;,RGI)9K2KE*JPO(T!CG2/
MUQ7:4"1HRKUI(PW#\>JS#N#G7%.O-]Z1WI?B#4OWV<>ZQ\O@C7W4]\GXA8%_
M=3E760;UYOO2.]+\0:E^^SCW6/E\$:$`RGODY'C_`'!8%_=3E76NI_>]DO\`
M"8O\JOI9GO\`/7V?_K1<_P`G*:SA=->!,4`Y$Q0#Z1$`#6,YUY>LQD78C.8H
MP%M+FZ*]W"3YW%UR66PUQ&\)TNC+L58^DUYS"B_9MV=FR!.N3RC-)RH,BSKD
M$F\!F#:R1KI1FK5I;<RP0J"[<GR>%`4$DL?/`'Z_J0!Y(U8N9S-'`X^;)Y&0
MQUH3&I[`'ED>5UCCCB0E>]V9N>T$<*&<D*K$9,FFNO<2?'KZE>-OJH.FC_)7
MQ!IWU0GT?'IQ#![>#5R--;'+")2,=.+9+3YI`S2/*=0&;<4V_B*"F)S=A:T$
M<$CD'@D<CV/'W'\#]M.2-WHC]K+WJK=KCAU[@#VL`2`PYX8`G@@^3KYTO'-I
M>+D8EXF15I*,7<:Z24(*B:C=^W49K$4(!R"=,R2Y@.4#E$Q1$`,`CR&I`V_3
M/UJF_;#4S<TSL2[=MW='&WI)**M#,VV+<SL8ZR@0X"*J)&S.'?F$@F$10(9%
M03%.<1VYXAR`AZAR''(>@A^$!^80^8?F'6MY^$:;')O;)OIM&;8:#5)AC=NY
M>9'@I5NFH>.CLI`U;)Y=I[U<J*1&TF^E1+D&/1'T>1=K=^446/"R0-I'MR5/
M6M5)#P+</"\GW9.X=H_B5D9OTX4\_8&H.K]"P<?AL[6C,C8/(&2;M!/9#8:!
MA(_''"+/6A0GGD&4<>"2-D(F<JA"J$,4Y#AW$.4P&*<AO4ARF*(@8IRB!BB`
MB`E$!`>!U[ZQ]>@1U1*IO.VU5C`60K$BVW1;>:C$56QQLO(HFELHX\K[9K#5
MG*\*582.I59-@6.@<AD(+MU$VA!.6?'3C[1%'-D%>_W:8K->6K-)!*I5XV(/
M(X##^:R_JK#@@_H?UU9V'RM3-XVIDZ4BRP6HDD':03&Y`]2&3CCB2%^8Y!P.
M&4\>"#JL_JKX%PUD/8'O/D[AC&BSDU![;LW72#GWU4@%[!"6RO4.9L418XB<
M4CCRD;,M):*9.B2+1TDZ,*0D.J8AC`.!GT!L84'+O5/VZUK)55A;I6V$3EBY
M%KMBCVDK!NI^J8OLDG774A%/D5V3XD3+&0EFB#A$Z2<BR8NN!.V(`["CJ1?>
M]]\?^"/N(#]?%%J#6`I\&_\`OM.!/Q`SS^]'8-2'$NXP^6X9AVQOV^3]/Y/\
MWSX_JU4F_*\#=0-A`PQ$368!*#&A$H7(1<"0<<.!R>`W/@\>VLQKKUT]FAT?
MMW,-5XR,AV,1"8SG?9T8Q2CV:;*%S;C>5DA;LXUJ1$B@MD%5!-X2:0F*)W"J
M:8'4+CL_!+91DANLW70:BW;)R.WVHR;-OVFY690>3TFTFL!N.T/++3\442B/
M<8'/<4!`A^,UG<UA"$W*;><V8`L:Q6D/F/%]VQR[D#(E<&BC6R`>Q+2921.`
ME.XA7[AI+-P$!X69$$/E``AK9>F'N`G.E9U0ZZKN`8O*7%U:SW7;AN.:OFK@
MBM;@+`\0AY*R'3`@KJQ-:M</5+T#INFN#^I-%GK$'"3UN=3#%\V<1DZ<?U3`
M^NJ#RSCM3P![DDQ<?TD?KI5O7MP^_-F9^<=F/9#BIICXCKD2S<,Y`X0!;O>.
M>.Y8W[>>T@;0S7@1X`1'Y@$=?CCI%A+L&4I%O6<E'2+1L^82$>Y1>,7S)XB1
MPT>LG;<ZB#IF[;J)N&KE$YT7""B:R1S)G*8>KL]9QQIMLP_D+.68+&VJN.,9
MUI_:+1+N!3%0K)D3A&.C6RBJ)I&=G'IV\+7HAN<7DQ-OV,:S(=PY(74;"LS!
M5!+,0H4`DEB>``/<DGP![\ZN&26.*-YI'2.*-&DDD=@J)&JEF=F)X"JH+%B>
M`!R3QK6W_"'YB.G.K1NQ"*19E]FQN(J^]48J%6%Y+L,$T0KU9WX:9`+($.Z1
M8.$0`YR`S1*<YCB)2[)/`\0\K^#L.0,B0B<A"8MQO$/B)B<4R/(VGP3)R4@J
M)I*"0JZ"A2]Z21^T`[DR#R4-:%M5QMD#JZ]6II,2D.^!CF+/LWG[+YT40=-:
M-AV`LZ%GEH]ZX*)6S=%M7VE>QA#K*&['4W+1*"0.#K=A]HD<Q4D3**&*FFF`
MJ',80*5-,@^(<1'T`"ID`>1]P%+SJ19TB*#&4N09*]8&7@\\$I&JC^LHY_H(
M\:J/I@KWLCO+<2JPIY7,R"DQ4*)%6:S/*PXXY"K/`H/'EN_GZ@>-:/T+_OV^
M"_QZW/\`[U68];+TON#]0/VM:SOH2NF[WK6X">M52+M7ERW+NVJZ8B*:[9UB
M7,"[=8@B`")%D5"*$$0`1*8!$`YXULPP,7@/4/<'SA]&L=R?W76_P*+_`"Y=
M;^CWG;V6(((_:2_P0>0?Y+C_`""/!'\1KVUZG^T-_<F_:'54'6*ZB<?T[-HE
MDO\`69BN_5^ORY*3M^J\TW1EB2EM<K-33-J>P/FVKB0K%`@5',Y-JB)6"DB>
M!@7*Z;J?9I+?9Z.^X/<ANLV'8WW$[GI*M25ZRK/9`FX#XK55M3F#7'T7:7U5
MJA%8EJ[>$4<O@K\C-"^,J!G+64:`!`323,=F^5E%47"`L+2^BI)X9W"]Q[5X
M\J`#RW/'((]_&K!&;HOFFP$;O)D(Z/XA,J*&B@KF5(D$TG=]$LC.K)%P6*$/
MX4@ZP3MQWW_6^?\`2BUC_P`P-2UL]R^X?[H__?-K6$;COO\`I??^E%K'_F!J
M6MGL!B@'J8H?+.'J(!Z]YO3U^?3UGO[5BO\``Q_Q-5YTP_NO>G^R"3_YFO)_
M<'IS\HG_`'R\C^3W_DUIY=QTDQN&Y?<#-5AJ@2*LN><T34$SC13<-4XJ2R1;
M)-@DQ.S3*BLU(P4(9!1LD5$Z`%43(5(0XV1'68ZG^..G[MIN<1$6N+=;H\IU
M.9K>$:`Q>-'5AB7TZS=1!LKV.+*OYF)IE)\1Q)MW[]`B-DL3./K<6#E1P_68
M8=_P?[IW*[VMV;R]9$@I-YMWP+79U_?9,XN&J-EO5SJ\Q6:12&,D5!0BTPFE
M,2-]F"I<F9,(&/\`.>%[>CP<*,#_`"*M=R,X*P]BI'R"/49220O/ORQ55(!!
M)8<C@Z9^J'&Y,WMO:6.=)KWS$\]LH0XIQS+$JM,5Y*!(4FGE4_4L8C;M8LHU
MG4[[:`:2K-:R*R0,9Q6GIH*9.F0QA"%FE"G9.%C!\DB3*9331[Q]"C*C[@$1
M#[NR')"5@H+S'[U?F7H[@YV*9S`)UZS*KJ+LSI\B)SEC9`SM@H'VJ*)V`>@*
M%#4P+37(NWUR;J\T@5Q%ST8[BWJ1B@8?!=HF2%1/D![5D#"5=N<.#)KI)J%$
M#%`0I6A)"V;8\UF!X115W6)$\?+H)@*:-FJ<@*9SJM^\.T4Y2/!"1CSF_F:2
M01(?M.W5+KSGZO//T)^(':_6R*&4;)WY!'M/?C01LRU;(AKP_-NJ#@,U2CC<
MK7C5&FLR8/)QA@UD<]M;6"[TV/D=GLRG+X20Y3"!V`,L1=V,*D_82S6*SLQ[
M(Q=K-P1$=7CCJD?=+?OC[F2R*ME_&B*N8M1AQ*?O2,2(45"4<)B`B0Q74TJ_
M$IR^BB*+<1YX`=7$-YQ.[4<T[1)=FH-AKSIS6)A4#J,TGCMDL2/</$D@%8H,
MWHD!\V`H.$%4%T#$!9,Q-4&6>N3U2GY6N6=DXCY^)=G;R;9R/>KY@W"OF2J@
M(E<H/B*%>-G:9C).T%B+IF$#^C3\=VZ<DVR-BX?%13S[8W'DY<Q=SM4B7%VG
MHTXY,)CQ;A9XI!=CO6LI$CD+.N/@GK&40S&)3T6QM?\`&,S:LLB9&A66K#3D
MY6Q&)IBMN<Q-PRF%H8ZS$`E#8=).PNG=^&+C'TW)QT-&(BXDI=^SC(]`H"(J
MO7[E-HU)P`"/`K+$[Q_I2=QAX`!U:\TV+8A(U;$>R5V7>%;HE=K(3S5N@LZ*
MD4KA5%`8A044E%@.=-(3F\,ABD[C<<C$[9?0OC7E@+&Z0!6+H,>>8$QR"9,T
MY(>+'PB7/'`*(E&1D2>O)5&2)A]X:N$]P?@#3!\'70G:6Y=D9G>N_-L8O<*9
MO+?([>AR]5;45?'X<217+M9'X4-=R4]BG*2&(_"E[2%=NY=U6WIE<?F:F'PN
M2LT#3J^O?>I*8GDL6^UXH92ODB&ND<JCP/Y4W(/'B&GUC&&/Z]O?[)&G\2Z?
M6,88_KV]_LD:_P`2ZYC?MV.+,=6N5ITT6S/):&%J1^>&AV[]BDNZ:(O`;`Y/
M)MA,N@BND#@GA`"2AA3$QC%-QP[Z^?#']97O]C;3^.M71D<?\%^)OW<7DJW2
M.GD<;;L4;U.=:*SU;E29H+-:9.3V2P31O%(A\JZL#['42KS]7+4$-FO)NN:O
M8BCF@E0V"DL4BJ\<B'^<CH596]F4\CP3K@F;MI[MIC&/88TG+3--J2]EYQM2
MIQXWE?-)R:2'M(:\LBP9N49$GES.$8Q0Z[1X*[TC0C5\Y$7=8QBB4QBF`2F*
M8Q3%,4Q3%,41*8IBF`#%,4P"4Q#`!BF`2F`#`(!;I]?/AC^LKW^QMK_'6H+[
MA;=AO(,Z6XXX;V*&G9%7BRQ,C`(1\7*+&[S>W6[AO(N0;2IA[4Y%$4/"D@$C
MSO2>$<&=\D_$UM;HGE8:^\^E._-IM?HU*.-R>SJF921;6/HPQ4J-K`QSS,()
MJ%6."K+B82E>:G#')2CBM02Q7K.Z=Y+>%5WQ&YL)E1!/+/9KY:6FX,5B=S-/
M'>94!=+$KO*MIP7CF9EF9HG#UXY::::XHU<&FIR[(L6J6"Y/<DR;0QH:G%49
M0BJA>$75I?("18Z?<404]C12YSG$.`3=R+40'O0'B*^-<<V/*5MC:E6VYCN'
M:A5'\@=(YV4)%E.4KN7D3E#@C=L4>$DA,51Z[,BS0`RJP=MR$H_H^V7#Q`2(
M"436F'E(QH<Y/:-DL#OQ%4TC&'CQY&9?BJZ>JE#L:M_,+]J;1H!2=@_"?TLA
MRV?GZN;P]/&]/^G'JY@W[X,=6_G,?%\S`$+KQ)6P@`R=N5"2MN+'U%24SS"*
MJ>IVY6K44VMBNZQG,_V5?0@/=+!3G<1L&`/B2Z2:T2L.#$T\A*]B%HA;[LCI
M.7U;Q='N`,6-[;392D/P5-TNBJV@&2P<!P=)JH]DU"&Y["KL%`X[@U(C9]03
M4O#\;)/&YD9:[N5+4\!5,R:R;%PF1M`MS`8`$"EB4$7@%$/11^J/(]VJ[<44
MVP;C,RG<6%0[QN]DCVN^2`=Q$4HDKD@FC6X\#X/GQ*C!Q2`!P@R*<X%\-F?5
MVR**3=%)!!--%%%,B2**12D3223*!$TTR%`I2)ID*4A"E``*4H````:ZB^'6
MKD.K'57?_P`1&8J35\3*\NU-@5K2<-%0@6"":S$I)"25<?7@JSR0F2";(Y3-
MQJ_="XU7&_)(-L;:P>PZLBO:0+E,Y)&?#3R=SQQL>.2LDSO(BN%=8*U-B.&&
MOZ::::[EU3FJMNK=N]W0[,-MU8R7M*P6GGW)EARU!41[6%J1D;("$'5Y.IW.
M:>VM6O8R7:3JA6,I`P\<#AV\:Q1!E`174%RNT*.O9W6UGJ5;T,Y6[<+GC;3N
M2GLA7`L8T<##[:,M05>@X."9ECX"M5J%1J*X1L'"LBBDU27=/G[E=9W(RD@_
MDGKMVMM;A#GW\_D$0_:$->.T/I-^>?\`TM.^.RHQRDI3ADE/<#.S,'[&(/8.
M`0!X^WOXY]O,!W9L>3=DJBSG[]6@OILN-ABB:L)HP5]<]Q#/(0S\%N>WGA>`
M3K7<=/WJ'=8_8%B^,P+3-G&3,IX@BI:4>U:LY4VR[@C/Z0>RRWM28:UNRU1A
M`O$X)>6=2,R,-+-95%N_D7JC%RQ;*@U+L06BJBS9NLJ3PU%4$5%$^#%[#J)$
M.<G!OE!VF,)>#?*#C@?4!U_;M#Z3?GG_`-+7MI-?N)=D$JU8JSDNTK1%CZK/
MVGN8'P""">0/)8D\GSIWVQMZSMVJ].7-7<M75((JD=M(U%*.%74QPLA+%'#(
MH5R0BQ($X!(UX$1`!$`Y$`$0#Z1X]`^;]O6'?UF9WK@[B,A;CMI>&-L]FG-E
MLS,5N'A+/C['L%\8<DU%&`IMDD&$K=IV[.71HLUV1D6SY.#@JVN\;1_LEVLX
MCQ<D>9B.O42$$>1(41'WB)0$1_*(:UU+/RDPF]&*<J/H692RJP8,K@`CZEX\
M'[<\^_&EF?PQSM%J'XC>QT<C$3O0D6.2>%XWCDKR,R-^2X?EE7@L5`)XYUK2
M]GVS/KE[%\R-<X[=-H^;*K=0A)&JS"4Q3J99:Y9ZG,.H][*5NR0;^SD*]C'3
MV)C'Q%6;J.E6+U@V=QLDS7(8Q\T"?S[U*R]*%CG*'V]0Q.HNO6Z^L\P06G.W
M,2WG%LP-:W,D+3UK^5R`$QD"]I\L:]'*@X.+HASI)DC=6Y^&G^ED_-+_``:]
MNTO';VAV_P!3P''T^[W>_P!=*[F4:])%)-5K!XW1BRJW=*B$GTI"6\QGGR/?
M]"-,6W]DQ[<JW*=#-9?Y:U7GB2*26(I3GG"`W:JB(".RO;]+$%"3RR$^VLPW
M6[%>MQO2S79,_;@-G^:[1D.R,XB)57BZ=2:Y!Q,!7VIV4#7H*"C;*#:/B(IL
MHJ5(BJCM\\<.'4A*OY"1=N72N0UT5+YUK\9Y'PQM4W9[=['#[0ZE0K/6V&1,
MAT6'97"A1M0J+E7&]6;7.NW(B<E&>T6C&N,BV&L3<H$<=)G[6(5NW70RL_#3
M_2R?FE_@UY`A"CR!"@/T@4`']<`ULL9E[-857IU!&J]L7:C`P_25#1_5])`/
MC['[@Z1XGI[!A\LV9KYW-O;FF66[ZL\3+?7U%E>*W^4#*CL#SR>X<GM*\^/)
MN0`1#U'@>`_#QZ:Q$>KCD?KN97R5N>VM;>=M]CD=H-I!.D0=[Q]CB"-;;WCR
MQ4FM*6V)4NTY>ES),I"7>62`?N8FM0D@I&BZCB.$P'S)\N_7J)""/(D*(C[Q
M$H"(_E$--]2R*LHE,$4Y`':LP+*K!E8.`"/J''`YY'D^-2K.XALW2-(9*_C4
M=CZTF/D6*6:%HY(Y*[LRM^4X?E@O#$J/J`YUK)=K^PCK9[.\T5;/N`MH.<*E
MDFI(R[*.D'M1I-@B7D38(U:)G829@96QJL)2)E&"QDG#=0$ET%DVKY@Z9R#-
MJZ1SJ^E=ES?EF7;_`&RR]0O$;##698_+$W!5NML*D--3D<<-:K3GD3/J1@V^
MY@LN[L3^SLSO"R38B@,"HECT@;@LXLN\-/\`2R?FE_@U[`4I0X*`%#W\```'
M/T^FEE_*-D!^;6KK(.T"9%82!5)/;W%CROD^#^IXTQ;8V3#M60_(Y?*S5&]1
MFQ]B6-J;32(B&;TUB7B0!!]2D<\#N!\<>#`(AZ?U1!_(!@$?\@:UD37I3=0^
MV;W]T,5M?P]DFHV+;YEW+.1<<WB8+/8>:S#*JYB>M*6XQ%D:S1E?K$];';9]
M'3%<283K!H]BVKMX$@1F!".MF_KQP'K[_7W\B(A^L(B`?DUJH9&7'F8Q1QR&
M9%0B0$J`K<^5!'=R"5()'@Z5[IVC2W7^&BY9M5EQMB6PC5"B3.945>%E96,1
M5D21656/<HY'&L#2Q=1_X2RA69#`S_;5EAM>4X@\,[R9!;,[,YR69%1?V6>>
MC[1!I/\`$IGZJBH-D;-"5<S)-;MDV(H.2`^)VET=>@-GYQGFH[P>H#7W=+AZ
M/9FF3:5B"U33>PY*R)DM"44G8JVY9*W>2A8"%AIX$K2O!S$H\MENLB;8+(QB
MHI%^C-YO`%*'N#@/=P`B!?S0'C_)KR```<````>X`#@`_(&E#YAQ#)#5JUJ?
MK+VS20(0[#[A2?"`\GP`>T'Z>T^=--?I]`^0IW\WF\ON#\.?U*%7(RH:\#@J
M5>1%!,[KV(2S%?4*+ZH=1VZJ2ZM.:.H_AG'6*'?3CPPRS%=+'<K'$Y(;NZ0E
M=U*U5TJLH[AIEJS7N50;,W"U@$&X+.32B"QN$%&12B)C8.&?>G#UH-SN8+YG
M?-NT+/MRR?DF6),6NP&KE,B$W*S:.9P\<T81D186<?$QD3#QT?%13!@BDDR8
MLD"E,HN"BZNS\$I3?;%`W'NY`!X_7UZ^&G^ED_-+_!K"AE7QZD15J[2$$-,Z
ML9&4GN[2P8?3X'@>#P.?;2C<^QJ^Z9P][+Y6.LC1R14()8Q3BF2/T_66-HVY
ME92_+DDCO8+P&.L8'I0Y\ZZKW/&(<);W]O\`+16W"+IELC;)EZZ8T@X>\E<U
MBC."T-":M]=O)H]\^DIMC',GLBM359&95654?.@<KJO0N&ZBO3NPGU(\$JX<
MRV+ZOS,)(*V3&&3Z^U8N+7C:X"R59!)QZ;XH(RT#*MSE8VVING#5C98Q-),7
M<;*,8F8C9\@0A1Y`A0'Z0*`#^N`:]M)9;;/86S#''5=."HK@JH8$GOX)/D\\
M$>Q'CC@D%\HX&*#$S8?(V[6;K3]Z2-E'6:5H&2-!`714/8A3O1O[8KL7#A@"
M-;-<>E#UF>F/F%3(6W2LY4LB\8<S&$S1M%=R%Q;6.%6<&,G&6K';9%6W>06$
M$E92KW.CSM71>"!F\A*@FC(&E-%[\/A.^7H8U%K6+-P;)S(IOX1>V1VS2OT"
M<(H1=".=G-=+728>MP#Y@X251]J($BU&JCETX\?E)LNRS\A`!'D0#D/</SAS
M[^!]X<_/QKP)2B'`AW!]!N3!^L/.G)LX90ILT*5B90`)I(_J\<<<CSSY\D<@
M<GP!P-0^'IHE!Y$P^Z-Q8JA*Q9Z-:U^6.XCN"2#L*^!VJQ1G"^[L22<.SIT_
M!V<HV7+J&[3JJ6PV0;LM84;H&$']L4R5*V^UH+%<,YK/V157;]G86C%=)!=.
M@5Q_+Q<AX+1I/V-6"1=U5W+WKW2751OD<UVL[),$V*^[=\P8:6:YIN5$J[-Y
M<22KFXR+*1Q\ULTA;HMK!P<W4H^-)-LVE=7?/XJ4?,22[=J\5;DR6->HE*;[
M8I3?J@`_MAI&<G/):CLSI%-Z/]JA92((^..WL0'QP0#Y))(')(`X?H]EXRIA
M;6&QL]W'B^P:]D(9@V2MD@K*9[+J2WJHSJP5550[E%0NQ.O^Z3^$NM?T^LU)
M1M$V66Z)QGGG(>$J_G23R%0(6<+"T2NW55O*S\))1N0(AU!.8>LVRU.5UCI2
MS,0!%R>+679(]VP"`1X]0]>X0_)W"`#^;Z_[<:]?#3#W$)^:7^#7OK"_=:_*
M)GABBD(X=H@P]0@`*7[B>2JJ%'\-+-L;;BVQ1;'5[]VY5#]T$=MHV%4,SR2)
M`(XT[5EED>1P>>7/(X!XU@G]7RD];C?=D&\X/EMFM@L&W#$6XK(M@P?/4''$
M)&2MIK<:\LE0HUDE;/*Y!DW<FB]I4B9<Q6$=7FTDN^*]?,.]NT;M.A^G#C/K
MV=.6U2S3"VSC)+G'>2;)57&1:'DBE0MCI[M5@X)$GM#'V;?X*;KD^R@7CE!Q
M)P\JDC),V<>WFF$FE&1Q6NPE%,@B(B0@B/J(B4.1'Z1]-/#3_J"?FE_@TL7,
MLM7Y/Y.H8.!RA5^&;P2Y!8CO)'=S]CY&H[+T[ADS/X\=P9U<D&/986>$.D7!
M05P1"#Z(C+1]A)!4GNY)Y&%-U=7_`%W-VMRW#;6JIM<N#O9TGEN285!UC;'L
M"R>Y4H-.L;65HTE9;?-WF1DY)@X?1S"=6;Q#"LM9!XV;@\9F:H@S&KC:1M7Z
M_&Q:>N=DVL[<,_XPE<A0\3!7(Y:!B6W-)N.@G[J2AB+1]W6L3)LYC7;Y^9J_
M8H-7I4G[UL=<[9RHD.RA%,@CR)""(^\1*`B/Y>->/#3_`$LGYI?X-?8<TT-?
MY9:5,PG@NC(S"1AV_6X+$,Q*J>2/<#CV&L;_`$YAR&5_&9=Q9]+Z]ZUYX;21
MR5869R(*SI&'BB42R*%1AR&;GDL3K`JLN7/A7%IAG<&^K.Y>-:O0("KRKX@V
MYU6:3*0W=PTG82":2C$3#Z'.S<HJF```%"AJ)&TCI%]2;)^^_`%VW5;;<[I5
M&8W`4F_9QRGE5PQFE'\+7)UM<+&_MD^]M$K,2;R>2@$X$BSCS2RJ\BT;!P@4
MA";(SPT_TLGYI?X->0(0!Y`A0$/<(%`!#\H!KZ,Y(B2)#3IU_41D+0Q&-@""
M.05(]N?'.M<G32K:L4Y\CN#<&4%.Q'8CAR%XV8RT;H_:1(I(#=O:>TCP3QQR
M="A\D/00$>3"`^\!,(F$/R"/&O;333'JS--1<WB;/<([YL%6C;]GNOKS-.L)
MVLC'R<4Y3CK53+3&"H>$N=,FCMW7L>R0RBJQ4%SMG3%^P<OX698R4))R$>YE
M'IK)':-E=&*NI#*RG@J1Y!!'L1K5/!#:AEK6(DG@GC:*:&50\<D;@JR.IY!5
M@2"#K6^[G>AGU-.GQE1#*^V5M?,TUFGRZ\UC_-FVI24899K"295?"5LF.89Z
M>[0,KY$54)8U3+<ZG(-#+(NGR;5VI$D[ZQM\)>ZFF#&#6DY\PACG*,Q%\-'$
MOD7'.0L-Y$=&9H>"L$PG731U>7?@J=JJ[7;4:-'[8JC<IW95T]@.(`/`B`"(
M>X?G#]0?>'Y-?G69M7';X[=%<2<@05TB+B4#<=P%%8IQ*`\!R`"'/`<\\!I[
M.:6PB+D*,%QD'`E[C#+Q]^656\GQR!VJ?T!\ZK9.G,F+L33;6W-D\!%._J24
MC&N0I]W/VAEEAY`'(1I&DD4>.\@\:U[&<^JCUDNJ[4IG`.$-N]BK&,[ZQ=P5
MO@]N^*[Z]<6VL2I$TW,%=<R7=9U&1%9=MC>!+C$O:,SF(]TX8S#EW$NE6*MH
MO0WZ$VXS:+N!KV\7=/.U>D6*LT^X0E)PI59=K;K`C(WB'5K<E)Y#LT:12J,$
M8V#=/?9U?JDE85G$DZ0=2$XP2C31K_+G(DFF0J9"%*F4H$*F4.$RE*'`%*F'
M!"@`>X"E``^8-?TUJER[&N]2I6AIP2@B4)R\DG(X/=(W'/*^">WGC]TK[:6T
M-@PIE:V<SF9R.X,G297J/9*UZM=T8.ABK1ERH20=ZJ)1'W$ET<^=-8\?68Z&
M=:ZA3@F?,&3=>QENMB(EM%2SRQ$>I4;-%?AF1V\'"W5U&H/'E>M4&D1)A7+X
MTC93B(`M=LD9(1K:%?5[(<TTW5K,U259H'*2+XY'D%3[JP/@J?N#_`C@@$2[
M+X?'YVA-C<G76Q5FX)4DJ\<B\E)8G'U1RQDDJZGV)5@R,RG7ZX+SA\(BZ6\`
MWP2TVUY5R1BZI"BPJU8N.%YW</1*PS5>-V[>/H62\/S"TBQ@%5ED6\=6E;:Z
MAXDKD21D%#B90I/@9:PY\(!ZR5N@*7F_$5\QOC"O3S-XE!7ZE+[:,"TV3%(6
MIK:_@K*"UXO\Q&MG+DS9XDTR+.1:;MXT@4(TCMP0VPH[0]?3CD>1X$2B(_2(
MAQR.G:'//'K[N1]1X^CD?7C\&G09KM<SICZ26CR3.$)^HC@N$YX#'R>>[GD\
MDGVU!STY,D"XZQNO<<^%3M08M[$05H4X[())PG<\0X`[/3"`<!%0JA6JOI6=
M*K#_`$R,1.X.`=(W_.5_;1B^9<RNH\S!Q8G,<9PO&U:IQ:R[L]9Q_7%GCH8J
M*!PM(S#Y5>?L;MW(*M&\7#[K.YCZPE8N%9Q5TZ<,RUMQ=>,.R1\@9+JE!A;/
M<ZU<I*QST&YAH&=L=J91,"Y&IE8/6Z_Q6DGS-=YY]E(H.2)`WR%M>HE*;[8I
M3?J@`_MAIO2V_P`T;4Z):D)+,LX+(S?8E00.%X'"_N@`#CC4NGP-?\&3"8V>
MQA:T:)'%)C66*:.-3RX5V5CW2\L99#S([,SE^\EM:P#`_3>ZT>V7+5*SE@_:
M/N`HN4L>/G4C4K2WK5$F3QSA_$OX*0*O%V*9EH:6;2$/*2$>^9RT>];.D'2@
MJI&5`BA+05L[_"P5T%FXTW/J15D5$140P'M?1<)E4(*8G07+6N])8@&[DE2_
M*34`IP]2ZSO?#3_2R?FE_@T\-/\`2R?FE_@TYRYUYV#S4*$K`!0TD)=@H/(`
M+$D`$\\>W/G4+I=,8,;$T./W/N:C"\AE>*GD#6C>1E16D9(416=E15+$<D*H
M)X`[=8?GKI\]<G<_<CY$W`;=-V&8+P1@>.CYR].("3-%L0,9=&)A&(69M#5N
M'%X(.%(V"CHR/,N8SI9`Z_*NLN#=]^B5;$-F.Q?`O3,P@RR9/5#&26-LO.4Z
M*POKNI*T^@TM&+GV*,A<*S%MGT[;G%M=++/6L\S?K%,*K1,I.5\A#PT_TLGY
MI?X->PE*;[8H&X]W(`/'Z^M%C+R637$E:MZ59G98`K")RR]O#+W>R^X`X\_P
MTYXK8-7#KEGJ9C+_`#^7C@CFR<DT;WH5BE$K&&8Q\]TO`5RX;Z1PO;K5[2'3
M3ZS<IFMSN*D-HNX)YF5YE$<T.;NYK])6>+9+^-A;P%F4CU9P\.90MG(21)'&
MCQBBE(1D#'R)0;:LIMMY^%:94CPJ<C![GH%!\Z%<7M0H^WK$<@"B9%5/#/<J
MTUK<A&-1^4/A)S#%%54$DN3"*:1L][PT_P!+)^:7^#3PT_Z@GYI?X-*),])+
MV&2C1D,8[8R\18H/'`7EN5`X'@$>VFRKTOK4A.M3<NY:R6G]2VM>^(19<_O/
M,$C"RN06^J17/D\^_`P!]N'P:/?ON/R$;(F^#(K#"\+/RJ<S>).8NZ&;MP=N
M,X['3HR:S1_.U2/DW9#JM#3ELN<RO#N!%4:I+(IE:J9M^U3:E@[9?A:LX$V^
MTY"G4"M"X>&3,X5D9RRV&1!$9NX6^==<O;!:I]9!):3E'0E*5-%K&QK:.AH^
M-C6<C```]`#@/H#33?<R5N\%69U6-/*0Q+V1*0..0O))('@=Q/`YXXY/,HV[
ML[![9,LN/AEDN3CB?(7)?F+LH)[F!E*JJ*S?4ZQ(@=N"_=VKPU$O=3@3ZJM<
M)9*TT*>_UEL<&29!(0UBAP.99S`JF.)2^:3.8[N%54.!2.S+LS"5)^=1*6FF
MH'OG96!ZA[6R^T=R5?F<5EZQAD*=JV*DZD25;]*5E<0W:5A8[%:4JZB2,++'
M+"TD3SS#9>[@LE5RF/D].S4D#KSR8Y4/TR03*""\,R%HY%Y!*L2I5@K"G?;/
MN'<X@F%*C;CNAH4D^5!T4Z*AG51F3JE1<21&XAYCR!U$S)SL<4@K(JD%^W2!
MRF[0>3SS9@:GY\@6DW%OV3*T(QY5*W;F`IO&,@R5#QV[*4%J)@DX5?N,=LNB
MH+F/45.X9&.0[AHYZOW-;627DSV_X[;(MKF!#+S<$02-VMK!)/\`FEJ8>Q%K
M9."@4553$;3`=I':B#LI'2D0,+[B+O@N24K,NR?2E2;OED):H215&4I`N_&$
M7BL,+LI%(QZ503*N8EV4(]VH)C"5DNL+W7`=/,VNB8L]!?B)Q+[JZ09EY(=H
M;S%:Q8BHU/45X5YA,ENNE%V68UZDWXSMJT.^B;V+FHS17=+4CWAZ>]MAV1C=
MU5`KY;$>I&CRRA0K,.X")S,`4+RI\ID8VXG]&RLZ/8GM>Q)(XEQXJPL+5!M:
MIR:?RDX1!=)V1$B!QCHEHF[0$4UT$X]L1V0Q>.%'ZPF*103D+WC:[''U&M3M
MHEE`3CH"*?2SPW<!1,BQ;J+BD3GT%18Q"HI%]YU%"%#U$-<6QSEJAY4C/:5.
MG$'QTR%,^BE^&DW%',`?8Y*+5-YA#@1[2N"`JR7$!,V=+$^5KB.XRB77).,W
M]1H[N*;/9%_'JRB<JZ<,TW\0Q4.\/'MW"#9T5)=R^18F,9P4C<S=)9(YR^(`
MZ[.Q7X3L[HVB])X5W91V_M&P-H0XJQ6RCYV[6J2-49IZAC@M6+V0/K9%X50M
M-+9*PK)Q#JI+/S.5W63N9SC)KV5C.6>S')6%**25!,/3D#21)#7^F!7+<(L8
M+D?5JDV?G)"SSLS8Y4XJ2<]*/YA^81$?Y*D7*CI0@"/(]B/B`@F'(\)I$*'H
M`:^1KMNRX'S%4E%2S6.[,"21A`SV+8&GV!@Y'@Q7D&:03`H@'<`J@D/;ZF*4
M?375[B/D&B@I.X]^T5`3`*3IB[;*`)1`#`)%T4S\E$0`P<<E$0`W`B&O#3<&
M"W7C,A;;=&%SV,R<]B:>Y^-XR_0M2V9I6>:65;L$+M)+*[.[D'N=BQ)))UV7
M0NXNS!$N-N4;->.-$B%.S!/&L:*%15,+N`JH``/L!Q]M?DTU]!G$2T@H5*/B
M95^J<PE*FQC'[PYC``")0*V;JB)@`0$2\<@`@(AP(#KM^K[<,V6TZ?LZ@3+!
MLIVCY^QE2KC,I#"'V0?:QV[Q0@`/</EF2YQ#D"D,/IHPFT-U[EG2KMW;6>SE
MAR`L6(Q%_(N.X\`L*E>7L7]7?M4>>2.#HN97&8Y#)?R-&D@'):U:@@'C[#U7
M4D_P')/V&ND-=G8NQ%=<NS81%3CA,W0.F$M//2JI04(D<?4[YV0AO$<B7D4(
MQH"L@YXY*DFB"CA.=&-]B<4Q60D<H6+VX9,2G&N5OS,?%G,`E'L>S*W@RKM,
M>3%,DQ0BN1`.5SE'MU(6]9=Q#MY@6\"0C!HZ:M?Y3T6K-FH2)RB7Y"JS5(R:
M$8V6/P9:3E5$A7$3J$%ZOR0W6FP_A'N8^G^V?7C-T.GFS,>4L6L=-D:GXU?4
M'N2K-8CDFJ8P6?")%%)=R\[=]6*C6L/'.E7YOJE%/-^$;*ISYW+3DQQ6%KRF
MI"3P#(D3*LUDQ^2S.D-5!Q*\TL89#^BC4/&VV;'[]XX?-V*"#=N\MMND@$'L
MR]1**:/V)/Q3E3!58[>&@V!5!*9;PT2.GKA=PO6+F'*UMW&7^-CX:-?&C2/3
M1='J:'V5P91T?PSR3X"<IC*R"9"JO5A'RL3'I>`"H(H.W3C\E^R7E#<G<8^*
M28NG@*.CEK%(@RJJL8\IOD'>.5#@0'3I-$>9"?DA1;M4N_P2Q[411-8]MTVW
MQ.'F`3TR9&6R#)L@0D'Y!\1A"-E1*HK$08'(0PD.8J99"24*#B0.D4J16S("
MMS6;)9R_Q+V\?TJZ38F?8OP][2GK0YO-I4:F<RM21+"010R#\V:20_-TL;*T
MMA[,JY_<3"=JU6".K'5Z>13;EW/:3,[ZR:2/3I&43?)F5>QI)'4CM55YCFL(
M%C$:FC0!3U)6YC@'#,=AFE(Q/*+NS2W@R%LED@^2[D@3$J;)J<P`?V7$IJ':
ML"F`!5$7#XY"K/%"E[STTUZ$;9VWAMH8#$[9V_2CQ^&PM.*C0JQ#PD48):21
MS]4UB>1GL6K$A:6S9EEGF9Y9'8T9D+]O*7;.0O3-/;MRM-/*WNSM[!0/"HB@
M)'&H"QQJJ(`J@!IIII]TCU\"RVJN4Z,-,VF;C8"*(N@U-(2KM)FT*X='$C=$
M5E1`GB+'`2IDYY,("`>[77WUP&$_[*5'_9`Q_P#F:^5N)QE/9:QPO4:X[BV<
MDK-PLB5:76=(,P0CG)UERBHT:/%O%.4P`D`(B4P\@8Y`]=5G9+VKY"Q947US
ML$S4W<8P<QS59O$O99=\<\F\28H&33=0[1`2$66(943."F`G(D*<0[=<L];^
MK?6/ISF+DNT.F=/<NR\9MV/-9/<MMKBQTY8FO29**7Y>Y"!%2J5H)V(B9P)B
M>6\`61L[:^U,_5B7*[BDQV7L9`TZV.C6,M,K_+K79>^)OJFEE>,<L!ROV^]H
MWUP&$_[*5'_9`Q_^9K[M<RUC2W2B<)6+S6)Z6507<IQT7+M7CP[=L!3.%BH)
M'$XIH@<@J&`."@8!'WZI+Q7C"P9=M!JG7'L4RD2Q3Z7%:97=H,_+,%&B2J8'
M9M'RWCG.\2\,O@=@@!Q.H3@.Z?>WS:UD'%.2F5QL4O5'<8WAIJ/40B7TJN\%
M>12;D0,1-W$,T13*9(WBF%<I@`0[2'$1`*_Z3?$5UOZFY3;]B#I3BFV5?SU?
M$YC<N/?(-%C:XG@3(SJ9[Q'J4X9?5(:)T\@<-[:?-S[#V?MVM>C?<]@9B"D]
MFKCITB#6)"A,"?1%[2LI`X8$>>>.`=3\TUXY#Z0_7UYUW-JF]-->.0^D/U].
M0#WB`?ET<C]=&O.FFFC1IIIK\4D_0BH]])NN_P`M'LW3YQX9>]3P&:"CE;PR
M<E[S^&D;M)R'<;@.0YYUA))'#&\TKJD42-))(QX5$12S.Q]@JJ"2?T&OJJS,
MJJ"S,0JJ!R2Q/``'W))X`U^W35?]>WD261,K4:GU*M(PE6G+"W9OI"<.#R>?
M,CMGBX%0:M%2Q\1X@IHB83+R;@H`8@&2$1XG^`\@`^_D`U`M@=3]F]3ZV9O;
M*R4F7Q^$RAP]G(?*6*M:>XM2M<?Y/YI(9IX$BM1+\QZ*12/W&%I(^V1GO.;=
MRVW9*D.7KBK/<K?-QP>I')(D)EDB'J^FSHCEHV)C[RZCCO"MRH\Z:::L#3'I
MIIIHT:::::-&FFFFC1IIIIHT:::::-&FFFFC1IIIIHT:::::-&FFFFC1IIII
MHT:::::-&FFFFC1IIIIHT:::::-&FFFFC1IIIIHT:::::-&FFFFC1IIIIHT:
M::::-&FFFFC1IKH',>W.A9B2,]D4%(.UI(`BTM<2FD#X2$#A%"5;*=K>:9)^
M@$1="1T@3DK)ZT`1Y[^TTP;FVMMW>>'M;?W3AZ.<P]P`3T;\(EC[EY].:%O$
MM:S"26@M5I(K-=_KAEC<!@MQV2OXFW%>QMN:G;A/T30.58`_O(P\K)&X'#Q2
M*T<B_2ZLIXU27>\`YEPE)A/M6TDZ8QRAE6-WI"SXWE$RCW`J\(S[):$'MX\<
MKI,\>(B*?G7)>1'L*A[WLFUTJ3:VLHJ^QZ8`F+A7L@YTH$*!`#VC'H*QSHX>
M\XN8KQCF#D[@#"(C;D(`/O\`]OP?J#\X?/KI:[;>L/W]55W/TJ,+)J@/?,0_
MC0,J8YN>5%G<2HU\V?U_XZFY#Z0'7'5[X5]\[`R%G,?#[U3R.U4L2_,2;6W#
M--8P\L@`X62Q'7O5;B(H,=>/*X&[.B\>ID6)+ZM:'J5A\W!%4WSMJOE#&GIC
M)T%2*XJ_P0R021%C]3FM>@C)_=KCVUTM7M\N)9-,A9V.M=7=&`/$!:+2F691
M$`'Y#N&<+N#EYY#E1@B/IR(![@[*0W2[?'O@@.1(@AE?0A7\=.-13$1'GQ1=
MQ)"-P'MY$53D*(=H\\"&NC)W8-3G*BAZY>[+#E,)A3;RC"+GDD^0]">*D$.Z
M,4#?TQU3J=O(<B/`AUVYV"6HG:#/)$`J')^_S->E&XE#D.SM\*3<@81#GOY[
M`*(!V]W(\"[M^-[;R_*W^G&QMXQQ]J#(U[&/CDL=KHID,=3=F'`[^>0#B:_`
MX/I@!EU].+Z/7CZD.X,UB2W)^7DCG=8^1[=SXRUX'@?W5)Y\=Q]]2Q<;KMOK
M)!11._LG'8(\-XZ'L+A=0WK]HBE$%`W/;]OR!?M?E>H:ZILN^[&T<4Q:Q6[3
M9G(<@!W*+2NL#<!\D17>JNY`2B(>O$8(\!]/&NJF>P*Q'$GM')<,B`J"!P95
MJ0<B"7'R3$,XEVH"H)N>2F*!0#^G$1].SJ]L-Q\Q535LELM5A`G:8S9J6.K[
M14P"`B506R+U^"8AR`E2?)'X$1!0!XX^-N3XX-S*M:GL?8NQ8W"I^)RS8R:2
M`MP?4]*WN/<;<+XY`P\Y'_2L2>/@H=',>3)+F<WFF4\_+I'8C5P./I[DQ^/!
MY_7YI/Z?UBS?MX>7;J"T="N6E&C'8BBFVK155IQ=,PCPD,\Z`7H*FYX$8EK&
MJ_TI3<#Z_P`\8;3<I9*<)3%A36ID`]4!RYF+&FNM8)(B@]YUV,*L<KY=58#`
M8KR:68(G`WBD%V'R36CTC#.,,=<*5"F0T6[#WRAT#/YDW)>TW,O(G=R)2F]X
MD3<D3Y]0(&NSN.-*,/\`";G=W96MN+X@.I&5W];@8R1;=QEFW4PE<L5+PK;D
M%66*I+Q^96P^+P3=RJ?F''(UA:ZG4\55DH;'V_6P<4@[7OV$BFNR`#A7,8]1
M6E7CZ7MV;PX)^@'SKJG%F&:+B"+.PJ<8(/'9$PE9Z0,1U.2QD^!*#MYV$*FV
M(;Y:,>S3;,$#")TV_BF.H;M;3378^#P6&VUBZ>$V_C*6'Q&/B$-/'X^O'5JP
M)R6/9%$JKWNY:261@9)9&>21GD=F-47+EO(69;EZQ-:M3MWRSSR-)+(W``[F
M8D\``*H_=50%4!0`&FFFG;2;33331HTU%C>5]P:R?WWJ?[HF&I3ZBQO*^X-9
M/[[U/]T3#56=<?\`.;ZI?[`MT_\`P:WJ2;._OKVW_KYBO_?Z^H3[(/NU*_B1
M8_\`QL#J>VZ:T6&GX;G9VKS#V"F&TG6TD)%@9,CE))W.,V[E,AE4E2`59`YT
MC\D$1(80`0$>=0)V0?=J5_$BQ_\`C8'4V-Y7W!K)_?>I_NB8:Y&Z#6[5'X-N
MI%VC9L4KE6KU%L5;=2:6M:K3Q82!XIZ]B%DFAFB<!XY8G61'`96#`'5H[UBC
MFZKX"*:-)8I+&WTDBE19(Y$>ZJNDD;@HZ,I*LK`JP)!!!U77$[G<VLV$Y&EN
MDW+/YY!A'L'SL&[M[#=CE51TI"MTF0![4D2'19)N#D7.W3`YFR(NCHJHS@V_
MS>12[?,G35PD+@%E9*W-[$/[2,J$LW0;TYB[8.&0S28+`U2>@JLW%,AFH.`5
M[2]W>`Q?V/14?(YD>.7S5)RM#4V6D8TZI2G\H^4D8>/%TD!@'M7*S>.D4U"\
M'3*NIVB'<.K0\FAQCB__`(DVSYQ'_D"0^G6OX7-M;TS^T;/5G</4C<N6AQN*
MWEM[#;;NW;]R&%#`\TV3L7K-]V:Z+LTI@;Y:2:*"&N@N>DD%>K]ZD7\11RL>
MV*&W\?5>Q9Q-ZWD(H8(G8]RHE>*&.`*L/HHGJ#O5'=Y"8NYG>2K_`&\YMRW9
M\PX^@[!D&Q2\1)R#E.0CGBS0S9VF6!E')2+%39IG$I5T4E0[3E$#IE'GCD![
M:WD93R+1;]58VGW&:KK!Y3A?NFD:JV317>>W'[?S"@+-EC"IX"::7(&`O:0O
MR>>1&*FUS[NV,/[YN_W-3&N[=^GW2Z9^(9OW126JAVUO/>,OPB]0<U+NW<\N
M9J]3\/4K9:3/Y9\I7J/6VL7JP9!K9MQ5W,TI>".98F,LA9"7;F59#$8E>J>#
MJ+B\<M23;EN:2JM&J*TDJOD@LCP"+TGD4(@#LI8=B^?`U,7;7>)F:P4QN-TF
M7\V];+6]U(R;T4E7AV41*2`E*/AD0(;R[-OX:1>TO)2E`QN?E:@-,;@,WYPO
M<=7JA8G]2;6*6)'UR`@I`T*DV06$ZB*LS--TPDG:R;5,SI^MXA4"BFHFR8!P
MFFI-[:(Q;R>WB'CGA/%:/WMT9.D_<"C=U.23==,1^;O24.7GYN>?7W:@-E#;
MUD_"<Z><A6TO)UR*?E?0%UKH+*.XQ-NKXC%6529`+V&DF903*L[%+V8JH`J(
M.Q(H9`EF]7\AU2EZ)=`<UB;6\+VS?V6P5WJ7/MK(7(\_<5\7@IDFR61B:6Z*
MT]7\5_E=GU<?'D)(ILH'<T]1S:L&VEWAO>I:BQ4.6&2NP[>3(P1-0A*V;J%:
M]=PL!D23Y3B)`LYA5DK=H]77TK/D#<+M^OP04YD9]+R#5O'RGEI"<>66MS$<
M^\3PNYO-)INTDU1;KME3)),7J"B9SMU@'PU33,RI8LEY:P52[KB%9Q#GF&[F
M8MC1"6C6@I0:<)+-IF.,X?$$KY%"31.B4K<I'*Q4RJ@"8]P%C+0=V4:]?LD<
MWT*J75$4V[(UW0K<0O9&K5,Y_#5D&*[19K*MF_B',)(P8Y<H&5.@S=+'\,]D
M;Q:N.<72;JHEC"UIW39=Y"^QD$&L89B\B'CE)1FW;)(HHIJ^**AB%23,50QP
M5(57O`)!T0QV'WG@NJ=+;/67=.6V5F,3-+6V==MY&EOS9$XM16Z,Z9:[9O1^
ME)7BL8^[:Q*S4;Y>,23FS"VD.\9K>)N[:ER.TL;4S%2TBR9:".O+A,T@3TY4
M:I#%`>]9&CGBBM%9X!W<1B-QJC#'K6U/KE5FE"74:VYQ(H)UI=)RW9J(OQ;K
M"D8CEX4S9`0;@L'>N42<")1#N$-7A8987V,QO7F6372SRZH^T_;+A=ZSD55`
M4EWZC#N>,`*U5[(T[0A?"#Y!2@F?[(4VJ<]N'W;<4?C*R_S:]U>X7W!^H'[6
MFWX!=NPR8/=N[CD\TMB++3[>&&7($;=>&:AM_)G)/B_3(;,H\8JQW_6!6BSU
MO3(;N"GK=?<7<7B_EZA1JJW_`)LP`WPZSWJ_RXL]W(J$,96@[>#,!)W`CC7G
M3337HGJA]----&C33331HTTTTT:-----&C33331HTTTTT:-----&C33331HT
MTTTT:-----&C33331HTTTTT:-----&C33331HTTTTT:-----&C33331HTTTT
MT:-----&C33331HTTTTT:-----&C33331HTTTTT:-----&C33331HTTTTT:-
M----&C33331HTU%C>5]P:R?WWJ?[HF&I3ZBYO%`#8(L@"`"'M:J>@@`A_1$P
M^8=5;UO'=T=ZHKSQSL+=(Y_[S6]239YXW5MP_IG,4?\`T^OJ$>R#[M2OXD6/
M_P`;`ZFQO*^X-9/[[U/]T3#4+MDA2ES.H(%*`_$FP^H``#_-D%\X!J:N\4`-
M@BR`(`(>UJIZ"`"']$3#YAUR%T1CX^##J>G/O0ZD>>/UP4/VY_X=6EO!N>K.
MWCQ[6MN_XKR'4.-B/W7+!^(,E_GVO:LXR*W7=X_O#5LD==RYI]G;MT4P[E%E
MUH-^FDD0H>ICJ*&*0H![S"`:K.V*E*&6IX0*4!^($EZ@``/\_:[\X!JV/5H?
M!U26[\/RX]I"BW<QNJHTJJ"R+9=86=5)X)4.6`)`)'GQJ.]5YC%OEIP`3%4Q
M<H4GP3&@8`GCV)7CVU09A&W1=#RA0[9-^,$1#2B:DDH@F=95NT=QKN.5=%03
M*958&@/0<J(IE,JHFD<J1#*B0ANT]V&3ZIE+(41)4UZ>3AX6K-H@9(S5VS3=
MO59%](N000?(-G7@MR.&Z7B*()`HJ*O8!TRD4-PK<1&QT3F.\LHM@RC6:<TY
M.1I'M4&;8AU3>*J8B#=--(IE%#F44,!`$YS&.81,(B/[<LQL<QK>$/),&3/S
M>,EWSORK5!OYIZO;IH%WCCPDR>,Z6!,@*N%.Y50"$`YQ[0X\X8<_N#$;`ZD]
M)8+>/?;E#<M/<5RR^-E_$[UZEEL7MY8H9QD/0I5)>RG>EC>O<F]2H(([$<<\
MK&^VIT;><V[NAXIUR%G'34(HUL+\M!#+4M9`LZ&#OFE7F6!6$D*=LO>R%D4:
ML(VJ&D%-M+<D&OX4R![\G&JIE16.WE1DY0S`WA+E40,H1P=NH5)=,Z9P$@*$
M,F<0&(&/MW&5F5VK?U1[:Y=U)*3\M:F2==@T7!&PI+M'!C%8Q*+X#1[TR:[A
M!L<K@2ME42E.<?"/,G94`%P@T`H``?&FT^@``!_-R?S!J%^\N(B8O++P\9%Q
MT<=^P8OGQF#)LS,\>N4^]P\=F;I)BX=+G$3K.%A.LJ;Y1SF'UUUGU/SN[]G=
M!_ASW_M3=N:P<F%P.W*-S`T[V0@P^?XQ>+NU&R]>I?J16H(3C)J\]:>&=;5:
M_-#ZD*H1+6.W*6*RV]=_8/)XNG=6Y=R$T-Z6&![='^56(915>6"5HW?YI)$E
M1D,<D"-VOR.S@^Y6PXMM&1?;F*RI!%NX=LI/NFL<XB(UY8`<.17>M&;I!H=,
M18^5*_<%;((N79#+`"BHN%U+%-O\'8&6U^*C))JY!^^K-N<Q;`Z2A798^97F
M7D*AX)B%/WN6[M%=!,0$PD<I![QX"N#;=$Q4WEZHL9F,CY9DI(E,HSDV39^U
M.9,.\ACMW2:J)C$.4#D$Q!$I@`P<"`#J\@````H````````````>X``/0`#Y
M@#W:<OA!Q#;^W?U2ZMY"2EB;V;KV<!-@,#C_`)'#USGI:F1MW8%DMV).5?&Q
M]L,G>7FFGM33R2.`NCJI:&#Q>VMK0":U!3>.^EZ[/ZUJ3Y)9*\,+]L4:\=MA
MN67@!$CC2-%3S0!B&SQ]'R10[5-D=!&5Z<9/),K9'QG:;=-!9HX,F@)B"JJW
M,L)SH@8%#>$=,@"KVD&]6D7.`R!68VVUATL\A)3S0,W"[1RQ54\D\<,''<U=
MII.$NURU6*7Q$R]Y0`Y>2F`1J'W61,5&9ELB4;&1\>DX%N\738LFS0BSMRW2
M6<NEB-TTRJ.'"ISJKKG`RJJAS'4,8QA$;%-I0`&`:(```!_NB]`#@/Z*9OY@
MTD^#+*9;:O43J'TA6>G>P./3-YMKK4Y*^0FRV(RF`VXLJ,+DL4-2Q3D,DE1D
MG=)DC9+(42+)LZM5ZV3P.!W44EANV#3IB`2K)`E:U6NWRIYB1WECE7M64,BE
M"P:/GM*R/TTTUZ1ZH'33331HTTTTT:-----&C33331HTTTTT:-----&C3333
M1HTTTTT:-----&C33331HTTTTT:-----&C33331HTTTTT:-----&C33331HT
5TTTT:-----&C33331HTTTTT:-?_9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>g489469.jpg
<DESCRIPTION>G489469.JPG
<TEXT>
begin 644 g489469.jpg
M_]C_X``02D9)1@`!`0$!1`%$``#__@!"35),3%]'4D%02$E#4SI;4%)/2D5#
M5%]'3TQ$1DE.1T5275-04D]45%]02%E37T=/3$1?34-,4E],3T=/+D504__;
M`$,``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`?_;`$,!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`?_``!$(`'0!O`,!(@`"$0$#$0'_Q``?``$``@,``@,!````````````"`D&
M!PH$!0$""P/_Q`!@$```!@$#`@,$`P<+#@@/```!`@,$!08'``@1"1(3%"$*
M%2(Q%D%1%Q@C.6&AM20R,S=Q=G>!D9:W)3A"4E155I6QMM'4U?`G-D5B>)+6
M\2@U.D-'5UAD96=R=;/%TO_$`!T!`0`!!`,!```````````````'!`4&"`$"
M`PG_Q``_$0`"`@$#!`$#`P(%``4-```!`@,$!0`&$0<2$R$Q"!0B%4%1(S(6
M%R1A<1@E,T)2-SA3=7:#D9*AL;.TP?_:``P#`0`"$0,1`#\`[^---------8
M;<<A4K'S$LC<[+$UYJIW>![P=%(X=B0.3$8LD_$>OE`#YD:-UC>H!QZAJCR&
M1Q^)ISY#*7J>-H54,MF]?LPTZE>,$`R3V;#QPQ("0"\CJH)`Y]Z]8()[,J05
MH9;$\C=L<,$;RRR,?A4CC#.[?[*"=9EIJ"MKWX8_C#G2JE8L5I%,QBB\>&;5
MJ-,`"(=Z9GA7LD8@AP(>)&H#P/R`>=:E5W]V]=54S#'=;\OS^#(>=EW:I"CZ
M!XJC=DB0PB("/HFF`@`E`1$!-J`,S]6'07"V33DWU#D9U8JWZ)BLUF*_`')9
M+U''S4)T_;NKV91S\\#WK.*G3+>UR,2KA7@0@$?>6:=23WQP##/829">?AXU
M/HZM$TU5\AO\M:"Z8R>.JZ9O\SIH3\JR<'#D/V)1VP73#ZP^)$X<B`"(<#SN
M"I[[,<2QTD;77['43J&*`O$RH6.*3`?F8Z\<",F4GU]Q8A3@/GZ`(Z[X/ZK.
M@V=LK4AWW6QUAV"J,YC,SA8/?'#/>R./KT(5)/',]J+X/K76YTTWK2C,KX26
M>,#DFE8JW'_X$->>2=F'\)$W_P`=3ATUB]4NU2O,<$M4;#$V&/Y`IUXMXDY\
M`XASX3I$H@X9K`'J*#M)%4/K)K*-3]2O4LE5@O8ZY5OT;4:S5KE*Q%:JV(7_
M`+98+$#O%+&W_=>-V4_L=81+#+!(\,\4D,T;%9(I4:.2-A\J\;A65A^X8`C^
M-----56O/33333357>>]Q^3YC)TAC+%\FZ@FD;.HU-`\.DS+.V"PBX39."A)
M.B+>1:%D53,&:;0S43`DHZ=N1`Y"(:]M]UW58)L$+]+[K+KK23=1ZQ;2,HSM
M4!)H-5DTGC1RFHV*9-1(ZJ1'`(F:.B)KIJM77`@H7Q=RV.;?BK+<ED&/2<)0
M<]:`MM;L;9$IV\=.J.DY-:->^BB;5XTE"G6:$=`5&2:J$\`5CD=HI2`HFXS$
MF:%H&N9UIM=;65H<S2(F95BE(59R\D#MTEBH*N^]>N.7ZB+8%$GIE8\QTB$"
M3*/AHA\IK=W<&YNHW4C;>^>KN\^F75"'=T*]/#D,]E</L-<0,K)XJ@2FIC@6
MQC3"^&F\M6M?:2O(TMR>>PLFRL4-''X#;V1PNUL1N+;CXIOUXPTJUK-_=FM'
MWREI278QV.[[I0LLD`60=L,:Q,LV,:W1#(5"JMU10\H6Q0S605:=_>5H[,!D
M7S4JG/*A&SU)P@0Y@*<Y"%,<I3B8H9OR'VA_*&M%Y?*7&V![K]`2IU'Z.5IV
MK`A!HHLR1*@O$U1.R1\,Z*1A576.("F8.]4YA#DPZK^Q?;=SF88ZY1%9R8^1
M"O,VM@?OY%V+:47$I'J3&!AW["-45:C(';N%U2\()**((@X<@CPB;=+=?6\=
M-LWL[IYFMN;CWMOC-;1ARC2;3K8XULED:5:XF1\$-V]1EA6:?%W;@XA[(:C!
MN"Z&+428S9YW!2RN>J7\?A\-3RC5N,G+8$E>":2$U^]X8)U<HEJ&(_EW/*#^
MQ[M6[<@/R'G7QR'RY#G[.=5W[-\YW:WV&<H5VG'MB`(-2P0<C+"1:4:J,735
MM)1Z[LB1%72"J;]!RD+LRJS95NLF144EBIIZIS=G7+5-SO;8V`N4R6&A+!%"
MPK9C(J1*Q/=$.Y]WJMR-O,K-7;E8X+H)K@JOXQTTU"&.42VF]]5.Q:73+;75
M$XC<4V'W#N1MKR8^&&@<IB<E#%=GL&Y&UY8)84AI&:,U9YI98K-9A"LC2115
M4/37-3;CR&VA:H);H8\9(3N\XK6:[/71!$PA+J[-8"L)414:.0,W`5FMGY#[
M=?'(?:'\NH)XPMN<,<T#,&3\WI6!V"$5$2M5BYUY'IE%Z8\DV49(1$>KS7V[
MA\\AT7"!VS54J(@()F61.`1YIL]NBSFC=K5`9)D(MO56P+N6#.36KS%RX4;N
M7R4-!,8QFHB+@K5N82KR*P<>(U(Z?'.L90GODOJ5QE&#9]6'IYU!N;MWG0S.
M8H[(&+J4MQ4,+A[>2KMD<K7NW(4KK>@Q=J]0@@:R\U5"Y90T!G\Z_3^Q.^5E
M?.X*+%XB>I4FS/W,LV/GMVXJ[BO6D@AD:0PO9CAG=Q&J2'CWP_9;GJ/&5=R^
M/,5RQ:P]-)3EM,>/(:`B&W!F9)043,UY*2>"A'M$E4EBK%324=O!3[3`T[3`
M;6D=H&X&VY"D9FB7F0"9D6<26?@IQ=)NW?KLT'+9I(QLAY9)%%XJCYQHY:N@
M1(OX0NDW1UA(BH$&LUPEYA,M2T3>+`C/VTKB#4&917572%!^1!:!3\95BP4Y
MCFBK5%3]1AX9D1`AG``!SX%U3^J&W7Z0[5ZA=+\99D7=>>GP=F]F<?!-_ANQ
M227[C'6JJ9#P_K-QT,N*?_K#'2TZUJ:<!FKJU[VWTYCDW3DL%N2S&AQE%;J0
MU)W7]024H8YHI6KEOM(E8+9']"PLDD:)_;)Q>5*RL?"1<C-2KI)C%Q+)W(R+
MQ;N\)JR8HJ.'3A3L*<XD113.<P$(8X@7@I3&$`'3&,=P=+RY:K%7*:WEW#6O
M1C614G7S8K!E(>:?*,RIL&:Q_>7AE\,%`6>MF8G`W:5#@`..H<D4G.#3;<]B
MI:_-'MKA5K+-728(^<F2G:4FSGE7$$BJ:$146559K,T004:LDQ%`Q1>E`I3'
MAEM5KN1K!>G)L>V=O6THGZ.2-M(NY6;C-5Q.>3%>+2\*-D054.FFZ_!J&9E$
M%`+YD.X0"Z;ZZ^[XP?5/I1M#';&S-7&;KQ\>6S6*LTL?+N2Z]FA8D;$T93EF
MH5FP4P$F;)`E[JLB4K<L9[)J;#;)P]S;6YLM8S-22QC)VJU+,<TZX^(1SQJ+
M4Z?:B=Q=0E:0Y[>)5,T2M[6Z+30/R_E_R^GYM-;?ZBW33333333333333333
M333333333333333333333333333333333333333333333333333333333333
M333333337U,8I"B8P@4I0$QC&$````!$1$1X````$1$1```!$1``U]M5J[J<
M\2]JG#X/QB9V]%=XG#V9U#B95]/2RQA2&GQG@_$9HB<0)-K$4+YEP"D:H9-D
MUD!7C7JKU0P72C:LVXLPDMVW/,F.P&"IGG([@S5@$5,;30)(P[R"]FP(I!6K
MJ\@CFE,,$V0;:V[=W-DTQ]0K#&JF>[=E]5Z-.,CRV9B2HX4$*B=R^20JI9%[
MI$R+.6\<6#YS3,.%1E)4%S1SNWF;#(LTWHJ>!Y.K,``Y)EYXWX(L@LDO'F5_
M!L&DF)@5)K6B;1<F9.?$N.8+%)P*<B<5UT9!4\O>7R1A*IVJ@[,JQ@$U`,;L
M;K^86;`'`Q+;X2EW=C7$>.ML%--DS*3IDZN!44?U29$CSW*[<HAX=<J#,IC"
M]EUA\1)>32`J[@I%3)*,(E)8YX@YCW37[*"SN+BW+FG4LYCII0<6Z,E(R+?U
M*!K!+-S$6<BJ`B92-9'0C$^024!^8@.3:)=1LICZ7V>\OJARV0W!N/((,GM'
MH!MB^]'%8&D[?Z:QN6:"8&!W[/'-8EE>Y(4FA#9=8IZ%"9MOU[$QEQ73BK!1
MH0,:^5WSDH%FM795"^2/'HZ'N4`]Z1H@C7F-S]H62::7"L3LRP@8K62"MSU@
M:%-WED`7R%8#JE,8!*X:()/HV.7`0$`3,UCBEXY[0#U#Q!WL88AA*UK]#LXL
MREXY:0M9AD0[1'M*1J:4(?M#N,("8A.!$>"\&Y&K,``H<%`"AR(\%`"AR/S'
M@``.1^L>/77SJ')/JVWAB?\`2]/=E=.NG>)CX%>IA=MP6+GC``XN7IRD%N5@
M`))TQU9I/[F'<6)RU>EV*M?U<]E\_GK3>WEMY!XXN[Y)BA0-)&O//:AL.%YX
M!XX&K32[TL)3HBULE%LA&H@!`,^@*Y.-^TPCW`H@G)+*%('/<(%24[N3<%YX
M`WEHU'9QG(3MZZK`0=@<BF8A()9:C6`%5!'@J,*^1:Q\@<3#\9$XQ\7GCX@`
M?6J?3Y\<^O:(&+SZB4P#R!BC_8F`?4#!P(#Z@(#I']6>Z,SQ5ZD;%Z==1<2Y
M(G@RVW8*>1"$<?Z+(P&:"G*%])/^FSR)P"I#_GKANE^-J?U<!FL_@;2\%)*U
MYIH.1Q_VL#>-Y5]>T^X13\$$>C..[;6,M8=?C=,36"4L*#`YE@5@BJ1MQ8($
MX,!748@=1K8FH$^%=%H545R@;Q(4R(F[=V8&WB,K.Y:4_*ODX*QJJE9Q]F23
M!C!RSD!\(&LL@H;M@9514HD*<3%BW2XBB`1RXI-58PX9W9WK'*[2)M#AY=J:
M!B)*-'[@5[#$H`!2`>%EG2@J."(%`!+%2BJK<Y2^&T=1PCWC)S+V#:1N#J9<
MM8@<,`LKQFL]42;)IMV=N42+^J8N:;&`HQMH0,4[8KI<A%#N>&<N"B!T7;:9
M^G.5J^*_O;Z7,KD:5[&H,EO;Z>]TW9;E?(T5,:VKNUYY9I9)I%)"P68)Y+I=
MHH7>JTE?!WL2SU:4/#A^I-6O-#8;[?$;[QL*Q203$?TH<FB(BA2!^<<B)&`'
M=1*`]V">8#SZAIJO#:=N#D3/D<,9'7<IRS11:.JDE+F.B_!9B(I*4Z7!R!5@
MD&?@JDB57)A<*D1/$JB99!D*]A^M\.E_4O;_`%6VG3W3@&DB#NU/*XNSP+^$
MR\"H;F+O(..)8"ZO%*%5+-:2&Q&%67M6%]Q;?O;:R<N-O!6(`EK68^3!<JN3
MXK,#>^4<`AEY)CD5XV)*DEH(\?R@'\H\:::D/5BU!5'=I$6K(YL16+'##W-*
M6]_1W\A*SR#V/421D7<:DX=Q+J"*@LFZ<-D2@U5<=J:C@@>.(D`XQ<W:8;J>
M*;17W%/-Y2)MS.3<*5I1P=R,.XCUVJ:IFAESG<$B'Q'I2(-W!E0;.&KE)%8R
M!B(MY09IV9)7NU2MSI5F:U^0GG)Y"7AYEDX=1BLHJ!?,/V3QD<';$7BA17=-
MU&SQ/S1U'"!T04,B&NX78E;9&40<7S)+)9BEX2:PPR$O*2R[1'M`K5!_/*(I
M,0[!.FD<4'A&P<*)H',(E#YM]3MC_4#OG'[FV+N[II5WWE3N>*QL+JA%>VCA
MH]O[?6[$TE3Q58*%B2M=IQ.MBOD)DFCFMR220V9:=)C/VW,SL;"SXW-8O<,N
M%KC'&/.;<>#*VVOW_"P67ODDGB62*9U,<D",A2(*KQB68#9!9F4GMBKR1F%5
MW#X<?23$7+@_B+.6L5-K1;!=0X_$<RC%FW^,XF.<"@<QA$>1UOL,>MFX9?36
M5!,Q(^LOC@8#<`U;A92*K"(`(<)F,`"'Z[UY`!#4IL[0$55MMEZKD&T(QB(2
MCC&QS0@B8$&C0S1)$@G,(G4.)2]RJJ@F455,=50PG.81KGV]8?LV5&&0AJ-X
M=TN8C&T3%N2D.^)&S\)/EEO>$5*FCET'8("I'-SE^%TW.4RI%6IA,10ESWY'
MNC9'7WZ?*E#%R[YW1MOI%)C)J$%ZO2GSMRA@=U8_(V(+N1>&$2,J6;Z?<LLE
MCQB$`SRJ#X81L=E]C;ZEFLKAL;D-U+869X9)DI0S7<7/7C>&N'<J"8X#XPP3
MN[_[%)UDNR0P'S8Z.7D2FI5F4`0`1#L/(08E,(\>@&`0X$>.>?MUZ?+A"*;N
MGY%"E.0^3:&4Y#`!BF*(5,!*8H\@("'H("'`AZ#J=.W/;43"JTQ/3$XWGK1,
M,DXH%(]HLTBXN+(NFZ5;-0<G,Y=+NW**!W#I4C<@)-D$46Y/PRBF)7':9*VC
M,R^4TKM'LVRUJKUC"&4@G:S@J<)[G[VHOB2B20G<>[#=JWE@*GXQ>Y,_8/=:
MQT$ZHP]`^G&U1MHV-R5>K:;QS.'3(8E),3AI*MZKY+,\]^.G+(%6O+)7JV)Y
MD%I(C&9(IA'[G>VW'WON#)_?]F.EVL^)J6C7M%;5L25).V.-(&E12PD19)8X
MT/C+<A60MLS=FBHMM^R`"1.\4D85RH']JBWL\.JL?Y#SV)E,<0#UX`1YXYU'
MK8H];-:5E8ZRA0\E,1[YR3DH&3:A77'"INXQ2@4PM7!2F,8I>4C<F``YU/FQ
M5^+M,#,5N:;@[B9R.>1<@W$>T5&KU$Z*H$/P(I*E*?O15+\:2I"*D$#$#5?*
MFR6^P3J;;4;+PQ<!-MS,'K=RWF6#V2BS^(/N^;"%?)L9-,O>)#&%%))8%%3`
MV0!11$\W=6MG[_QG6W8W6'9^T9][TL3M'*;7R6&H9/%XV_6M319_[*WSE)Z\
M3UI9<XOD:$S.@J2K(J&:$MA^V,KA+&SLSM3*Y1,-+:RE7)5[<]:S8@DC5Z(F
MB_TR2,LBK3)7O"*QD4AB%<#4FQ\IU\U.UTDSG2+2+"LH8"\@D1Q(P0)"H)>2
ME[S&`A?7@3^A1'7I=UX?^$E,?N8__1\9_P!VK!MOVW:(P@TE':DH:PVF<2;-
MI"6\H#%HUCVIQ62C(MH*KA5-`7!A7=.'"ZBSQ5-`1(@DW22#`\_;3PRU:"76
MO6="O3:[%C'RK62CUGT>^"/`Z31\BLT<(.FCM)L8C90G8N@N1!`Q?+J$4.K#
M^0^G[J96^E[`[,KX:&]O.KU!CWOD-OPY+'++!3>OD:(IQ79+"8Z>['#/4LS1
MQVFC'?/%#)/)$B2Y97WUMY^H][+R6GAQ$N#.'@O/7G*O*&K2^9X5B-A(7>.6
M-"T7<.$=U168K(',?[4F3OWAV[]"/]5_;!/^.N0/WJ0OZ9<:G5CW&TO"XJ-C
MO(%E<75R^93\9+2ZJS\ZKB,FE':2;-)>37=O`!E'N"-$#J*?@_"**9"$*4NH
MOTC9S<L=Y!AK)6LI%2@HZ8C'#YL5E*QLM,035\W=O(62-'2`1[M-VFCX*I52
M^36,;Q3-4P_!ZEKJ/MCJ)F>JG0?JOBMBW;M7!4;46Y]OIE\-'E-OSYJLT3QV
M99K<=:XE$7YC++CVLK(]&2,>/SP.V+X#(X*IMK>NV;.9AADNS1/CKQJW&K7D
MIRJX:-4B:6(S^!.Q9UC*K,K'GL=18#IIIK;W46Z:::::::::::::::::::::
M::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
M:::CQN9RR?$^-GSR,<%2M5B4-`5CU_"MW;A$YWLN4G/)BP[$%'1!$!(+XS%(
M_HKP,<-H.+XFJU>3SW>3HMQ492:]>=R)Q$L37VI5PF;&J90!,+R7.DNDV7Y%
M48Y-0Z9C&E3ZP+<^[?99W&U3%3!82M8H\)6@$AN]-!_8A0F+"_$`'D#M(<69
M3!R`E\B(!P)A$=G;U+BVIU"I^(:WX;!I,(HJ/F;?N+Y>J5H&S>,8<!P4&[V2
M(W[@$!%1.+5(;T.?NT$W=O*ED^HW5#K'GXX\AM+Z>:_^$=AX>P>:>1ZD7I(J
M]RXZ'N4SU,LT%625%+PU_P!*R,($N.+&;<7B9J^`VYM.BS5\IOR093-6D_[6
MOM^%2\,2MZ/CFK"28*2`TGW%=N4GU"S.69)G,UQ<33D[EK7&!U6M4@E#B"<;
M'<]HNUT2F%,9B4`I'$DO\1B!X3!(_EVA.[2_YOM$?D`?6(_8`?,=-9YC"E+Y
M%R!4Z8@4XDG9AN@_.F`B9"(;]SR9<^G'`(Q;=T(&^I04_M#7S=NWMS=2=Y&U
M>L3YK=6\,W7@[Y#^=O)9.S%4J5XE'XP5T>2&K5KQA8*M9(H(52&)%78""#';
M>Q(BAC2IC,53D<JH`$=>M&TLLC'Y>1@KRRR-R\LC,[EG8DS#Q;LJ8W:@UFVV
M*VSL#)6&/++!%,HZ,70;,':BBD685'916%9S'BV=J@(]I#./#*'!.1S_`.\"
MJO\`ZQ;1_BB#_P#YU/INW;LFJ#9LDFW:M4$D$$2%`B2#=!,J2292\\%322(4
MH!R`%*7\FJP+?OFOC.U6)G5(:FN:VRF9!E".I!C+K/7<<S7,V0>.%&\V@@8S
ML4CN2>$BF0J*J10`1`3&^G&^.F'TK=$MN[5_S#VK][<OP18Q+M:;<-J]E[N-
MI5CDLI+5JY:"*".25HI9C'''#%-<AACC564+KMAMQ]2]X7\C^@Y,Q10NUEHI
M%H1058K$S""NLLM9V<JH*H&+,R1.S$GGG/'FP*`\HY]WY&G_`#W@*^3\[#Q)
MF?FNPW@>:*W['`MQ5[06!`Y5O#$PICW@4!KPN-/L%"LDI4[0Q-'S,2L"3A+D
M3HK)*%\1L]9+]I2NF#U$2KM')"@"B9A*<J:Z:R*<L/O[LN?X/T'_`!;._P#:
M'6G<M9[L&96T>G:ZM3&TC%*",?/0K&5:3*#503&<1QUW$N[1<QS@X@J9LX;J
M>"X*#AJ=!4RIE-2NLMOZ7,[MZ.QTG3,[6W1CI"ZTYL;FI<5G:K]HDJV9;UVZ
M]&Y#V^6E;B`@<^6M<C*S0VJ,G[3BZD4KS)N8U,EC9U"F5+--;5*0?VRQK#%"
M)HFY[9HFY<<"6)NY&BFT7J0&WO.$EAJW(JN5G+BDS2Z3>UQ)#"H1-(W:DG/L
MD1Y*63BR\'4`G:,A'E69*\G!HHWC_I\M:Y[3W5G-D[BQ6Z=N79*&8P]N.W4G
M0GM8J>):UB,%1/3MQ%ZURLY,=BM++#("KD:S[)XRGF*%G&Y"%9ZEN)HI4/'(
MY]K)&Q![)8F`DBD'Y1R*KCV-6,;Q<3H$)&9YHHE3(LI%J69U%'X`3JF:FK=R
M:J)<D!3Q`:-';E,0%03Q;TW<)'"@R_P#E$F6<:PMD7.E[];`:&LZ"0`0$9Z/
M*0KE4J0?L:,BB=O*-B@':5%V"8"(I&XCMM.L3+*^%K3B6TB#PM?;K5X2J"4Z
MIZI8&S@T48G>(G%6)=IOFK=7T\!-I'@`@8A1UJS9O,R5"S!>,23)Q!1^G)MC
MI]WPA8J4[61552*(``^?BE7BHF+VF,DT;B("!`[?IMLK=>/P753IYU*VY%]C
ML3ZEL4^.W%BHV)J8?J9BV9?*BJ$06+F3:?&%@!]W:L9>_)R#&L>NN7QD]S;6
M=V]?;S9KI[96:A98<2VMNV>WE"3RWCAKB.T!R?%$E6!>/S[K1=--?Q<%5.@L
M1`X)K&24*DH(<@10Q#`F<0X'D"G$IA#@?0/D/RUOAJ&-?T[R?VQ?^L'^G3N+
M_;%_E#_3K@:ZC^;^O]TSW]!<YIWS-[93\K25GCZ3<,81>.9.,&1K96;YY!SL
M;9,*5V6@I08F39OV:8I2#%ZW3?%;R*BT>X)K:6!I+VH;-6#L?[F\+Y]89!H>
M2JF>U5&+DIG;*E8GT$Z%^BDX<5>WXYAXU"054C3ILVQYD[E-9PW`03[W`M[S
M^C,(HYS>H"*5BL;M+(JLPYY7DQ>B"#SSQQP/YU'@ZA1&_:Q@VQNB2]2C2:U5
MAHUI)HH7["DO8MT]R.'4H5)[^0`>1KM7RE3%LAX^M=*;R"46M8XE6-2D%FQW
MB34RJB1P6.V36;G6*'A\"0JR8CSSW!QZZAVZ;?W^#36\SVSL[%])O<GA`UBG
M$9Y/W3[T[^_QW[WQO']X$[>T$^SPAY[N\.WD9VU>T7;T=K6=AP#U5<3++1L;
M*,XJ[6=''1,99JQJF_(06MIE*C%F:TS(-1!N9.364KL9"O7T*+B8K4K9E"-H
MA[V)6C<UMSHS*J2%XSUAJD,[U7VULIB]RR?2:H6UUAXDV6:V"O!89N-/,0RZ
M3QJ=.18$7:B#E$!4*90I1CW-]+-MVM\[?ZA9+%O8W9M_'VL?@LM!?O\`@BI6
MX;T-B,4X;"4+!:+*7%+V:LDJ>961E,<97-]N]2(LK@<KA\=?:KCI+4+Y?&7Z
MT%:W!:1X6A\[3(TL7+U8PO@L>-C&5))+J=X::C(CO6V<.%D6Z&[';0LNX61;
MH(I9YQ4JLNX<*D10012);#'56664(DDD0ICJ*'(F0ICF`!S*_;D=O&*9XM6R
MAGC#&.+,9@VE2UV^Y2HM.G31;U1RBSDBQ%BGHV1%@Z69NTFSP&WEUU&K@B2A
MS(*@7+/%)R!XWY()`[&Y('R0..>!R.?^==Q<IE6<6JQ12JLXGB*JS<]H9N_@
M%N#V@GD\'CX.MTZ:CQ7]W>U&VSL15ZMN;V]V6RV"1;1$#7J_FK&DS.3<J]/X
M;.,B(F-L[F0DI!TI\#9DR;KN5S_"DD<WIKP'F]#9]'/'D>_W6;;&+^/=NF#]
MB\SKBQL\9/F+A1H]9.VR]K37;.VCI%5LZ;+$(LW<)*(JD(H0Q0Y\4O/'CDY^
M>.QN>/Y^-<??4NT-]Y5[22H;[B+M+``D`]_'(!!(^0"#^XU);36G\=[A,"9=
ME'T'BC-V(LFS47'A+R4/CW)=*NLI'Q0N4F02;Z/K4W)NVD>+Q9%J#UPBFV%R
MJDAXOBJ%(/HK9NMVO4*Q2E0O.X_`M,MD&NFVFJQ:\Q8ZKMAB'"S5!ZBA*0DQ
M9&4G'K*LW35VDD[:HJ*-G*"Y2BDLF<W'C?N*]C]P')7M/<!_)''/'L>_]]=C
M;JB,2FS7$3,560S1B-F'/*A^[M+#@\@'GT?7K6_=-:XQSF+$F8&<G(8ERCCK
M*#"$=HQ\R]QW=ZQ=VD2_<MP=MV4FYK$I*(,':[0Q7*+9V=%95N(+$(9(0-K5
MV<=YFT[;.^C8K<!N-POAV7F$/-Q4+D/(M8K$W(LN5"^?9PLC()2JT?WI'3]X
M%9^2%4OA%7%00*(1R,W8J.7_`/`%8M_/]H'/Q[^-'MU8X?N9+->.OZ'G>:-8
M>2>T#RLP3VP*C\OGU\ZDQIJ*J>^79PLKB5%KNAP.^4SQ.#6<->[LHU&3)DNQ
M%<P[)2"IRL=*.DIF82>V"$9*QK<_G4GDJQ:JHD7<)ICM3(V=\(X><133+68L
M5XO=3J+QQ!MLB9#J%(<3+>.4;HR"\4C9YF+4D46*KMHD\59E6(U4=-R+F(99
M,##'("`8W!//`*-R>TD'@<<G@@@\?!!!UPMRHZ/(MJLR1]GD=9XBB>55:/O8
M-VKY%963DCO#`KR"-;6TU%\=[NS(H"8V[?;&4I0$QC#GW$X`4I0Y$PB-NX``
M`!$1'T``Y'4D8J5BYR+CIN$DF$Q#3#!G*Q,O%O&\A&2D9(-TWC"1CG[119H]
M8/6BR+IH\;+*MW+=5-=%0Z1RF'AD=..Y&7GX[E(Y_P".0-=XK%><D0SPS%0"
MPBE20J#\$A&/`/[<_.O/TU'O-F[/;%MN(U-GW<!AW#BC](J\<TR/D2K5*2DD
M#*^""\;$R\DVE9!`%.2F79LED2<&$ZA2E,(81C[?YLCRM$V:;QONQV]7:.IL
M--6*UJ5S+5+D5Z_7ZY'+2\[.RS!*7"0:0T5&-UWSZ34:>2;MD555%P*F<0["
M&4KWB*0H?A@C%?\`YN./_KKR:_128UWNU$L#Y@:Q")AZY]QEPX]>_:_')^`3
MJ7>FM7X>S7B7<%0XS)^$<BU#*F/)ES*,XFYT6<9V*N2#J%D%XJ6;M)1@HHV6
M6CI)LX9/$R'$R#E%1(_!BB&MH"/`"(_(/4==""I*L""#P00001\@@^P1_!U4
MHZ2HLD;K)&ZAD=&#HZL.0RLI*LI'L$$@CV#IIK65#S/B?*$]D:K8[R+3KM8\
M0VL:+E"$K,_'S$I0;B#0C\:U;&3)95>$F0:'!<6+TB2P%!0.WO25*39OR^>A
M!!X((/KT1P?8Y'H_R/8_VT1TD4,C*ZDD!D8,I*DJP!!(Y#`@^_1!!]C334?+
M-NTVKTJP2]3N.Y;`%3M,`\-'SM:LN9L;P,_"OR)I+'92T-*V9I)1KLJ2R*IF
MSQLBL5-5(XD`JA!'RZ;NEVS9%LD=3L?;B<%7JVR_FO=57IV7<>V>QR?D6:\@
M]]W0<'8G\F]\HP:N7KKRS57R[1NNY6[$45#E[>.3CN\;]O'//8W'''///'''
M'OGXXUX"Y4+^,6JQD+=@C$\7>7Y[>SM[N[N[OQ[>.>?7'.M\::::Z:J=---:
MKS=FK&FW3$]\S=F&TL:7C3&U>>66VV.0!4Z3&.:=B9$6S5N15W)2LD\6;1<)
M#L$5Y*:F'K&*CFZ[UV@D;D`L0J@EF(``')))X``_<D^@-=))$B1Y976..-&D
MDD=@J(B`L[NQ("JJ@LS$@``DGC6TQ$`]1$`#Y<B(!Z_9ZZ^!,4/F(``_(1]`
M']P1]!_BUPM6SJT]6'J[Y_F<#],^OR^`,71X'5?3<2M!1]OB*>M(F9L[YF3,
MLO'R;7'(O2HJ*QU0QNB6>46*\AXAW>I!FJY2E2KTG/:`<:0SC(U`ZL$A><FL
MD/>ZV/9O*.7GE;F'Z15GBT/'2&28BQ4=Z==SV-F1+!2Z_!N?&X?KQ#1+D+JV
M+\(5;5RK6F<!A"[.[J&^/*8T98^?GGEAQ[Y^>,'AWP,@99<'M_-9G'P2-&^1
MKQP05YFC]/\`9K9ECDM=I]$!8V[N1V_VENO[G_?_`'^7\>FOSO\`'G5/ZG>4
M.J!LIQ#N@R/=,;S^+]RN+<'95Q%25)O$,!<W$QE2,C[.IEREUF=5JMLF'3.3
M0;(N&[!.JO(%M'K0L:#"5</I#]#\/E]?IZ<CZB/'IR/Y1XU3WJ$M$PB1XW,T
M9D!C/<H'/``;UW<CAN0`/?'OC5TVUNFGN=<B].O:KKC[2U)%MH(IF<Q+(W=%
MR3&R-W1LA9CRG//O@?.FL!R/E7&6'JVXN.6<ATC&52:J`BYL^0+7!4VOHKF3
M45(@I,6)_',`<*)I*'3;E7,NH4AA33-VCJ->-NHWL*S!:&M*QEO#VX76W2!D
MTXVM0>7J6XFY1954$4V\5'JRR#B4='4$`*UCR.7)@$#%1$H@.J18I'4LL;LJ
M\\LJ,RCCYY(!`X_?DZOTMVG!*D$UNM#-)QV12SQ1R/R>!V([AFY/H<`\GXU-
M+37P`@(<@/U\?N#]@@/J`_D'UU'6;W@;3*U,RU=L>Y_;O`6"!DGL/.0<UFW&
M45,0TO&N%&DC%RL8_M#=]'2+!TDJV>L7B"+IJX3417234(8H<*K-SVJS<?/:
M">/^>`=>DL\,`!FFBA#$A3+(D88CV0"Y`)`^0-2+TUI"B[F=N.4+"E4L:Y_P
MGD*U+M'D@A6J/E:A6VP+,(\J9W[U*&K]@D9)1HR*LD9VY(V,BV*JF*QR`<HC
MN_7#*RGAE*GYX8$'C^>#KF.6*9>^&6.5.2O=&ZR+W#@D=RDCD`@D<\^Q_.FF
MM#W+=+MEQU9)&G9`W$X*HUNB/*^]JM<<NX]K%CC//,T)!E[P@YRQ,)1EYQ@Z
M;/6OF6J7F&CA!RCWHK)G-ZJ+WA;3)Q=1K";G]N\RZ21,Y5:Q6;L8R#A-N0Q"
M'<'1:VE50B!#J)E.J8H$*8Y"B8!,`#V\4A`(C<@@$'L;@@_!!XXX/[:\C=IJ
MQ1K=8."5*&>(,&!X*E2_((/H@CD'UJ1NFO61,S$3T>UEH23CYB+>IE59R46]
M:R,>[2-^M4;/62J[5P0WS*9)8X"'J`\:]GKIJH!!`((((Y!!Y!'\@CT1JJ/;
M@[)DG=78[T8A3(E2N-L;E4[A%('AFD''`0JH$/W(M)(2$`R8"F4H<D()2]NO
MMXL\>:SK8&@JBJWK<5`0#8O]BD(1Y9=V0`Y'U%W+J]P@`<]H`(?"`CF^Q)0B
M66+,BHD4%EJ"^!(R@@11(49Z#,J0I#%[^Y0IR@H`<&(5(!$!`?3',MT1]?-W
M,[2DBG3/8K3!`NLB8IS-8<U<AWLD^]`,!3-XIN[6*!@'M5*F4Q1$W:/R%R*9
MC<'TL;;BQZ/;SG47Z@[CY2.%65[^;R57)Q5J[\\+_J;5>E*JL74,D;%@R,%V
MDKM4H=2<@TY$=';^Q(16=R"(:=9ZC22#CW^$<LX)`!(+>N&&HD:WIMWRC$8C
MR2SL\[%>\8EU'NH-\Y1(91_"MY%9J=26CT0$/,*(>6*DZ;`'C+L%7!&P^8[$
MUK`?O&,,?W;>_P"<;4/_`-,/^73[QC#']VWO^<C7_8NKCM;Z0_J#V?N+"[IP
MC[(BRV!R%;)T'L9E[,`L5I`Z":"3%%9(G'*.`5<*2T4D<@21?+)=4]BY:A;Q
MMQ<RU6[`]><1U%BD[)!P2CK;Y5E/L'VI*\,K*2K9]N!RM&UK!DU;:Y*MG9[7
M'H0M2DF*Q5473FQIG1(]:+$$0$6<:#Z0*(<&(=J!#`10!`M)@!P`%(4QN``I
M"%`3'-P':0A0#D3'-P!2AZB8P@'J(ZM"S+M,<ML7MHC&,[:YA.J2CZQ,Z7.R
M;630>"^;E0DB02@,62K21["G<M6!E3LGBZKM)%%!\^%=6'>VO'RE\S+68IZT
M.:-KSI2SV!%=$X`1M7EDSI,G22A0,F+F:%@Q615`AP*9PF8"G(8`]OJ@Q74_
MJ!U>Z<;8W#M_]#ER^*PF"P:4K1RF#FRF2MQG<N0I7ECB[DJ6YXDM13QP7(,9
M0HVK,*1SQ22>?3BUMS!;5W!DJ-[[P5;5NY<\T8K75K5XB,=!-"6;AID5VB9&
M>)K$\T4<C-&P66]8V(UA[78-Y8[9;&4^[BF+F99,$X0K-G(N&Y%G31L#J,6<
M>&U4.+?N65.<YTC'$0`P$+[S[PC'W^&MW_ZM<_V1J;\K)LX2+D9B16!O'Q3%
MW)/EQ#DJ+1D@HZ=*B'/(@1%(YN`'D1``#55;C?AE0[A<[.NT9-F==8[1-PPF
MU'";0RIS-B.%"3J1%%R("F58Y4DBF5`XE3(40*&PW4?9GTE=%X-O4][;+KO9
MRU>PE(UH<QD;ME,6E**S<N+#D(Q%Y7LQ<2,%$\S3"-?Z<G9@FW\MU/W:]Z7#
MY>3QU9(S-Y)*U>&-K+2-'%$7A/<%$3_B.>Q.WN([EYVS9=A=?3@I-2J7*Q+6
M))JHK%-YPD,,4Z=)AWD:/#LF#5R@FZ`HH%=)K<-5#D74273(=(U;DQ#RM>E9
M"#G(]U%2\4Y49R,<\3%)RT<I<=Z:A?4I@$!*HDJF8Z+A$Z:Z!U$54SFF)]_=
MES_!^@_XMG?^T.M"Y9S%,9B?QTO8JY58N8CT3M1E:\TD6;N09#P*+23\W)OD
MG2;,_>=DIX::[8%5DBJF05%,--^N%WZ:\_BJF1Z1+E-M;@H,L5C#2XC))B<W
M4DD7N<SVK-EJ61J=S21R@B"U`&@E59%@D26=G0]0:-F6ONG[;(49QW);6Y7:
MU3E5!P.R-$\T$O`5D_OCD_J(2ID5MS;(9T\9F5:([Q!"S5*99G3X$2G<12K.
M7;']!`"F310?`!A`?A5.7T[M9?=R%IF^6#?,P\%*:M%0=JE3Y$1"UPY(&1$P
M%`1Y5<'76.7^R`PG'CGG6K=G1#GS]53%*8Q4HBVJ*"4.0*08)PD`G'@>T@J*
M)E[O3XS$+S\7`[:S\H5UO$QXW0.=NL@^Q6W473*F8X*GL"[D%"E-W%,((KII
M\*ASP`\!V@41SG9-J8_35L2ZSD6ML_4Q@7P;<?U$[JE2Z\$+%E"J]F_;L,.Y
M49U/=PWY:LN9C0=0LW"%YCR/3RZ+GQP0'DB#L"#R0D$48]$@'UZ]:M'#Y!S]
MFFFFOK6/@?\``UK#KD8]K:_:$V<_PZWS^C,^KGNBA^*JV.?P%07Z5F]4P>UN
M"(8"V=B4.1#.E]$`^T0QF?@/XQU"[95U&.MSC+97@_$>V+IR%R)BRM8Z9U_%
M6;?N1Y:M@6"N^\I!1C8O#C;I$UB74[EW#<%TRLXXYD`<J-RID.D;)16>S@Z2
M1M$A%N=B99%C'!+CY;Y^??')`'QJ'WS-;#=2MQ3VH;TRR8+'1HM&G-<D[@*[
M\,D*L4!`(5FX4MZY!UL[VN*,QJE;]D<NU+'ERV[@LSQ<X9`$O>*^,HZ1HKFO
M%E1`GBBQ96Z1L1($JI_!(J]L8($Y,Y$)71W3AV\[R>B%MES=N6JMN?9IV_\`
M3XMTQBR[1MPL</*0D'"U2Q7BGL7L(9VK7;!$+M82LK`VF(EPH>,`K5F\:MU"
M"2`^*NB]U/NIYN=C]Q'5(F)3%]"!>*;65O89.K)Y&F*/$/5'J.+\4XZHKM]!
M8PKCOSD@V5F9MU&NHE63DI].(M5C<KN#]?6[6M0--V'[EJA5HIG!5BJ[2<SU
MRN0<<D"$?#0,'AFS1</$L$`^%%E'1S5LS:I%]$T$2%#Y:XL65K08RE!9$L\$
MIDEFA<E$\K'^DKCCN'#D,/C@`$#GC7;$XB;,9+>.Y<EB'I8S*T(ZM+'Y*`+8
MG%.",B[-78GQ-W0(\9^>Z1BC'L+MPW^SJ=-?:_OWM>X>V;D*]8;*E@@N#Y"D
MUZ!L\G3XI2:N#Z\2SV5FW%=48S$D+%2DQJ,>P"10CP(X>F>MWAU$1;]!OM!7
M3>VP9CVP[A-\5BKD\RW(X6PK'#6+E%VB8)%2$+3[+YQC7;!3G+AQ67[)1&S3
M[?S[=@QF$#O4'`/U@9HHZY8>C7U5K#TRT,]#`[8Y_<6.9FN)Q=>Y+C)5(*C]
M`4+J"(N?=^/;WY_WY]+5?"\48ORPQA^SS@+'!O8KOA]HINF[#:5GO;I)[`[E
MC%EEW'[^GK9`?90G9AC4B/'T<X-,/(IWA.OH/T$@:"B+=2<BBBHNF<7A>SPE
M:^Y5R;Y99XBWVZ20!"+$*=L96#S`1M(&X=@2P[/SX^".-8KM[-[,K[#FQ=_Q
M?JD]?(M85L7?F:2U'/>&/D:W'3DB+PQ21B&43#P`L.Z,B3C:/LTW33VP9TQZ
M_P![63X&PS^8\'[I0BL4`TLTI`5FK.<?5&B6^*FG$+"+,DK%)+S5J<J.$YX[
MR-*V9M&Z;`OZH47]GUR^@OB+$N$+9O+V=5NQL).D3=BN^XC'\G/2]T0GZE9Y
MIS,SV3*RK.K/Y.&?4B4DG#^SP3-8\(XI:SR7:MXQS6%PF)V>RD#W=/O,)N..
M=WM]'C[.<4X9'C^+73)-0T58H>5@)V.93$).1SZ(F(B2;(O(Z5BI-JJRD8V0
M:."*(.F+]FNLT=MUDSI+MUE$CE,4PAJV7,A9JY>:19'98Y0OC)Y1H@`3'V_`
M4\GCUZ8]P]ZS/;NU,/G.G^+J3U((YKF/,PN)&HL177[@ML2@=Y<%$##NX>-3
M&?Q/`Y'_`&5NJ;-Y'&>4K_1825@MYM68K8WS@,G=)%]'V+%]@LQ+90;94Z@9
M1&&BH9XXAB5^75:M7+]C9:R^*X>D8SL>FO77U@=M^'=[_6=@=K>S2KJ*9]OL
MNU;[J,IOYV:L]/8W,E?@!E71H)1R\CX"+PCBVM(/[B,$=B$S999.I*-TI]B9
M1Q&[<E6,_>SZ=3RT67;^H!*'9:Q<97#![.5W(56ZX4R$V=LRTRU^&=O[UE,0
M7)O'%4(JJ"QI2G5*P.T_(6%1!?I`]G3Z?T]AS#5EWV9^:R$MN4W@%7M,=+6I
M)92U5_$D]*'LS=^_6=`"Z-BS+/+?=%LIQ^-2%^A3%0J"K1Z@-=884Y9<PDYD
M2U`!3C9^YC)*OYI(I]>.OQW=I]<]JCAEYUC.+CDS]+']/K.,2K8PN0=MPV8X
M0D:4:#IX)ZLJA2+>6[UA,RGR-&LTI+1RGBP3;SLFV^]'_:'N$EMND+8I=W"8
MYM69+O)7:R2$T^R!;\78SEW31\[:$,TBZ^A(HQ0-E8FML8U@@DMVD3.LGYD_
M+)T,=ENWKJS95W?;AM_$]-YURPQG:C*.*,]N]CJ:LDKD9M.R4CD*5<5.6@[`
M\AXM_&HTZEU^+DV=7J;=@JR6C5"+0*+3O,N%3@+[4[/1[7'I2]7N5>FZK9(I
M<QRH2<!8HQU#S,<L9,Q%`2>QKURV.8ABG*543%$#``Z_-OW0[/-^O06W3(9N
MPI/V=KBY&:>16*MP4%%^^:/;*=+O`4:XJS;"KHJP[.?=,FS1E,U6RI)1MC?Q
MZ=GH,L,BV;N(.CQ4C65O1"T8,A8$;0V&8JS]C<M&)!^2EN`"%X/''`(7@9#O
MBK#AI]L77PPR.U,0]J._C88A+#6,Z*D-MZK?TI1&2[*)@T9<,&9'F#G>O4@Z
M:\#TF.HALSROA9[-#MQR'G?%]TI!)^7%[-8]N./<G4>0NM'E+,X167DHKW0^
M86"JV&916ECQ"\I%2IY1S7#RTCV%]0WI7[4^H[$UY]N"B+@%MQO6KK#XYN%/
MMTE`OZF-I4CI"0=A#\N:W/F,_@(E;P+!$OT?!05;I^$1PJ8:TMCG4CV&];F"
MHF!=X^%L<QFYK'DLG?JUB^[>,_I5NL\)'N$'MQP5.O'[:5<232,%T]F,?RZZ
MMFA8SQW21[;"Q;J?;=*$IQ[M?\?(63P?3\K94>?X^>=>%ZU<22HD_EANU`\;
MR]W!D5G!1E9?[N5Y#GDACR3[+#5UVO@MO6:^=LXTT<AMS/S5+,%$(6%6:&'B
MS!-&X'A*S>.6&+\7@'``4!&/YL/05Z;NW3J$;B,VU#<DRLLU2<1XQBK(QK54
MG%J8%BG9^Y'K)59N:B4AFTHMA',GZQ(V(?1J[A\];J+2/EV)FSOK,ZPO4&B^
MDGLOQKC/`;-BAF"YP#3#>WUI-KA/-<>4W'58BHF7R1--9195S8AI4'[BBH-&
M3%=K*W&7B'$Z#Z-:2S-W1C[)O_72;R?X&:/_`$I36M4>TZ2\GD'J>X,Q7)K%
M+7(K!&(8*/;B[19H)FR;ER[I61Z=PZ\-HQ5=)-XUNN[74\!)"-;+.#E30,`7
M:S']YG17G8O6@B6<Q$_APL2LP[?C\F([N?9'(//QK!,1;&W^F+93&1)!E\G:
M..%U5'G#3W7A5S(W+?TH581`'MCD['`Y'N='3(Z!U.W6XTK.^/J86W+68<G[
M@$6N3(G'TM>9Z'<*TV=(#RN3F5;>T42OD_/VZ(.SGFD!#6*N0E7@'T;%*-G3
ML5V\?AG6)]GEP#A/;;>=TNR9A;ZI*8:C7=OR+B:<M4S>H.<QLS,*EGGJ?)V8
M\C:(*>IL<HM-.HQ:>?0TW6V,FW3:M)5NU5>=GT)$1T!#Q<%$-B,HJ%CV41&M
M$@`J;6/BVR3!DW3*```$0:MTDB````%('`<:\>S5N"N5<GZC:(QK-UJTPDM7
M+##/B>*REH.<8.(N7C'B7(>(U?Q[MPT<)\AWI+'+R'/.K*N9NK:6<3.(U<$5
MU/$(B!]1B,$)P$_$'CNY]\\^]2+)T]V[)AI,:U"N]N2LR/E73NR#W&3\K;VS
MS8):?^JT8?QD$H4*DC5#7LSLNXDNE9CUFLFD0D#E_/$0V43$XF<('R`[FA66
M$YA**GF)EPD44@*F*"2(]OB>(8UPFZ;/E9VM[<\T[A[>9(8'#^.+1>G#150Z
M?O9Y"1JRL+`HG3*8X.[%.FC()F!2B)G4BB7TYUX6UW:C@79EBEEA+;A1ON>8
MSCYN<L32N?2.TVGPIBQN4W<P[][7&:GYH_FUTDS@@I(&;MP*!&R2).2CS\^T
MXYWM+_$>V[8#B8RTEE+>!EZ!.\@(\RAG;^JU*>AXNJ0SI$ABAY>T9:L5462[
MBG36;4Z7!3M214$?-57(Y0]H98[%AI&[^`5BY,DC-P2H(0,3^7'/[@:JGEGV
MELM/.T<MW%XJO4B$)9XYKWCCJ58X@R([J]EXE'],,5]]G/K5-GLY^^2V4_J2
MWFEY9L#M9OOT9V5]/OI1PX3;2&=6,G8,E52<%1R?L7/8"/\`(548K$*J9X\F
M89HDJ)4@*'Z$7H<OVE,7^4!#_0.N##KP[+W?3OFNFKN5V\I#$DPGCW&^`U;&
MP17;".5MN:R%]QK:9A4@(BM(7QJK<0D%P4(=VG7U&YR@"H%'MBVV9RJFYC`6
M'L_TA=-6L9?QW5;]&)D5*L>/^D42W?/H9T<O(%?P,F=["2*7(B@_CW*)A[B#
MJIS`CL"MD(%[8K"-"RC_`+DE<]@!]#@M'V\#]@O\<:LW3Y[>+;+[3R<QFNXF
M>*]%(W(,U3*1K8=DY9^Y8K;RAW#$%Y>"2P8#DM]I8Z;&US%>')G?90ZY8H7/
MN4-RM2C,C22]KEIJMVMO=ZO8TGZAZS,JO6$$ZCUJA$+QJM=]V)?&_1?-WA'"
M0MI)^SL],G:DVVS[8NH:YJM@?[GGDCFQY'VM2W3[2!A&1K/?\.EB6=,8O&]:
M=-BU)J[Y=24>[D32<FZ>BZ#P6"33<WM3/XM.O?\`2EP]_F]DK4G_`&>;\41M
M/_\`IS1_3[D_7LUB?]`C/EDY-PPD]QY,/A?^D3SR4]?VGU_MJAKXG&?YIVE^
MQJ]L>W4R4:^%.Q,@N0I@7$0CM6P.21*H#\DMSW>]74?+3336/:EC37$S[6#N
MXG"6/`FRNO2J[6M-ZXXW#Y49LG1BEG'Z\K+U7%L/(I)]O<WA"0=SLI6;@54%
MI%[`2/A%7BVJH=LVOSC/:6$%DNJ_)'E2O4HYUA7;\JW4$H*">**K9&SU:.3<
M*D0.1-VC(D`@G1;G?)N"K'((JJ:O>WXTDR49<<^*.25!QR.]0`IX_P!NXL/]
MP./?&HWZJW)ZNT+*0L4^]MTZ<S`E2()9>^1>X<=H?QA&/P59E((8C78WT:-E
M%7V2[$,-U-"'8H9/R75X'+V:Y\&*;>8E[]>(=K-%A9!R9,'2K''\*^84B#:J
M'\%LWB73M)))S*/CK6KB(`'J(`'Y?0/SZ\"*\#W9'^6'EMY%GY<1!,.4/+)>
M"/"0F2#E/M$03$4P'T((E`!&(&_/&&[?+F`']/V4YRK^WG."MMJ,DSR-98X)
M2,;U:-D%5K3#"U&K7$#.)AB9-!N<88X%.3@734#"IJUN[6;#22NJM-(6=WY[
M5[CR2>`3VK_`'H#@#6:UZ\6&Q,-:G6DFBQ]..*&M75!+,(8PH5`[HAED([B6
M<=SDEF)))IWZF'21S+FWJ6;-]]VV"+Q^"U/O6(Y7<2WL=E:UIVL&'<E5B:K]
MTCVCADY"TS#RB#*5I\S36:N/#J=:1`YP7[D[Z-Q^>Z)M=P-EC<)DMX9K2,1T
MF>NTYY<R0/)!.*;G.P@HH%A(BK-V.4485^$;JG(1Q+R;)`QR@H)@X!<X;^.N
M9@3>9);&;?O9EG^8V>3*%BYD_@X/%:M,FI7)HU@]+F6$K(8@82:,#*-+?#/5
ME7T,VD(]([I-PP%=L*:EM75VK>^';OT1;)CK>AN#K^X;+V1MWF/8:8OU39>Z
M(L<6+G&X0%1.W)3Z5YA2.LU`,Y<'-#%*LB]3$7J_A^`G>YJ$['%PV;-:2-RD
M<'A,AD>N[*Q;N9%!55/"$D<#@`'WQ'&-W1C84WKD<1A<O4MP"Q;RAO)62I%E
MJU=H4@*Q69G2265"TZA7!8.W<HX!@)LSV^[@/:+]W^1]Q.\.]6>!VO8=EVS8
M:+4I8[2(@W,X55]5\'XG;/?,LJ\*$`@C,Y.R0G&.[3+)G:'.Z3EK-&/*_>!N
MI]F>V`9.P_,PFW"GR^WK,T7$N%Z+=D+W?[O6Y*P-DO$CH_(E<N]@LY)&"D5R
M>6>RM?-#62)\P639/'967NIWGOLT%/BJSTJ\<34>5N#W(.5\X6^>.BY0<'5D
MVM\>4EKYDJ(=[5=""IT.W\HX$RR::9%!X(NF4+_!`!`0'Y"`@/[@^FO"]D;,
M-R2*K(U>"K(88H8CVQ\1'M)=1ZD+,"27!Y!XU<=K[3P^1V]6O9JI#ELEG*R9
M"]D+B"6T7NH)46O,X\E18HV1$6NT?!7N_<`<=GL_O4ESO6,]6_I5[SI:?D[K
M2G-TK^')BYRII:V5&UXH4>(WG!DU.NU57=CAVT5$RD_CN2=.W3E@R@92#;N7
M<*\K3:,C3[2ITVMKNVRM4G=EB&N6&OY1W![E[LEEKS]IEK)7[/)7JO6S),E.
MMHN?6?EKKYM8(MP1HU@%&$5Y"3<MUF*AF[)1OIKJ!JM,$^TR8^N%1(>-&6W&
M;,+E*H12K51PN\O\3CVIW-,4`,F5NK/L7$CYYL[,19=.47>"(I/4##:W[65Q
M]Y]MB`/0`W2B4`^P"X@R,`?F#5Q3^GE<98@'A3(Q1231)Z1G*GR#M^.TD@\>
M^&Y;GD^L.LL;.R-YXC)<7[.T+]FECKM@>2PE=9HA6=96Y<2HBLA<$<Q%(B"J
M'G<_0)Z96U+&.VK:QOM@JO8U]RV1,/6!_/7-]<)T8E-ED"3>-9&$CZ6V<H55
MLQ8Q<5',&+HT:I*&%)9VZ>KNG!SEZ3?GJK;HH?BJMCG\!4#^E9O5I.L>O222
MW+#2.SE9I4!8\D*LC!5'\*H]`#@`>@-2YMBG5I8#$QU*\5>.3'TIY$B0('FE
MJ0F65^/;22$<N[$LQ]L2=<CWM)G37VS-\!YDZB$3"V*+W(+W;"499ICZ32DC
M6+3#OI&KXG(R=5*15<Q$6X85]*)5:/H9)BJ9U&G.Z(Y,]<&&(72:Z!^S#?QL
M#HVX3*EDS=6<IW*RY2A5G]$M509UV,1IN0)JL0JK2LS]#GF[@YH^+1,_!X]5
M\RX6752,W`4B(W=^TE_BF\V_O_P%_3'4M/9M/Q3>$OW_`.??Z8[;J[1V[,>$
M$B32*\=]848'VL2P`K&.>?Q!^!\#X^-8%:P&&M]2IJUC'5I:]C;+Y">(IPDE
MV3*+&]I@I7^NZ$AI!PQY+$EB2>>#>#L.WW]`*R5[<_LYW)W2W[=9"TL(6?4.
MP791T#(/')A@*EGK%K>1=4.XU6RB=:)B[S%LH,Y)XQ6":%,GY"N/'W6CTU>I
M5BW?]M4J.=U7=:QQ=F\D_H>5Z')V-BV2K.2ZVRBG<ZA!+23LKQ_5I=A,P]EJ
M[QSW/`@YMBTDC>]&CX`VOU)<:5K+VP/>+0;:T2>0\KMSRS(D*L+8I6<W5:?*
M6^KRZ9W?ZF1=0EF@(B79N53)E:N622X*I"F"A?RD:/F#(5"B%HVIV22A6$D\
M":=-63@Z"2D@YCV#11<Q`_\`."V8M$>1X$$T$RC^MU45:YSM1O+V)<KRJIL!
M`#)$R^A(%[0S`@@'@<<#W[;FU9G)CI?G(EI"Q8V]EZ<DJXEYW=*5Z&95=ZCR
MF1XHGC(+)[#%F!Y[8RGZ>=)\/%V]B4AEDQ9QTW8)J%:)E*!2`SN,8A,08$``
M(7PS/A9-PX#@3<@4!,74Y([$B#;/5CR\L")RR%)A(./3$>5DI<%W3:9>"0!`
M4Q]SL(1HBH(#XA7#LH>I!$8@[X*4_@K/3,NP1#-SG,TA9!ZB4P"SGH5<TI6'
MRQ^1]5T2N6I1X[1-'()"(F4*`SOQ;?&&2Z%6KFP%,H3$<DH^:IG`XQ\LCRWE
MHY3@1,4[-^FND`'`IC)`DKV@50HCH9T8PF(Q74+J9TBW%41I]G]2'ZP;$AE_
M&.3&Y^F]>K9JKVA9DP7WM>-RG"QY"WPGY5G`W&W9;M6<%MW=-"5A'E-OKM7-
M.GRMFA*KR1RGY1KOA9UY/+01<G@..<6W`9,6Q1B^=M#`[<LZ<S6(K9'2/F$%
M)N25\-`RJ'>3QDF;8CN062[@`Z30Q1$`,(ZK6^_1SM]4I5_YJM_]=UL/?7?A
ME;A7L>LUN6E68>^Y<A1,`#-S:?8R15#GM,9E#)@L7YB'O8WH`AZQTP'C!/+F
M2HFJ/3/$H0C9]+V%RQ."3I")8H@4"H+F36(@L[D'#%FDH=,X%\8Y@*(E#6O_
M`%^ZO=2]S]>5Z==+-U9S$)2LXO9U>KALM:QU6]N*>?OR5NZU9P%%*U;_`$ZU
M*ZLM:'%RR\`=Y.=;'VMM[';*.?W+C*=IIH[.6>2W5CGEAH(@%>*%9![,R1>>
M)009&LJI/QQLC[]'.W]]*O\`S5;_`.N:R;`VY9K"95GK#D2*@6P9$3B8Z:M,
M-&EB?=3QBJOY:2?LTUE6ZK)^HZ#W\\3!-R4[=K)*^.5NX*:4/WC&&/K>WO\`
MG(U_V+I]XQAC^[;W_.1I_L7638KH[]9&/SVW\_;WGB-P3;<R:Y6C2W%NV]E\
M>9S5GH6%:O;QT@C-G'W+E*2>NT-J.&S*U>>&7LD6W6MU])K%&[1BQ%NBE^N:
MTTU#%P59P@DBF0B2*R.[QSPPS!)`\3/$HD1U)5OZ;S\AI5[$B5?CG9#/<B/$
MHQ%1!0I^^O-BI24RY143/P=!RD#*/[R]R:B4D8`,(&`1J&^>K&-Q.UJ8BJ;`
MRE`F;-:(BAQK]H:K3KTDM(QT*X<^><.:\LBT:J+(M#$Y<Q*A%E2LTTQC3@FU
M*P/7.`@(`("`@(`("`@("`AR`@(>@@(>H"'H(>H:@7ZP+N^,AU5CL[RP,N`A
MCV[AZF`K);7(XZ6I%76QE)*&2BBAAN!<Y<R*.Y@K6EA%06JL!,:G-NE46&@V
MRT>)NK==K]N6](T7@L+(S^.LL]=F=HN:<4#*`\D1<S>*63ACIIIK[$(=0Y4T
MR'444,5---,HG454.8")I)D+R8ZBAS%33(4!,<YBE*`B(!K58`D@`$DD``#D
MDGT``/9)/H`?.I+)`!)/`'LD_`'\G4ZMA]54?WNV6]1$PM:]74X=LL(`!/>5
M@>)JG*41^9TH^*4$P!^M*Z((B`&`!^8I7[IN^-9\V$JK"`M+M<%2_&EY+'\+
M[L36*(<AVJS#9+PS`(`)ER"'U:D!7&B&U?;.]DY5-%&Z2;=607;]P>(XNM@1
M!M#1("8.5"0;8C8CLI#"F5&,D7*8\'$PZ^V(T!R5"VY1E$S**2AQK,(Z6'N5
M<IHN`?V5_P#&`F'S,D#)J*X#R=9F\)SP!N[Z3;<V19Q\?TT]"9(F&9BSS];^
MHE;@AL5!1>:UBZ>151S%+(DCX*5&/XW*]<\E9XF.OF0S$=ANH6]`P^T>D-G8
M&3GU9>=8HK$U<G@,%[1>'SS%(_H%6!L4#Y!S]FFFOXN#+%06,W(4ZY4E!1(8
M>"G5`AA3*8>XO!3*`4HCW!Z"/J'S#Z0C]A_]_P#^Z@+7([[6V8H8&V<$[B]X
MYSOQ@)R'<)28TX,8"\\B4HG(!C`'!1.0!$!,7FYWHH`4W2JV.>A1XP5!!SP`
M_P#*TYR'/V@//(?4/Y=<NW4*V7^T+]2:QTN1S]M;HS"O8Q5LWW/Z7CC(>#*W
M6H96T+1Y)B67/+YEL5@F):190L.T%S*3*B#1JS\-@Q9*.I`[JPWI'4'KT;0)
M+!&UO+.W''`[,X6XNV5BLUHMV*YZ^XKH<TYG[),$JDE2,Q)/Y1J6S/O$8LI6
MJVQW'IR;AJS*2.1;),,DL01_H]>N+M%IH)I9W1;,9Y5PY"H>?R?VOX@>RW`/
MKDP[BLI;_P`P,KEI-N[EAQV4H4L;7LRX:V@2:%JP,MA60"&N2LA\I8]BH&=0
M&/9UC```'```!]@!P'\@:C)O7246V;[LD42&565VSYY223(')U%%,4VTA"$#
MZS',(%*'UB(!J39>>T.X.#<!R`?(!X]0^8_7^4?W=4F]7C&_5AS1!L</[`W.
M&8O#V1\67JG9TDKO*PD->EU[.N6$&(JTI.LY5&+CI&G.I5J[D6$8$DV7=J':
MOFSDK99&Q5D#SQ*9(XAWJQ>5NU`%()Y/!]\#T./9]:D[,SM6Q=R2.I:NNT$D
M25J40EL2-*IC4(A9!P"P+$D!5Y)^-4P^R#@`H[[_`)^K;;!\A$/06^:AY]!#
M\GK^7CY".N@?K7%`.E5OC$!-^T5/?,QA_P"583[1'_N]/EKFUV`=+3KR].W(
M$Q9L`H;=(>!R"K4(K*%7LV2J[;JW98"M3"KEFNI'*PK&09S,,QE)U*+DH>58
M/"I23IJL+E%4B:=M'6BVW]7C=Z[L6WO:@IA1KLZO&/:@UOC:P62#JV1;/;&=
MEDYF=A'DU+,)=^RJG]3*@L5&%2BU9'PWS)X\<,UG396]71#-F$L)<J&%W@E,
MAE_%!`L*LK_CZ9BI**.>X?N.#Q'&W'R./Z?3XJQ@<VN0K07Z:UA3!>P^3GO3
M020DR#NAB$R+9<A3$2.$?N7G6OLI7XOW,?\`TOK[_15AK73MKC\Z2_3_`.MU
MT]<GU6CB&`VVU"]Y>K=JSS5'M\K]SDVL.+5I!VBS40R,3%S47:EJ\Q8-P1:O
MUH^05C8\[F.451.HIUW39I<D+*F@B-5)TL6_-$)O1$K(\J#-88XCL2F(8&IG
MH(%<"4Y!!$3B!BCZZH,MXVO32QS131S-WJT3]P`("\/Z'!!'/[CCWS\\91L,
MVH=L8ZC<Q]ZA:QM=:TT5R#Q&1E[G#P?DWDC96'!/:0WXD`C7$-[7E^V+LJ_@
MSW#_`*>QA]7^_/'Y-=D.VG^MVP-_`QBO_,*O:XM-[72BZ^74+ME0N6YU#;?8
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M6.5:>]IN<\7/&+6QU%A?8%<\'D&GR,#-'DS>YU)-N6:@X^:.Y?%KDO`/U%U5
M5T79]O;],)3&X_99NGP97&"<K:<H8&R=4JC'*N&#1-[<9"JR)JBV,\DQ*P9`
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MB0>RR469RX_1.QY;'U\P[2;O*-46,C<<;UJU2#)#Q?`9O;'4V,R[:H^/PMX+
M=P^512!4`4!,A0.`&`0UR*8QZ*O48ZAF[>$W0=7ZU5BNTRMC#)*XIKMAK4U.
MV&KP,BM+16*:U$8_7D:9C;&[AZY>J6B2/99NX3`/)$IDG4K,*V6/O`ZG,%U8
MY1ICBJ=,AUA*LUE]4[S$94F+ZK78VR0KYP:`CZ4-#-/LI*+8`RB#6(WBEAW:
M;1R1@)DS@DB0*O(2I9&.JM:@EL0HXL6R_$(Y(*H9@#Y.`O!8`\MQ^['BQ[4J
MV<*^ZLW'@\I2Q61M5I,9@HZX.0;M#)-.N/,B"J)'E[EB+*5C!#'LB0GG)]DW
M_KI-Y/\``S1_Z4IK7D^U>8)L]4W$[8]U\$Q,W@K=CMSB1[/-TNY*,R'C"SR]
M\JA9)3PQ3(XE:_:Y!Q%D5$YG2%1E2ID[&AP'&=F?2*Z\^P7(U@RIMJ2V\UVS
M6FK.*A9V5GRA5[A7+-"&?H3#5M,1$I7TQ%RQF6J$@PE&#UA)-53NT0=&9OWS
M5QV!9EVJUG>UL^9[?MY=9B)26N^/:8KD8:<NFU&G9=90<>[DK9C&:63?J0\A
M6;>,BO6)'AVDM&B>-E$9*'D9)B\J+5V*METOQ30V()%6.18G[G"=@1^X<#@C
MCN7V0Q`!XYU:L)M^_F-A6-KW,??Q.2JR/:JSWJ_BKM8%HV:_CE#,Q[@3%+^*
MM&'+KW<#7D[#MW=`WP[6,3;B:#*-G2=OKK%K<H<JS<TA3,E1+-LUOE*FT$!#
MRLG!SWF/"`Z2!9&(<Q<VR3-&R;-4\L9>8B:_%R4Y.R<?"PL-'O9:8EY9ZVCH
MN)BHULH\D9.3D'BJ+1A',&B*SIZ^=K(M6C9)1==5-(AC!P[Q71FZU?33RK9[
M7TX,V0N1J5//$CJ(0UMJ%->VJ+CU52Q"&4L-Y>*;&DO,1S9RLV;RT+/2CA!-
M9XK$N8)!T9D3>\GT_P#V@WJ/MH[&&_7<-5-O&WA9PB-WK58=8X5E;7')/"*G
M;.J)@TA(NYK"9,BK)A?[^SJK4Z3=\XAG[A$J*M!+CZAD,L62J"HQ+#N9ON40
M_EV>`*6=U![?D`D>^#ZUD]+=F>2M'2O;0SKYR.-8F:&&+](L3+Q'Y_U1I1##
M%*W]1@5<H&X7O`+#J`VH[RMN^]F@6')FVW(#+(=/K%]L^.):1;LWT:HWL=87
M1`XBPDD&S_W5-QCR,L=9E3MTVT]6Y:-EV?*#GM3XN,S8?SKUSNL/N<E=M^8&
MN*Z;M*AX>GX[S&X-:%&-=8XXLJU7AU*G(4Y[&SC.<ON25\EW6OS#)\S41@XQ
M1X54?!:E#HQSOL<W%;2>GE6MI?1[84NJ7!S:W$;?[AE"<CFMMG*K;:E:6>0<
MBGMSMF1D?+,O/FJQ6,PG%>7@8Q!-A6XR,C(:*:,JX^B1TY^JYTZ\[*5[(-?P
M#';6,JOW$KG$T=<H>XY!]Y5>AVB/QZYJ\@T81<JD1&R/HY"19.59"/\`(O)1
MX1LW=KN'*GK3:O5CO6ZUB%9>QHJD5AU\QC+`RNR!2I=T7MC7G@\L"?YH]PQ9
M3-6MMX+*XN_)2\\=S/7,7%+]B+/B*TZ\5CR+**\-B4O;F]%!&CJ.>>R&6YOV
M>GJ1?<-R-9;WU`7>XF+QS5+%DR/Q)/S>>K.-KFJ5`2LJUCX!E<[?-P;2TO6A
M'\;!/U6!UB.7XM"'(F]5YGE[*QNW+DC:]E#:;89;Q[%MYMQ+C16KE<PKJXER
MVX>RAFK%!0YSF;5K(C2S%<@0$TF:%JA6X%`3EU>GO^5WR$P+X73[88E?9X=W
M*"9NQS(=(M69T%PPG"69\R*Y<MV:T^W>>X_=J+XCQFJBH]*X9.2?"''QM/Z-
M_75V1YJ5W!;=F.WFLY"6AK'!2;24RM7)BGV:"LKA&1DJU8*R:"9-7$*M*,HY
M\S29.(YS#NX]DXBG;,S<`-[1V1D,=8AN6*D4@=)*G)2)@Z<APR(OI77A5?@D
MDG]AJVVL.^U=VX?(8#$9V]5:O/4S;1B:[&U6?Q_;F&:Q,SO)!,!*\7*J!&@Y
M+-SJYSVIG\6G7OR[I</?YO9*U)[V><0#I$;3^1`/AS1]?_S]R=JK'JI;&>N?
MU!)I_BUVCMV#;'7+?6;K1:I#7B#ITC)6*/HK",<RUL=NX^9G)(T58)>Z$AF)
MW[:.20=MWBC-PX18KM]/;>-D_M->U/$55P3@;*6#:1BNDGFSUBKGLF#+)[K&
MQ3TC9I@H3%HQ+,SCI-U.2TB^`CV1<%;BZ,@V!)L1)$G"Q0R8F*H;]&.;[K[A
M@\S<*A1DX)5&/?RP)''`'/Y<Z]GO9&KOR[G1MG<=G'MA!B8WK48FDDG%NM,9
M526S"OV_;$P5^_O8E2(^T\CIKZBV_7&_3HVS67<3D"+4MJ[*8@:K2L>1\VR@
M9K(%OGWH$1@HJ2?-7Z#3W="H3%GF'IF#T&$%!R#D6RI@23/O[;5EZ1W`;?<,
M9QE:0]QL\R]C.G9)^@LE+H3TA5VMTA&E@CXE]+MF$8@]>(1S]H9RJFP:E*JH
M9/P@%,1-Q,Y^Z,_7AWLWRF2V\')5*R7$Q4PV9%/*YQK98*D5^=DF"%ND*E0J
MO4(&M,'RD0F=1P,9%(2DP#!DQ<OEDTFY4^[VO0475X*&K4&T3CX6OQ4=!Q#%
M$`!%G%Q#)".CFJ10`H%3;LVR"1"@``4I``/0-6VW!5KP0+'/%9L.\CS20NS)
M&@"A(P#Q[)+,6*AO7'H<#66X'*9O+9/)S7,9<P^)@@JPX^K?@BCLV;#M*]BT
M[(7*]BB.(0K*T8#!@68DCW&N*+VL3:;.K3FWS>A`QCI[6_H^[V[90=,V@&3@
MG(2LM;L82S]=(#'30FCS=UK8.W0%02DF\`Q(H#B2;I*]KNM:YAP_C3/V,;IA
MO,-/A[]C3(4&YKUNJ<Z@9:/E8UP)%"_$F=)RR?L72+>1B):/7:RD++-&4M%.
MVDBS;.4O*A;-&U%8`[E0D.G_`(HV'##WZYX]CG@=P'/K5;NG`IN3!W<2SB*2
M=%>M,P)$-J%Q+!(0/?;WKV.0"1&[E06XU6;T3]^E3WR;(<:O#S;97-.%:Y6L
M2YTKJBA22C2SUJ'1C(2YBV.J==6"R-!1[:Q1LH4A69Y<;!!D/YZ">I$M[-\A
M_<'_`":X=<G]!SJ3]/3.SG<+TJLQ.+Y$M#OCPT&:QUVG9;8UYP\,[/1+M7KI
MX>*<T5M%$K8#K2+R-5EW;<K\:='RR"#\\C&6_#VG=Y"I40G3QH);0X0-`$R,
M]QJFP62D3=[<+"OYC/Z>/$5$U`\P#E5B6M&`I5?)':JE3&NL8^">1IJ-NJ8)
M27$<TRPRP%CR497XY5>?Q8?('''(Y.,8G=>3QE.'';EP&<3(THTKFUCZ$F1I
MY%8@(TGAFKE@))0H,D9^'/<"`W:E4O5$_P#*.R<?^T_L1_06`.?S\\_EYUU>
M]?+;E8-R73%SQ#U"+<S=PQ8O6<[5Z)9H%<.WQ,7S(R5M09I<&54>#CY[;U&J
M#8!<NUTB,T2G,X\,]+VT[H,;\<^;PJ]OKZEN7X"L7!AE:E9?GZ?6G\)<LD72
M=H$C#2=;KTC(U-!GC'&]38?1Z"B4&-6<6E9M76)H>,9PR@I2279PHBFJD=%4
MA5$U2G(H0Y2F(<J@"!R&(8#%,0P&$IB'`Q3%$2G`Q1$!]<A<BCDQ0KRI.^/A
MB21HR3$TD?C/"N0`RGM()'(X.J/:>`N6ZF]CE:-C&UMTY*_/6BM!$N1UK@G[
M7E@#,T,L1F4JDA5N]>0.W@GEM]E=W/U2];/;_M><RS9/(&!LDV"W1\,HLBFX
MDL6Y9=)3\;/,$A$JSQLPO`VN(DUDRJ%8G=0@+G3"49@IU(N%T6J"KAPLDW11
M3455774*DBBFF0RBBJJAQ`B:21"F454,(%33*8YA`I1$.1_=5T$=R^WG<DMO
M+Z/&6HS%EL6E9.:<82G)M*K-X):;<)NYV`HL]*,9>G67'%@=E%5YBO);%M!Q
M294VT;..&#2'CH;%<MXA]IYWMTQWM^RJSP9MOQI/H?1R_P!NJERHU/6O$"Z*
M9G)H34MCZTY4O*T#(M!7&8@JC&U)K.,G!XN014CG*K$.EFM5NV#:@NUH8IR)
M)DL2%)H7;CR#Q\$R\MR5*<@D_/'#&HPN7S6W,5%@LEMS,7[V-C:I1LXNM]UC
M\C7BY%1VM`JE,B+L259U4HJ]P4N3$M?6.YLO5$]I(895Q>/T@Q30\YUS(C:S
ML"+#%'Q%M/@H**AK2+ANGWIQE[N-9AB0:RXI&>A<8Q,1+WF3);%[67S]Y]MB
MYXY^^C#GCY<CA_(HCQ^3GY:M6Z4_2CQ)TP\5S,-`S'W2<UY%&+<Y8R^^AT(=
M653BDU!B:=3X@JSU:MT&`6<O'+*-6D'TE,2KIQ.3CQ5<S!E%4>]53IZ=<7J'
M9+L%6FV^WAWMJQWF*_67`-:B[U7Z;(#6G;J0@J?8+H=6+E9F3M04I5)LY3>/
MR-&#J0E1;L4CN!$E5':K392HR31PTL='''&\[=C2*@(+*O')9SP.#Q^(#'@D
MC5FN8/+8_9>=@GQ]O(;AW9;L7;<..A%B.G-8FBD6&602<"*!`WYJ7YD9DC!1
M5.KU>BB(!TJMCG(@'_`5`_,?_BLWK+NISU(<:=,S;XVS9=JVZR)/6"WQ5,HF
M,(>QQM;G;C)N"+2,\X:R+]E*E9QM6KC-]-2KWW6\3*H$;&#X3F7:'#G<PGM&
M]J!V[8IHN$L/9<P94\98U@DJU2ZX:=P'.&AX1%TZ>(L33$_B"3FY$$EGB_8X
ME)!XZ!(4T!7%)%(A-!6WHH]:7=[N,PY?=]E^IV3JG!WFF,K;,2^;H*5&J8P^
ME\3)WII2J17JI"0+!1_$-G8GCX.-CEIA\5GY]RL+=!1&G^QIO;EGL9&DU<RR
MRF.*5S*ZEBZI[1`"W/:2K$@\@<^B+H=R9^'!4\;B=J;@BRL=.E12U>I5TI5Y
M$BA@DM$I8L-(D7Y.J/$H;@=XXY4W.=?>WRF0>B;:;Y-UAQ29FZJ[5;;+4UV_
M3E7=2DK)D2A33VM.Y-)HP2D74$X?'BW+Y)DT2=+ME%4VZ1#`0,\]FU$`Z36$
MA$0`/I_GWYB`?^F.V?;J*'60V<]97?';\B8%PXC@,-CBT]C>Q4N&=VJ!IM[G
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MO7,?JVZ,:^-Q-2F:N+Q+SJUR622199;EHQ%EA)X[%BY[N`H(X4O)_#(]$B<E
M4N?IDR`E:33(R*;DA0,M'ODC%<1TDWYXX78/4D7)``0\0I#HF$4U3@-:6`\E
MS&W'),_BW)@&CJ[(296\FLH*@M8.:\,B<=96HB'!X&<9>6*\7(7X6PL7YA*+
M)XF-LNHQ[CMO4?F2%))Q(MHV^PC90D/(JE*FWEF@"948&85*03^444$YV#O@
MYHQTJHH!%&SATBIJGURZ<[DR%W;_`%7Z9]B=3-@B3[>D_J#=VW9#(]_;-P=T
M?D9UEL/1!EC'=9MPQO#:L5;E/9+9V>Q\$-[;.XNX[=S97R3+[DQ607M$&2A]
M-VA2J+/PK$K'$[*\<<D,L8-W.WV6"6DLP4Q)W-Q4L5-];HY`RC]W%KIMTD0G
M6!2BHJXA%FJ*'G4$04]U&(+Q,!C55/([)V)T((NFV#(3M``=6V0"+B53%]0@
M8$ZA%543_6D^F578&$HB50L>@;^Q#G3>%MR%HPK)GQ9F".EC0,0L2-3,Z1%:
M=IH!Z%1%(.\TW7!(8%&Q6ZRZK=IVGB%7S$461++*7(4^2K<:ZH:\(XJYTSC&
M#7O*EBR%44,NJD@DT`B+90%E5#+MA31626.<%DDU.X-1#T2VGTHWWU;FZR;8
MM28/<E:IF)=T]+LM&(\MMO>V0=*>1R\"2F*:3'31V,LKE:S11Y"RKAJ-A9<7
M2RG=^3W/A=KIM/(Q"YCY)*8QNY*K%JN0P\"^:O59E#()U9*I',@8P1]O$T;)
M9ETANBS+*8?I,:XK:C(EJL4RDPBO/M0>H(L62?G9AX9J*J0*^&B#=F3N-VD6
M?IG$.2E`8#??HYV_OI5_YJM_]=UGV]&$R78<A%D@IMD6I%:A6L=$3#*.6D8U
M95T`2,R_5-'&>&9"9R9)D(O4FQA3C2G_`&,Q#&@B<Y$Q[5#D3-_:J'*F8/3D
M.2G$#!R'J'(>H>H>FM=_J7ZW=5*/5O<5#`[AWCLW;^(:'#8NI6L93"5\@,>H
M6[EDB/VZ6TN9%[7VUZ,21V*"4S'(R*IUG?3S9^VI]KT)[U#$Y:_:[[=F61*U
MR2OYR#!59@7,1B@6+R0MVLD[3!E!)&I8??HYV_OI5_YJM_\`7=1HGYE:PS,C
M..645'N9-P=VY:PC`D7%E<*\"NHUCTE%$6OF%.Y=9-$2HBNHJ=--,#]@>G(8
MJIP32.14XB``1(Q53F$?D!2)B8QA_(4!'6XZ1@'+E_51""I4L@Q5,0#3,\@I
M7X=),XARMYJ3316=$(4>X2QS5\J(>A4A$2@.NUG</5KJY)2P=G([SZ@S5[!F
MHX\MD]P25IY4$+S0QJ++5PZ<+-(/&A5096[8P5SV.AM;:RS7(X,1@E>/LFG_
M`-/1$B*0P1V)C$A!X*+^3<G\1RQYTZ(@`"(B```"(B(@```?,1$?0`#ZQ'T#
M5B>U7;DHS4:Y@R6U"+91B82U2AI;PFY0*FAYDMMFBKB'DFS-+N7B&SH$CE,'
MOAR"1$613Y[0MM.+<%1Q<@YAL<1,R48<BR*LB06U5BG91$R`1L6N"CR>E@,4
M1:&=)+*^+P=E$HKD(MK1>7L\W;<5.(XNQ5$2B=9?K^&+%,H)2]J*@IWF?3:G
M<"4-6VH`5RLS<+>'VID<2RQE01CDMB=E]*\'T+DQ>]>KL,.=Z@RR02]/.C6'
MFBRF9O9J1PF,OY]:0MI###<[&KQQ"S"LT:D&_D$3$'`<QN:YO1;.'VL[4L$@
M=,]NVVK5J<--5YL0TC+XF9GBY$C.8W9&((@KDVM>%EJ[SNZG+T#0J&*@U2,>
M+M85T=-4K<Z7P%GKS)I&*4Z;-!J`)1J2Q2JBU!)$I"O)<Z(6E4NI0]$JL%48
M%'P(J!CT6#4#?LJHI@)EW;@WH!W;UR=9X[4X#O<+J&X`!``U)@#`T-A6O'`Y
MT96Y3*2!K)/%(($Y3^,D1$@H4%4(=FH(B`F`J\BY`7SLI3>70:R"UO9T,Z:;
M@P#[@ZD=1I(;?5'J%)%9S*Q=KU]N8>()^F[8H,'E5(ZD4<`N"&5XB]>I5$MH
M8]+MF&=Y;@HWA0P&`5XMMX)6CIE^1)D+3<_<9*<=J<O,Q<Q=R*P$DLA2(SM#
M&TTT'GZOM#^3GU_-K8;6"Z^OP?\`-_-I\'_-_-JJZ\3^]"K!:;"^?VF,JD0^
MEWGGSDHRC=K#$DEB,U0(FDN\.D#4[8"%!%1?L$!4+W`<0P6DY5W9Y&6D6])M
M%CL"T2DV6D4VK>G(&:I/%%DFQSB_8LP."JC=8I02%0P>&83@4.!'4>_]76"Q
MV=@VU:Z4]8HLY<\SX_%/M:G'D<E!`9A):Q]&3+I;N5@M:R_F@@=`D$K,0(WX
MD^#I?=L4GR,>YMI-2B\8L6AE96KUGD$?;'8G6F8H9"944([@EG0#GN'-QO(#
M\AYTUI/`(Y/#'R/W71?A</?,QXOO,8GS7NWS)?=O/N;]1>'X/=X?'X7M_9?B
MXUNSD/M#6SNV\U_B/`8C._IN4PWZMCZM\XK-5?LLOCS9B67[3(U.^3[:Y!W>
M.>'O;QR!E[CQSJ.[]3[&[:I_<5K?VT\D/W-.7S59_&Q7RUY>%\D+\<H_:.Y2
M#P---?'(#\A`?X].0^7(<_9SJ]\C^=4FOG33D`^8\:^.0'Y"`_QZ::^=-:MR
MCF.BX@CFCZY2+A%62\R$3%Q[-9])RIV?@"Z*T03`B)"H`Y0\5=XX:MT_%(!E
M>3``Y11[4VO%0KEO:-%V+:QP[*809NCI*.6R+Y(%4T5SH&,B94A1X.*1C$[N
M0*8P!SJP0;IV[:W#=VG5S./L[DQM&/)9'#5["37L?2F:%8)KT,98U/N!8A>O
M'8,<L\,BS1(\/+ZK7QU^.C#DY*D\>/L3-!7MO&R03RH&+I"[`"7L[65VC[E1
MP49@_P".LJTX#Y<>GV:::O\`JBTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT
MTTTTTTTTTTTTTTT$`'T$.0^P=?3PR<\]A.?GSVASS]ORU]]----------.`^
MS33333333333333333333333333333333336GLLX.H>8H\B%F8'0EFB1TXJR
M1ADVTW&@;DP)%<&343>L1/\`&I&OTG#0PB8Z1$%Q!<*^93!>XW;[+N9W&<G*
M3T08XG4>U$@N5'*)!'PRV*DO/-D=G*0.3*-F\PDGQW)N6P=I2VSZ:@[J/T`V
M1U#R,6Y%;)[/WO5*O4WKM"V<1G%DC14B:X\0\5[L14C$LR+>2!1!7NUX_6LQ
MP&]\Q@8&Q_%;*X>3D2X?*Q"W296;N81*Q[X.3RW:C>%G8O)#(W!%8-7WW6F)
M,6-R!1&4F[;_`(%RZA7:]=E`,0>TYG$+)HNT`7`0,"B9'+(@G]"II``@&T1W
ME8%EDBJSE+LH.>0,9%Y4Z_+<'`O;W%<%DU"&$I?@`P@4W;Z`';J8-DHE+N"?
MAVFJ5ZP@!>TIIB'8OU4P'CGPEW"!UTA'@/5-4@^FM2.]J6`7A_$/CN/;F$PF
M$(^2GH\@B(`'`I-)5)("AP`@4I"E`PF,`=QA$8Z?I[]4F#C^QP_5;8>^<9&`
MM?\`Q_MB6I=1`0%\TV+IY*>U*J_W3VKTSR$$MQR0;Z,YTWN,)[>V<UAK!]O^
MAY)982W/+%5M2P+$I^`D42A0>!\`G2AMY.!H<IG-?HMB.]$!`H-*K7(8PB7]
M:!W9I(@@'!C<=I5!+R(=OQ>NK;-OHN\^H,3CJD,8EVY-X39:04<VN;,8P]I1
M;1#!NT:E7,(E[2G]X$*/H)%.=3`9;5L!,#@HGCJ,<'*;N#WB_FY,H#P`<>$^
ME%T1)Z<@0R9B]PB;CD=;>KU+J-22%&L5F!KZ8E`ABPT2QCA.`<?LBC5!)14?
M0.15.<1^L1UPG3CZH,[&*.:ZM;)V-BY!Q93IWMAY[DBG@/XK.2J8JW4F8#D6
M*MZ-T8]P4D=I-GNG-)O-3VOF,S97CQMGLDL<2D<<=\5:2Q'*@_\`1R1$$#CD
M?.JPX#;KG[.LRE9,K3,I7F`GY\Y:N59DK<YN5$("HMS-VT0F(#P471(E$.>X
M6[L0,4UB.+L/4;$42:-J,7X;ER5/WK./3%=3DPJF'PG?ONPG"1!Y%!BT3;1[
M81,*#4AS'.;:.FI+Z:]!-C=-KDN>KID-S[SM][7]Z[KM'+Y^>29>V<UYY$6*
MB)0621ZT:6IXCXK=JRJKQC^X-ZYG<$24I#!CL3#P(,/C(OM*"!2"O?&I+3%2
M`RB1C&C\M%'&2=----39K$=------:+W+`'W",H>@?\`%9U]7_O#;4/=@0`,
M]D[D.?ZDU;](3NIA[E_VB,H?O6=?_G;:AYL"_P#'V3O_`+35?TA.ZTKZD_\`
MGE]#?_9'-?\`Z6]-2[M__P`DV\O_`%O1_P#SX77UW99>R51,NMHNJW*:A(=.
MKUZ24BV2S9)DLX4?RPNCJ@HU54#S239)%<P*!PF4.WM$.=;3V^R6X2?E[C?<
MFJ3K2JSE*>.ZLU=K,&,8U?'=(O&*L774E?.,B%C._P`L]?-06<H`!UUUE%2F
M/&C>V`&S>U*(`(&IE9*8!`!`2FD9P!`0'Y@("("'R$!$!]!U:_)$(G6WI$RE
M(0D(Z*4A0`I2E+'*%*4I0```"E`"@`!P```!Z!JS=-<5GMW=>^N&1R&^=XPX
MCIUNB&SB]L5LW:&$N6<I7S]6);M2=IXQ1HP59C!3JI77[B=)_(O@[)*C<-BC
MB]D;-@@PV*>UGL:\=G)25(_O(HZTE"5C#*@1O/,\BB2:4R'Q(8PI[R5KQV<Y
M6R1><DR\5<+I.6*-0I#Q^BRDE6QT$WQ):"1(Z*"+5$WBE2<+I@(F$O:L?X>>
M./78CRWDR;W0?1&6N\[(5GZ6Y"9>Y'*K8S#RD8C8QCV_81J13PV8M6PHAXO(
M"BGW&-P;NPO8BLFGER63.<I3N,?2142B(\J&3EZZH<"AQZB5,!./(AP`?6.O
M78.,!MX(&*(&*:ZY0$IBCW`("WM8@("'("`AZ@/RU"^R-X[LL[,^F>:;=>X[
M%C*==;N.RTTN>RDL^1H+FMLJM#)2/;:2Y3$4[J*EII(!',P$?;(0<OS&)Q<>
M8ZAHF,QZ1UMDQ6*J)2K*E>?[*X3/741!8IN]`3+&%<L@);E?6U=S.?LCL<J*
MXMI]C2H\3'J5]B]FTA0;NW#V=;LG2CY[*KHKJ1D1&HR"7>5D5%82(.72RY@%
M))/U36V;F,,9/90LI,6S+57,M!KR#E*'F9V%DXB8\(%EHR5\@Y<QS^/(=4X"
MD^4;^*@0SA)5NY$`S_<A6L`W^^>XY&\KTS+R8PT#W(P$S*1THK(IMC032:10
M8>57/V2#9%&19R+=PU06!%T9=%N1%*.T1?,P[4;^E2IV3&5KS-1FY>5P7RLC
M`R,`^6.'O&N*.2E=PCDY4G)D4TB-2%>-S(/V+A(04/>=^YG<FW>J6Y\_NC?V
MZ3MI.H=2MA]]=/\`>"9W';"A2QD?'LK=>PX<E#5I\Q"),DEZM':E;#W%JU\P
MUR[#JCPM/'Y#;>.HXW!XP9$X&22WAL[BC2L9QRE<MF,9FVKM+*0Y9JYAE,:B
MS$9'JK%"QRG>_#71E>XN6FYU)_4IH7?T*AB+J'4@A81L`WGA61,S0(B,B^,F
MX)X;I[XA2]QA0'\&,K-HM=R+$41O)V^SH358G:_5W5#B4G*RRM>BR(/S+M%T
MU(YF1`ZB2[`H$2<OR_@!#Q@[0[](;_%"K%Q*L01$BI;<H01`2B)#EK1BB)3`
M`@/:(<@(`(#Z"`:F)M^,4V$\6B40,'T(@"\@("')69"F#D/K*8!*(?4("`^H
M:E7IOM>BGUB]7[*Y'-NV)Q6.SM9'S-QX;-C<.)P[VJU^(R=E_&4_U><8FA.'
MKXQ8*`JJGV4';C>?R,S=*-J1F"F!:L6*;D5(5>-*%NRL4D#!>8+$HJJ;4R<2
M62\YE+>5^=PZ:::WGU#>FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF
MFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF
MFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFM';E`[L$Y.`>0YJSH/3Y_L[;[>=0
M_P!@R8$GLF<"(\Q-6^?'U/YS[`#Y\^OYN---:8=1@/\`IB]$#P.1M/+\'CV/
M]'O7]]2U@"?\J=X#GU^K4?7_`+_#:UWO72*;-S0PB8!^AM8#@!#CTD9SU^0C
MS_'JVPJ*:[,J"I`425;`DH0WJ!TU$NPY1^7H8AA*/''H(Z::N/0!5;K3]489
M5(;=>W0P(!#`R;J!#`C@@@D$'G5/O<G_``ATW]GUC,AQ[^/6,^/XU1)/QKC'
M&89B!IT[8(,(BT.X*/EV$D+.;;Q[AYY)1,KYDDV*)A:G\(>4!34*4HK)J&`1
M'8>"XQ*&W05N-;.':J4;=[5&I+.E@5=.$6K&QM04=K%(GXRZY4P4<G[2%56,
M<XD`#=H--?.G8GX=4]KU$_"I1ZT;<^RJK^->GYMQP1R_:PCB.OY4J5$D\2IW
MI5KJW(AC"SQF_>V<C*?<L^S<@9I3[DF*8_N0RN?RD[&EE*]Y/:99"."[<[3W
MQ4Z*@[I7[Q&*OFTW9&2027AN"$;^9@0;MF$@V[$2.V[X&X()J*D=]@^5;*)I
M)K%.HIJC`M=3S5F*-')$O/64R!$Y%RJ_DS.EY0(8I%6<?(.7:;AR>-Y(5-5N
MU6:G,EW$*L0%%>]IJ1]_UX&^K2[A&AB;"Y+J5@+.1Q#1H<7?L2V*C2SW:!4U
M+4TC7;C22SQ2.[6[)9B9Y>^PX)W'3"*X'87*^WKT=>V&(LP1JCA8X9P?+$BB
M&(*J.J@11@`=B\33WNT^)F<;1EH<F=IRM5E_"C3MU4BHJ(3A$TGS=VDH@J*J
M8BR:K)"D=!5)5$.%!2.HF?`-@LG)NVF1HYW)2#J/BOHJG%L'+URX91A')[&J
MY+'M%53H,BN50*HN5LFD550I3G`3``Z::V2RX%;Z[]K&L!7.0VY.;Y@`B^]*
M;&S`0V_'V_<E!4JA#-WE16K@<"&/MC^J3)T5R7D)D\&2C$'?^7A#9BCW"+NY
M\8;RR]P3MY\DG/\`>W-B.FFFM^]0GIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
MIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIK
"_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
