<SEC-DOCUMENT>0001047469-15-005997.txt : 20150708
<SEC-HEADER>0001047469-15-005997.hdr.sgml : 20150708
<ACCEPTANCE-DATETIME>20150707202926
ACCESSION NUMBER:		0001047469-15-005997
CONFORMED SUBMISSION TYPE:	F-10/A
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20150708
DATE AS OF CHANGE:		20150707

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sprott Physical Gold Trust
		CENTRAL INDEX KEY:			0001477049
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		F-10/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-204468
		FILM NUMBER:		15977662

	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-10/A
<SEQUENCE>1
<FILENAME>a2225292zf-10a.htm
<DESCRIPTION>F-10/A
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#15ZBU73101_1">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>

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


</FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>As filed with the Securities and Exchange Commission on July&nbsp;7, 2015  </B></FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> Registration No.333-204468  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1><B> &nbsp;<BR>  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=1><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 style="font-family:times;"><FONT SIZE=1><B><BR>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=1><B>WASHINGTON,&nbsp;D.C. 20549  </B></FONT></P>

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

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=1><B>

<!-- COMMAND=ADDING_LINEBREAK -->

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

<BR>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>AMENDMENT NO.&nbsp;3<BR>
TO<BR>  </B></FONT><FONT SIZE=5><B>FORM F-10</B></FONT></P>

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

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


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

<!-- COMMAND=ADDING_LINEBREAK -->

<BR></FONT></P>

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

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>Sprott Physical Gold Trust<BR>  </B></FONT><FONT SIZE=1>(Exact Name of Registrant as Specified in its Charter) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Canada<BR>  </B></FONT><FONT SIZE=1>(Province or Other Jurisdiction of Incorporation or Organization) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>1040<BR>  </B></FONT><FONT SIZE=1>(Primary Standard Industrial Classification Code Number) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>N/A<BR>  </B></FONT><FONT SIZE=1>(I.R.S. Employee Identification No.) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Suite&nbsp;2700, South Tower<BR>
Royal Bank Plaza<BR>
200&nbsp;Bay Street<BR>
Toronto, Ontario<BR>
Canada M5J&nbsp;2J1<BR>
Telephone: (416)&nbsp;362-7172<BR>  </B></FONT><FONT SIZE=1>(Address, including postal code, and telephone number, including area code, of Registrant's principal executive offices) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Puglisi&nbsp;&amp; Associates<BR>
850&nbsp;Library Avenue, Suite&nbsp;204<BR>
Newark, Delaware 19711<BR>
Telephone: (302)&nbsp;738-6680<BR>  </B></FONT><FONT SIZE=1>(Name, Address (Including Zip Code) and Telephone Number (Including Area Code) of Agent for Service in the United&nbsp;States) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Copies to:  </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<p style="font-family:times;"></FONT></P>

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

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="33%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="33%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="33%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Kirstin H. McTaggart<BR>
Sprott Asset Management&nbsp;LP<BR>
Suite&nbsp;2700, South Tower<BR>
Royal Bank Plaza, 200&nbsp;Bay Street<BR>
Toronto, Ontario, Canada M5J&nbsp;2J1<BR>
(416)&nbsp;362-7172</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B> Christopher J. Cummings, Esq.<BR>
Edwin S. Maynard, Esq.<BR>
Paul, Weiss, Rifkind, Wharton&nbsp;&amp; Garrison&nbsp;LLP<BR>
Toronto-Dominion Centre<BR>
77&nbsp;King Street West, Suite&nbsp;3100<BR>
Toronto, Ontario, Canada M5K&nbsp;1J3<BR>
(416)&nbsp;504-0520</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B> John Ciardullo, Esq.<BR>
Mikhel Voore, Esq.<BR>
Stikeman Elliott&nbsp;LLP<BR>
5300&nbsp;Commerce Court West<BR>
199&nbsp;Bay Street<BR>
Toronto, Ontario, Canada M5L&nbsp;1B9<BR>
(416)&nbsp;869-5500</B></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=1>Approximate
date of commencement of proposed sale of the securities to the public: </FONT><FONT SIZE=1><B>as soon as practicable after this registration statement becomes
effective.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Province of Ontario, Canada<BR>  </B></FONT><FONT SIZE=1>(Principal Jurisdiction Regulating this Form&nbsp;F-10 Offering) </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>It
is proposed that this filing shall become effective (check appropriate box): </FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;text-align:center;margin-left:0%;">
<p style="font-family:times;"></FONT></P>

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

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="13pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="13pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="13pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="13pt" 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:6pt;text-indent:-6pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>A.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=1>upon filing with the Commission, pursuant to Rule&nbsp;467(a) (if&nbsp;in connection with an offering being made contemporaneously in the United&nbsp;States and&nbsp;Canada).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:5pt;text-indent:-5pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>B.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=1>at some future date (check appropriate box below):</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:5pt;text-indent:-5pt;"><FONT SIZE=1> </FONT></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>1.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>Pursuant to Rule&nbsp;467(b) on (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) at (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) (designate a time not sooner than
seven calendar days after&nbsp;filing).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:5pt;text-indent:-5pt;"><FONT SIZE=1> </FONT></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>2.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>Pursuant to Rule&nbsp;467(b) on (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) at (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) (designate a time seven calendar
days or sooner after filing) because the securities regulatory authority in the review jurisdiction has issued a receipt or notification of clearance on&nbsp;(&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:5pt;text-indent:-5pt;"><FONT SIZE=1> </FONT></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>3.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>Pursuant to Rule&nbsp;467(b) as soon as practicable after notification of the Commission by the registrant or the Canadian securities regulatory authority of the review jurisdiction that a receipt or notification of
clearance has been issued with respect&nbsp;hereto.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:5pt;text-indent:-5pt;"><FONT SIZE=1> </FONT></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>4.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>After the filing of the next amendment to this form (if&nbsp;preliminary material is being&nbsp;filed).</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=1>If
any of the securities being registered on this Form&nbsp;F-10 are to be offered on a delayed or continuous basis pursuant to the home jurisdiction's shelf prospectus offering procedures, check
the following box.&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

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

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

<!-- 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="103pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="164pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="103pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=7 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<BR>
of 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<SUP>(1)</SUP></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Proposed Maximum<BR>
Aggregate Offering Price<SUP>(2)</SUP></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Amount of<BR>
Registration Fee<SUP>(3)</SUP></B></FONT><BR></TH>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=7 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=1>Units</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>85,822,653</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$814,900,275</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>$94,691.41<SUP>(3)</SUP></FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=7 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;"><FONT SIZE=1>Represents the maximum number of Sprott Physical Gold Trust units, without par value, estimated to be issuable upon
consummation of the offer (the&nbsp;"<U>Offer</U>") for all of the issued and outstanding units of Central GoldTrust multiplied by 4.4470, which represents the number of Sprott
Physical Gold Trust units to be exchanged for each unit of Central GoldTrust pursuant to the&nbsp;Offer.  </FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Estimated solely for the purpose of calculating the amount of the registration fee
in accordance with General
Instruction&nbsp;II.H to Form&nbsp;F-10. The proposed maximum aggregate offering price is equal to the product of (i)&nbsp;US$42.225, which is the average of the high and low sale prices of GTU
Units as reported on the NYSE MKT on May&nbsp;20, 2015, and (ii)&nbsp;19,299,000, which is the estimated number of outstanding GTU Units in the aggregate that may be received by Sprott Physical
Gold Trust or cancelled in the transaction described herein in exchange for GTU Units held by U.S.&nbsp;residents. <BR>
If, as a result of stock splits, stock dividends or similar transactions, the number of securities purported to be registered on this Registration Statement changes, the provisions of Rule&nbsp;416
under the Securities Act of 1933, as amended, shall apply to this Registration Statement.  </FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Previously paid. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=1><B>Financial statements included or incorporated by reference herein have been prepared in accordance with International Financial Reporting Standards as issued by the
International Accounting Standards Board, and thus may not be comparable to financial statements of U.S.&nbsp;companies. In addition, this offering is being made by a foreign private issuer that is
permitted, under a multijurisdictional disclosure system adopted by the United&nbsp;States, to prepare this document in accordance with the disclosure requirements of Canada. Accordingly, this
Registration Statement on F-10 (the&nbsp;"<U>Registration Statement</U>") and certain information incorporated by reference into this Registration Statement have been prepared
in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of United&nbsp;States securities&nbsp;laws.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1><B>Holders of GTU Units in the United&nbsp;States should be aware that the disposition of GTU Units and acquisition of PHYS Units by them as described herein may have tax
consequences both in the United&nbsp;States, Canada and other jurisdictions. Such consequences may not be fully described herein and such holders are urged to consult their
tax&nbsp;advisors.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1><B>The enforcement by holders of GTU Units of civil liabilities under U.S.&nbsp;federal securities laws may be affected adversely by the fact that each of the Offeror, the
Manager, Sprott Asset Management Gold Bid&nbsp;GP&nbsp;Inc. ("<U>SAM Gold Bid&nbsp;GP</U>"), Sprott Asset Management&nbsp;GP&nbsp;Inc.
("<U>SAM&nbsp;GP&nbsp;Inc.</U>"), the Trust and GTU is organized under and governed by the laws of Canada or a province thereof, that the directors and officers of
SAM&nbsp;GP&nbsp;Inc., SAM Gold Bid&nbsp;GP and the trustees of each of the Trust and GTU may be residents of jurisdictions other than the United&nbsp;States, that the experts named in the
Offer and Circular may be residents of jurisdictions other than the United&nbsp;States and that all or a substantial portion of the assets of each of the Offeror, the Manager, SAM Gold
Bid&nbsp;GP, SAM&nbsp;GP&nbsp;Inc., the Trust, GTU and such other said persons may be located outside the United&nbsp;States.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1><B>THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION (THE&nbsp;"<U>COMMISSION</U>") NOR HAS THE COMMISSION
PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1><BR></FONT></P>
 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=1>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p>
 <P style="font-family:times;"><FONT SIZE=1><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="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=278072,FOLIO='blank',FILE='DISK116:[15ZBU1.15ZBU73101]BA73101A.;5',USER='PANDERS',CD=';6-JUL-2015;19:46' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_bc73101_1_2"> </A>


<!-- 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;" -->


 </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bc73101_part_i_information_required_to__par02825"> </A>
<A NAME="toc_bc73101_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PART I<BR>  <BR>    INFORMATION REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="bc73101_item_1._home_jurisdiction_document"> </A>
<A NAME="toc_bc73101_2"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Home Jurisdiction Document    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amendment No.&nbsp;3 amends and supplements the Registration Statement on Form&nbsp;F-10 (as amended, the "Registration
Statement") filed by Sprott Physical Gold Trust (the&nbsp;"<U>Trust</U>"), a closed-end mutual fund trust established under the laws of the Province of Ontario managed by
Sprott Asset Management&nbsp;LP (the&nbsp;"<U>Manager</U>"), on May&nbsp;27, 2015. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registration Statement relates to the offer to purchase (the&nbsp;"<U>Offer</U>") by Sprott Asset Management Gold Bid&nbsp;LP, a limited partnership created
under the laws of the Province of Ontario (the&nbsp;"<U>Offeror</U>") and owned and controlled by the Manager, all of the issued and outstanding units ("<U>GTU
Units</U>") of Central GoldTrust ("<U>GTU</U>"), a corporation existing under the laws of Canada (NYSE MKT: GTU / TSX: GTU-U), in exchange for units of the Trust
("<U>PHYS&nbsp;Units</U>"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Offer is subject to the terms and conditions set forth in the Offeror's offer and circular, dated May&nbsp;27, 2015, as amended by the Notice of Extension and Variation, dated
June&nbsp;22, 2015, and the
Notice of Extension and Variation, dated July&nbsp;7, 2015 (each, a "<U>Notice of Extension and Variation</U>" and, collectively, the "<U>Offer and
Circular</U>"), and the related letter of transmittal (the&nbsp;"<U>Letter of Transmittal</U>"), copies of which are attached hereto as Exhibits&nbsp;1.1, 1.12,
1.15 and&nbsp;1.2, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth in the Offer and Circular, the Letter of Transmittal, including all schedules, exhibits and annexes thereto, and the Notices of Extension and Variation is
hereby expressly incorporated herein by reference in response to all items of information required to be included in, or covered by, the Registration Statement on Form&nbsp;F-10, and is supplemented
by the information specifically provided herein. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as specifically provided herein, this Amendment No.&nbsp;3 does not modify any of the information previously reported in the Registration Statement.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="bc73101_item_2._additional_information."> </A>
<A NAME="toc_bc73101_3"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Additional Information.    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See the financial statements included or incorporated by reference in the Offer and&nbsp;Circular.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="bc73101_item_3._informational_legends."> </A>
<A NAME="toc_bc73101_4"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Informational Legends.    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See the outside front cover page and the introduction of the Offer and Circular.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="bc73101_item_4._incorporation___bc702216"> </A>
<A NAME="toc_bc73101_5"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;Incorporation of Certain Information by Reference.    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See "Documents Incorporated by Reference" in the Offer and Circular.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="bc73101_item_5._list_of_documents_filed_with_the_sec."> </A>
<A NAME="toc_bc73101_6"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;List of Documents filed with the SEC.    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents have been filed with the Commission as part of the Registration Statement: (i)&nbsp;the Offer and Circular
and Letter of Transmittal; (ii)&nbsp;press releases and transcripts related to the Offer; (iii)&nbsp;a letter from the CEO of the Trust related to the Offer; (iv)&nbsp;an investor relations
presentation related to the Offer; (v)&nbsp;the contents of a website related to the Offer; (vi)&nbsp;the form of merger agreement related to the Offer; (vii)&nbsp;the documents listed in the
Offer and Circular as incorporated by reference therein; and (viii)&nbsp;consents of auditors and&nbsp;counsel. </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=2,EFW="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=320724,FOLIO='2',FILE='DISK116:[15ZBU1.15ZBU73101]BC73101A.;6',USER='PANDERS',CD=';6-JUL-2015;19:46' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ja73101_1_3"> </A>


<!-- 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;" -->


 </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ja73101_part_ii_information_not_requir__par03018"> </A>
<A NAME="toc_ja73101_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PART II<BR>  <BR>    INFORMATION NOT REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS.    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Indemnification of Officers and Directors  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Business Corporations Act </FONT><FONT SIZE=2><I>(Ontario)</I></FONT><FONT SIZE=2> provides that a corporation may indemnify a
director or officer of the corporation, a former director or officer of the corporation or another individual who acts or acted at the corporation's request as a director or officer, or an individual
acting in a similar capacity, of another entity (each of the foregoing, an "<U>individual</U>"), against all costs, charges and expenses reasonably incurred by the individual in
respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of that association with the corporation or other entity. A corporation
shall not indemnify such an individual (a)&nbsp;unless the individual acted honestly and in good faith with a view to the best interests of the corporation or, as the case may be, to the best
interests of the other entity for which the individual acted as a director or officer or in a similar capacity at the corporation's request and (b)&nbsp;in the case of a criminal or administrative
action or proceeding that is enforced by monetary penalty, unless the director or officer had reasonable grounds for believing that his or her conduct was lawful. Where an individual has met the
conditions set out under (a)&nbsp;and (b)&nbsp;above and was not judged by the court or other competent authority in such a proceeding to have committed any fault or omitted to do anything that
the individual ought to have done, such individual is entitled to indemnification from the corporation for such costs, charges and expenses which were reasonably incurred. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Both
the Trust's trust agreement and the Trust's management agreement provide that 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;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;them. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act of 1933, as amended (the&nbsp;"<U>Securities Act</U>"), may be permitted to directors,
officers or persons controlling the Trust pursuant to the foregoing provisions, the Trust has been informed that in the opinion of the U.S.&nbsp;Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act and is therefore unenforceable. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ja73101_exhibits_to_form_f-10"> </A>
<A NAME="toc_ja73101_2"> </A>
<BR></FONT><FONT SIZE=2><B>  EXHIBITS TO FORM F-10    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exhibits to this Registration Statement are listed in the exhibit index, which appears elsewhere herein. </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.=1,SEQ=3,EFW="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=415655,FOLIO='3',FILE='DISK116:[15ZBU1.15ZBU73101]JA73101A.;3',USER='PFERGUSA',CD=';2-JUL-2015;22:14' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_jc73101_1_4"> </A>


<!-- 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;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="jc73101_part_iii_undertaking_a__jc702245"> </A>
<A NAME="toc_jc73101_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PART III<BR>  <BR>    UNDERTAKING AND CONSENT TO SERVICE OF PROCESS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="jc73101_item_1._undertaking."> </A>
<A NAME="toc_jc73101_2"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Undertaking.    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission
staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to the securities registered pursuant to this Form&nbsp;F-10 or&nbsp;to transactions in such
securities.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="jc73101_item_2._consent_to_service_of_process."> </A>
<A NAME="toc_jc73101_3"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Consent to&nbsp;Service of Process.    <BR>    </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;"><FONT SIZE=2>Concurrently
with the filing of the original Registration Statement, the Trust filed with the Commission a written irrevocable consent and power of attorney
on Form&nbsp;F-X.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Concurrently
with the filing of the original Registration Statement, RBC Investor Services Trust (the&nbsp;"<U>Trustee</U>") filed
with the Commission a written irrevocable consent and power of attorney on Form&nbsp;F-X.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Any
change to the name or address of the agent for service of the Trust or the Trustee shall be communicated promptly to the Commission by amendment to the
applicable Form&nbsp;F-X referencing the file number of the relevant Registration Statement. </FONT></DD></DL>
</UL>
<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.=1,SEQ=4,EFW="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=119487,FOLIO='4',FILE='DISK116:[15ZBU1.15ZBU73101]JC73101A.;3',USER='PFERGUSA',CD=';2-JUL-2015;22:34' -->
<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_je73101_1_5"> </A>


<!-- 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;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="je73101_form_f-10_signatures"> </A>
<A NAME="toc_je73101_1"> </A>
<BR></FONT><FONT SIZE=2><B>  FORM F-10<BR>  <BR>    SIGNATURES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, the Trust certifies that it has reasonable grounds to believe that it meets all of
the requirements for filing on Form&nbsp;F-10 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 July&nbsp;7,&nbsp;2015. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

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

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="49%" 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="46%" 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>SPROTT PHYSICAL GOLD TRUST</FONT><BR>
<FONT SIZE=2><I>By</I></FONT><FONT SIZE=2> Sprott Asset Management LP,<BR>
as manager of the&nbsp;Trust</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JOHN WILSON<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Name: John Wilson<BR>
Title: Chief Executive Officer</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the following capacities and on July&nbsp;7, 2015. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

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

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="37%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="45%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="69pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Signature </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>Title </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>Date </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Sprott Asset Management&nbsp;LP,<BR>
Manager of the Trust</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JOHN WILSON<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> John Wilson</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Chief Executive Officer,<BR>
Co-Chief Investment Officer and Director**<BR>
(Principal Executive Officer)</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>July&nbsp;7, 2015</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>*<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Steven Rostowsky</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Chief Financial Officer and Director**<BR>
(Principal Financial Officer and<BR>
Principal Accounting Officer)</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>July&nbsp;7, 2015</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>*<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Kirstin H. McTaggart</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Chief Compliance Officer,<BR>
Secretary and Director**</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>July&nbsp;7, 2015</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>*<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> James R. Fox</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>Director**</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>July&nbsp;7, 2015</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

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

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="30%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="43%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="92pt" 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 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 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 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD 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>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>*&nbsp;By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>/s/&nbsp;JOHN WILSON<BR>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> John Wilson<BR>
Attorney-in-Fact</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>**</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Director
of Sprott Asset Management GP Inc., general partner of the Manager of the Trust </FONT></DD></DL>
<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.=1,SEQ=5,EFW="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=632441,FOLIO='5',FILE='DISK116:[15ZBU1.15ZBU73101]JE73101A.;5',USER='PANDERS',CD=';6-JUL-2015;19:47' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ji73101_1_6"> </A>


<!-- 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;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ji73101_authorized_representative"> </A>
<A NAME="toc_ji73101_1"> </A>
<BR></FONT><FONT SIZE=2><B>  AUTHORIZED REPRESENTATIVE    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of Section&nbsp;6(a) of the Securities Act, the Authorized Representative has duly caused this
registration statement to be signed on its behalf by the undersigned, solely in the capacity of the duly authorized representative of the Trust in the United&nbsp;States, in the City of Newark,
State of Delaware, USA on July&nbsp;7,&nbsp;2015. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

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

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="49%" 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="46%" 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>PUGLISI&nbsp;&amp; ASSOCIATES</FONT><FONT SIZE=2><BR>
(Authorized U.S.&nbsp;Representative)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>  By</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;DONALD J. PUGLISI<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Name: Donald J. Puglisi<BR>
Title: Managing Director</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.=1,SEQ=6,EFW="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=349534,FOLIO='6',FILE='DISK116:[15ZBU1.15ZBU73101]JI73101A.;5',USER='PANDERS',CD=';6-JUL-2015;19:47' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_jk73101_1_7"> </A>


<!-- 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;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="jk73101_index_to_exhibits"> </A>
<A NAME="toc_jk73101_1"> </A>
<BR></FONT><FONT SIZE=2><B>  INDEX TO EXHIBITS    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Exhibits to Form&nbsp;F-10  </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<p style="font-family:times;"></FONT></P>

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

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="58pt" 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 ALIGN="LEFT" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exhibit No. </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></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>Offer and Circular, dated May&nbsp;27, 2015.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.2**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Form of Letter of Transmittal.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.3**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Press Release dated April&nbsp;23, 2015 (incorporated by reference to the Trust's filing pursuant to Rule&nbsp;425 on April&nbsp;23, 2015).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.4**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Video Transcript dated April&nbsp;23, 2015 (incorporated by reference to the Trust's filing pursuant to Rule&nbsp;425 on April&nbsp;23, 2015).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.5**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Letter from the CEO of the Trust to the Trust's unitholders, dated April&nbsp;24, 2015 (incorporated by reference to the Trust's filing pursuant to Rule&nbsp;425 on April&nbsp;24, 2015).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.6**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Press Release dated April&nbsp;28, 2015 (incorporated by reference to the Trust's filing pursuant to Rule&nbsp;425 on April&nbsp;28, 2015).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.7**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Press Release dated May&nbsp;27, 2015 (incorporated by reference to the Trust's filing pursuant to Rule&nbsp;425 on May&nbsp;27, 2015).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.8**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Investor Relations Presentation dated May&nbsp;27, 2015 (incorporated by reference to the Trust's filing pursuant to Rule&nbsp;425 on May&nbsp;27,&nbsp;2015).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.9**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Contents of website related to the Offer (incorporated by reference to the Trust's filing pursuant to Rule&nbsp;425 on May&nbsp;27, 2015).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.10**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Form of Merger Agreement by and among the Trust, the Offeror and GTU.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.11**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Press Release dated June&nbsp;22, 2015 (incorporated by reference to the Trust's filing pursuant to Rule&nbsp;425 on June&nbsp;22, 2015).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.12**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Notice of Extension and Variation, dated June&nbsp;22, 2015.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.13**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Press Release dated June&nbsp;29, 2015 (incorporated by reference to the Trust's filing pursuant to Rule&nbsp;425 on June&nbsp;29,&nbsp;2015).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.14**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Press Release dated July&nbsp;7, 2015 (incorporated by reference to the Trust's filing pursuant to Rule&nbsp;425 on July&nbsp;7, 2015).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 1.15*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Notice of Extension and Variation, dated July&nbsp;7, 2015.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 4.1**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>The Annual Information Form of the Trust for the year ended December&nbsp;31, 2014 (incorporated by reference to Exhibit&nbsp;99.5 to&nbsp;the Trust's Form&nbsp;40-F (Commission File No.&nbsp;001-34638) filed with the
Commission on March&nbsp;30, 2015 (the&nbsp;"Form&nbsp;40-F")).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 4.2**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>The annual audited consolidated financial statements of the Trust for the years ended December&nbsp;31, 2014 and December&nbsp;31, 2013 and notes and the auditor's report in respect thereof, and management's report of
fund performance for the financial years ended December&nbsp;31, 2014 and December&nbsp;31, 2013 (incorporated by reference to Exhibit&nbsp;99.6 to&nbsp;the Form&nbsp;40-F).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 4.3**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>The unaudited interim financial statements of the Trust for the three months ended March&nbsp;31, 2015 and management's report of fund performance for the three months ended March&nbsp;31, 2015 (incorporated by
reference to Exhibit&nbsp;99.1 to&nbsp;the Trust's Form&nbsp;6-K (Commission File No.&nbsp;001-34638) filed with the Commission on May&nbsp;11, 2015.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 5.1*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Consent of Ernst&nbsp;&amp; Young&nbsp;LLP.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 5.2**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Consent of Stikeman Elliott&nbsp;LLP.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> 6.1**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Powers of Attorney (included on the signature pages of this Registration Statement on Form&nbsp;F-10).</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:0%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Filed
herewith.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>**</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Previously
filed.  </FONT></DD></DL>
 </DIV>
 <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.=1,SEQ=7,EFW="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="1",CHK=1048453,FOLIO='7',FILE='DISK116:[15ZBU1.15ZBU73101]JK73101A.;5',USER='PANDERS',CD=';6-JUL-2015;19:49' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="15ZBU73101_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bc73101_1">PART I INFORMATION REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS</A></FONT><BR>
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bc73101_2">Item 1. Home Jurisdiction Document</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bc73101_3">Item 2. Additional Information.</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bc73101_4">Item 3. Informational Legends.</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bc73101_5">Item 4. Incorporation of Certain Information by Reference.</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bc73101_6">Item 5. List of Documents filed with the SEC.</A></FONT><BR>
</UL>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ja73101_1">PART II INFORMATION NOT REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS.</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ja73101_2">EXHIBITS TO FORM F-10</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_jc73101_1">PART III UNDERTAKING AND CONSENT TO SERVICE OF PROCESS</A></FONT><BR>
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_jc73101_2">Item 1. Undertaking.</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_jc73101_3">Item 2. Consent to Service of Process.</A></FONT><BR>
</UL>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_je73101_1">FORM F-10 SIGNATURES</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ji73101_1">AUTHORIZED REPRESENTATIVE</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_jk73101_1">INDEX TO EXHIBITS</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JATHANA,SEQ=,EFW="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="1" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.15
<SEQUENCE>2
<FILENAME>a2225292zex-1_15.htm
<DESCRIPTION>EX-1.15
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#15ZBU73101_2">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>

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


</FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="jo73101_exhibit_1.15"> </A>
<A NAME="toc_jo73101_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Exhibit 1.15    <BR>    </B></FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=413293,FOLIO='blank',FILE='DISK116:[15ZBU1.15ZBU73101]JO73101A.;5',USER='PANDERS',CD=';6-JUL-2015;19:49' -->
<!-- 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> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">
 <P style="font-family:times;text-align:justify"><FONT SIZE=1><B><I>This document is important and requires your immediate attention. It should be read in conjunction with the Original Offer and Circular.
If you are in any doubt as to how to deal with it, you should consult your investment advisor, stockbroker, bank, trust company or other&nbsp;nominee.</I></B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=1><B><I>Neither this document nor the Original Offer and Circular constitutes an offer or a solicitation
to any person in any jurisdiction in which such offer or solicitation is unlawful. The Offer is not being made to, nor will deposits be accepted from or on behalf of, unitholders in any jurisdiction
in which the making or acceptance of the Offer would not be in compliance with the laws of such jurisdiction. However, the Offeror or its agents may, in the Offeror's sole discretion, take such action
as the Offeror may deem necessary to make the Offer in any jurisdiction and extend the Offer to unitholders in such jurisdiction.</I></B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=1><B><I>Neither this document nor the Original Offer and Circular has been approved or disapproved by any
securities regulatory authority, nor has any securities regulatory authority passed upon the fairness or merits of the Offer or upon the adequacy of the information contained in this document. Any
representation to the contrary is an&nbsp;offence.</I></B></FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>July&nbsp;7, 2015 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>NOTICE OF EXTENSION AND VARIATION<BR>  </B></FONT><FONT SIZE=3><B>by<BR>  </B></FONT><FONT SIZE=4><B>SPROTT ASSET MANAGEMENT GOLD BID&nbsp;LP<BR>  </B></FONT><FONT SIZE=3><B>of its<BR>  </B></FONT><FONT
SIZE=4><B>OFFER TO PURCHASE<BR>  </B></FONT><FONT SIZE=3><B>all of the issued and outstanding units of<BR>  </B></FONT><FONT SIZE=4><B>CENTRAL GOLDTRUST<BR>  </B></FONT><FONT SIZE=3><B>for consideration per GTU Unit consisting of units of
</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>
<IMG SRC="g236599.jpg" ALT="GRAPHIC" WIDTH="295" HEIGHT="78">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>based on the relative Net Asset Value per unit<BR>
of Sprott Physical Gold Trust and Central GoldTrust<BR>
(as&nbsp;further described herein)  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Sprott Asset Management Gold Bid&nbsp;LP (the&nbsp;"</FONT><FONT SIZE=2><B>Offeror</B></FONT><FONT SIZE=2>"), a limited partnership created under the laws of the Province
of Ontario that is owned and controlled by Sprott Asset Management&nbsp;LP (the&nbsp;"</FONT><FONT SIZE=2><B>Manager</B></FONT><FONT SIZE=2>"), the manager of Sprott Physical Gold Trust, hereby
gives notice that it is amending and extending its offer dated as of May&nbsp;27, 2015, as amended by the Notice of Extension and Variation dated as of June&nbsp;22, 2015 (together, the
"</FONT><FONT SIZE=2><B>Original Offer</B></FONT><FONT SIZE=2>"), to purchase, on and subject to the terms and conditions of the Original Offer, all of the issued and outstanding units
(the&nbsp;"</FONT><FONT SIZE=2><B>GTU Units</B></FONT><FONT SIZE=2>") of Central GoldTrust ("</FONT><FONT SIZE=2><B>GTU</B></FONT><FONT SIZE=2>"), other than any GTU Units held directly or
indirectly by the Offeror, in order to extend the expiry time of the Original Offer to 5:00&nbsp;p.m. (Toronto time) on August&nbsp;7, 2015. The Original Offer, as amended and extended hereby, is
referred to herein as the&nbsp;"</FONT><FONT SIZE=2><B>Offer</B></FONT><FONT SIZE=2>". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>
<!-- BOXING PARAGRAPH(S) -->
 </FONT></P>
<DIV style="width:100%;border:solid #000000 1pt;margin-right:1pt;padding-top:1pt;padding-right:3pt;padding-bottom:2pt;padding-left:4pt;">

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>THE ORIGINAL OFFER HAS BEEN AMENDED AND EXTENDED AND IS NOW OPEN FOR ACCEPTANCE UNTIL 5:00&nbsp;P.M. (TORONTO&nbsp;TIME) ON AUGUST&nbsp;7,&nbsp;2015 UNLESS FURTHER
EXTENDED OR WITHDRAWN. SEE&nbsp;SECTION&nbsp;1,&nbsp;"EXTENSION&nbsp;OF&nbsp;OFFER".<BR>  </B></FONT></P>
 <p style="font-family:times;margin-bottom:-11pt;"></p>
</DIV>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>This
Notice of Extension and Variation should be read in conjunction with the Original Offer and the take-over bid circular dated as of May&nbsp;27, 2015, as amended by the Notice of Extension and
Variation dated as of June&nbsp;22, 2015 (the&nbsp;"</FONT><FONT SIZE=2><B>Original Circular</B></FONT><FONT SIZE=2>", and, together with the Original Offer, collectively referred to as the
"</FONT><FONT SIZE=2><B>Original Offer and Circular</B></FONT><FONT SIZE=2>"), and the letter of transmittal that accompanied the Original Offer and Circular
(the&nbsp;"</FONT><FONT SIZE=2><B>Letter of Transmittal</B></FONT><FONT SIZE=2>"). The Original Offer and Circular, as amended by this Notice of Extension and Variation, collectively constitute the
"</FONT><FONT SIZE=2><B>Offer and Circular</B></FONT><FONT SIZE=2>". Except as otherwise set forth herein, the terms and conditions previously set forth in the Original Offer and Circular, as
previously amended, continue to be applicable in all respects. All references to the "</FONT><FONT SIZE=2><B>Offer</B></FONT><FONT SIZE=2>" in the Original Offer and Circular and this Notice of
Extension and Variation mean the Original Offer as amended hereby, and all references in such documents to the "</FONT><FONT SIZE=2><B>Circular</B></FONT><FONT SIZE=2>" or the
"</FONT><FONT SIZE=2><B>Offer and Circular</B></FONT><FONT SIZE=2>" mean the Original Offer and Circular as amended hereby. Unless the context requires otherwise, capitalized terms used herein but
not defined herein that are defined in the Original Offer and Circular have the respective meanings given to them in the Original Offer and&nbsp;Circular. </FONT></P>
 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=2>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p>

 <P style="font-family:times;text-align:justify"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=2,EFW="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=788257,FOLIO='blank',FILE='DISK116:[15ZBU0.15ZBU73110]BE73110A.;9',USER='SSTALKE',CD=';7-JUL-2015;15:45' -->
<A NAME="page_be73110_1_2"> </A>
 <P style="font-family:times;text-align:justify"><font size=0>&nbsp;</FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">
 <P style="font-family:times;text-align:justify"><FONT SIZE=2><B>GTU Unitholders who have validly deposited and not withdrawn their GTU Units need take no further action to accept the Offer.</B></FONT><FONT SIZE=2> GTU Unitholders whose GTU
Units are registered in their name and who wish to accept the Offer must properly complete and execute the Letter of Transmittal that accompanied the Original Offer and Circular (printed on </FONT> <FONT SIZE=2><B>YELLOW</B></FONT><FONT SIZE=2>
paper) or a manually executed facsimile thereof, and deposit it, at or prior to the Expiry Time, together with certificate(s) representing their
GTU Units and all other required documents, with Kingsdale Shareholder Services (in its capacity as depositary, the "</FONT><FONT SIZE=2><B>Depositary</B></FONT><FONT SIZE=2>") at its office in
Toronto, Ontario, Canada specified in the Letter of Transmittal, in accordance with the instructions set out in the Letter of Transmittal (as&nbsp;set out in Section&nbsp;3 of the Original Offer,
"Manner of Acceptance&nbsp;&#151;&nbsp;Letter of Transmittal"). Alternatively, registered GTU Unitholders may accept the Offer by following the procedures for book-entry
transfer of GTU Units set out in Section&nbsp;3 of the Original Offer, "Manner of Acceptance&nbsp;&#151;&nbsp;Acceptance by Book-Entry Transfer". GTU Unitholders who hold
their GTU Units with an investment advisor, stockbroker, bank, trust company or other nominee ("</FONT><FONT SIZE=2><B>Beneficial GTU Unitholders</B></FONT><FONT SIZE=2>") will not receive a Letter
of Transmittal, and should follow the instructions set out by such nominee to deposit their GTU&nbsp;Units. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Beneficial GTU Unitholders should contact their investment advisor, stockbroker, bank, trust company or other nominee for assistance if they wish to accept the Offer in order
to take the necessary steps to be able to deposit such GTU Units under the Offer. Nominees will likely establish deposit cut-off times that are up to 48&nbsp;hours prior to the Expiry Time. GTU
Unitholders must instruct their investment advisor, stockbroker, bank, trust company or other nominee promptly if they wish to&nbsp;deposit.</B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>GTU Unitholders will not be required to pay any fee or commission to the Offeror if they accept the Offer by depositing their GTU Units directly with the Depositary. An
investment advisor, stockbroker, bank, trust company or other nominee through whom a GTU Unitholder holds GTU Units may charge a fee to deposit any such GTU Units on behalf of the GTU Unitholder. GTU
Unitholders should consult such nominee to determine whether any charges will&nbsp;apply.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Questions
and requests for assistance may be directed to Kingsdale Shareholder Services (in&nbsp;its capacity as information agent, the "</FONT><FONT SIZE=2><B>Information
Agent</B></FONT><FONT SIZE=2>"), who can be contacted at 1-888-518-6805 (toll free in North America) or at 1-416-867-2272 (outside of North America) or by e-mail at contactus@kingsdaleshareholder.com
or at the address indicated on the last page of the Circular and additional copies of this document, the Original Offer and Circular, the Letter of Transmittal, or any documents incorporated by
reference or otherwise related to the Offer and Circular, may be obtained, without charge, upon request from the Depositary and Information Agent at its offices shown on the last page of this
document, and are accessible on the Canadian Securities Administrators' website at www.sedar.com and on EDGAR at www.sec.gov. These website addresses are provided for informational purposes only and
no information contained on, or accessible from, these websites is incorporated by reference herein unless otherwise expressly indicated herein. GTU Unitholders may also contact the Information Agent
should they wish to obtain an indicative NAV to NAV Exchange Ratio. If GTU Unitholders contact the Information Agent prior to 6:00&nbsp;p.m. (Toronto time) (6:00&nbsp;p.m. New&nbsp;York City
time) on a particular business day, they can obtain an indicative NAV to NAV Exchange Ratio as if such was calculated as of the previous business day. If GTU Unitholders contact the Information Agent
after 6:00&nbsp;p.m. (Toronto time) (6:00&nbsp;p.m. New&nbsp;York City time) on a particular business day, they can obtain the NAV to NAV Exchange Ratio as if such was calculated as of
that&nbsp;day. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>No
broker, dealer, salesperson or other person has been authorized to give any information or make any representation other than those contained in this Notice of Extension and Variation or the Offer
and Circular, and, if given or made, such information or representation must not be relied upon as having been authorized by the Offeror, the Depositary or the Information Agent. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Information has been incorporated by reference in the Offer and Circular from documents filed with the securities commissions or similar authorities in Canada. Copies of the
documents incorporated by reference in the Offer and Circular are available electronically on SEDAR and EDGAR at www.sedar.com and www.sec.gov, respectively.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>An investment in PHYS Units is subject to certain risks. In assessing the Offer, GTU Unitholders should carefully consider the risks described in Section&nbsp;23 of the
Original Circular, "Risk&nbsp;Factors".</B></FONT></P>
 <P style="font-family:times;text-align:justify"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <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.=2,SEQ=3,EFW="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=74656,FOLIO='ii',FILE='DISK116:[15ZBU0.15ZBU73110]BE73110A.;9',USER='SSTALKE',CD=';7-JUL-2015;15:45' -->
<A NAME="page_be73110_1_3"> </A>
 <P style="font-family:times;text-align:justify"><font size=0>&nbsp;</FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">
 <P style="font-family:times;text-align:justify"><FONT SIZE=2>The
information contained in this document is current only as of the date of this document. The Offeror does not undertake to update any such information except as required by applicable law.
Information in the Offer and Circular related to GTU has been compiled from public sources&nbsp;&#151;&nbsp;see "INFORMATION CONCERNING GTU" in the Original Offer
and&nbsp;Circular. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Financial statements included or incorporated by reference in the Offer and Circular have been prepared in accordance with International Financial Reporting Standards as issued
by the International Accounting Standards Board, and thus may not be comparable to financial statements of U.S.&nbsp;companies. In addition, the Offer is being made by a foreign private issuer that
is permitted, under a multijurisdictional disclosure system adopted by the United&nbsp;States, to prepare the Offer and Circular in accordance with the disclosure requirements of Canada.
Accordingly, the Offer and Circular and certain information incorporated by reference into the Offer and Circular have been prepared in accordance with the requirements of securities laws in effect in
Canada, which differ from the requirements of United&nbsp;States securities&nbsp;laws.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>GTU Unitholders in the United&nbsp;States should be aware that the disposition of GTU Units and acquisition of PHYS Units by them as described in the Offer and Circular may
have tax consequences in the United&nbsp;States, Canada and other jurisdictions. Such consequences may not be fully described in the Offer and Circular and such holders are urged to consult their
tax&nbsp;advisors.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The enforcement by GTU Unitholders of civil liabilities under U.S.&nbsp;federal securities laws may be affected adversely by the fact that each of the Offeror, the Manager,
Sprott Asset Management&nbsp;GP&nbsp;Inc. ("SAM&nbsp;GP&nbsp;Inc."), Sprott Asset Management Gold Bid&nbsp;GP&nbsp;Inc. ("SAM&nbsp;Gold Bid&nbsp;GP"), Sprott Physical Gold Trust and
GTU is organized under and governed by the laws of Canada or a province thereof, that the directors and officers of SAM&nbsp;GP&nbsp;Inc. and SAM Gold Bid&nbsp;GP and the trustees of each of
Sprott Physical Gold Trust and GTU may be residents of jurisdictions other than the United&nbsp;States, that the experts named in the Original Circular may be residents of jurisdictions other than
the United&nbsp;States and that all or a substantial portion of the assets of each of the Offeror, the Manager, SAM&nbsp;GP&nbsp;Inc., SAM Gold Bid&nbsp;GP, Sprott Physical Gold Trust, GTU and
such other said persons may be located outside the United&nbsp;States.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>THE PHYS UNITS OFFERED PURSUANT TO THE OFFER AND CIRCULAR HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION ("SEC"), NOR HAS THE SEC PASSED UPON
THE ACCURACY OR ADEQUACY OF THE OFFER AND CIRCULAR. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> THE DEPOSITARY AND INFORMATION AGENT FOR THE OFFER IS:  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g785877.jpg" ALT="GRAPHIC" WIDTH="322" HEIGHT="58">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>The
Exchange Tower<BR>
130&nbsp;King Street West, Suite&nbsp;2950, P.O.&nbsp;Box&nbsp;361<BR>
Toronto, Ontario, Canada M5X&nbsp;1E2 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>North
American Toll Free Phone:<BR></FONT> <FONT SIZE=3><B>1-888-518-6805  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>E-mail: contactus@kingsdaleshareholder.com<BR>
Facsimile: 416-867-2271<BR>
Toll Free Facsimile: 1-866-545-5580<BR>
Outside North America, Banks and Brokers Call Collect: 416-867-2272 </FONT></P>
 <P style="font-family:times;text-align:justify"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>iii</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=4,EFW="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=439506,FOLIO='iii',FILE='DISK116:[15ZBU0.15ZBU73110]BE73110A.;9',USER='SSTALKE',CD=';7-JUL-2015;15:45' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_bi73110_1_4"> </A>


<!-- 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><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bi73110_notice_to_gtu_unitholders_in_the_united_states"> </A>
<A NAME="toc_bi73110_1"> </A></FONT> <FONT SIZE=2><B>  NOTICE TO GTU UNITHOLDERS IN THE UNITED STATES    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>The Offer is subject to Section&nbsp;14(d) of the U.S.&nbsp;Securities Exchange Act of 1934 (the&nbsp;"U.S.&nbsp;Exchange Act"), Regulation&nbsp;14D promulgated by
the SEC thereunder, Section&nbsp;14(e) of the U.S.&nbsp;Exchange Act and Regulation&nbsp;14E promulgated by the SEC&nbsp;thereunder.</B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>Sprott Physical Gold Trust has filed with the SEC a registration statement on Form&nbsp;F-10 (the&nbsp;"Registration Statement"), which includes the Offer and Circular, a
tender offer statement on a Schedule&nbsp;TO (the&nbsp;"Tender Offer Statement") and other documents and information. GTU UNITHOLDERS ARE URGED TO READ THESE DOCUMENTS, ALL DOCUMENTS INCORPORATED
BY REFERENCE, ALL OTHER APPLICABLE DOCUMENTS AND ANY AMENDMENTS OR SUPPLEMENTS TO ANY SUCH DOCUMENTS WHEN THEY BECOME AVAILABLE, BECAUSE EACH CONTAINS OR WILL CONTAIN IMPORTANT INFORMATION ABOUT
SPROTT PHYSICAL GOLD TRUST, GTU AND THE OFFER AND MERGER TRANSACTION. Materials filed with the Canadian securities regulatory authorities are available electronically without charge at www.sedar.com.
Materials filed with the SEC are available electronically without charge at the SEC's website, www.sec.gov.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bi73110_cautionary_note_regarding_forward_looking_statements"> </A>
<A NAME="toc_bi73110_2"> </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 Offer and Circular contains "forward looking statements" and "forward looking information" (collectively, "forward looking
information") within the meaning of applicable Canadian and United&nbsp;States securities legislation. All information contained in the Offer and Circular, other than statements of current and
historical fact, is forward looking information. Often, but not always, forward looking information can be identified by the use of words such as "plans", "expects", "scheduled", "estimates",
"target", "intends", "objective", "goal", "understands", "anticipates" and "believes" (and&nbsp;variations of these or similar words) and statements that certain actions, events or results "may",
"could", "would", "should", "might" "occur" or "be achieved" or "will be taken" (and&nbsp;variations of these or similar expressions). All of the forward looking information in the Offer and
Circular (including this Notice of Extension) is qualified by this cautionary&nbsp;note. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward
looking information in the Offer and Circular includes, but is not limited to, statements with respect to the anticipated timing, mechanics, completion and settlement of the
Offer, the market for PHYS Units, the value of the PHYS Units received as consideration under the Offer, the outcome of GTU's application to the Ontario court and the Manager's cross-application, the
ability of the Offeror to complete the transactions contemplated by the Offer, reasons to participate in the Offer, the purpose of the Offer, the completion of the Merger Transaction and any
commitment to acquire GTU Units, and the Offeror's objectives, strategies, intentions, expectations and guidance and future financial and operating performance and&nbsp;prospects. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward
looking information is not, and cannot be, a guarantee of future results or events. Forward looking information is based on, among other things, opinions, assumptions, estimates
and analyses that, while considered reasonable by the Offeror at the date the forward looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and
other factors that may cause actual results and events to be materially different from those expressed or implied by the forward looking information. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
material factors or assumptions that the Offeror identified and were applied by the Offeror in drawing conclusions or making forecasts or projections set out in the forward looking
information include, but are not limited&nbsp;to:</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 accuracy of GTU's public disclosure; </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 completion of the Offer and the Merger Transaction; </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>no significant and continuing adverse changes in general economic conditions or conditions in the financial markets; </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>no significant and continuing adverse changes in financial markets, including commodity prices and foreign
exchange&nbsp;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>the timing and receipt of various governmental and stock exchange approvals;&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>certain tax matters, including, but not limited to current tax laws and regulations. </FONT></DD></DL>
</UL>
 <P style="font-family:times;text-align:justify"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>iv</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=5,EFW="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=481517,FOLIO='iv',FILE='DISK116:[15ZBU0.15ZBU73110]BI73110A.;3',USER='SSTALKE',CD=';7-JUL-2015;15:45' -->
<A NAME="page_bi73110_1_5"> </A>
 <P style="font-family:times;text-align:justify"><font size=0>&nbsp;</FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;border:#000000 solid 1pt;padding-top:12pt;padding-right:12pt;padding-bottom:1pt;padding-left:12pt;">


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward looking information may
include, but are not limited to, the
following: the market value of the PHYS Units received as consideration under the Offer and the impact of the issuance of PHYS Units on the market price of the PHYS Units, the reduced trading
liquidity of GTU Units not deposited under the Offer, any inaccuracy of GTU's public disclosure upon which the Offer is predicated, the failure to obtain the required approvals or clearances from
government authorities and stock exchanges on a timely basis, as well as the risks discussed in Section&nbsp;23 of the Original Circular, "Risk Factors". Should one or more risk, uncertainty,
contingency or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward looking information.
Accordingly, you should not place undue reliance on forward looking information. The Offeror does not assume any obligation to update or revise any forward looking information after the date of this
Notice of Extension and Variation or to explain any material difference between subsequent actual events and any forward looking information, except as required by applicable&nbsp;law. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bi73110_information_concerning_gtu"> </A>
<A NAME="toc_bi73110_3"> </A>
<BR></FONT><FONT SIZE=2><B>  INFORMATION CONCERNING GTU    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly indicated herein, the information concerning GTU and GTU Units contained in the Offer and Circular has
been taken from and is based solely upon GTU's public disclosure, including disclosure on file with the Canadian securities regulatory authorities. GTU has not reviewed the Offer and Circular and has
not confirmed the accuracy and completeness of the information in respect of GTU and GTU Units contained in the Offer and Circular. Although the Offeror, the Manager, Sprott Physical Gold Trust, SAM
Gold Bid&nbsp;GP and SAM&nbsp;GP&nbsp;Inc. have no knowledge that would indicate that any information or statements contained in the Offer and Circular concerning GTU taken from, or based upon,
such public disclosure contain any untrue statement of a material fact or omit to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light
of the circumstances in which it was made, none of the Offeror, the Manager, Sprott Physical Gold Trust, SAM Gold Bid&nbsp;GP, SAM&nbsp;GP&nbsp;Inc. or any directors or officers of the Manager,
SAM Gold Bid&nbsp;GP or SAM&nbsp;GP&nbsp;Inc. has verified, nor do they assume any responsibility for, the accuracy or completeness of such information or statements or for any failure by GTU to
disclose events or facts which may have occurred or which may affect the significance or accuracy of any such information or statements but which are unknown to the Offeror, the Manager, Sprott
Physical Gold Trust, SAM Gold Bid&nbsp;GP or SAM&nbsp;GP&nbsp;Inc. The Offeror, the Manager, Sprott Physical Gold Trust, SAM Gold Bid&nbsp;GP and SAM&nbsp;GP&nbsp;Inc. have no means of
verifying the accuracy or completeness of any of the information contained herein that is derived from GTU's public disclosure of documents or records or whether there has been any failure by GTU to
disclose events that may have occurred or may affect the significance or accuracy of any information. </FONT></P>
 <P style="font-family:times;text-align:justify"><font style="font-size:1pt;line-height:1pt;">&nbsp;</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>v</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=6,EFW="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=479990,FOLIO='v',FILE='DISK116:[15ZBU0.15ZBU73110]BI73110A.;3',USER='SSTALKE',CD=';7-JUL-2015;15:45' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_de73110_1_1"> </A>


<!-- 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="de73110_notice_of_extension_and_variation"> </A>
<A NAME="toc_de73110_1"> </A>
<BR></FONT><FONT SIZE=2><B>  NOTICE OF EXTENSION AND VARIATION    <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>This Notice of Extension and Variation supplements the Original Offer and Circular and the Letter of
Transmittal pursuant to which the Offeror is offering to purchase all of the issued and outstanding GTU Units upon and subject to the terms and conditions set out in the Original Offer and Circular
and the Letter of Transmittal, each as may be amended, varied and supplemented from time to&nbsp;time.</I></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>Except as otherwise set forth in this Notice of Extension and Variation, the information, terms and conditions previously set forth in the Original Offer and
Circular and the Letter of Transmittal continue to be applicable in all respects and this Notice of Extension and Variation should be read in conjunction with the Original Offer and Circular and the
Letter of Transmittal, all of the provisions of which are incorporated herein by reference, subject to the amendments thereto contained in this Notice of Extension
and&nbsp;Variation.</I></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>All references to the "Offer" in the Original Offer and Circular, the Letter of Transmittal and this Notice of Extension and Variation mean the Original Offer as
amended hereby and all references in such documents to the "Offer" and/or "Circular" mean the Original Offer and the Original Circular as amended&nbsp;hereby.</I></FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>July&nbsp;7,
2015 </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>TO:&nbsp;THE HOLDERS OF UNITS OF CENTRAL GOLDTRUST  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extension of the Offer  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By notice to the Depositary given on July&nbsp;7, 2015, the Offeror has extended the time for deposits of GTU Units from 5:00&nbsp;p.m. (Toronto time) on
July&nbsp;10, 2015 to 5:00&nbsp;p.m. (Toronto time) on August&nbsp;7, 2015. Accordingly, the definition of "Expiry Date" in the "Glossary" section of the Original Offer and Circular (found on
page&nbsp;77 thereof) is hereby deleted and replaced by the&nbsp;following: </FONT></P>

<UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"&nbsp;"</FONT><FONT
SIZE=2><B>Expiry Date</B></FONT><FONT SIZE=2>" means August&nbsp;7, 2015, or such later date or dates to which the Offer may be extended from time to time by the
Offeror in accordance with Section&nbsp;5 of the Offer, "Extension, Variation or Change of the&nbsp;Offer." </FONT></P>

</UL>
</UL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, all references to: (a)&nbsp;"5:00&nbsp;p.m. (Toronto time) on July&nbsp;10, 2015" in the Original Offer and Circular are amended to refer to "5:00&nbsp;p.m. (Toronto
time) on August&nbsp;6, 2015"; (b)&nbsp;"July&nbsp;9, 2015" in the Original Offer and Circular are amended to refer to "August&nbsp;6, 2015"; and (c)&nbsp;"July&nbsp;8, 2015" in the
Original Offer and Circular are amended to refer to "August&nbsp;5,&nbsp;2015". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Amendments to the Original Offer and Circular  </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 the amendments to the Original Offer and Circular set out in Section&nbsp;1 of this Notice of Extension and Variation, the Offeror has amended
and restated certain portions of the Original Offer and Circular as&nbsp;follows:</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 first sentence of the first paragraph under the heading "If I make the Exchange Offer Election or the Merger Election,
when will I receive the consideration for my GTU Units?&nbsp;&#151;&nbsp;Exchange Offer Electing GTU Unitholders" on page&nbsp;6 of the Original Offer and Circular, and the
first sentence of the first paragraph under the heading "If I make the Exchange Offer Election or the Merger Election, when will I receive the consideration for my GTU
Units?&nbsp;&#151;&nbsp;Merger Electing GTU Unitholders" on page&nbsp;7 of the Original Offer and Circular are hereby amended to replace the phrase "as soon as practicable"
with the word "promptly". </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 first paragraph under the heading "Take-Up and Payment for Tendered GTU Units" on page&nbsp;17 of the Original Offer
and Circular is hereby deleted and replaced&nbsp;by: </FONT></DD></DL>
</UL>
<UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"If
all the conditions of the Offer described in Section&nbsp;4 of the Offer, "Conditions of the Offer", have been satisfied or waived by the Offeror at or prior to the Expiry Time, the Offeror will
become obligated to take up Tendered GTU Units validly deposited under the Offer and not properly withdrawn promptly following the Expiry Time; and will pay for GTU Units taken up promptly thereafter,
but in any event not later than three business days after taking up the Tendered GTU Units. By </FONT></P>

</UL>
</UL>
</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=7,EFW="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=476189,FOLIO='1',FILE='DISK116:[15ZBU0.15ZBU73110]DE73110A.;7',USER='SSTALKE',CD=';7-JUL-2015;15:45' -->
<A NAME="page_de73110_1_2"> </A>
<UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>taking
up Tendered GTU Units validly deposited under the Offer and not properly withdrawn promptly following the Expiry Time and paying for such Tendered GTU Units promptly thereafter, the Offeror
will comply with the requirement under Canadian Securities Laws to take up such Tendered GTU Units within ten days following the Expiry Time and paying for such Tendered GTU Units within three
business days following take-up thereof." </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The following sentence is hereby added to the end of the first paragraph under the heading "Can the Expiry Time for the
Offer be extended?" on page&nbsp;6 of the Original Offer and Circular, to the end of the first paragraph under the heading "Time for Acceptance" on page&nbsp;12 of the Original Offer and Circular,
and to the end of the first paragraph under the heading "Time for Deposit" on pages&nbsp;21 and&nbsp;22 of the Original Offer and&nbsp;Circular: </FONT></DD></DL>
</UL>
<UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"There
will be no subsequent offering period (as&nbsp;such term is used in Rule&nbsp;14d-11 of the U.S.&nbsp;Exchange Act) following the Expiry&nbsp;Time." </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The following sentence is hereby added to the end of the fifth paragraph under the heading "General" on page&nbsp;24 of
the Original Offer and Circular, and immediately following the first sentence of the fourth paragraph under the heading "Other Terms of the Offer" on page&nbsp;36 of the Original Offer
and&nbsp;Circular: </FONT></DD></DL>
</UL>
<UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"Nothing
in the Offer and Circular or the Letter of Transmittal, each as amended, shall limit the jurisdiction of a court of competent jurisdiction as to all questions of, and challenges regarding,
interpretation and application of the terms and conditions of the Offer and Circular and the Letter of Transmittal." </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The sixth paragraph under the heading "Manner of Acceptance&nbsp;&#151;&nbsp;General" on
page&nbsp;24 of the Original Offer and Circular is hereby&nbsp;deleted. </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 second paragraph under the heading "Manner of Acceptance&nbsp;&#151;&nbsp;Special Resolutions
in connection with the Merger Transaction" on page&nbsp;16 of the Original Offer and Circular, the third paragraph under the heading "Manner of
Acceptance&nbsp;&#151;&nbsp;Power of Attorney" on page&nbsp;25 of the Original Offer and Circular and the first two paragraphs under the heading "Merger
Transaction&nbsp;&#151;&nbsp;Right to Withdraw GTU Units in Respect of Which a Merger Election Has Been Made" on page&nbsp;55 of the Original Offer and Circular are each
hereby deleted and replaced&nbsp;with: </FONT></DD></DL>
</UL>
<UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"The
Offeror intends to use the Special Resolutions Power of Attorney at 4:58&nbsp;p.m. (Toronto time) on the Expiry Date in order to pass the Special Resolutions." </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The phrase "unless all of the following conditions are satisfied or waived by the Offeror (in&nbsp;its sole discretion)
at or before the Expiry Time" in the first sentence of the first paragraph under the heading "Conditions of the Offer" on page&nbsp;26 of the Original Offer and Circular is hereby deleted and
replaced&nbsp;with: </FONT></DD></DL>
</UL>
<UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"unless
all of the following conditions are waived by the Offeror (in&nbsp;its sole discretion) or satisfied at or before the Expiry&nbsp;Time". </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The third sentence of the second paragraph under the heading "Conditions of the Offer" on page&nbsp;29 of the Original
Offer and Circular is hereby deleted and replaced&nbsp;with: </FONT></DD></DL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"The
Offeror may waive any of the foregoing conditions with respect to the Offer in its reasonable discretion, in whole or in part, at any time and from time to time, until the Expiry Time, without
prejudice to any other rights that the Offeror may&nbsp;have." </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The second paragraph under the heading "Extension, Variation or Change of the Offer" on pages&nbsp;29 and&nbsp;30 of
the Original Offer and Circular is hereby deleted and replaced&nbsp;with: </FONT></DD></DL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"Subject
to the limitations hereafter described, the Offeror reserves the right, in its sole discretion, at any time and from time to time while the Offer is open for acceptance (or&nbsp;at any
other time if permitted by applicable Laws), to extend the Expiry Time or to vary the terms of the Offer by giving written notice (or&nbsp;other </FONT></P>

</UL>
</UL>
</UL>
<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.=2,SEQ=8,EFW="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=777584,FOLIO='2',FILE='DISK116:[15ZBU0.15ZBU73110]DE73110A.;7',USER='SSTALKE',CD=';7-JUL-2015;15:45' -->
<A NAME="page_de73110_1_3"> </A>
<UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>communication
subsequently confirmed in writing, provided that such confirmation is not a condition of the effectiveness of the notice) of such extension or variation to the Depositary at its
principal office in Toronto, Ontario, Canada and by causing the Depositary as soon as practicable thereafter to communicate such notice in the manner set forth under "Notices and Delivery" in
Section&nbsp;9 of the Offer, to any GTU Unitholders whose Deposited GTU Units have not been taken up prior to the extension or variation. The Offeror shall, promptly after giving notice of an
extension or variation to the Depositary, make a public announcement of the extension or variation. The Offeror will promptly file with the SEC a copy of such public announcement as an exhibit to its
tender offer statement on Schedule&nbsp;TO and&nbsp;to its registration statement on Form&nbsp;F-10. In addition, the Offeror will provide a copy of such notice to the TSX, NYSE MKT and the
applicable Securities Regulatory Authorities. Any notice of extension or variation will be deemed to have been given and the Offer deemed to be extended or varied in accordance with such notice
effective on the day on which it is delivered or otherwise communicated in writing to the Depositary at its principal office in Toronto, Ontario, Canada." </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The following sentence is hereby added immediately following the first sentence of the fourth paragraph under the heading
"Extension, Variation or Change of the Offer" on page&nbsp;30 of the Original Offer and&nbsp;Circular: </FONT></DD></DL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"The
Offeror will also report any change in the information contained in the Offer or the Circular, as amended from time to time, by promptly filing with the SEC an amendment to its tender offer
statement on Schedule&nbsp;TO and&nbsp;to its registration statement on Form&nbsp;F-10." </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The first two paragraphs under the heading "Take-Up of and Payment for Tendered GTU Units" on page&nbsp;31 of the
Original Offer and Circular are hereby deleted and replaced&nbsp;with: </FONT></DD></DL>
</UL>
<UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"Upon
the terms and subject to the conditions of the Offer (including the conditions specified in Section&nbsp;4 of the Offer, "Conditions of the Offer"), the Offeror will take up Tendered GTU Units
validly deposited under the Offer and not properly withdrawn promptly following the Expiry Time and will pay for GTU Units so taken up promptly thereafter, but in any event not later than three
business days after taking up the Tendered GTU Units. The Offeror will be deemed to have taken up and accepted for payment Tendered GTU Units validly deposited and not properly withdrawn pursuant to
the Offer if, as and when the Offeror gives written notice, or other communication confirmed in writing, to the Depositary at its offices in Toronto, Ontario, Canada to that effect. By taking up
Tendered GTU Units validly deposited under the Offer and not properly withdrawn promptly following the Expiry Time and paying for such Tendered GTU Units promptly thereafter, the Offeror will comply
with the requirement under Canadian law to take up such Tendered GTU Units within ten days following the Expiry Time and paying for such Tendered GTU Units within three business days following take-up
thereof. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Subject
to applicable Law (including Rule&nbsp;14e-1(c) of the U.S.&nbsp;Exchange Act, which requires an offeror to pay the offer consideration promptly upon expiration of the offer), the Offeror
expressly reserves the right, in its sole discretion, at any time and from time to time, to delay taking up and paying for any GTU Units or to terminate the Offer and not take up or pay for any GTU
Units pursuant to the Offer if any condition specified in Section&nbsp;4 of the Offer, "Conditions of the Offer", is not satisfied or waived by the Offeror, by giving written notice thereof, or
other communication confirmed in writing, to the Depositary at its principal office in Toronto, Ontario, Canada. Subject to applicable Law (including Rule&nbsp;14e-1(c) of the U.S.&nbsp;Exchange
Act, which requires an offeror to pay the offer consideration promptly upon expiration of the offer), the Offeror also expressly reserves the right, </FONT></P>

</UL>
</UL>
</UL>
<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.=3,SEQ=9,EFW="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=425461,FOLIO='3',FILE='DISK116:[15ZBU0.15ZBU73110]DE73110A.;7',USER='SSTALKE',CD=';7-JUL-2015;15:45' -->
<A NAME="page_de73110_1_4"> </A>
<UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>in
its sole discretion and notwithstanding any other condition of the Offer, to delay taking up and paying for GTU Units in order to comply, in whole or in part, with any applicable Law. The Offeror's
current intention is to complete the Merger Transaction immediately following and conditional on take-up of and payment for Tendered GTU Units under the Offer. Accordingly, a delay in taking up and
paying for any GTU Units may delay or impede the completion of the Merger Transaction." </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The second paragraph under the heading "Summary Comparison of Material Differences between the PHYS Trust Agreement and
the GTU Declaration of Trust and of the Canadian Securities Regulatory Regime for Investment Funds and Public Companies&nbsp;&#151;&nbsp;PHYS Trust Agreement and GTU Declaration
of Trust&nbsp;&#151;&nbsp;Meetings of Unitholders" on page&nbsp;54 of the Original Offer and Circular is hereby deleted and replaced&nbsp;with: </FONT></DD></DL>
</UL>
<UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"PHYS
Unitholders holding PHYS Units representing in aggregate not less than 50% of the Net Asset Value of Sprott Physical Gold Trust may requisition a meeting of PHYS Unitholders by giving a written
notice to the Manager or the PHYS Trustee setting out in detail the reason(s) for calling and holding such a meeting. Unless otherwise required under applicable Laws or stock exchange rules, Sprott
Physical Gold Trust need only hold meetings of PHYS Unitholders as described in the previous sentence and is not required to hold annual or other periodic meetings and has not held a meeting of PHYS
Unitholders since its inception in late 2009. GTU Unitholders holding at least 10% of the GTU Units may requisition the GTU Trustees to call a special meeting of GTU Unitholders by giving notice to
the GTU Trustees setting out in detail the reason(s) for calling and holding such a meeting. Pursuant to the GTU Declaration of Trust, annual meetings of GTU Unitholders must be called on a day on or
before June&nbsp;30 in each year at which the business transacted is required to include the presentation of the audited financial statements of GTU for the immediately preceding fiscal year, the
appointment of the GTU Trustees for the ensuing year by a resolution approved by a majority of the votes cast at such meeting of GTU Unitholders, the appointment of auditors for the ensuing year and
authorizing the GTU Trustees to fix auditor remuneration." </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The following sentences are hereby added to the end of the first paragraph under the heading "Summary Comparison of
Material Differences between the PHYS Trust Agreement and the GTU Declaration of Trust and of the Canadian Securities Regulatory Regime for Investment Funds and Public
Companies&nbsp;&#151;&nbsp;Canadian Securities Regulatory Regime for Investment Funds and Public Companies" on page&nbsp;54 of the Original Offer and&nbsp;Circular: </FONT></DD></DL>

<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"Investment
funds are not required to have a governing board and instead must have a manager and an independent review committee, which are subject to prescribed criteria and disclosure obligations
under applicable Canadian Securities Laws. Under such Securities Laws, a manager, in exercising its powers and discharging its duties related to the management of the investment fund, must
(a)&nbsp;act honestly and in good faith, and in the best interests of the investment fund, and (b)&nbsp;exercise the degree of care, diligence and skill that a reasonably prudent person would
exercise in comparable circumstances. Such requirement is substantially similar to the requirement of GTU Trustees under section&nbsp;9.5 of the GTU Declaration of Trust. In addition, an investment
fund's independent review committee must consist of at least three members and all members of the independent review committee must be independent, meaning that, among other things, such member has no
material relationship with the manager, the investment fund, or an entity related to the manager. An investment fund's independent review committee is required to review certain matters, including any
situation where a reasonable person would consider a manager, or an entity related to the manager, to </FONT></P>

</UL>
</UL>
</UL>
<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.=4,SEQ=10,EFW="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=469224,FOLIO='4',FILE='DISK116:[15ZBU0.15ZBU73110]DE73110A.;7',USER='SSTALKE',CD=';7-JUL-2015;15:45' -->
<A NAME="page_de73110_1_5"> </A>
<UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>have
an interest that may conflict with the manager's ability to act in good faith and in the best interests of the investment fund." </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The third sentence of the first paragraph on the cover page of the Original Offer and Circular, the second sentence of the
first paragraph under the heading "What is the Offeror proposing?&nbsp;&#151;&nbsp;Exchange Offer Election and Merger Election" on page&nbsp;1 of the Original Offer and
Circular, the first sentence of the fourth paragraph under the heading "What is the Offeror proposing?&nbsp;&#151;&nbsp;Exchange Offer Election and Merger Election" on
page&nbsp;1 of the Original Offer and Circular, the second sentence of the first paragraph under the heading "The Offer and the Merger Transaction" on page&nbsp;10 of the Original Offer and
Circular, and the second sentence of the second paragraph under the heading "The Offer and the Merger Transaction&nbsp;&#151;&nbsp;The Offer, the Exchange Offer Election and the
Merger Election" on page&nbsp;20 of the Original Offer and Circular are hereby amended to replace the phrase "for U.S. and Canadian income tax purposes" with "for Canadian income tax purposes, and
such exchange should also be treated as a tax-deferred transaction for U.S.&nbsp;income tax&nbsp;purposes". </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 second sentence of the first paragraph under the heading "What securities are being sought in the Offer?" on
page&nbsp;5 of the Original Offer and Circular is hereby deleted and replaced&nbsp;with: </FONT></DD></DL>
</UL>
<UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"The
Offeror is also making available the Merger Election whereby GTU Unitholders will have the opportunity to exchange their GTU Units for such number of PHYS Units as is determined by the NAV to NAV
Exchange Ratio on a tax-deferred basis for Canadian income tax purposes so as to defer the realization of any gain (or&nbsp;loss) for Canadian tax purposes, and such exchange should also be treated
as a tax-deferred transaction for U.S.&nbsp;income tax&nbsp;purposes." </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The first paragraph under the heading "The Offer and the Merger Transaction&nbsp;&#151;&nbsp;The
Merger Transaction" on page&nbsp;20 of the Original Offer and Circular is hereby deleted and replaced&nbsp;with: </FONT></DD></DL>
</UL>
<UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"GTU
Unitholders that elect the Merger Election can exchange their GTU Units for PHYS Units on a tax-deferred basis for Canadian income tax purposes so as to defer the realization of any gain
(or&nbsp;loss) for
Canadian income tax purposes, and such exchange should also be treated as a tax-deferred transaction for U.S.&nbsp;income tax&nbsp;purposes." </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The first sentence of the first paragraph under the heading "Merger Transaction" on page&nbsp;54 of the Original Offer
and Circular is hereby deleted and replaced&nbsp;with: </FONT></DD></DL>
</UL>
<UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"If
the Merger is completed, GTU Unitholders that make a Merger Election and Non-Depositing GTU Unitholders will receive PHYS Units in exchange for their GTU Units on a tax-deferred "roll-over" basis
for Canadian income tax purposes pursuant to the mechanics of the Merger, and such exchange should also be treated as a tax-deferred transaction for U.S.&nbsp;income tax&nbsp;purposes." </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The fourth sentence of the third paragraph under the heading "Certain United&nbsp;States Federal Income Tax
Considerations&nbsp;&#151;&nbsp;U.S.&nbsp;Federal Income Tax Consequences of the Ownership and Disposition of PHYS Units Received Pursuant to the Exchange Offer Election and
the Merger Transaction&nbsp;&#151;&nbsp;Taxation of U.S.&nbsp;Holders Making a Timely QEF Election" on page&nbsp;68 of the Original Offer and Circular is hereby deleted and
replaced&nbsp;with: </FONT></DD></DL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>"No
income inclusion would be required if no gain is recognized by the Trust from such dispositions or deemed dispositions, and U.S.&nbsp;Holders who have made a QEF Election have not historically
been required to include a material amount of gain from such dispositions or deemed dispositions in their income. The Trust believes it can manage the tax consequences of its redemption feature by
specifically identifying higher tax basis gold bullion in satisfying any redemption requests. By specifically identifying high tax basis gold bullion, the Trust can minimize taxable gain, if any, to
non-redeeming U.S.&nbsp;Holders." </FONT></P>

</UL>
</UL>
</UL>
<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.=5,SEQ=11,EFW="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=801531,FOLIO='5',FILE='DISK116:[15ZBU0.15ZBU73110]DE73110A.;7',USER='SSTALKE',CD=';7-JUL-2015;15:45' -->
<A NAME="page_de73110_1_6"> </A>

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

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offer is now open for deposits of GTU Units until 5:00&nbsp;p.m. (Toronto time) on August&nbsp;7, 2015, or such later time or times and date or dates to
which the Offer may be extended from time to time by the Offeror, in accordance with Section&nbsp;2 of the Offer, "Extension, Variation or Change of the Offer", unless the Offer is withdrawn by the
Offeror. The Expiry Time may be subject to multiple extensions. If the Offeror elects or is required to extend the Expiry Time for the Offer, it will publicly announce the variation, the new
expiration time and date no later than 9:00&nbsp;a.m. (Toronto time) on the first business day after the previously scheduled
expiration of the Offer and, if required by applicable Law, the Offeror will mail you a copy of the notice of&nbsp;variation. </FONT></P>

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

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GTU Units may be deposited to the Offer in accordance with the provisions set forth in Section&nbsp;3 of the Offer, "Manner of&nbsp;Acceptance". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-up of and Payment for Tendered GTU Units  </B></FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offeror will take-up and pay for Tendered GTU Units validly deposited under the Offer and not promptly withdrawn in the manner set forth in Section&nbsp;6
of the Offer, "Take-up of and Payment for Tendered GTU&nbsp;Units". </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withdrawal of Deposited GTU Units  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GTU Unitholders have the right to withdraw GTU Units deposited under the Offer in the manner set forth in Section&nbsp;8 of the Offer, "Withdrawal of Deposited
GTU&nbsp;Units". </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recent Developments  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;24, 2015, GTU announced that it had commenced a legal proceeding involving the Offeror, Sprott Physical Gold Trust and the Manager in the Ontario
Superior Court seeking various declarations with respect to the Offer and certain purported amendments to the GTU Declaration of Trust, as well as an order enjoining the Offer. The Offeror, Sprott
Physical Gold Trust and the Manager believe such legal proceeding is wholly without merit, are opposing it, and have issued a counter-application to, among other things, challenge the GTU Trustees'
authority to make the purported amendments to the GTU Declaration of Trust. In connection with the legal proceeding, undertakings have been given that the Offeror, Sprott Physical Gold Trust and the
Manager will not, pending the hearing of the application on July&nbsp;29, 2015: (a)&nbsp;take-up or pay for any GTU Units deposited under the Offer; or (b)&nbsp;take any steps to exercise any
rights or powers (including to vote) under the powers of attorney or proxies granted in connection with the deposit of GTU Units under the&nbsp;Offer. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consequential Amendments to the Original Offer and Circular and Letter of&nbsp;Transmittal  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Original Offer and Circular and Letter of Transmittal shall be read together with this Notice of Extension and Variation and are hereby amended to the extent
necessary in order to give effect to the amendments contemplated by, and the information contained in, this Notice of Extension and&nbsp;Variation. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise set forth in or amended by this Notice of Extension and Variation, the terms and conditions of the Offer and the information in the Offer and Circular and the Letter
of Transmittal continue to be applicable in all&nbsp;respects. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statutory Rights  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities legislation in the provinces and territories of Canada provides security holders of GTU with, in addition to any other rights they may have at law, one
or more rights of rescission, price revision or to damages, if there is a misrepresentation in a circular or a notice that is required to be delivered to those security holders. However, such rights
must be exercised within prescribed time limits. GTU Unitholders should refer to the applicable provisions of the securities legislation of their province or territory for particulars of those rights
or consult with a&nbsp;lawyer. </FONT></P>

<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.=6,SEQ=12,EFW="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=350617,FOLIO='6',FILE='DISK116:[15ZBU0.15ZBU73110]DE73110A.;7',USER='SSTALKE',CD=';7-JUL-2015;15:45' -->
<A NAME="page_de73110_1_7"> </A>

<P style="font-family:times;text-align:justify"><FONT SIZE=2><B>10.&nbsp;&nbsp;&nbsp;Approval  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The contents of the Offer and Circular have been approved and the sending thereof to GTU Unitholders has been authorized by the sole director of SAM Gold
Bid&nbsp;GP, in its capacity as the general partner of the Offeror; and the board of directors of SAM&nbsp;GP&nbsp;Inc., in its capacity as the general partner of the Manager and in its capacity
as the general partner of the manager of Sprott Physical Gold&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.=7,SEQ=13,EFW="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=1022560,FOLIO='7',FILE='DISK116:[15ZBU0.15ZBU73110]DE73110A.;7',USER='SSTALKE',CD=';7-JUL-2015;15:45' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;text-align:justify"><FONT SIZE=2><A
NAME="page_jc73110_1_8"> </A>


<!-- 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="jc73110_certificate_of_sprott_asset_management_gold_bid_lp"> </A>
<A NAME="toc_jc73110_1"> </A>
<BR></FONT><FONT SIZE=2><B>  CERTIFICATE OF SPROTT ASSET MANAGEMENT GOLD BID&nbsp;LP    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing, together with the Original Offer and Circular, contains no untrue statement of a material fact and does not omit to
state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was&nbsp;made. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>DATED:
July&nbsp;7, 2015 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>SPROTT ASSET MANAGEMENT GOLD BID&nbsp;GP&nbsp;INC., AS THE GENERAL PARTNER OF<BR>
SPROTT ASSET MANAGEMENT GOLD BID&nbsp;LP </FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<P style="font-family:times;text-align:justify"></FONT></P>

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

<!-- 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="24pt" style="font-family:times;"></TD>
<TD WIDTH="47%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>(Signed) </FONT><FONT SIZE=2>JOHN WILSON</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> President</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>(Signed) </FONT><FONT SIZE=2>STEVEN ROSTOWSKY</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Director</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <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.=1,SEQ=14,EFW="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=593150,FOLIO='8',FILE='DISK116:[15ZBU0.15ZBU73110]JC73110A.;4',USER='SSTALKE',CD=';7-JUL-2015;15:45' -->
<A NAME="page_jc73110_1_9"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="jc73110_certificate_of_sprott_asset_management_lp"> </A>
<A NAME="toc_jc73110_2"> </A>
<BR></FONT><FONT SIZE=2><B>  CERTIFICATE OF SPROTT ASSET MANAGEMENT&nbsp;LP    <BR>    </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing, together with the Original Offer and Circular, contains no untrue statement of a material fact and does not omit to
state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was&nbsp;made. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>DATED:
July&nbsp;7, 2015 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>SPROTT ASSET MANAGEMENT&nbsp;GP&nbsp;INC., AS THE GENERAL PARTNER OF<BR>
SPROTT ASSET MANAGEMENT&nbsp;LP </FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<P style="font-family:times;text-align:justify"></FONT></P>

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

<!-- 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="24pt" style="font-family:times;"></TD>
<TD WIDTH="47%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>(Signed) </FONT><FONT SIZE=2>JOHN WILSON</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Chief Executive Officer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>(Signed) </FONT><FONT SIZE=2>STEVEN ROSTOWSKY</FONT><FONT SIZE=2><BR>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Chief Financial Officer</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" 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> ON BEHALF OF THE BOARD OF DIRECTORS OF<BR>
SPROTT ASSET MANAGEMENT&nbsp;GP&nbsp;INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" 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>(Signed) </FONT><FONT SIZE=2>JAMES R. FOX</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Director</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>(Signed) </FONT><FONT SIZE=2>KIRSTIN H. MCTAGGART</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Director</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <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.=2,SEQ=15,EFW="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=290666,FOLIO='9',FILE='DISK116:[15ZBU0.15ZBU73110]JC73110B.;5',USER='SSTALKE',CD=';7-JUL-2015;15:45' -->
<A NAME="page_jc73110_1_10"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="jc73110_certificate_of_sprott_physical_gold_trust"> </A>
<A NAME="toc_jc73110_3"> </A>
<BR></FONT><FONT SIZE=2><B>  CERTIFICATE OF SPROTT PHYSICAL GOLD 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 foregoing, together with the Original Offer and Circular, contains no untrue statement of a material fact and does not omit to
state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was&nbsp;made. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>DATED:
July&nbsp;7, 2015<BR></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>SPROTT PHYSICAL GOLD TRUST<BR>
BY ITS MANAGER SPROTT ASSET MANAGEMENT&nbsp;LP<BR>
BY ITS GENERAL PARTNER, SPROTT ASSET MANAGEMENT&nbsp;GP&nbsp;INC. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<P style="font-family:times;text-align:justify"></FONT></P>

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

<!-- 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="24pt" style="font-family:times;"></TD>
<TD WIDTH="47%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>(Signed) </FONT><FONT SIZE=2>JOHN WILSON</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Chief Executive Officer</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>(Signed) </FONT><FONT SIZE=2>STEVEN ROSTOWSKY</FONT><FONT SIZE=2><BR>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Chief Financial Officer</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" 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> ON BEHALF OF THE BOARD OF DIRECTORS OF<BR>
SPROTT ASSET MANAGEMENT&nbsp;GP&nbsp;INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" 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>(Signed) </FONT><FONT SIZE=2>JAMES R. FOX</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Director</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>(Signed) </FONT><FONT SIZE=2>KIRSTIN H. MCTAGGART</FONT><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Director</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <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.=3,SEQ=16,EFW="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=358483,FOLIO='10',FILE='DISK116:[15ZBU0.15ZBU73110]JC73110C.;4',USER='SSTALKE',CD=';7-JUL-2015;15:45' -->
<!-- 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> THE DEPOSITARY AND INFORMATION AGENT FOR THE OFFER IS:  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g785877.jpg" ALT="GRAPHIC" WIDTH="322" HEIGHT="58">
  </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<P style="font-family:times;text-align:justify"></FONT></P>

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

<!-- 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>By Mail</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> By Registered Mail, Hand or by Courier</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" 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>The Exchange Tower<BR>
130&nbsp;King Street West, Suite&nbsp;2950,<BR>
P.O.&nbsp;Box&nbsp;361<BR>
Toronto, Ontario<BR>
M5X&nbsp;1E2</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>The Exchange Tower<BR>
130&nbsp;King Street West, Suite&nbsp;2950,<BR>
Toronto, Ontario<BR>
M5X&nbsp;1E2</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3>North American Toll Free Phone: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=6><B>1-888-518-6805  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>E-mail: <U>contactus@kingsdaleshareholder.com</U> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Facsimile:
416-867-2271<BR>
Toll Free Facsimile: 1-866-545-5580<BR>
Outside North America, Banks and Brokers Call Collect: 416-867-2272 </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=17,EFW="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="2",CHK=622682,FOLIO='blank',FILE='DISK116:[15ZBU0.15ZBU73110]KA73110A.;3',USER='SSTALKE',CD=';7-JUL-2015;15:45' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="15ZBU73101_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_jo73101_1">Exhibit 1.15</A></FONT><BR>
</UL>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bi73110_1">NOTICE TO GTU UNITHOLDERS IN THE UNITED STATES</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bi73110_2">CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_bi73110_3">INFORMATION CONCERNING GTU</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_de73110_1">NOTICE OF EXTENSION AND VARIATION</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_jc73110_1">CERTIFICATE OF SPROTT ASSET MANAGEMENT GOLD BID LP</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_jc73110_2">CERTIFICATE OF SPROTT ASSET MANAGEMENT LP</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_jc73110_3">CERTIFICATE OF SPROTT PHYSICAL GOLD TRUST</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JATHANA,SEQ=,EFW="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="2" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>a2225292zex-5_1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#15ZBU73101_3">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>

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


 </FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="ma73101_exhibit_5.1"> </A>
<A NAME="toc_ma73101_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Exhibit 5.1    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ma73101_consent_of_independent__ma702310"> </A>
<A NAME="toc_ma73101_2"> </A>
<BR></FONT><FONT SIZE=2><B>  CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consent to the reference to our firm under the caption "Experts" in Amendment No.&nbsp;3 to&nbsp;the Registration Statement
(Form&nbsp;F-10) of Sprott Physical Gold Trust (the&nbsp;"Trust") and the related Bid Circular by Sprott Asset Management Gold Bid&nbsp;LP to purchase all of the issued and outstanding units of
Central GoldTrust in exchange of units of the&nbsp;Trust. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
also consent to the incorporation by reference therein of our report dated March&nbsp;10, 2015 with respect to the statements of financial position of the Trust as at
December&nbsp;31, 2014 and 2013, and the statements of comprehensive income (loss), changes in equity and cash flows for the years ended December&nbsp;31, 2014 and 2013 and the effectiveness of
internal control over financial reporting of the Trust as of December&nbsp;31,&nbsp;2014. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<p style="font-family:times;"></FONT></P>

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

<!-- 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=2>Toronto, Canada</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>/s/ </FONT><FONT SIZE=2><I>"Ernst&nbsp;&amp; Young&nbsp;LLP"</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>July&nbsp;7, 2015</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Chartered Professional Accountants<BR>
Licensed Public Accountants</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="3",CHK=867925,FOLIO='blank',FILE='DISK116:[15ZBU1.15ZBU73101]MA73101A.;6',USER='PANDERS',CD=';6-JUL-2015;19:49' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="15ZBU73101_3">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ma73101_1">Exhibit 5.1</A></FONT><BR>
</UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ma73101_2">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JATHANA,SEQ=,EFW="2225292",CP="SPROTT PHYSICAL GOLD TRUST",DN="3" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g236599.jpg
<DESCRIPTION>G236599.JPG
<TEXT>
begin 644 g236599.jpg
M_]C_X``02D9)1@`!`0$!KP&O``#__@!(35),3%]'4D%02$E#4SI;4U!23U14
M7U!(65-)0T%,7T=/3$1?5%)54U1=4U!23U147U!(65-)0T%,7U!-4U],3T=/
M+D504__;`$,``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$!
M`0$!`0$!`?_``!$(`$T!)P,!(@`"$0$#$0'_Q``>```!!0`#`0$`````````
M````!@<("0H!!`4#`O_$`$L0``$$`@$#`P("!04'%0````0!`@,%!@<(``D1
M$A,4%2$*,18B05%Q(V&!D?`7&"0E)C+1*"HV-SA&2%-55W-V=Y.5H[6VTM3A
M_\0`'0$``00#`0$```````````````0%!@<!`@@#"?_$`#L1``("`@$$`0($
M`P4%"0````$"`P0%!A$`!Q(3(10Q"!4B02,R418D,V%Q-#9U@9$U0F)S=K.T
MM<'_V@`,`P$``A$#$0`_`-_'1T=,3N?D#A6F`6,M)'W&3FQ+)58I6RQ)8$,5
M59&6?,Y'QU-:Z5%C:62Q\I,B/BKQ3962,8Q;+L^`T_#7-@V;+4\+AJ""2U>N
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MPH:%6*U?NOBV']"JGH5JJOESHX^46DA(L@H,F"WWKAD7OO1A!%R7$`SS_+1*
MDI5]`UL2*Y"*JQR$*%J*\@!(V_8Q/XA<J5GN9K1:F6P%3]60V+M1O&"[HU\5
M%SPUK*X?&18W8*M.$<O/8AQUOQ0,XCX7QZ+6C5@4AJ9F6K>E`$%#9\-<UJ2R
M_'^'6MV7LT9)7/PB26(?(D+Y<GJQ3HZ9'3>^L)W/6ODI)WUN0A0MEN,6L9(O
MJ8+?4V-Q0[V>(K.K694B98B)Z6.5D1L`1#D@Z>[KH37=DP6VX>EL&M96GF<-
MD(_;4OT91+#(`?%T8?#PSPN#'8K3I'8KS*\,\4<J,@@]^A=QEN:CD*TM2W`W
MC+!,I5U/'((^X9'4ADD0LDB$.C,I!)U7_P`QMHYKCF3X)@F/Y.5A-'>!_4[S
M(05?#.K9KJ.J7WRXF*5'7TX[9+$L<&2"4KWHTGD]N.-JV`=0\Y)6>F,GR'%=
M2;%&R,;*+E:\C$\FHP1%2AGO[.2EA?/8E%LC0*<L-OU0$@2<:6",>5/23'#)
M#5?XB(,A<[5YNABMIIZED[]S#5:-V]E)\+7R4S92K(=?;*U7BLTFSD4<F/22
M*6(.TP@FDCKRRR+)-%>"+9*<]G&RY2O!%:DFAAK)<>N@KR+]<*LJM',*3,M@
MJZGCP\U#.J@I?6F*[_P'<E:'^E60[/U!;AQO,RNS.K2*V0<RGG*%.&BFLSC1
MB0;**`=LM:Z00\0IKY/4CO(\C;W?>GL9L+BIOM@X]66E!*D%M7$$3*:(0KH&
M(/\`&B'DEG(52(5]@9LTOH<LGH]MCW-@QJ,_/M`\@J[1YV1-R/%;HN$10V23
M*!!%;5Q5C5W%<$1),^BLHWP)':`0R/%(C?,]?D>H0MO%%3T5YRYW0%D`%?9"
M-IL]G@&LHHIX$);3T<2S1Q3?J>_$'.7Z9$3W(6.DD8YBM];>?-/[H974=5QF
M&T^A?H9[,]Z<IHF>USN7E[^T5-$RLN&DOSXS`Y6E:JWLC@JL]6&2F+=N:S-)
M8O*\_LF2XTWRNN5\GDK-O*SP34JFH5<U2OZ[3AQLN:JK;C@2Q=JS1R0U[LJ2
MNLQBB2-!'"50JIB%@XFTM>G87/L03+*B;"Q4?\K($FD:$(Z,J,.2(MKXFDBS
MQDS11/@('CF8Z6-71HQ[7+UL;V_K/+[%]5C.9TER='1R9)-""0^1H])$0P:0
MXHAT3!A6,FD8CHB)HB$C<DRP^Q_*)65JJ<E_$?D*.]\BBQ6N.RP(J+Z$G(3&
MT*<QZ_97/;".LB(JN3PUSO\`/15<W!,'QRAX?9IL.KKDAS/),-S$&TOD?-(:
M^K=D+@)*R#RY8AP'"UT*S1QQM=(_W9I9'*YRI*->_$7NVQMJ]FIKNL1T)NSN
M7[J[5'8ERL=L)KV<S&"R%#7VCFFB!O6:%26@N0205X;$[3V;+11I(WW]"Q%#
M\QCEOY!ITVRKK.-*)6:(F]3J78)[WDJ-Q#'/*LQ@*^QXT"1H&9EF&!R/T?9W
M4./A;)QR:T(+0&"+WBHA9RG2>S'%#93B15DGO2JD8\C#%B(D5&022*J>6_W[
MR6#U+=X[BE,/36M[9%"2Y`ZQ.(CCQ6EG+!:T\T`:)LI*GA2GRAK\P>.):^62
M9LS?$3H'9708Q!Q&U]D`U>%#DI6QLA%+M$'&BLB(6MR:.452HT4DD(>`&L6*
M.5WI'6&-S(V*C7.>/DX'"3'Q=LSP!/J]V)3LOR7BP?)L'-_09'#V$ZM=,9%"
MXHMC(B9)F1MGG:W[2O\`5#\U^(#NCE.WFWV(3K.!SV/U[M)M]#+8*I?FCAPG
M<?)5JTN)DAREN\D>8IF>")[ZL8I:CW&K5:EQ:UJ%TIZ1KE?/8J-QD;M*?(;1
MBIZMR6%"UW7X'D6RKUHH2:LP5V$!'DDJQ"22:(R1M(+>G*>GUQ3XM)A<=+E]
MIF5<EW632V$S*X+'IW>BOOIAAHD)L`[*6(N`-D1037R"3.DG:B-8^3F,Y)2Y
M?15N1X[9B7%-:P+.%9`O600IL<L@\KH7JB*K6$0S1+Y3[.C<GW\>>J^^=]14
MUH&IOI]97@>T;?UD7P@AA5CK0QZJ02O9[$3/0"+)/.\<5O@>!\\KHV,=*Y76
M'T]>!55@0%6"'6@##L:.$`-"&'`U_F5[81AV1PQ-?(]\CDC8U'/>YZ^7.55O
MKM[LV]93O-W@UO8<MC+F"U3%=OEQV/I4)*J4[N=P\^1FFI2-/+,T5AEMF^+\
MER=Y!06I+5K5Y(9H5G,?AZVIZK?HUK$5W)V<X;$\TZR&6*G:CKHDBA%4-&#%
MZ3"(D`,QE21Y%=/2Z.CHZZ`ZA/1T='1T='1T='1T='1T='1T='1T='1T='1T
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M%<@C-_)&/PDFB\8#(`$'70V+M7/=L6RG9=<E6+%G5U?1"I+#15OK<J1PUE/&
MY\7N-:K8_ESH59D*B+.7*Y41$+],M/\`DRT_\,L/_K=2DX;8#^E^W!KTJ+W*
MK`@UR"57-58GW)#G@T$*N\*B21SN+LX_VHZL:OE%\>9^;DY,8=IF_K<;MZF]
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M5^NX`R.2,ZMF=Y5XD[(WN6>&=K:@=$;.+U1LBBR-DSVTY1$-/E`R*[VRJ`^>
M*,F5[$5$?+5R^W:B*J*K917QHJ,GE1TW\0';I#EG8XB`K1\&W+5NMZ@6-S4"
M'LW(;8"H.R)48UHUD+<UPK43P@5J'&B*UD:M[+[`=V??>Q&Y11P8^#9MGQVB
M]W,%21:^)3;,[%(ND=S<90CXK8J78[5677]HCKBO5LWQ'>^G\Q"14N[ZOZXK
M6)9GG?'8V?,ZM=F)>T<729/SC7;,[?KLKCXY!?QS2><D<'E#Y@,PZG_TQVXM
M`8-NEM=/D2V5;<U$4L%=>TL\$!\8LS_>>"2PH<H4P/Y'^$1Q30I(/.KWCS0^
M[,DCX_GU0_W6.Z3R_P"V_;R9K4\'L<VMQ=>F%T@F]S-Y#8[+'GN3P6TA.+6^
M"U6-9!D=-`+/6L%K[XH7Z/9SE0#M,B+FA'?]!<WJF%W?&6=;V#$T,YBL@(Q8
MQV16-J\S0RI-`R^QD*3PS(DT$L+I/%(BR1,K*"*`EV-M349U;=N@:9)-RG#9
MFD@5U97>1:T4KB`H625I$])5O"0\-P;2=7<6M>ZNR%N7C&9!DV2CQD,"L\C.
M@G2O4F%XTTXHP8HL3BY!7N&^66XJ6.%[VCK!ZW*L/A-?5>S^6NWL6L[:[IXW
MQY07%88Y8MK[,>>,7'@W,5ZQS,G#)%/)&."GB=`6/*Z*3PBHO55SN_QSDU[K
M+&>1&\NT/LRBXSY/28_DHNW<*VB7=UD.+Y.(-:4V4R2EZ\?6!TUG5%#SUQ63
M&XO6SS$C#SVX<TS(W7B\5>??$[EIH&AY1:VSS'\<PF]NB\0N';%)H<%R3$<]
M`&87:X#EK+2Q8(-DX@?LV,<`5K9`W%-*)>TIMC3D0&+4FW?AMU3(XK2,'B<3
MB=?U;6-W3;,IAZE'ZR'8)6QUO'VJENU#?BLPWK"3Q'\RL26K")5ABC7A(FB?
M-=[OI9NYJ9LG;N9G(8`4X)+WU..L4ZILUYXK5>&[4C2:HA0KZH%2+F5F=@68
M,\M/QQP.DU1>ZB!(O8Z/)I_EW5LI8;KXLSWZ^9)T(<`H4+8V5HHT`\8/QX1F
M*UK%F?),Y<8?JW&,/UW#K"%A5SC#`K>O(BNY(9R#@[LHTHZ`MXD`43F/4^:)
MJQ0Q.;&C%1WN-]Q>M2;NTUDWU5<<VSK.^2CJ#,@NEI<^Q*U^D45=[?S[JT^!
M<$?3ZD+W8OF61GLA"^Y'[\\?K;YZ%;R"T1<V(514;IU+:6MD5`#7UM=LG"CK
M`XTJ5L(P@80M[*2441,]D4`\$4DTTCFQQL<]R-6P\9V[TW#6*=G%ZOC*4V.U
MHZ?4,-3A8-8:U]<^%]3>434I+?-F5)$=II6=Y7<LW*:QLMZW&\=G,/,EK(_F
MK^=E29<D(_0+?GSY&98SZU*L`B\!0.!PSPG"C5`Y0:D6^>65(!8R60^+'Y%'
M)1-FF=&L\;HHJZ$M8R(X8!RY6%1F&P0,C**E3U*KM[:T9A>XPJ$3)'6U?)C4
MQ$M.;0&0@D"QEL&82-[<PI8L@\B!BN8UPZ2#O'C<-+%Y>C_B[DGQY8YS'[VT
MTQ[55'-=M/`VN:K?/J1S5R!%16^%\HJ)X\+Y_+I597MG5V"2U\.;;(P+$)K8
M1Q]5%E&98UCTED"US&.,`CN+0)YHK7R1L<0,DL*.>QJO\N1%9Z79SMGCL-FM
M=IZ+@H,-L@IC-8]:`,.23&.LN.2?R)D,6-E`EQ\4;I'1DY>JL+$DJY=RS5BS
M5R,N?LR6<:9/I;)MKS5:R/&8J00JM9!\9V8%IQ^F4N!P$3F/'K",[P/%,"R$
MW)"AL-C'937_`-4C=D7JA$^%-(:9.),*<XZ#PAJ3A.221D<T?M2QM=TYF#XB
M'@F*4V)`6%O:AT@\@PY]Z8A]J0R0F<KR86D4*3.8Z=8HU2)B,@CBC1/#/*]<
M78VOSL1,S\+.,0+P6O%LCC\S%R>C)Q,(*G65+8PS)(#Y*442K6"=+$F<Z.$%
M894*?$L;T1IZ?E_Q0R)E7)C_`"8T#?1W>;T^M*>2EW#KZV9:[$R&0J*@P6O=
M79"3\S+KMX1;:C'X/79V:BD?"'G]IZI(<;H^L8G-3;'B\!3IYR;$4\!9R=>%
MUM3XF@L"4J5F0$^Y:R5:\<+S!YEBACC]GK15""SG[,]2''V\IYTS8EOUZTT\
M8C]\Y8S3P*Q''L,K%Q'PA:0L5\FY,B^CIL<FW5IW"[>>@S#:VML5O18QY2:;
M),\Q.BMAXBX6D"R3UMK;B&PL)@<V:!\D#6S1.;)&KF*CE4V)YQAF>5TUQA&6
MXSF%2,7(`19XM?U&15\!T4,!$H4QM,8:+$7'`2/,\9\K9V13PR.C1DL;G2<J
MP'D58`_8D$`\_;YXX^>D"S0LYC66-I!R"@=2X*_S`J#R./W^/C_D>E1T=,+F
M7*CC)KO)787G_(C1F#Y@PB$1^*9?MO7^-9)&40/(6./+1W.0A6<,Q`T4D\$<
MXL;I8F*YB.3QY7V);2UIGMSE6.X/L+",QO\`!I:>#-:7%LKH<AM<1GR$&6SH
M8,F`J#S":*:ZK89;"JALXQ93P8W%BLE'3W%"C@!BC!2.02I`(Y`Y!XX(Y('/
MVY(_KUJMFL[F-+$#R!BAC66-G#A68H4#%@P568KQR%5CQP#PO.CI-Y3F6(X/
M706^:93CF(U)5M3T(UGD]Y5T%>1>9#805%!30&VQ08TUK>6I0U93UT<KC+.Q
M)@""AG)FCB<I/*?O3\_']/GQX_CY^W\?MUC@\`\'@\\']CQ]^#_ER.?]>O;R
M4DJ""P`)7D<@-SP2/N`>#P3]^#Q]CT='3,D\B^/X1)`9F\-/B%B3SC%"D[/P
M:`D8@:1\),!$$M^R6&8>6.2*>*5C9(I(WLD:US7(CN`G!680EC7%C'U]@*.:
M"<$1"6&:&7$P@4L0H=\D!(Q,$D<T$\,CXIHGLDC>YCFN7)5EX\E8<_;D$<_Z
M<]:)-#*6$<L<A7^8(ZL5_P!0I/']/G]^1^W7:Z.CIMMP;>UOH/6.;;DV_EU3
M@FM==T)>29?E=W,Z*OJ:L3T,]2LB9*28:83*/7556!`39W%J6%558A=@8,/+
M@`L0J@EB0``"223P``/DDGX`'R3UL[I&CR2.J1QJSN[L%1$4%F=F)`554$LQ
M(``))XZ<GHZS0ZZ[Q7<,YRV^8W_;4[<-=F^B,4N"*`/=')+:8NM`,ILPIX%,
M%K:B`RIK&64`[G,,HJ7*,N.H5+!FR4BI,5]-(DJ+OJ<NJ;FSQ8X*<@>"U3QY
MVYLC<F/8-N!]_GAN9TA>"9Q/]+P[-=+VU+\`&PBFM8;-U@?8%9702PU<M8":
MEPMC%3KORVURR^,9=$,DD0FB,L:!?(EXPY9?CCXXY!(\@.>HP=RP86&4R7!6
MM6(ZM2Z<=>6E;FEE6%5KVG@6&0%B2KAO"1%9HF?CCK47T=?CUHC$>]4:GI1S
ME_)$^WE5_;X1$\JOE?LB*JKX15Z8:FY5<8LBS./7%!R*T5>;!F)4*+!:?;FO
M[/+Y36SSBO#BQL+(9[>4R,D4F!XD8CR62P31NB1S%3I$%9N2JLP4<L0">!_4
M\#X'^9ZDDDT,11998XS(WC&)'5#(WQ^E`Q'DWR/TKR?G[=/YT=)K*LSQ#!JM
MMWFN4XYB%,\J$%MKE%Y58]6N-(;*^`-#[@L(12IFP3.B&2;WI&Q2JQCDC?Z4
MSB^Y]0YO:LHL-VGKC++J2`@J.HQG.L5O[1XPK6N)(97U-N88Z`=KV.GF;"L<
M*/8LCFHY%4"L1Y!6*C[D`\#_`)_;K)FA5Q&TL8D;CQ0NH<\_;A2>3S^W`^?V
MZ<OHZ\#)<JQG#*B>_P`NR*BQ:C&D'A)N<CN*ZBJAY2YV#"QSV-J2(%%(21)'
M!`R2=KIIGLBB1\CFM5MH.1W'TF6*`?>>G9YII8X(8H=H8++++-,](XHHXX[]
MSY)99'-9'&QJO>]R-:BN5$Z`CL.55F'VY"DCG^GP.L//#&P62:)&(Y"NZJQ!
M/`(!(/!/Q_U_H>GHZ.OC`1`5%'.--'/!-&R6&:%[98I8GM1S)(I6*Z.6-S51
M6R1N<QR*BHY47HZUZ]?O]NJL-)7Q;M.\KMD$R.7(;<.6"8IJ.=)'*?564ROC
MD5[9$12[MSO5ZD<SV8WJKU:C4AM68=EEP(TREQ7);8#W)!V&5>/V]B&L@ZHR
M6%I(04PZRPJK6RQMD5\:JB/:U51.IT:/Q0@:KY7Z%C>^6ZB!+CJ&.2/W#7Q@
M6E5`]?*-:J$2?15]:>&(PQKV(Q7?>8-!!4\>]"AR6<3GPX-B7S[6*)[8Y;&]
M(3Y9L$<OA[6S6=\:X0>1Z2-8LT**BL8B=?+G#]C+/=?4M#GVG8+&KZWHFE[^
M^TYD58[KU=NJ=R=A?/P6EDGB02-5BFO7)OEPE6`A76=?7T;9W.+6<IFH\903
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M62Y]/7KF6N'^88@8>9)YNI5IQ'X_XY0@DY=#(/(*(`-:7=AF=I3@DV3HHH9I
MD66Q%#&^89[BP#L]#4];8HF?9&])NQX]<2"@#!@LJI*LR<::(6QAVA`5*"0]
MBI$4P8VZF$(="_TO]@F)\,J(L;T1'>IJ$YW;!@)APS75<3%./.S],[A89(YH
M98524''&>MGK8]DBNL[!OZRHY(@YF>6N8Y:XO;B_XJ+_`+J/_P"/4L[R=T>S
MW;;=\MH.!["=MMEJ82I1IW<K:ITZ=EK]BE%8LP1S5L5/*S589X(7M_4BT+JV
M>65XU<MFI:WM6P8>KF[N[[#CY;<TTL-:.:>9!!'-X1NRR6XT`D>.1EB]9C]+
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M'*TA#,TG4JVX&*[J<=J9;%B&#9I;=@1+`LM.#7+"Y"5H@\BQ)*SU^5!=%D90
MH``7JQY/R_I5/ZE5.L\OXGA//:SRGPGE5WCHQ/M^:_Y2G>$_GZT-)^7\?*_U
MKYZSS?B=W>.UIE*M7]9N\M%N^WW5/\ICO"JG\4^WG\^OMKB_]OI?^?%_G\^0
M_P"O_P"]<1[A_NMG_P#A=O\`]INE7K'N#<&M"=H;14VW=Y:9R!]1P@U=A%[I
M^MS;%,MSO+,C+T?7TQ&L%U]46IE]-;W)K2*.RK[,$,.L1Y<U^56""E$PTS]E
MS@=C.\.T3S2M.3NJX,EU/G.8Y)M+0HN2#DP-`S#4>A<JQ)-PX(6R6$MTU;<7
M=AC%-?.D*KCIL=LXV1&0*4^>W/MY]F+MBY'Q+XE[IRKB+KS,=E9YH'3.R,NO
MLTLLVRT>[R[*]?XY>7QYF.7^5'8N\,ZU((+^B_1$I8'RR,'`CB<K.KC]_P!1
M0XGQ:W11T5;4XWC>/Z%V96U-15!A4U)24]9KF_@$`K@`XQJ^LK*\.%D(PHT,
M`@@T38XHXXHT1%LEN&$SUZWN\YKJ22RR>*^'JE)41*C,02Q;R<L"5X''4=J8
M3(9!,7ELR<:*^.UZ:K2I5/=/[A?J0+-)>ELQ1(RK%$@CA2)E60L_F?CG.#^&
MNXB\6LI[>62[AS'4."7.RMX&[ZT3M#*KJ!\I^7Z>L#L=!L=:G12&Q"18D<,"
M')8580XZ%SJI9$KIYG2/CSVMN!G$5.]EW'L"FTCB-CA_%')L5RKCQ16+#C0=
M59`N<55L'98ZCS$D<90D1L%H9[.4^:H$B:/`_P"\KGH+LC]F/A5SCX&8SOC>
MM?MB?8!FP=E8N1+A^V<CPVF6IQ.PKP*A&4E:QX;"(X)'H44U$E)D=ZYG.5&H
MR3O9`TE@G&SN^=US0^LH[>#7^J\?PC$\3BO[@K(+F.IAR\<V..RNSO)=D5\D
M\A%))<Z9S/1&JN]M%Z66'57S)CLSM+X'SC*%%3B>,?ID$K%N`2H_0OZ3^P^#
M'L5!-)!V]2UA\=#5%A3#:2=9YK'EB[4I]U8T(1&7=%G<_43<2(I_40'$2>]U
MVJ-`\#MH:+YXZ5XW8;EW%8?/L8QKDQQNF'-3!VF3&>W7V(+83V6-)1;,KGG8
MT:C#(JBFV./BY[XIQLKL0'R(YVA\<>]_S5X)<4^,V/XYDN!X'JFFWMR%Y'TP
M+)<CUAQ^R0&KLJ71U4<CS`,?R2T8;7BW]$>&:=29Y=8H)-\63%,J"ZU*<L-8
M:^W/QJWIJ[:M0%>:_P`SU9FU5D]>?,@T*@MH#CHSHC5<UU<=3F!BW-9:1/CG
MJK&O%L8)(Y1F/3/M^%(UG@U1P1V9MT&A#AV-L;?^38UEF4JGJLK7'=?8OB#\
M3ID>OAL-;5%95D=BT>!K6365T<;.KYI&+&GAN,:0M.7:U0)@A<L2K"R"$>3Y
MY+0!9/'XX;^&&Y\>G:]@$BV0X6LE6+";.HRF2KB(++%)AGA:Q!6*@!(<DTU4
M2#R!B`LF+Q+A2T_XA'4>(\->WIQ9T!QZUN7KOAPG*,!FYM=Z\+LP@;NGFK[W
M-A,;M[XZP,LW29AD<-]9QE6QT\)^9"4QY<R&"!,<F-\]N7B%R2Q'A!SY[,&M
M</L;75O(K13M@8'J0VNQMA6O\=RBFR"U-V)C][D=;8XWMC5L]4&[)&F3#YC?
MTUS9SFMOITI3W7T\T.2/&.NW'Q[[?_*35\N;8?SU`V'B5)8Y-74I^JY;S"8:
M<L3$,G<:>/<"9)D=I;4D&#GT(LQ@&2RU1$)U18?3R^LN?,CB]LK\/%RIT]S`
MX>[1O+;B]N;8[,'S32F4VAIY;01X)KVUUCEB.(2+86/.Q9E[8ZSSD^*/.<(R
M"L'%M";&:1UO?[T9))(H85>2&V?J)H"Y+07UE++(DI!Y]@,;JC-R`1\_/'2;
M9:E6I?R-^:K5R."7\IHY-8`D63UB6EZIJEBFK*5^C9;,$\T47@>'+`%//REO
M^*=XH<?@-&:XY65^L<>K>0F:\C,`U?E^T`XIH\@R;!I-89]$'27;7S2UY\=4
MS$Z%:<B8)2JY`UC'F;$27'.^_=5SG$^S[P'U]QG[=&OZK1NQ.8.T8<%QZRPU
M#&75:61BF.U>>9\%;'$'FOV-D`D6$X6#DDB//JWW<F0@.AMZBOG9VOQ3I49G
M;^T07$DB1E<PM8D1MEC=%*D<^KMNRQI+$]$=%*C)&I)&Y$<Q_J:J)XZ:;\4!
MC%_08-V\^3@=+87.+:%WR4+EC`WR+#"[)8,!S3'X2(V,>P=]P3JNRI1#I58U
MIQH8*(^0Z)%S4_BQX:*5BT9GO?H8DH[1")H$8$@%?9PH!^`&(^Q/6F=)I7.X
M%VE&L%I,9K/%J&-5G@ANRVXLC9B=%++*:WG*[IPSM$C$DHI$]]`_A\.W1@>C
MZ?"]UZ+H=^[>NL>8_;.Z,]NLML<TRC.+4'U9/;X_;17XTV)"0VLY;<?2F2"Q
M&A'"L+2QMKWY-H0TW8\X&;4[?/(CN:Z=OL8S`?2,^Q=*':`V+D-*P6JV7B+*
MK9!D1E7>0PQC7=SBU'>8YC.9((K(1+\.:11AW%^VE^&K-GX)N;7&$[8UKD=?
ME6`;%QJIS#$<BK9XYP[:BOQ([`$B-\;WHR9L4WL&"O5"`C8B`BHXB8)8VIO'
M^0>DLLV;M'36-[0PRWVEI>FQB_VOA(5T))>X#3YA!9$X]89*.KFL`B,%J32I
M&/F6:N'026TB"995JEM9N7'CM0R/)*LWB9%?R/K9)48,H/Q'\CUD`*.&\>/@
M#J;1Z]@8+.#O4X:M*7'F5:;U_4ANQV:$T+Q2R`AK?,1^I#L9'+1&7GAI&.87
M\2_M+:NVK#3_``CT!`9;Y)K_`%[L?G[NEE.5$P[&L#T75646%V\KXFR30D5A
ML>8Y57@R.BF.N*G&4$8\F81_6@;MT<I0.:/"GCSR+BG'EN<\P"L9G(P\D+VU
MNR\8DEQ?8M>L<7AT$<.94ML0$R5C'R5Q()*-6.>-SLO?'6][E_+SE7SJ[C7"
MS17%[;NI]_Y+D_%;$K;D[E605;6Z+U:ZNI8ZC!J*BO<==]!S*NBIS\L.+<6.
M5>J<`''$0'9S$2!_#C9OL?B]NCF;VJ=_A@XSL75&1C;GP_'!+AEK4"Q6(./4
MVQ:W&[6=L<EM2R@6>LLNI9H_Y8L2WN;`B)LK2G(XV:R_EXB4PF:B(YG5'#3$
M3^/U(D0?($4C1+S]@%//]>HEA\S,=L^OE6^F.V9K5"L]B!XZ`;'#RPSU9B/&
M0WZL5^4C_O/*G!XX'48>9_`'AS3?B%>%NA*[06##Z9W]KV79.WM;H.>_%\US
M.Q7D4;:W-@#(<Y\#K<_$Z(ZU"`F%KK`P-Y!0DLAARD[6,0Q7'L&Q3&,)Q&H"
MH,4P_'J7%L9HJZ-8:^EQ_'JP6HI:D&%7/6(.MK0Q0Q8U>Y6001M5SE3RN6KG
M&O\`KG+ME_\`8)"G_D<K?]*?U]:(>6/++2W"G1F2\@M\Y"50X!B\])6R)45L
M]]D5Y=Y%9#U-+C^+X\(]AM]>6!4ZR15X:^N,(4ZP(="""5/$FO\`LECQ:`O(
MSTH^%Y+%G,LBC@?/+$`+S]^`!]@.GC5Q3HVMTG9:]6&#8K9DE*I$D4"4,?*P
M9^`%C5GDDXY\0SNW'DQ)DMUD=_%,[/S>_`X/\-,3M#:BIW]M*YR/*71/=&):
MGX]=8+@6`A&-']1)@E1?[&L,FD!?'(.ZQK*4UL4I8`ZQ:T:BRCN*JMMHAS!(
MK,`*PC%L1U$/&8<+$4P<T5SGJ.7"V9(B8%<Y89V21*YRL55R<_BEM79K0TG"
M/F?AU659A\>-M6>/Y0Z*29!ZTG)[C!\YU\:8HZMDKP;#*=;DXS-9J^)C+*\I
M1$E;.6.U^F'\?S&OY<<\R>OR^WM]3^KG_/V>/'_BXZ4[_P"UM1RIA,G@5IFR
M8N1(:/UU8W?']^/I/:7XX/AY`<D\=:?]%Z:P+CQIW6VC]8TXU%@>K,/I,)QJ
MO''''5`:02,1YI:#1QLGM+@QI%Q<G/:I%E;GFV!3Y"299'4!<Q>279SY1<D^
M'/(FT[A^D-?;/X3;DFS$>4&)]^N<T@-J"7;ZQR(M\=9)3B09%1PV`-Q#)924
MQ<EJD5;.RS(5;XN-O(767*C2&M]^ZCO1K[`]FXS7Y)43Q3Q2$UTY<35M<=N(
MF+Z@<AQFU0NBOZR9K":^U`)'FC:K6J[)WW:-,ZA$[\G:IQ$+5^O0\4V#+J5^
M>8V!AN/`X_FLD6^\N']664X5=!79$]PP\`<SK8<MTX4,09/O"L;"A0C\[4RS
M-/'*L5AF9"H?E4?VHXD5N2X+*?W!))YZUVFV*^$H24(,9<HS6\5`D5@3F#PE
MLU11GK-5EC917<),O!(954#C]W][Q?+?,.9&W^`?;9X@[;=4:XYW5>*[4V%N
M+`[`ISLFT=E-Y:@X_#5&"?"+EQ1^/8?GV<Y!7>N!N5?1<:I#WQ4<]P)83UV;
M^'R[:N5<;2=(X!HC'=99M5XRX?`N05-\Y^Y:;.1AF/J,VR7+U(89F#B+>&$K
M(:&VB6C("G,!H@,>]JKFK:T>Y4!CW$GOX=L#DQE@@>(:'R?!Z#4L%ZH%?48=
MB-I1E;-UT8&QT8<5735>/A[BPB\+1C86UM2069`H@HDCXM:V0Y%18ECMUE&3
M6U?0X[C%/8Y!D5U:$QB5M+248<UE<6MD7*K8A0*VO%(,+)E<V*&"%\CW(U//
M7K8EDK08X5'>.-XFG)1B#)8,KJXD*\"1HU5$X(X"G@`!OE)B:57+Y3;FSD%>
MW9@NQ8U8["JZ5L6N/K30FNLA8UDLRRV)S)&59W7S9RR`C*_VM,W`[DO`'DSP
MJ[AF&A;TSS@MG5IC!IVP#3[>Z,;5X[GU7K_(+*V<;%=E9KK^\Q_/,5&RJ<IU
M@96!49ALY%PXTR9%_A2^-6BK+C?L+E,?K+&2N0%%O;.=7TFT)1)/TDI\"(U?
MJFP-QFME9,P42NL#;@\H]L8J2ES3(Z>5_M0I%Q^'LK++8`'=]Y:AUEF!K??>
MW<F%U\46XN*"Q4.3<FR;EB#O=$-,1556T<1&()<*I(Y1)(/NQ)%/`CY?A/E1
M.WAM?RJ)_JL\T_-43\]1Z6\?U^%\?P7I9<XC@RR1GP43T"44D*CRQEIT"\_`
M,GD&7@#](7Y"CJ/:Z6N9#0[%L">;\LVA([,JJ\T]>C;KP8R>20J&D<5!')'(
M23_$9U(]C=:&]]\?=,<GM9W.G=_:ZQW:>LLA+IS+G#<I'G(J#BZ.S'MJ<I[1
M21"(RJRS&'/`(A(CE&+@BGC<CV)UBK["G:^X/\W-9<U8.1^D:[.;+`=^!8'@
MN1CY)EV,Y%B.-QTIQJ"4UEC-Y5HV:0J"*2<LX<Z<AJ+%,Y\3E9UL3`YA:3NN
M75]PCI;:ZM]ZXCJ('=N95U?0&3XSB&'6=W6TU0-D>4^I@%=DUQ+;5IU=CCF2
M'SU!PMDY(QR(E=GI_"QJB:_[@'E?^%:-_'_8W:+^7Y_L7]G[%_=TBJO/!0OE
M7DB(^BDC(9E(#RO^I>""`X`Y(_F`'/(XZD>;@QN2VG5TDAIW8RNR5;2R10SJ
MSP5:G,$WDK!F@:1R$;DQ.S$>+>742,[V+MS\-]SFQ/75)L38FZ^W?O\`PG*,
MLQO6.>7DMM9X79T8Y]>368S9S_'K:7*\5RZ;$U/MJ2MK*G+\!RZ*"^I2,HJ!
M;D<Z_?XE2_DY@\QN(/"7CR&NSMW:YQ/<619;C>*RI;FT=EFE7CN2@XS:P!I*
MH%T)ANL;/*K`$AS"0JNVHI2HHDM0_=.GRO4QUNM6L9%DCM21<OS((FD4.XCE
M905\F=%!+D?J_J>JTRN=VO7\QEL3J,,UO"4[OC!XUGOQU9I*U6:U2BE;S]<=
M:P[JM<'QAY(`')YTX[M^3HOD%B&\QQY7XCF,3<9SA!XGN2.9@T0A,TC8U:Q9
MIJL4"V"8JHX@K'RXD17S??\`?.7-25U_A-'3)(309E9?62KL5%EK2PJD6`ZI
M"C,C5T#UL)C([6*/U>J8:N]V/UL;)Z9E9_@U#L?$[?$,C']^NM1_0DK/2A0!
M<:^X%9`2N1WLG`$-80-)X5JN:L4K7P2RQOKP!MB-,*;Q]Y%U$N0ZFN))UQ#+
M(AY9FUP[2/6.;7N']TD8<29_S)1!GNN<6->]X\1=1/%U\].\.!RNF5.Y.KIE
M%U_MWWHE:]3VN:.23%Z/OM^2HF;Q>RO$&DQ^K[\E98FS7#08F_=O"6OZI@[]
MRZK=K9677\B:WUV=U%5AEQB,JV<SA(%D:G9QZMPL^2P9<L*?(>S7A@,;^2%1
M\.(6@\0V#09/E^P,?AO:QUE!1XZ*5.:/$R4"-2+@]OPB19)/5*4*`Q7/=&UP
MQ*-:CT<O3Y6>!<(Z6Q.J+5FN*^SK"90K`$K++.(D,N!WHF&(B==^J*:)WEDL
M;OUF/16.1'(J(]N*"4&M=*PQ:U2;-:S'L;LS<>6I6"W+R<]WRSXU8^L:D19=
MC93*A"CL;Z%=(B11I'[;:/[Z*]AM;"7)1K(*Y*-),LVVPA8!;CS9Y"BI)8CH
MH)D=+/)+(GJ;Y5%\IY1.JMWRWJOX;.W':O`IVNT#?MERN)L7]CSV>U^EEZ@G
MD]%N409I:KM=66]>L5\:3994QF.C98E1XF$EPD62[@Y_9;QV/-X3'UK4<5"C
M3O2U9O6O,2>5/W`1%88(WLD1CFS.?U%E;J5?(["M,*.)EFI-A8J6E<"!4GX3
M'E"VA#:\3TC`D8S\PLLI8PV2(PJE2588Q6N+KTB6*<::'O7=KZ^QMR(PZH$^
MU*E<C(Q:P,JQ(D>OCPUD`44\KE^Z?9&?N_>G4I=?\4LIL!W93M@V'5.!@,:5
M8F7I`8MZ2.U?4Z$<,B18:A943VT*M_!$;G-2"I+>J(WD:_B=C[X;C;R^E=N:
MN"%U8Y,M#@5L5M2QLL:L;&4N7\@ZXS`56A"R6$DM5Z@>-WKQ"64QM:,%JAIN
M)BJYC/R7?2?&JUTQOE)T;@1UH8(`;%Z3SY$96-Y>&"NW@@8>;Q>U;'F.8+G&
M2I"'KO6[TR"_LS_$8!-A71?/`K/<D3VY&"N9';VJ?=D((\4$WAUA`CI2Z#C+
MW5O7.M^GBSLQJC;)C&"(5$D:^70?%8YC%1Z-G"IWS$F>EWF([(WP^M7PR-:W
M)5@5O20'0W'^EFQ73%`4,[*\J?`1$EC![RSO*L/D*A!#2YHW&`5ILDMMD=A&
M.=:,`KAGLCL6PC#*'7V+U&(XV+\2JIQ6P0HY4>03,Y5D*/-E1K??./)=(69.
MK4]R>5_I:R-&,;W)^'GM;2L2Z]1Q$J931]&SS[9G]NBBE3']Q.Z%:O)C\;6U
MMIHXY;>G:##).U;*'P@RF==K->$H9C'3>][).@OS6D-;,9FDN,HXMBIGP&N/
M(EB>3(!&98LOG&">RM\R5J/\.5AS&"J^J+NZ+VDM^]RG)XJLWGQ>:GX\5[<3
MMJ?CT/HZFRN@$SK'0KD(O-+#)Q<ZQ&ZOB[!MQ*\.MMVE5U&]BO`B]]S9X[T>
MHO;FW5LS6UZ5!CVGK',,6!H(+H_*XRK`:O"<BG/L("9!ZLN")E>.+&1/(Z;U
M-CF17,:B(KNWMGW;%=OL6VQYF2_%1@FCA>;'83)9Z>)I%=Q*U/%4<A:CA1(G
M:6T8%A@4?Q)8PPYI'^RZ[@#@WB2=+`\W@DR8Q4<RJ0OK:P;E)9`Q<<5S*?:W
M!$;%1Q%_MI\%N1'!+#+35VT.;.1<IM55.,8CB^GL)O\`5%-@R:B`QPBZ4L6I
MR&+*,JR*]JK"O/JZL&GM[&03'PJ,4>K6,5S!H'MY[<6-C<Q]!V6C->\E\VXO
M1919N'SO+<$Q:DRFVS'7QU!?4F0ZW,AN+"JDK*7(W6P9-G8U%B)9R05BU7N.
MK[(^*3JZOY/;-V7<X_&!I,I<4LL@@I;;+:^TLCZZE8KXOG$3R+30P*X&*:*6
M6.26)J-D9ZGM1WGJ;OG\OWJGGQ^[^/\`^](-'[E:[W)HR;%JMF]:I1SQ(MR[
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M'V#?P_\`('X^Y`)^?GJ,+JF!1,?&M.18\4YDQZ"]D>*KD\EHA]7]_P!OU>0"
MDH!XD@PFYV\7-M\N-0QZGU7RMSSBA':6-C%G>2Z_P[',LMLVPFVQVVH['!B'
MWIU850`F36,%A-<8_8!7"H$H#2&"F$>8#]M3LY;)[;>;ASX=SZVKL#1DA&46
MV3<<K+6&*X[@&391?XX-0!Y2XV/)\@LJ2WIW5U0;[M+&+]5^E"B6+I(5D5UY
MSY(XV/DD>V..-KGR/D5&,8QC5<Y[W.\(UK6HKG.541$155?"+TAL%V7ANRH;
MDK"[=MV#1VB4YEA`.3$%*;\2`U4!G(BB0Z!L)$?^%CHX:1RJD4LB-]2MDN?I
MTK%/!SY.C7N9@6GQ^-FFJ)=R(I1+-<DJ0/\`WFPM.)T>>2$,M=9(R[)[$\G.
M37*ERX,\U&S+8QHC3ZY)KPAJ"9@L<;K',M6-;#)QZW3BP5;R5^&ZK9[GO:KQ
M+N9'\:I\HV]E>H(N/V:9ADTEG@E,"1F=W7993T\"`8WDQIL4>%W%3D>,XYD0
M%\ZJR!D;Z^4=E9$5,-9@Q/H.Q+?;&V_I[9///GWOWG1C&@[-;766K,_QNAQ'
M%&'#V-?8`39F2%=9`?E7R):NN?E,B)76N7NK:\"\NR<?B)I2]"71TY)>M1QK
M$DOBB!PG"1^2"0DOX2%#(GD2>2K`_MSP!TALZUA+EN:]9HB6Q8DK2V"T]D0V
M'J+&M8V*RS+6G$`AC]:RQ.H*\\$DDT3]S#LT[`[E.P([/->>6SL`TQ3STEMA
M7'ZLU7B6085B&4@8U^CUQE4%FN38[:W=U>>]8EL)O&&243+6P`I9!12)4?+_
M`$YP"*$XCY]Q"YG;YR[GGAV>G&C$Y!MW&*?%[ZLPQU1CH='B@96-V)E@\O%+
MJBDRG',SEMOTKK+TR(P8^*>L#G2QGHZU-NP8HX3)Q'"0T0"1J48<'R5U0.&Y
M`)/ERQ'))/7JF`Q,=VYD5JEK>00Q77DL6IH[,1#+ZI:\L[UVB5794B]7A&K%
M455^.LUV`]@?=''Z3)<0XG=VCEWQ_P!&9(3;%.U;5T]/>DU<UF1'))/47\&4
MXW45=K+#[L9>34F(4>2F3M'+)L99V3.EE@%V8]<ZQX@;3XS<8][[5T;L3?=W
M7VV^^5YT-=LG?.X17R'?I51Y;>V96/H/39.)9V0'PL>)IHZB*RM#!_DV]S<V
M5C=#T=;O?MN06FY(97)\(P79""IDX0>T@@$>SS^0#]_GI-7U7`UE*PT/%3#-
M`@-FXX@AG7QFCJ![#?1B125;Z3TGP)0$(2O59G;"[?&5=N+4.0Z/*Y-Y;O\`
MUVZW#L];8]D>O\9P8'54,T]W8Y77T/T.TN3K4?+[RX2[/6W/D^"8,J`,CC*G
M1:YY.PCNR;EW%S<F[I6[?[X!EZ*9+G(NDL`KK<G%QHV5"8-/]/RT:FEQV7#(
MVX;,+-12C3538YI@Y2H8GLTE]'6%NV5DFE60"2P"LS>J(EPW\P(*$`-]V\0/
M(_+<D<]>LFMX::KCJ4E1S5Q+I)CXA<O**TD7'J=72RLCM$!XPF5G]2$I'XJ2
M#FJW%V!MU;FY/2\N;WNH[]K]TU=E:KKS,:S4V)@7NL,6(+R):7#<+.JLYJAZ
MFGH*C)K2GB4&M"=9(;96-C'*?:&2O\_*/P]6S-PYWJS)^3W=*Y-<F,7UEGN+
MYK!K_:.+16M!814-O6G6=4'"9LJRK:`C(ZRO?0GWH5)/9,KRYT=\EJK$_3+T
M=;C)70%`F`\$]:$0P`HG!'BK"/E1\G[$'Y)YYZ2-INN.TS/0=_J+'U=A7OY)
MDGL<JQEFC:X8Y6)1.?-6!"A2"HXZX1/'[57[JOW_`)U5?'\$\^$_F1.D'M'5
MVO=UZ]R_5&UL1H\\UUGM(9CF78CD83#Z>\ISF(V84J!RM>R2-[8R@C1I(#ZT
M^`6QKBA3Q!B8E[T=(@2"""00000>""/D$$?((/R"/MU)71)%9'571U9'1U#*
MZ,"&5E((96!(92"""01QUFOP;L8\F.'N9Y/9]MCN8[*XY:VS&V*MK;4&S]88
M_N[%Q#)AT'A+@;:VP%+:V(PZ1`0WUGB466R@"!1VV27,@S'H[FC>R9DD_*?7
M?-KGAS2VOS&Y`ZHM:V[UR/%C]-JC6>('4%H7:8\.%C=01;&.I:FP,)MXL<IR
M<6H"[@B4NWKK;U3(3?IT=+&R-M@W,BAG4H\HAA69T(X*M,L8D(('!_5R1\$G
MJ.1:C@86B*59O37F6S7I/?R$F/@G5PZRPX^2TU.-E?EE"P>*DGQ`'QU$+FQP
M>X_\^])V6C.0>,SV^/2F1W6-9'2DQ5F:8#E(PQ`@>589>2BF,KK:$4HH$L<L
M,^FNJHLRGO:RRK"IAEJ(-[%6_<VU[6<=MQ]V[EKL;B953U02:5CQ;$J&]N,-
MJ_8:-A>2;-GN;VUO*4*(0(>KKK6HL\?K81HE%QV)T`;1=&G1UYQ7+,">$<G"
M!O-0R(_@_P`<O'YJQC8\`%D\2?Z]++V`Q&2G:Q;J!YI(17FDCGLUC8K@DB"U
M]--"+4()/$=@2(.2``/CJN+9?;V%%X6XYPKX:[HRGA!A^.N%KFY?K?'*G-,I
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MQ0GR]:A8_O'\!`H\0.`#R0.224_]CM=\:J"@X6DMA:P6]D5,0M2/+9(*VP6:
M=Y&,KN6>1?%&8HB*M7'`#M$\2NWB?=YMK&NR[8.[<L`+K<KWOMR]9E&Q;,"S
M*&L;>LK)!0ZVCQJLM;06$ZT;35<5O=2PC+D5U=.%'=&=6C]'26666=S)*[2.
M>`68\G@?``_H`/@`<`#X`'3W2H4L;72I0K0U:T?)6*%`B^3'EG/[N['Y>1RS
MNWRS$_/1TF,NPS%\\I2,>RZE"O*@E6O>*9&JK%,Q%2,H2>-S"0C(?4JPF"30
MDQ*J^B5$5453]'2&[2IY*I9H9&I6OT;D,E>W2N016:MJO*I66"Q7F5XIH9%)
M62.1&1U)5E(/'2^&:6O+'/!+)#-$ZR12Q.T<D;H0RNCH0R,K`%64@@@$'GJ!
M!G%W:&L[$JXX^[/+K`YIODR8ID9"M&E>BK_)R3H*;3V?A%],;[*F'+1GVEL9
M'IZU_$NP.8].D8&2:3Q?,UC<Q/G"CC3MG2-RJK_76Y#.+&]['*C'J".D;E5?
M955='U/KKCPB_FB+_1U1S]@,-C&E&A[KW`[=4Y9&D;!:[G8+VL(\C%Y6KZ_L
MM#.4:9=B2$I"M`G\J1*O`$Q&[V[/B<UB,'GY5`7ZR_2>'(LJ@!1)?QT]*>;@
M#^:<RN?N7)^>H"Q9YS(NF2`XWIC%<)=+(J/L2!A!_:1RM1'K]3R!H[U8ST^N
M1`"O5Z%5L/E&Q=?8#BOL79%F->\A-G&WD4$GOPXOCQ#T$@5WA?;C+<*%65K'
M>$;+](I6E.:OZMFUR>OJ>GA$_)$3^CKGK$?X?\)DFB_MWN6_=QJD,B2I@MDS
ML-75S+$X>*2?7=<H8/'7&1@"4OQVX)#_`(D3#D'!W:Y7#?DN*PF`E92IN8ZD
M\N2"L.&"9#(3W;$/(^/*!HG4?RL".>DWBF(8U@]*+CV)TP-'3A^5A"!B]#72
M.1/<((E>KYRRYO"+.85+,5.Y$=+*]43PI.CHZO.G3J8^K7HT*M>E2J0QUZM2
MI#'6JUH(E"105Z\*I%##$BJD<<:*B*`JJ``.H?+++/(\TTDDTTKM))+*[222
M.Q)9W=R6=V))9F))))))Z.FVW(B?W)-F_;_>%EB?T?0SOMTY/3;;D_VI-F_]
M0LL_]".Z8]S_`-T-J_\`3F;_`/K;/2S$_P#:N,_XA2_^3%U#WC@877\2-GG@
M%$!'!/V24&:)-(.4(5!C($L!(Q$3F2P3PR-;)%+&YKXWM:]CD<B+UX/'.FVC
ME>+V&WLAVKE!M3CU9GM/4XV;96Q[C)_H),<UK.9+9,CAD"L9HY`/>$-G8X3S
M%**QL/7J\?/]Q[MG_H]G?^U@NG'X>5[+;CM/5R2.BCL;C-P'RL:CGQL,D49T
MC6JJ(KF-E5S454151$7PB]<0]N\2=AR'X=,5/9R8K4NPF0V&I0J9;(8ZI/G,
M7E\,N*GNQ4[5>.Y'6GG$RP6O96>2.+WQR1*T;7#G[(H5]]M)%6,DN[UZ,L\M
M6"Q*E*Q5MFS'"\T<C0M(B%2\1610S>#*QY$5,?V1L.;B]F=_-G67RW@VT<3K
MQKF3(K9]H."155DA`<!SBE)B%G>][YH&2-BD<]SG-57*JN/MW+=K0:*T)<@7
M&7IBUACM>3L:_P`?/*3(29Y8*SXZ6=RBR%#0EBOLU@*(F8'/:>PEB]Z-@8Z&
M<67W%+@V3ZJC:#/2%Y567Y)KQYF6'SJ)S:IC1W-*6&(8IL(\\T4L1+V+$K(I
MF^X]_4O]CY1FN$Z%XVY=B677%''%0U];94(DTC*N\1@05@.ZT9'+%\F!C0)P
MIQ)&/:0(?-&DD*M59*.T[=9\UIVZ06MBW*%-<[+ZWC<Y9QMTS9"IE*7<QCD;
M<<5[)U(,E5-.Y5BR2)>K6<GBVM4(9@Y5>I?E\.E/+8=XJ&)<Y';LC8I1V(O"
M"6M/KT7T\3-#6E>O)[HY'KDPR1U[/KG=/$,>E5I4.PS>EVS78]O.^M\&LZ4B
M2KJB;:W;M/"YVFQFU\YA%L)(.R,^N',J;4FG+(J+'UM<.K95D]'QX&8W,16Y
M-ER9#?00"6TU([%H3$9C1<I533&MN2@?0KI+<5J?#&)]Q$C$<Z/TKY\IX7$"
ML9GVQ-H;$?&!CCCJ8JM9CF/@N#I@W921#-/(/$I3O`PBUOKB"5BH\HF4GWX_
M#8NNQPAR&UH\WSG57J"*I8![+('G*-+">^TISJG'$6-4*EBC#*$=[T@TC)Y8
MYV,6,I&>XV2T^VMRC;V?\-&T9>A,M3*Y#NQ@,+>K9/,6JUV6'(UY]?N5\?DL
MK;OX;'S6)<BZXJ>:S%31E@E`JK5K5HUL$,T6/[A8VK,IEK0ZO>MPR5ZD<D*F
MNZ7X7GKU88+<\:?3*UE$C:<@R)S(99'LOZ.CHZ^D/5"='1T='1T='1T='1T=
M'1T='1T='1T='1T='1T='1T='1T='1T='1T='1T='1T='1T='1T='1T='1T=
&'1T=?__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g785877.jpg
<DESCRIPTION>G785877.JPG
<TEXT>
begin 644 g785877.jpg
M_]C_X``02D9)1@`!`0$!=P%W``#__@!(35),3%]'4D%02$E#4SI;4U!23U14
M7TU/3%E"1$5.54U?4$%25$E#25!!5$E/74M)3D=31$%,15]0,3@P-U],3T=/
M+D504__;`$,``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$!
M`0$!`0$!`?_``!$(`#H!0@,!(@`"$0$#$0'_Q``?```"`@,!`0$!`0``````
M```)"@`(!@<+!0,!!`+_Q`!.$```!P$``0(#!`(+#`<)```!`@,$!08'"`D`
M$1(3(0H4%3%!4187&!DB(SAA<7BV)C(W4UARD[&RM]'6,W>!D927H20G*#9&
M5W:2X?_$`!X!```'`0$!`0````````````(#!`4&!P@!"0`*_\0`31$``@(!
M`@0#!0('"P@+`````0(#!`4&$0`'$A,4(3$(%2)!42-Q%B0R89&A\`DS-39"
M4E5B@;'3%R=U=I2TM=$T5W)TE9:BMM7B\?_:``P#`0`"$0,1`#\`U[^^?^0S
M_*^V#_Q-3_Y4]3]\_P#(9_E?;!_XFI_\J>J(^IZQ;[_SW]-YC_Q.[_C_`)O[
M_J>/T0?Y,>6?_5SH'_R9IO\`^,XO=^^?>0P?RZ]V#_Q%3_Y4]&N\333R.=A6
M-#:=FZOW.'YIJ,NF5LR^?7HY[MD_&N!%S7(5^G54'#6C1+E'[M<K)'KD=/G/
MQ5:ON47I9F2AAQ>*_P`8=D[5NK72-*CI.#Y?I\L=.P2@*.8M_J<U'F]U*)3W
M:92.`BT'($2N]G9G3+&MOG0$0Z"Q.5EX1X&#@ZCF]1CH"`C8.FTFFP2$?&1D
M>@SA*]7*[",_@0;-T2?=V,;%QC%`?S%)NV;I'55.4H'/ZM[E[@,]DVBSF:RV
M8&,0]=.G+D;P]X,NQ6>4&<?B2D;JI\K3`[_8=0FP;[5G-'EEHR*[RUY>:'T"
M^L;,9KY_/4M(Z9?\%XI?A?'49(\:Q_"*>,],LJ[-AHG!C(R;HU#^RRV2`IM>
MG+9:IB.K]:K43(ST_.S#M%A%0\-%-57TE)R+UP8J+1BQ:(JN'+A4P$213,81
M'V`!2^[P\TV_:WL;MOREI=JQK%*:=_#UF1KK>/9V/33J*I`YNMG+/0[]S'1[
MDS?X:G72(M'$=%**/I@5)2449Q?]GEX\ISKJ2P2//6#3CAKSC5944[)9HQTL
MC^WI8(]1(Z;@_P`!4CCF<`_2,>O,#F,E;))$MH?D4CD:\B0%'Y_GZ;^8',&:
MW.V'T_;E@J5Y/QK(597BDMS(?WJO-&RN*L;#XI$8>)<?"3``9I3[+/LK4<#C
M8M?<TL'3R&>RM7?":4S5*"[5P6.LH#XW+8^W'+!)F[D3?9U+$3>Z*[D3(,G+
M)'CREXMYDN^,EN<=9+!LTKM%:2=-CS]`TR,KC^,G8U$XBY:1LS%0D3/5J550
M,H#&5CI`4$7@-U)&.DVB:C11YK)=+KFRYAGVL5%556L:13*W=X$S@"%=$B[-
M$M99H@\(F8Q$GK5-U]U>)%,8$G2*Q`'V+ZYC9?S#^D/]?KHE>-C^0/R%_5^S
M7^S[;TZ<I<YE;UK*T+UZS=@BK168?%S26)(9.[VW$<LK,X1U8%DZBO4H90I+
MEH5[=7+?1.FL+HG4^F]-X?3N3N9B]AK_`+CQ]3%5;]04!;@>U3HPP5GLU9(&
M6*R(EF:*>2.9Y42`0W=]3U/4]7AQYN\*O^=WJ?I3">D\=K.+;MIV5U^9PT\[
M+0U(LJT+'2,R&@62/"4=MTTC@J]!BV;M/G"8!^[HII^WL7T5KPZZEH^P\(YS
M?-8O-FT2Z2-MU5F_M5NDCRTX\:Q6ASD=&-W#TY2&538L4$&;0GP_Q:"2:8>_
MM]05?:-/Y5^%_P!7A3_>9:_55H/R767(_'10>-L0<3-<OD[+Z@]UO2&QEHMW
M7*I:+Y-2<=3Z.\3.#D\W9X=T0]@LK?[M^Q^(<&BXA96;?.'L%1;:H7`Z^U58
MR5RT]&M0D%:B9Y726TWNLQ0UH&8Q)*^\AZ@JK&AED<J@<\>EZ<EYN9WLN\D<
M3I#3V%@U)EM24Y,SJ1<92@LT\-$=9K?R.7R<,"WIJ<!6FO9>:1[-D4JL*/8>
MNG!*O+7YA9^,L<IS/Q[=7<`ZK$LDAJ>Z5.00_$/QJ,7*JMG^;RB'WA)!&.=I
M_=;O:4OB46>(N:K#B1)"7?*YSXD\M\@70SN"Z5Z0ZDZ):8)'.$I2A4*4O,DT
M=;4[:J?,1EI5(B*#IIE;=8G\`4U$7-[73%%HHE6$UG4R-_PS>/[-NQ-,M5\U
MV9@Y/.<1>UU1WD"3TGXU>YN6(X>0Y[-'D^%=IF30&"J3SY9@"VRJ*]<,HA&,
M9A)^[JV9,XV/1CX]JV8L6+1-HS9,T$FS1HT;(%0;-FS9`B:+=NW0331001(1
M)%(A$DB%(0I0>-)4LSJJZ=79N]9AH22-[JQ%6W-'69()&16GCC=%:&%U9>B1
M>Y;E5I)P(`L<T`YZZBY>\D].+R&Y<Z;Q&1U3!5A&M]>YO!8^WF8ILC5KV)8L
M9:NU9Y8<CD*TD4AGJ2BI@Z,D-7'-)DFEMT4;_(IW+V7G7:O4]*H746V4^H57
M2Y:-K59K]S<,(:"CDZ[".$F,6S*@8K9LDX776(F!C`514XA^?JZ_E>ZPZ<RC
M+_'9)YEOFI4*2T7F<MFOKZK6=>,<W"Q#`92X&;L"B:1A?R7SY636^\'^$?F/
MW1OA_C1]A`>4?^7YV-_UL3/]EZ_ZO]YGO\$7BY_JED_LUC/J"293)BMS&(R-
M_>M>J+6/C+&]=6U"T96`]S[(&/[,B/I!3X#\(VXTS5T;H\YCV14.DM+E,QIG
M/2Y=#I_$=.5ECY44[<<F37P>V0DCMDVD>V)F6R3.I$I+\;_\-/E#U"8W)[SO
MU)J]IT5CL*K4,IN=^EB2<E7=$8MSIEI1Y18K90L/>X]/X(9NJ*X-[='MF;4A
M5+*?V:\?G,1D[4(8Q#E:N#D,7W`Q3%04,4P?I`2B`"'ZA#US0Y3)M#I&69)T
M*W%RTI^A6J[053M,*X60?5R^Y5-M`=Q[ERE[*1<T"*T=::R[(8H.VZ+Q1J;[
MS"/BIO,>,SMMGVURVSLLVZ:EV'.VQ:/LL6@4B/QV1M%G4C+BT:E4.9*'OD6F
M$TV_@)HMI<D]#I`(1(F&;\L]46;$3Z>S$DS7HH1>QL]EV>6U2L1K8[9DD+-*
M\:2K/$2S,U:0J`JUSQF[VQN3.'Q-NOS7T%4H1:;N9&73.K<?AZ\->CA=1XFU
M+B192I5CCAJ0VYZ4N.O(L444>6JI*S22Y9-U?N).Z^T+MVKS+2KAU+MUFJ%F
MWVEP%BK4U='#R&FX1[.G0>1,DS,@4KA@Y0]D5D!$`.F`%]_3,'DU\EU6X*I4
M+#04.PO>\:$Q>N:/3'SQ1O#0<.U.+1Q>[P9FH62)7D'X_<HF*9&;/[7)H/&+
M-_'-(^5E&">7C^'V[\Y)$?\`*5H(?_M9#%#_`-1]>SY*-EFMY[CZ-N#I99ZA
M%:+-9C36:Y!;@TK&9O5Z1`QJ;?Z?=@>/XV0E7!0]C'?3+MP<156.889B-7Y/
M#Z/R4L=NQ/DKN:6E4GM2R6FJQ>!BEFFC$YD!*>2HFQ423"0JW25;1.O>06C=
M?<_=&TK."Q6+TAI[ER^HL[C<-1JX6'-7#J.W2QU&TV,CJ%4G8O/:G!$STZ$E
M5)8C,LL626+J/R/]SVYW$QUUWC6Y%)R66)G^/04JSK%:(J=;[HJG7*#'MV42
MU2*"R#%_9'CEXHFFH0\JZ4(J<?\`-?Z;\CW"ES:QLE<]XR&6<JEFU:#KT)*/
M:S:$0`B"SES6KVP=1TTT513*S<2$"Z;O$"_"1&49.2I*$=EX=Y6I7(/.>>Y/
M5XIDVFT(*+EM&L"3=LG)7'0I)@@XLT]+O$$DU'H@_55CHA-<RA(R#9QT8U^%
M!N`&P_N3GK$NU\&LV)6^^4RLS*CQG+TJ]+.(&;E,\N,0[+\J;81RLY%J+?/9
M?B,#,QP/V0/XF3?-%54SBF=.4-R\S8QPR9U1D_PE,`LJAM2+&TP3K\&++V%E
M#;GM"=I%A#'XHA&212<7M8<MI-5_@:.2^C1R@7(^Z);282K/>CQO?\-[_;$5
M\7)2:`(/'-C(ZTE]XP1'>>WLK:W\9OD6K/>V82JTG%Q]-VW.0C6NG4EBNJI%
M+(R95RQ%UIYG:JKY:J3JC-XW,T>*KR-=F&KJ'?KO$!C)64'YY>/+=?N>;TZY
M@YE=1\)HT7$QDCINHO8YA..*<:P,22,14Z;%223N(&SJ1#AI+S,]+LI%M"-9
M&.91T<K*K.7L7MSQX^*Z,XGZ`6U6N]?P>GDG*%9J++4"-ID9`*SC:4<Q$PR=
MG>M='L*AQ@7T$F_22_"5Q,4Z_LJV**B@KV>8_++CG?D!WQS:VD@G&:J_B]'I
M$TX34*WFZI,5>%A3GBW!_<BP5R9B9*NNDBC\;%>/0^:F1%RT%4_4N;U=C="U
M9+J/2S#WDQ]ZY7E@DD%7M3.EE9:<DL=>6P4BAD=&0K)UF-8S+%LW<G^7'(?6
M/M,9JIIVQ#J+0-;3,VJM-X#+4<I5K',^+QM:UB)Z>=IT[65HXD6+V0K5IHIX
MYJJUEM2W5IWNYY]9QORK]1U]?<:_!=0ZK`SJ)W#>]N;2LP)9FC=59#YE;;S-
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MT;`YT^SN47CN)BX9@HFW?S#I)F"$<W!-H5!,X**$,J>K'V<,/?>NE@]Q]AR"
MB?D(A_\`7<G^H0^OZA_,/<0#\Q]S]1IF,IK?#8:7*6\5+>Q-'Q@HV9^Q!;%:
MU-8[4231)(IEB*!]P638[G8#ALY16-`:*]F[F#S#HZ*T_K>GIO7FHA@6U/AL
M7[SR.#DRVG\=BTNW;.-OSU9%IWELR0JDB1V.Y&BJ'+@;G[X9Y.,K=1SR=Z+Z
M-KYEG973%'2X8%F4DNC[)B@FWT&F*I2+8?A^%9@@*B`F]SF2*J(J>CF>-'S<
M3.RWZL\^]:LZW%W"X/$(3/M@K;).O0=CLKDQP8UF\U[[P>/@IJ>7,1C7YR`%
M"$D94[:(>Q$2Y>,W3IA?0,XH>JU*9HFD5&`O5.GVBK*8K=HC&LU$OVZI!*)5
M&KY-8B:Q/?XVSM#Y3MFN5-RT71<))J%YX7<6`&Y,ZXV?$Z\\?MXNBV]M*9])
M*.E5)5I5;%'1MSHK@[_X4U5I2$82K%F9^'\:K(1)G9E#.#'-Z%FJ^I^7<U#*
MQ:@N9K%S65KV:MUYBG44,G::.6Q91>]'%*8[$31/&Z`%2K;.3R]RW)KVLZ.I
M]$7^5FG^7.L\?AI,MA\UIR#'I*L*SPT_'1VJ&,PTTON^[<IBWB;T=NK<K6&>
M.2*5>J#HY>X>WO\`4?I[^WZ?Z/8?T_H]OS]_IZ2\\JWDHZ*_=HZ51N?=\T?-
M,ZR)*,S#[A0;">#CYVXP15WEYG7Z;=-4KMZWL,FXJZ3@5!*#2M)%(0@F4`6+
M%>S$J=XS(/LVS&`\V/-55OA6SL6Y_P`8TJ?K,;&PT7\!%")*!.7]\T;@D0P'
M!%R?W3*<AR%3S\=7*KSNWK%#/KE(2;B"5KFC:7J-F0,L=X"QH]VVCY!9R"A5
M`<2^EV:ON5#'4$[AN20)_&")P]/O,+,W+JZ=P."GFBNYV6&X'AF>O(M9P$K"
M1T962*5Y9)92#\*U&)!&_%9>RER_P&GI>:_,_F9C*%S3O+6CD,"]?(T*V5J2
M9FN_B<N]6M;C>O9O4ZM6M1IQL`99<[$$*L58'\\#_<6E[VVVW$MUTJSZ3?ZP
MXB=-I5@N<B,M/.Z7*D;UJS0OW\Y$E%&59L+:&?MD3%.*!+:J4I@33`/3#K\Y
MDV3LY#"0Y&S@Q3%'V,4Q4%#%,`_H$H@`@/Z!`!]<];AW79[AWO'.9VZG4AB4
M72YC&]D;*%,0B-<EY5?/[PJX0$2_$C!R*;>U-RF'^^@FRA1#W`?70D?&`\:[
M,4P'*9FY$#E]A*<!;J"!RB`B`E,'L8H@(@)1`0'V'T[<M<U/E,!)4NR229#$
M6)*EAIG9YWBD+2UY)6<ENH;RUQU'J_%O/SX@_MA\NL?HOFC6SNGZE2KI;7F)
MJ9S%1XV"*OC(;E:.&EE:]*.!(X%CD*T\L5B01@9=`@"[`(+X'WYW!/\`16)U
MV;ZRW:6@9O=<Q@9B'?WARO'R<-*:3`QLC%O6XMP*LQ?1[A=DY0$0!1LJ=,1`
M#>_I_8OY#_G&_P#0P^WKFH<V_P`J+G_^L7D7^]:N>NE>7\A_SC_[9O3/RDN6
M[=+-&W:LVC';JJALSRSE`8)"0AE=RH)\R!MN0-_0<3_V[L!@<#J'EU'@L'AL
M)'9P.8DLQX?%T<6EB1+M-4DG2C!`LSHI*J\@9E4D`@$CB*"($.(?00(80']0
M@`^D:_(9W)V5GG;W3])HO46U4^FU;4W\97:S`W-PPA(*+3@H%P1C&LRH"1LT
M367<+`F!A`#JJ&$?J/IY-3_HU/\`,-_LCZYWWE&(93OSL9(@?$=75YI,A?<`
M^(ZE7@"$+[B(`'N8P![B(`'O[B(![CZ4<V[=NGA<;)4M6*KME`C/6GE@9E\)
M9/2S1,I9=P#TDD;@';<#AL]A+!8//<Q=7UL[AL1FJT.BI)XH,QC*.3@AF&?P
M<??BBO03QQRB.21!*BJX1W7JZ68'*4>MO*FX12<-]K[8<-UTDET'"##15T%T
M%TRJHKH+)5<Z2R"R1R*HK)'.FJD<BB9C$,4P_4O6'E9^(/?9>W?81`/K%Z3^
MO_\`%?30N4^8GQTUG+\XKLUT*#68@:!2X:6:ES?7U@:R<76(IC(-160HYT%C
M-GC=9`ZJ"BJ"IDQ41662,10VQF?F:\;K]XS8-.B!5=/WC1@T2_:TV(GS7;YR
MDS:I?&>CE(3YKA=)/XSF*0GQ?$<Q2@)@CL>G,=(D9/-0JSJA*>](NI68*>G^
M%P=P3MZ`[_>-K6M\W-75I[,:^Q%%+!!+,BV/P'MA)(HG($VXT`5"LB]>X8J`
M?)MMB,2YMT#?)GG7`Y>X633WUME<6RR2M+V?0FB3KRQOJ-!.IMU-$=1R+HLL
MXDU72TB5RDDN5X=8%DR*`8H3T77W*'T]Q^GT_,P_E_/[_7U/5Q0XR2*&*(WI
MI#%''&78'J<HJJ7;>0G=NDD[D^9\R?/?`.0UC4O9"]=33>-JI<N6;258A#VJ
MRSS-*L$7331>W""(TV1!TJ-E4#;CEM>BL^,CQD73NFZ!;+666I_--/E@;W2Z
M-RF:2=VDVAB*.,]SURJF8AY,Y3%3M%G3(LSI[-4$TP<V)RS9M\,X>PWA*Q2D
M5H';?6%-I53;+?>VV&5EKH+FZV(4%3E(C?+7!U-Q'U&'7,0JBD/67\A8Y%F8
M"JS-;%3X%&W,9\BWC32B:UE&+;_C,!&0,<VK],HS<ZN;1:3=J@;\.@X`MSC:
MI!$4<&)\A`IWZ)%GJQ1<N/O#@RAL]:(TEC+UBO?S^4Q<-4,KU\4V1J>,NON"
M@L1+,9(8"2-X6`L2GX"D:$,_JQ[1W/76>F<7D],<KM&ZTOYIHI8,IK>/2><]
MPZ=@V9;#XJ]+CQ6R.25-^C(1LV+H`B>.Q;L*8Z]_:32:EFU1KM#HE>BZI3JE
M$,H*N5R$:D9Q</$QZ)4&C%DV3``(FF0ON8YA,JNJ91PX45<*JJG5$\ROE4_;
M)>63D7FZS&'.XYRYA=KTJOOT5&NAO4@^2_S>K/VHG%2EQCD%&MRF6S@J=LD4
M5JZT%2N-9%:<*1Y#/WSK<Z).91RCCE5I6?6ABYC+7?'VT4A#4;96Y-JLBZB*
MNP1<%K].A)5HH9"0FB6:1L[]NX(TC/P)$SIVLHKMO$G67-[99[LW/^BTB`9B
M1%2U?@R4_2$/;W(F0]QJ3F=K#,GL7V3*\DVGL7X0`@`)0]3?F/J'+PTGQ.'Q
MF3K4#&8[^5%"S!7,``7PE60Q*$A*CIFF^!7C^RB+1,['.'LC\JM!W]0P:[U_
MK+1V6U0EH6=,:*?4^%R65]XO()1GLS36[-+8OI*W7CZ&T\L%EC=NK%;B@C2K
MOJ>OP!`0`0$!`0`0$!`0$!#W`0$/H("`@("'T$!`0^GK]]9[X]5>/TOYA_2'
M^OUT2O&Q_('Y"_J_9I_9YMZYVI?S#^D/]?KHE>-C^0/R%_5^S3^SS;U<?)K^
M%LQ_HZ+_`'E.,`_N@G\0]!?ZW7/^#3\7=]3U/4]:%X\I>$Y/M&G\J_"_ZO"G
M^\RU^JK\$>)W6NV\UTS6"3"6?4N'KMFB<DDY!)!?]LK6XH2IM8E1`PF5CJ!$
MO$EXNT60`([_`!==%C"I.1C)E1O:?[1J8I>K\+^(Q0_^'A3\S``_X3+7]?81
M]_;^?T9KP6?";QS99["4P#==E]Q`0,`_^\ZQ!^8>X#^K_P!/5!QX''ZAYH:@
MJ9)'EK0026^TCF,22)#CX$5V79^E?$&3964ET3<E.I6]1KO,W5/*KV,>56?T
M?/6J9?(WZ>#%VQ62T:E6?(:IR<[UX9=X#/-[J2HS3QS*M:S8,:)8[,T2CO+'
M1>M^/[I]A?6L/+1M@HL[*T/7\QDE#QRUBKJ$F$?=J),)',5%*59.F/WVOOER
MJ(1UEC(N23%5@=P1ST%\BUNB;OEM-U[,YI*P4:_UYM8*]*)@!%%&KDITUVCU
M`#',RE8IZDYBIF.5'Y\;*LGC%<I54#!Z6W\]7`H`7]W#ED,4HI$C8/H:)CFX
MA\;<@(QE8U<4DRB4#-`^YU6ZN/X/NQ&NS2P`G'R[DU2/"AY#"\[Z:7FC5K`D
MVQ/8ITA*K+RSX$8_,]4E#)M&JRBZZH(,*K?U@;1,U\12-XZT#$3BAT47\\X,
MITQD+.@]26-)Y>5CB;TPEQMN3X8XWF/37GW/DD5GI%>RH^"&T@;<)W79EYQ:
M6Q/M.<H<3STT)21-<Z:HM3UA@ZH,EFS!CHQ-E<84'4\]S#=TY3"RL!/?P=IH
M662R:56&@_E'_E^=C?\`6Q,_V7K_`*O]YGO\$7BY_JED_LUC/H?_`)1SD_=^
M]C!\9/<-9F0$!.4!`0J]?]_?W'Z>W\_J_P!YGC%#(?%R(F*'OR600]S`'N'[
M&L9^H>X_7_L]0V7_`*+S-_[_`$__`'(W&@:@/OKV,_(^>E=0[>7K_F@I\7W\
M;/+=0[%\.E@PRV"BS5GM3V"4IUC.D"JU-O\`#V`CBI6MM[$.H)8Y^<6\FW2^
M$9&!>RT6<?EO3^@C<;=#:5XS>RI1KH<3*Q<=%S$GCW15$1$ZBCJN%>BBM,12
M1R_`^?5=\=I<Z>_3*`S$*JX9ME`:690PLO>`H0'Q]P0@("'[;^Q![@("'_S&
MV_2'N'JHOGUX8"P5YEVUG$1\4Y46<=6-X9,DB`>3IJ9RLZMHBR9"%.L[I[A9
M*NV%T9150U6>Q3M4J;.L*G"9Y'"66TCI35>'W3+X#$XZ60H-S8H1P1R.'`_?
M/#$N[(3L]:2RC=7P+QGC2',;$)SYYX<CM>]%G0?,_7.J:%9+#A8\9J:SD):]
M9H9&W%9LMVZ]>*=%:2MF*N&LQ&'IL2\`&\?OLIWUR.9,P'(?I3/E$U``Q2J)
M#9!4(H!3@!R@HG['`IRE.7X@*<I3`(!AG6%=F,FZ_P"AH.3:"$K2NAM#E"-3
MKN7GWE$M]?VZ%,5RY,#MVG)1;R-<)K+'*LNFZ*)E/C,)_66^/(Q?W>7'H?&7
MW#HC-@]OB+[^_P",E^GM[^XC_1Z/3YOO&M=[U9%.R<"J[^VR2D(RCMUHM=9*
M/;$JA7&0-8;3X"+:E4=SIVD*@C!W.,8(JRJ<?%0TXQ:O4T)D$8+CL+<RVB[U
MRC$TUG$YWQ+PQJ6E-62A`LKQH`7=HF2&0J-_LA(^Q*CC3FKN8F`T1[0VF<!J
M:W!C\7K?EB,/7O7)%@JQ9BIJ?(S8^"W.[)%!#>@EO5$ED(7QDM2/=%E9@R'F
M][@=3SRD:15GB$A7+Y5J[<(1XW5(JDO&6"-9R[4P'(8X`<J3GY2A!-\2:J9T
ME/90A@!,??O"-V#7W>X[3-/<`846)D]7U62>+W^8^_-:FC*6.YJJJM0S\Q/Q
M`L0(`9K]Z%/[Z/R/O0D_C_6I>(/+YT;Q=3296PAJQL&1Q[UPO!TVZ/I6*E*0
MHZ<KNI2.J%JB"NW$9%/'ZRKU>O2\1,,&+]1TM%DBA=O$E\KZ]\O/4?<]6;X!
M7Z'"9O3[U*,8F1I&<*6&X7?2W*LFT7A:LXEW+5H]7CU7R#4%X&O034\VJ`DE
M'*\8*D?ZFF>U=H[5.&J/DTR)R]2*4P8VLDL75>F2)&4V!&\#5VEC0JW<$HCW
M^R[A$9SMRPY$>T#R4YA9VOHV;2<>@\W>I#):OS$]*WVM-8VS:LQR#%/;KY*'
M*Q4K4Z31>&DHM;"CQPIJUL:T\+:;?]\GYN6(W12$Q-1.4?D))J$%7';S_!$2
ME]RG#XO@,`#]!]R^XA^;/G171OB2ZP9(XEO.OXC?7S*UJUZ$C',U,Q]MK5W6
MD_V+J(5>Q1#1E-P,TK+%3BG!8V22;OU$DVL@D\:E!/TM=XDJA9,^\K&-4&Z1
M2]?N-+G]HJ]I@'BC8[V&L,%E=_8RT6Z%JNX;G78O$5$53MEUT#B03HK*IB4X
M_P`7E=XHTGDWI>_Z&PA)HF':G>)/0,ZT&+2<DAJ_,VB36L<E2)64;&,G7+)7
M+$N]/``^6:_B\/\`A3Z(5<.T)!NR:M/9;)8'1%N:'$ULE4.H;5;+UKU>2588
M_`8SI,L(90J"1'BE,RLJ2-$I`)XFW-;0^D>9OM)8*A=USFM'YY>4V`S.@LMI
MO)U*4N1N#4VK.ZE.^\4LDM@U9X+E-<?-%-8J1W9(V=4W4MNQ_9QLZDA?R&!=
M#6^GJ#\P[&LZE7(V]Q!5/K[-@LE?5JD^W;E.'P`N[83CH"?505S@(G7]ZVXN
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M<A>%&C5+2&98G3-#ZPI&J7B#.=`ZM6>V"L62+A:FY<H+KH.)"$K<%$EEQ14,
MBC-N91J@=5)`JIQ;<4]W:MPC;;U<LD@<\L4IH%9B:M+HZ"PGI)DT8PTPK--E
MXU.OV.N+)O%'"ZB*YG:[M`S<0!-!-4`5]"FR,N&U?I3(Z@:<2U,#0:\S(TED
M,]6[$@E7\MI_M(UFZCU]SK+GJZN"<9I&ES#Y#<\=)\J(,=)1SO-#4T.F(HIX
MJF'>*OF=+7K#4YP/#PXUO"VY,=V@(/"FND`$9C`Z+`C[`(_J_1^L?T`'\XC]
M`_G](!>7[2JWI7D.Z(L%8>(OH:M/JG0%7Z"Q5V[F5SJF0\#9C)*$_BS$96%O
M+19_@$Q?G1JOL81$?6[M9\\W<^EU&1JL4_R?'R2C1TR?VG-:Q,-+<DS=I_)6
M+$SELMMF;P#L$S'!&5C8].5:G4!=@]9NDD7">`>-;QL:1V;I,'>[U"3%8YDJ
M\RA8-`T"PH/(Y#0$(]X+U[3*0]D$?[H'LTLB9&U61(ZL17X=:07<OUYQQ'L%
MW;5^IXM=^[=.::JV[#O=2W//-#V43HCDB0_E,R0QB=Y;$T@C5`B!>OJ.T$Y#
M<F;OLR'5O-OG#F,+B(*^GI\)C<90R'C9[!LVZ=^<*XCABGR-I\;6IXK'TWMR
MV&L6'G%<1(7L=Y(-7=Y;X^O'7Q,U6%G./\:H6W:I&`N*KAHR)"F_81#OQ,0J
MJ0O;+.629.Q4^`4%ZNS`2J$(DIZU'XK?(3@?`<=KTMH&8Z=>]!TY_6H]I+4Q
M.G$C86DUAJ\<(197%ALD0^%])6"7D'\B1)H=H*#.'`JYU4E2EJ)VALDEV7VE
MI-PI299)I>=`BLQQF):)$32&I0SQIGV9L&+)'^+01E_EMYH[=`H$!Q.NCE#W
M,(BW!2/"-X^HBFU.)N&*!;+;&5J#CK1:3:+JL>-CL3*,;-YN=%A'W-DP8_BL
MFFZ>E:,F;5JW(L5%!NDF0I`1XBKGM0ZGO9;3=BA''@(Z^+H6,BKF#PL5=Z,+
M0)'!8!>:**:R00%C-@D'=EXD.NLWRRY4<F-,Z'YOXO55JSS3M9/6FI\3I)ZT
M62]\W,K2U-D8\E8MY/%LE?'W;N.Q$3)([VEQ`5DZ(I-U`>YMHROI'IS3MOR:
MJ6NEU;4EHNPR]9N!(-.5:7!:';1EM=('KTK,,5&$V[8IS2:IG1'?WZ0D?G($
M]DSG=.\6O1YNF>$LMM<F_P#O]TI$$]R303G'W7-:<]9IQ*4@Y,)A,=>Q5DU>
MLIU#`'QGEU/J82F,(J_+#XI.9,0Y#L6T\TY:I1K5F-HK,]<'"=QN]C+*YU)N
MS5J?0.RM5BFVR(PS^8AK&+QFBW<I,XU^594[8YR%K/\`9]>CBTW:-9YIFGX!
M$;+3W-VIC4ZH&*70L\CUR3#1J05@*1>>HSI=VO\`*2446)2T0-_!3^(%^G_>
MFD]>O1S<E4MJ6!Y))*76*;V;,TLE>2,/%"5;Q<<U8)T`(;)Z?(@\1;FH=&<]
M/9>@U)RZJYQ(>3N1KTZ=74(@DS]?#XBACZ66K6I*UW(I)![EMX[+M::RTDR8
M@=W:5''`8N;?Y47/_P#6+R+_`'K5SUTKR_D/^<?_`&S>N8/3[D^S[0ZO?H8D
M>YF*+>X2Z1#>1!1:.<2E4LS6?CD)!)NX;.%6*SR.13>)H.6ZZC<RI4ET5!*H
M4W(_:)NSQ$PAFW-)0$QC`4*QHH@7XC"/P@)M/$P@'O[!\0B/L`>XB/U]-G+O
M5V&TU6RD.4>PCVK%>2'LP-,"L<3(W45(Z3U,-A]#OQ-O:RY"<P^<.7T5?T54
MQEBOA,/D:EXY#*0X]EFMVJLT(C2529%*1N69?)2-O4\.?*?]&I_F&_V1]<\#
MRAJ"CW_V&L``84=:EU@*/T`PI5FOJ`41#Z@`B7V$0^OL/HRG'/G"ZJZ%ZEPK
M$+E1,$CJKI]]:U6>?5NO7AK/M8]Q%2[TZT2XD-`DV2+L%6")2G=1[M("&.`H
MB82F*&ORA`DKY`NP4#J%*5;795$_L8H&*56M5Y,PA[^_L8`,(A[@(>_Y@(>X
M>G+F)J/&:ETU2M8MYGB@SHK2&:%H6[ONZ:;958DD=$BG?Z[CY<0[V3.4NL>4
M'./4>#UK6HU[^3Y9/EZJ8^]%D(VI-JW%4NIY(0`DG?J3*8SY](5M]F'!P\_^
MSP9'=*)2[>OTIK#%>U5&LV1=DWJ%!509KST%'RRS5%19$%3HMU7AT4C*?$H*
M9""<YS_$<<^BOLY.0Q<K%2B?3>N*J1<K%RA$CT[/BD5/&2#:0(B<Q4?B*18S
M8$CF+_#*0XF+_"`/0WZK]H#[!I]7K=3B\ZYQ5C:O7X2N,%7E:T%5VLS@HMI$
MM5W:B>EI)'=+(,TU7)D44417.H****0D2)D)?M$G9YC%`<XYI#W,`>_[%]$_
M2/M_]SO7(<GRE5(B^,L&550L1%D-C(`NY'XT!MU'Z;>?Z!W]%>W?-/<6'6.-
M%*66PL4;7])@BL[,$0[X8L/LB%.[%AL?/<`\.>B3W$1]_P`Q]_R__OJ>@;Y-
MY,-SO>5YG=Y:L98WE;EG],M4FA'Q5E28(2%AKD;+O46*:]J<KILTG+Q0C8BS
MA=4B)2%465.!CFGJVH]3XN6..5'FZ)$21286!Z74,NXW\CL?,?L,(V^3&N*5
MJS3GKXX3U+$U:8+D(F42P2-%(%8+LRAU;9AZ@;CU&Z4?N/ZQ_P"\?7X;^&4Q
M#@!R&`2F(<`.0Q1#V$IB&]RF*(?00$!`0^@A[>IZGK'.Y^O[?L!^CC]`/IZ<
M%M\>GEHV?C&5B*-=74WK?.)UR-WU"D'WWRS4)JJ8A5)3*Y:37`&:;0I154H<
MB[3JTB4RQ8PU=D%3/UG8\BUW*^BLS@M+RRS0M\SZYQHJM)%B9-PW5(LB";^'
MFHY<OSXZ68&4.PG*_+MT9"-=%592#1-0!*/,O]$0\=7D&O\`P=J_XPW"6M6+
MW!RW0U?,FSLA0D42@1NC<ZLBZ-]S9WR`;E_]E.)FJ%FC2&KLPY33&,D(FU=#
M<P[&&DAQ>9E>QAW*QQ3R%I)L;O\`"I4^;R4QY!X?-H5^.`?"T,F)?:4]E+%<
MP*E[6G+ZC6Q&O:Z26[>-JI'5H:O*?'(DB`QP4\\P#-7R"A([\Q[&2/5*E^J:
M3RN>&Z!>04]TAQS2?PJR1HKR^E894V:2,-8HHI%W,G;<S@&R92QEH8B!7,K2
MH@J<79&17#NOQS6R(G9V!4O_`+_^T!`0$!]A`2F`#%,`@(&*8`,4P"4P`8!`
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MK]FG]GFWKG:$,4WP&*8IBF`IBG(8#$,4P`)3%,41*8I@$#%,41*8!`0$0$!]
M=$OQL?R!^0OZOV:?V>;>FWDU_"V8_P!'1?[RG$O_`'03^(>@O];KG_!I^+N^
MIZGJ>M"\>4O%==WR?E2Q,UM.Z4SS!YB.IT-]S<W_`&FM4-TPJ]>%Z=P+=S:K
MLV^Z0L1^(.SK_*6?MF@O')C@45UA^+#.9M^X2M[!/,>0-FY5M$?#GEY!//\`
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M+=/,TEDH1L];2;&0?%^6V>*L4GLDQ#-4JV2K6*U><J"%,T,<I4$^84R*Q`W]
M0/[>!T<IG<3$RXG+Y/'1V`)94H9&S269XRZ!C'!/%WBB@[-TL5!(\@>"(67C
MWE"Y3DK9K=S3@]IL<ZN#F:G[%D](FIJ7<E;(LP<2DI(PKAZ_<?=&Z#<5G2RJ
MHHHIIB82D*`9'=>;>>](9U6/T'#LCO#"C1'X!3&5MSNJ6%K4X+Y3)#\&K;>5
MBW24+%_)C8]+[A'%;MOEL6A/E_"W2`M&]\\D-OK?3-CX\Y#Y(TCL_>\SI]2O
MNZHP=^S_`!/*,.KU_;.'M$C;SJNF+F:.;Y<8QL>;K](K<!,O7$$(R;EXU30=
MIMO9Y)\CQ>@[)TCC>O<\:+RSU)RK`5ZXZK@]\LU'NQ'M&ND1-3%*O6<Z319%
MY5;U4ITD"_CEY%LC'KPLN5-C(-`^:FH(/`4MI1X.KM,09AV(?MB&ZP9!T?:$
M/\8+`[-\0\_/@?O_`%*/!R>_<R&QR%<>?>USN4(Y(EKD5!XGN58W@Z(3V1&K
M0],9WCV'!`,_S7/,HKR=2S"BU#/*LD\>2*5<I-<B:O!IOY%0%G[TD5"M6;(K
MIZL4%7;@J(*N%``ZIC&`!]9+,0\388F4@9Z,CYJ#FX]Y$S$/+,V\C%RL7(MU
M&C^-DF#M-9J]8/6JRK9VT<I*(.&ZJB*I#IG,40E<=>:^"[PL.$Q7,W'_`$9H
M=7O,967F_P"OM255ABO*\S9(Y],&H5UT"4=L4;]I%?AD8F5LM4SN-D1@V]F@
MFK]^E*+/(]E\&/F"U[<YG4)G@/QQ[GVG@616N?HD]T+%:UCN)U"^6VGNE6EP
MC\%@=.?)6+86,$X;NX\)J,0B8^4F6H1L<947;!=T>L2(@B2-$C5>@1JJJBH!
MMT!``H4#R"@`;>0'#=-)>GM26K$T\EQY>_-:GG9K#3LW5W9;$K]PS,X+!W?N
M,P)!)&_!%7G.?#6&JPFDR.*\NY&M7K'7$Z]>Y"B9?1#0MLE)9K$5-.(LKQA%
M`PL$C./6477DVCU.1>2SMJRC2JO%T4CVW]@$/T"'Y?3]`@/M]/;\A`0]OI]0
M$/U^EB/)]W;@O8WAG;]4Y^^G:S1(#K_D!CJ%<T:#5KU\QFV97V!E*NH4;3:N
MF9^XA+31DV+E>69MCODG<>9I(Q2SUG(-#JV*T'S-[3D>=&ZFT;Q==05G@LL@
MQEG71SG0L;5T>%RN;E$&D/L%GY83F`U*M4YXV>-IM1E+/F]FC(%PV>S,1'.7
M2#(X8:T%=2M>"&!6;<K#&D2LVP&Y"*H+;;#<[G;;Y#A3?O9?+/'+E,A?R,\7
M7!&^2NS6I(U4J_9B>W*[#=I"W:0^9/4%\R>"2;!X]N*MZG%K/JO-N7V:RNE#
M+/K(C"*5JPR:YU/FG7E9NI.H&2E5CG_OUI)RZ54+[D.<2#\/KV<*X6Y&YHF7
M-CP_!*#0K*Y260/9V;!U+VA%LX3!)RS8V2QO9F;C6+E,`*Y91S]JU<``_.2/
M[C[Z:[,\E.-<D4+$IB*K=WZ)U7J>5CX#E3!L19,YC0MXDY**83H25?5E7#"%
M@J1"0<K&SELO5@=-8:O1+ULLL5RY73:&KK5/+%HN>[7CN.>0+A75>$6?1-@9
M47$M@F]9R?>,4L&H23<J\5EMTO&6O"AFEUL1Q%A56UB8*14_(IKMV\FDBB=T
M5*N)QBV/&KC:"V^HN+0IUQ9Z_0L)A'W>KY%@V_Y^'=M9:XFPQP+ZMU/)@##V
M/<DFH,FV*:!#OVEQ;W/"O$A7\A:Y12`-AMP1.`R_D]/<;)8JQ0\!+T;`$;W"
MW3$'7Z!^W-")7UM*1K2SV)TP0&Z1B5Q:-9IBVF9/Y"=A0;2;=!R[(BZ(3>E@
MKM?M<-(5ZTPD/8Z_*MC-)6#GHUE+PTDT,(&.VD(R10<L7C<PE`3(N4%4_<`'
MX?<`'T%W`)".A?-UY0YB7>,HJ+BN+?'Y)RTI(KH,&4='1[WHQT^?R+UR9)%H
MS9-4%'#MRY4(BW01.HJ8I$Q$,?K?F$W7>XJT:UQ=XOND^IN2H"9FHF(Z(C]-
MQ?)WVM1]8?.H^RV?!,<TB887C3JXFJR=)UEZ9:O*VUZB:,8(-I`JK=)4D$,:
MR+'#$BR,SRJD:*LCN`'>0*`'9P`&9@2P`!)X9)[N2MRUYK%ZY9EI05X:L]FW
M+(]6&$=RO!7EFD)ACA9F,$,3*J$DQJ"3Q9=+QJ^*O4[3=T(3!<)L-HIDX2`T
M""H-I?LE*58W#-.62@[/5J/<&;2I3*T>[0D"1<A%QCU5@NW<E;BV,B?U:G$.
M,N5^;G!W^(81G&>2YT!:GL4-7T%[4HV,4Q3MU;9*FD;(HBJ4X@LF:4^!8/;Y
MH']B^P&?#WV#@,O</.;VT\MYZAST'5U?V*:MEUA9.L254J,/SC6'-A0M5<?-
M2S<99:Z_CI2!EJW]T7E0LK)Q#LD'CQ5`'%BB^9_?AR<O6Y_$YUF3A,6`74V\
M&T#$QUHF-^_S1V,>4RSXZ6-/+%_W3"B65&5&G!^R<$/PW^-](X<-B*\PL5\5
MCH+"DD30T:L4P8^I$B1*X)/T._W\2+(ZYU_E:3XC*:TU=DL84CC?&Y+4N7M4
M&554I$:=N\]=PHVZ(^V=@!TC;;@WFAY=FVMP"=5U.@4S1ZRC(M9=*OWFLP]J
MA4Y5B1=)E))QDVT>LR/VB;IRFV=E1!=`CA8J9R@J<!TE^X:XO_R3>;__`"5S
MO_E_U3[JCS&\L<K07&FCV!2PWS$NTZ[H=HSC4L\;EGDQCZGF,3H=.CHNEI(C
M;;A:M:D+!7Z#2*I!,BRX7&8:LYE)@@D\5;6TXVZ*U'IS,);1M2Y1V3D%ZG<7
M\)6<[W=Y43:#/U1"'@Y)A=W\-4).7;U=O).Y1]#A7Y9X::9O8-\=TF""K4ZB
MB:C3G823U*TSD`!Y8(I'Z1OL.IT8[#<[#?8;_GX9Z>=U%BJP@Q^:S..J%WD$
M%+)W:D!D8A)'$,$\:=QC&`[=/4>A>H[`<?1YR7Q%GK1U=9'G+F.G,*RV7EWM
MID<JS&"8P#1FF91Q*/)E]"MF<6V:)@*JKYRX01;E#YAE2>P#Z^V:]<\4;X^=
M9CD/2_,NQ2CAF_A'=!SK8LOO<DLP38JIR<8>K5RPR+Q5FE'"J5XU28'039B?
MYI"HB(^@J^>N3H'[?7BUK/9<K(P7C`G]TU17K1XNYL3/,IC1HBB,'G-U9W-U
M!D*FCG#ZV#,N3-Y9RG`NUFTDXF"D2BTG+???1?B_\9??O+-C:<>TODNGZM7J
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M!Y&RL7((N&3]B[1,9)RU=(JHK)F$BA#`/K2E3Y(Y9H5CB;A2.<<-I]K@7"CN
M$LM8RNE04]$.E6R[)5Q&R\9#-GS)95FZ<M%%&ZZ9E&SA=`XBDJH4PU]P\U.>
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MU-2^19E&Q<5%QS=9])2DG(O81!FQ8,6B*[Q\]=K)-FK=)5PX532(<X?"`XYX
M2M<%#6>K\S\LV2M6**CYROV&`R;+YB#G865:I/HN8AY:.A7,?)Q<DR71>,)!
MBX7:/&JR3ALLHBH0XUB[![BR9CJ'0/#5CR6XZS&0?CRW?J#HB0JUGB:_&53(
MR0MDJ,?0';Q19&6;7;64&\\SK*S-PS"&9I#.N%ODI@=/7S?R&<S\5^.C@"U4
M;*-5F`W_`!3GZA<6<?T11#0MXO:LQEU3>T_-HY^\D08/ST:K/(HE\T";E2PT
M:V0_$73MZ^D8]D^3^Z\;_1U'_9*_^'PZ#5NL"JD:HU+N6`4#-Y+IVZ=_7Q>X
MV`W]-@!N2-N")U?D/E2D6*'MU-YMPFJ6JOO2R,%9*[E%'AIV&?D341(]BY6/
MA6[Y@[*DLLD5PU625*FJH0#?"<P#+1R'RI=[%,6ZY<VX3:[58'II&=LEBRBC
MS,[,OSIIHG>RDK(0KA\_=F2112,X=+*JF323()OA(4`'95_*UJ.?;%AV4]\\
M&:KP]%]+VV-S7%-:DM@R#>LHD=9FDE%H'+="L>7OTW&9W"S&249U9.682,3.
M2("U0DDTTG;IIFO07E`G*QTW8N->.>3=-[EZ(S2K05UW:*I=ZS[(,PPJ$M:!
M753BM!UO3G:4"2_6A@8DO"46'82,HXAS&>KK('1<-D!^[J/1VO`T^UU]SM^&
M@[?<Z0O7T]'1U].R]6V_3Y;[>7!/X1:J\5XL:ASGC#7\/XP9J[WO""42]@VQ
M:ZA7$VTAB,@C$I#E>L@\7`_<-<7_`.2;S?\`^2N=_P#+_J?N&N,`_+DWF_\`
M\E<[_P"7_5<.4?)QGV[_`+HRD[=F%]X[Z$Y!@D[?TEA>RN8*7D:7GSN(DK!&
MZK4+K2W,G5]/RN2B(F17:W"JF,!%V@MW4>@+N,5D*B*^9G?W.+NNQZYXJ>F+
M%P@A#.-#;[JAK.&1^L2F'-&II)?;8SE]]-DO:M-6ADSV6/9.K`TL+FJ!^R%>
M.9,P.*8/=>-_HZC_`+)7_P`/]7!PU7K(DK^%&H]QL///9$`D@$!2;8#$C8@*
M22-MAP96-P#"X>.81$3CF81D5%,FL;&1K"BUIFPCX]B@FU9,631"-(@U:-&R
M2:#9NB0B2"*9$DRE(4`">IFN\9%KN<T#6*#H%8FZ)I])JNATJ:"6:,PEZE=8
M)A9*Y*?='BJ+MK^(0\FS=_=G2*3E#YORETDU2F($]'BM6``%>`````11@`#R
M``"[``>@X:'R^69F9\GD6=F+.SW;)9F))9F)E)+$DDDG<G<GSXYO&N97<\/T
M^]Y!HD:$1=\YL;RL61B0YE4"/FI4UT73)P8B8.XR38KM92)?D(",A&O&KQ`3
M)+%'UKOTUK]H8HM(1B<@O2-.JJ5WD5)6(D+BG7H@EJ?Q,>JT!A%O+"5F$NZC
MF0++`T9+O#MFWS5/DI$^,WNK+\A#_$I?Z,G_``]9`U'A8\+F\AC89FEBK6&6
M)W0*_;;I9%?9B&9%<*SCI#E2P5.KI'OKR@U_:YC<N=+:PO4(:%[+XV.2[7KS
MM+!XN'>"S-`6BC:*&Q-&\\5=NXU=)%@,\YC[S^)ZGKV_D(?XE+_1D_X>I\A#
M_$I?Z,G_``],?:_K?3Y?7I_/_6_5Q97?_J?^K_Z\%@\57DUEN(;LXH.DN)F<
MYHODF+RQ1C)->3D,UM#GY*)M`K$83YBSMB[22(A=:W'$*XED"-YV,17GHX[.
M:=XS_1:)J]/@K_F]MK]WI=E9)R$%9JS*-9:'D6R@?WS=XT44(5=!0#(.FBWR
MGC)RFJU>-V[E)5$G,G^0A_B4O]&3_AZ+]X6+[>H#KAM2(*Z6R%ID[#%E)NHQ
M-CF(VL3,F5R5(LC*P#-XC%2#\J0BF5V[:+.`3'X`4`OT]7#RVU?D(+-73=A5
MN4Y6(J2N[)-2!'6T:GI<2P;[E8CT%&8],@39!@#VP.0>E<EB,QS>Q4SX'4%*
M.%\[4KU8YZ&HF9TKQ6I4$M9Z.352JSW8S8CMQQIWJOB"]I[J^5SPX6)E8['T
MMQ_4%YV"G73ZP:EAU;:E/+0,LX4%U(V_+(1L0#RL+)K'6=SU"C4S2,2^,M(U
M1H^CW:T-&'B\;Z*S;@WD=NX16;N&^!YP@NW<(JMW""R4"@FJBN@L1-9!9)0I
MB*HK)D52.4Q%"%.42A=8_P#>F_F*(A_2`>X#_2`_4/Y_4(`%*4```#V_(```
M^OU'Z!^L?K_3ZMO&Z5QN(S5_,8\-7.2@$=BFH7PZR]U93/!ML8NX03)%\2=3
M=4?;`Z#A'6'.W5VO.7>E^7^J6CRBZ0R9MXG/RR2>]9:/@9*,>-R);J2Z:R,@
MK7B8[(AC$5GQ3D3K_KU/4]3U)N*<X%)JW7>:6GR.-/%MTCBN;RN:[#RHANV5
MV;3C1EI@MGNT-?9.O7#(VE`LM<>5I_*5:OQREM3/^*.YA5`BXIQ+=($7:U$?
M(%X=?'WSU@&[=A<U/)GQJ;=C.>VO48#=^;+U;,MKS6=JD8YFH:!L^8,[`WSN
MU0MHEFK2NFK;2!8R<JYE&[*,.JNH5DZQ[[5?4:H\\;"6C.ZQ7G6A9QK-8<9Y
M>W,+&KW.AKS#20&67IEH5;&FZNM*#&1HR*D&^8G>C',1<F5%HW^6A;P]M.Q]
M1]E\H9/TSK.F=%98]V"CD>9INM\M.N9^[(I+Q+(Y'--T"5L%<7*=F(M#E5C3
M@9L(H"`I")/0@/G]-SM]VV_Z?VWX<J\)=(Y4D:,;L'0;L'*;$D[D+\0(!!5@
M-MSOOL'<<HUJ^=3][_9L-[W>NMF6J:%P-V'J-I;'BPBT`N\AC^>`I:6424YT
MHXLVD^<3[!J4`39MYLA$D4/@332(WYKV#):N>,Y\LW(=U$^8C@9:/6$3%.V.
M]MUJBW8D$IBA[+Q[E=J<#@8ORU!$``P%,&%=3L&,=YU/#TPCV31@QC>;O(@P
MCF3-LBU:,&+2E9PV:LF39`A$6K1LV33;MVZ!$T44"$23(5,I2ALSS/$(>J^.
M,#D*<`\OG`!@`Y0,`&"^V'V,`"`^PA^@?S#UP>H^\?W\%`]4M4^@*'9?YJF6
M;X1L`-O,^@`\_0<5LH=][#[)[6\A56XIMO+?!><<^[Q6,1VO:7'.+#=.J^CM
M7J.>Q+T+186,S9:/3H:E5Z`DDZI0I:U,KE).8INX_"7(,_F-&-<^'(.QU?S'
M>6VI7GJ"9ZXT&L<%X3":%J$U7L]J*T7;4S6UX]SMK5,MB(:G5AG3(Y]$I!!M
M4',LS=2+LUBD7\XJ]6!?_P"TFZCIO,_EOV66YOT6]\_2FH<X4N1TN2Q&W6#*
M9#0Y!.LHMR/[R\H<A`N+:\(W220(ZGU)!<J*2:0'`A"E"S7$L)#4'OKP8K46
M(C*4MM'C"Z/LFQ*U)@TKBNL6);,>N)]:>TM2'29FO<TK.HI32DI:1E7QY9).
M2,N+PA5@%MN/7Y;^GT"_/U^?W?W<*.Q]D6Z@`T".`(UZ@1&DFQD.[L#T[;`J
M`2"!L.DL1>'?.'D5]GYY[K>.QJ<9>[OR!I-D@W#%H3[_`"&JZ,PT&32F'!F:
MD:Y?R#FS23--)07J#P6[=BT!^F#9)4E#_#+@?D*U'QI<MS/,'E:SK(<PA:,Z
MJ#G&#^/_`"70)W(;U7;!+M-`S^V6I]J$?-S%K86E1_*2DK/Q$+-S03#::=1J
M))!%54OG@B`"^'[Q]@4```YMIX@`````_>I<?<`#\A]_K[_K^OY^D#/-]JVH
M\P^4_NNE\U:3?N>:=>O[H+O4\-N-BR6LW&>L(,%Y^;M4#09&OQ=AEYQ=RY6F
M)*7:O'DFJX74>K+G54,;B[GRW^GJ-_F!\_OX*B#2/87=0>YW.IXXY0?B92"L
MBGS^+<$$;>8(.XV.=J^65!GP5Y)E!ZA?=BR>D^8SC&+WN_,>>V?/V5NMJC-\
MY\J&M1><-X"]W.NW1F\1_"R6JT5P\.U+.`=H9)ZZ*I(*M)^56.8R?C$\A3.0
M:-WC4W%W3Z@MW"15$A.SR&X.FIQ(8/;XF[ALW62'Z"11%,Y?82%$`5ZY3*?2
M?LZ'%$13*I6JC$OM6\<%C>Q=8@HN`CGEAL?9&2RMAGG3**:M&SB9G91PXDIF
M462.^E'ZZSQ\NNX5.H8\WD_*4WC4\@93`!BFXOZE`Q3``@(#CEV`0$!^@@(?
M00'Z#ZX/,C[_`.SS/TX!)OW4W._399?10/@$"[]*@*-P!N``.`FXW,5FA>2S
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M^\I\B9JHHV,]KRT<Y,@H=$513,8H]`^?E]VWKMTCS^_?S^[]!R1=>UCJV,'6
M>C;<.8F+#SW&P;<!AL=]CY^?DPMTG5]'MO6WVA&HYJJZ-I<]X@.;X6LE8E.Z
MD'L^\S_JUL1DP*F*:JS^3,9=BR%,`4,[=)&(0Q_8ABX^)2]Y!?\`QD</6#%%
MXC]@+7F#(:\W;10(E1@;!4Z7%5ZY04D")E"M9J#N$;.-IQ-P<'*<@1PY<^PK
M?,-73G`I0\X?DP$"@`_N._'C]0``'Z2O1?M]?YO8/;]7L'I`#RSZ9H_/_DP[
MSP?!M`N^)8=9=T3+8\9R.USV;918"V&PMDI\LWG=-?PM0E0G$E54Y@'\.N$F
MFHH1[\\IS`/`-_+]O,@<%)%WAV=^G989.K;?\I(XRI7<>FX(.X]"-O/<&HUV
M7K>Q\(_::+IS8\9/<E>>1?([Q,OJK&)2<18<PJUMS&1U^R1,:W5(WFJZ^<Q%
MGNJWR%T&<[`I.7(J(,GQC%/LE@7DGE<(_;70\WF'.N?'F7*74+2'C1PTU&/D
MQZD>44E3JAK1XPM=+40/\Y,QC-4FA3LC@/PF2]>!XB\TSB%U;R^97#Y_28G,
M"ZCS'4BYQ&52"84(*K(^/G&6LA60I[5@E7@K[YL]>MGD*$=^&N4';I%=L=-P
MJ4_/91US5T-\D.5D=.T-'F!7KJ/KBO."5TLB>"J5X]Z=KG@E,?))!GIX8ZYS
M+&BS5T6)E3&4%`3B(B+Y[#;;R/F`?7I'T_\`WY\*%4N712H$;))O)'',Q[L4
M6Z[R+Y=/0-B/7Y@[#9S+F3',D;J?9;Z+5;W9MZR&#OG?FC9=?-%R@V/35@CH
MC++IH^:S0YA(6&YKUF.K<D,6YI8*SSQ1Q%Q%?L+$8\B[-LU<;(4I2@!0`/I[
MC^L1$/J81_28?S$1^HC]1]!%ZY@8.M^27P-UZNPT5`P%<L';,)7H.%CF<7#P
M4-%\8GCXV(AHQBB@RBXR.8-T&3%@Q00:M&B"+9NDFBF0A3=E_(/Z`_U>@GY?
M<3^L_P#+A#88L(2?Y22,?3U-F?<[``?3T`'D/(``<"RZ6[0I-/[ZYT\>.\Y)
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ME&[!BH))\V`^(;`J0P]?D>GAP=/7>ONP4/LU?2%^Z%A>>]5U*G]FYO!='W7"
MZ_K%;)OCQFVJ>9V%_E\_)5VN)6WH'-Z8Y"N3R\G'),YJ8D)2"C4A,W;A=CR?
M\L=?1/,L?%=U^8N'F<EM^VX+6JA5\^\9N?$T^S[4.F04MD,/FY*OM$58369*
MUQ;=^L:.>H`U@6LTJ_$T?]Y16OGYULSSA/PS=!P:>?TA.%RC-J3-9;$$JD"2
M+S:9JCR&BJO+4&/*P!I3I.MQ;ES&P#^NHQSJ'8.%V<<JV;JJ)F3F^SG:GIW3
MGE=YV2Z3T:^=")9?DMCL.9I[C;[!K">=S[&O2WW*<HI+[(3Y:E,,_DH_=9.`
M"/>M_E)?*7)\LOMT`D$[@;;[#8'\_J?/Y\#0ET[JB-%B:39##$YV#M*H5W0L
MH'7T^6X\MP`2>&Z^#:E7G/G(\X5V<QC1Q:X>L^/BGL)Q1`GWUK`SV#/)N?C6
MZ@@)D&DQ,UV&?/T$C@DY5BX\%06*R;"G[/D2;)<B>17QZ>1IHJG#9_>IV0\<
MO6$D#I&,CT,[WEVK8>?[Q9W9_EM4(3/-NB2-'LI)B9%DVM3=`J[8AQ,'K<'D
M(7S+^<PY2%`QQ\=/QF`H`8_P\[60"_$(![F^$/H'N(^P?0/68_:$V#"0\-W=
MA7[)H^*SRZ"DVA7C9%R5K)1NET5W'2#<%B'!!]'NTTW3)VD!7#5PF19!1-0I
M3!SU('U"C]0X3^MF)"3M)%6B;_LR01*?T;[C\X'%)N88MWN?%GF@\F]D;F-)
M]WUKJAECB[A(HK1_(7-62Z)C&!M&IE/=5NA:5(:WW]T#8J#23-8&,@":GQ)*
MCH?`9B!S[J3[,Y=]952B\\MGBJL>/Y'8YY<J58CNC[/B^)OHN&:N73=5C&6^
MWT=&0@((PN&#Z:573BF;E90H,79>*_#Q$)X)HV*A8N.B(MOXI#`WC8MBVCV"
M`+\D+N5P19M$DFZ0+.%UEU0(F4%%EE53^YU#F$:G;%3JUA^RW9#(S]:K\Y(4
M7A/C>YTA],0T=)O*=<(RAYJTC;7573ULNO7K)'M7SULQG8@[.4:-WCI%NZ33
M<+%/]Z@#ZDCS\_YO[?+@8/460[@-.8AL?,+VS&H!V_DJH!&PW&ZC8'R-GW?M
MW*>.4K%VO4N=L-:9:CTKBF7XQFYZ#6=&L$SNMELP)YY-U:K6ETQ11DJ,[3<6
MIW:6"I9*FQK%U,M1^\$2267ZXGQSMNZ=P^8RB8#Y"J1R9H\/Y`;I?KYE=GX^
MSS=;=;,^O]6KLEBNIM;+;="K\ZVICJEJ(5:)AFL:M#1#V*=O"O2.K(9OZ#-]
MF,TO1NF?)Q3ICI"_W;H*7R'ENRRF32NW6J=U>2R^3=NCQCJ1SM]?'\\ZI3]S
M&O'<>X>5I6,<+,73EHHH9!=5,UH_M95GLO/_`&?QQLN#V&<Q/7[5F$S7[1JN
M1RS_`#?2;)`QEL51C82?O--<0UGF(B/13328QLC*.&;1),B:"*9"E`.@;-T_
MK(WV]#OL?NVX,2'M/V`RL9(B_6\:N%*OOL(WZE\PNQ.^^YWWV&Q)ZRSF`QSR
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M$E:R]N,@D\KJF4Q,NTHAX)VF8R;F(-`C'KD,)%6YRB(>OB#N03OMM\ON'R]/
M7Y>NW`EC:25T+K]FT2$&*,HPWVW$:A0A'5Y%3OMY;_,/P<^><GFNP8)B$\/"
M]MIXS>0YK+C4L^I50-0JL,E3(5[^QRD&3BH\AJA"?._#*T)&#$@PS5D)6;8/
M9$D]'<YZQ[(X3`<.A87+,YB(>(Q_,XN)B8ND5EA&Q<8PI<*T81T<P:1B35DQ
M9-4DFS1HV22;MFZ2:**9$R%*$]!W'T_7]W_(_I_-PD)A#$=IO([?OK?5?ZI/
(S^O]OIM__]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
