<SEC-DOCUMENT>0000919574-20-006472.txt : 20201022
<SEC-HEADER>0000919574-20-006472.hdr.sgml : 20201022
<ACCEPTANCE-DATETIME>20201021212203
ACCESSION NUMBER:		0000919574-20-006472
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20201030
FILED AS OF DATE:		20201022
DATE AS OF CHANGE:		20201021

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34638
		FILM NUMBER:		201251474

	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>6-K
<SEQUENCE>1
<FILENAME>d8632963_6-k.htm
<TEXT>
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  <br>
  <div style="text-align: center; font-size: 18pt; font-weight: bold;">UNITED STATES</div>
  <div style="text-align: center; font-size: 18pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
  <div style="text-align: center; font-weight: bold;">Washington, D.C. 20549</div>
  <div>&#160;</div>
  <div style="text-align: center; font-size: 12pt;">________________________</div>
  <div>&#160;</div>
  <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM&#160;6-K</div>
  <div>&#160;</div>
  <div style="text-align: center; font-size: 12pt; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16</div>
  <div style="text-align: center; font-size: 12pt; font-weight: bold;">OF THE SECURITIES EXCHANGE ACT OF 1934</div>
  <div>&#160;</div>
  <div style="text-align: center; font-weight: bold;">For the month of October 2020</div>
  <div>&#160;</div>
  <div style="text-align: center; font-weight: bold;">Commission File Number: 001-34638</div>
  <div>&#160;</div>
  <div style="text-align: center; font-size: 12pt;">________________________</div>
  <div>&#160;</div>
  <div>&#160;</div>
  <div style="text-align: center; font-size: 18pt; font-weight: bold;">SPROTT PHYSICAL GOLD TRUST</div>
  <div style="text-align: center;">(Translation of registrant&#8217;s name into English)</div>
  <div>&#160;</div>
  <div style="text-align: center; font-weight: bold;">Suite&#160;2600, South Tower,</div>
  <div style="text-align: center; font-weight: bold;">Royal Bank Plaza,</div>
  <div style="text-align: center; font-weight: bold;">200 Bay Street,</div>
  <div style="text-align: center; font-weight: bold;">Toronto, Ontario,</div>
  <div style="text-align: center; font-weight: bold;">Canada M5J 2J1</div>
  <div style="text-align: center;">(Address of principal executive offices)</div>
  <div>&#160;</div>
  <div style="text-align: center; font-size: 12pt;">________________________</div>
  <div>&#160;</div>
  <div>&#160;</div>
  <div style="text-align: justify;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form&#160;20-F or Form&#160;40-F.</div>
  <div>&#160;</div>
  <div style="text-align: center; margin-left: 0.5pt;">Form&#160;20-F &#9744;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Form&#160;40-F &#8999;</div>
  <div>&#160;</div>
  <div style="text-align: justify;">Indicate by check mark if the registrant is submitting the Form&#160;6-K in paper as permitted by Regulation S-T Rule&#160;101(b)(1) &#9744;</div>
  <div>&#160;</div>
  <div style="text-align: justify;"><font style="font-weight: bold;">Note:</font> Regulation S-T Rule&#160;101(b)(1)&#160;only permits the submission in paper of a Form&#160;6-K if submitted solely to provide an attached annual report to security holders.</div>
  <div>&#160;</div>
  <div style="text-align: justify;">Indicate by check mark if the registrant is submitting the Form&#160;6-K in paper as permitted by Regulation S-T Rule&#160;101(b)(7) &#9744;</div>
  <div>&#160;</div>
  <div style="text-align: justify;"><font style="font-weight: bold;">Note:</font> Regulation S-T Rule&#160;101(b)(7)&#160;only permits the submission in paper of a Form&#160;6-K if submitted to furnish a report or other document that the registrant foreign private issuer
    must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant&#8217;s home country), or under the rules&#160;of the home country exchange on which the registrant&#8217;s
    securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant&#8217;s security holders, and, if discussing a material event, has already been the subject of a
    Form&#160;6-K submission or other Commission filing on EDGAR.</div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="font-weight: bold;">INFORMATION CONTAINED IN THIS FORM&#160;6-K REPORT</div>
  <div>&#160;</div>
  <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">Attached hereto as <a href="d8632963_ex99-1.htm">Exhibit 99.1</a>
    is a copy of the press release issued by Sprott Physical Gold Trust (the &#8220;Trust&#8221;) on October 21, 2020, announcing that it has entered into an amended and restated sales agreement with Cantor Fitzgerald &amp; Co., Virtu Americas LLC and Virtu ITG Canada
    Corp. (the &#8220;Amended and Restated Sales Agreement&#8221;).</div>
  <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
  </div>
  <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">Attached hereto as <a href="d8634229_ex99-2.htm">Exhibit 99.2</a>
    is the Amended and Restated Sales Agreement.</div>
  <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
  </div>
  <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">Exhibit&#160;99.2 is hereby incorporated by reference into the Trust&#8217;s registration statement on Form&#160;F-10 (File No.&#160;333-239717), filed with the Securities and
    Exchange Commission on July 7, 2020.</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
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  <div><br>
  </div>
  <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
  <div>&#160;</div>
  <div style="text-align: justify; text-indent: 36pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>
  <div style="text-align: center; font-weight: bold;">&#160;</div>
  <div style="text-align: center; font-weight: bold;">SPROTT PHYSICAL GOLD TRUST</div>
  <div style="text-align: center;">(Registrant)</div>
  <div style="text-align: center;">By Sprott Asset Management GP Inc.,</div>
  <div style="text-align: center;">as general partner of</div>
  <div style="text-align: center;">the manager of the Registrant</div>
  <div style="text-align: center;">&#160;</div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zb76ff640d0584836b72f89a25e5d3238">

      <tr>
        <td style="width: 50.66%; vertical-align: top;">
          <div>&#160;</div>
        </td>
        <td style="width: 6%; vertical-align: top;">
          <div>By:</div>
        </td>
        <td style="width: 43.34%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>/s/ John Ciampaglia </div>
        </td>
      </tr>
      <tr>
        <td style="width: 50.66%; vertical-align: top;">
          <div>&#160;</div>
        </td>
        <td style="width: 6%; vertical-align: top;">
          <div>&#160;</div>
        </td>
        <td style="width: 43.34%; vertical-align: top;">
          <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">John Ciampaglia</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50.66%; vertical-align: top;">
          <div>&#160;</div>
        </td>
        <td style="width: 6%; vertical-align: top;">
          <div>&#160;</div>
        </td>
        <td style="width: 43.34%; vertical-align: top;">
          <div>Director</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50.66%; vertical-align: top;">
          <div>&#160;</div>
        </td>
        <td style="width: 6%; vertical-align: top;">
          <div>&#160;</div>
        </td>
        <td style="width: 43.34%; vertical-align: top;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50.66%; vertical-align: top;">
          <div>Dated: October 21, 2020</div>
        </td>
        <td style="width: 6%; vertical-align: middle;">&#160;</td>
        <td style="width: 43.34%; vertical-align: middle;">&#160;</td>
      </tr>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d8632963_ex99-1.htm
<TEXT>
<html>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
  </div>
  <div>
    <div><br>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" id="z4c06a7be350d428187cdc3625871b87b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; font-weight: bold;">FOR IMMEDIATE RELEASE</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: right; font-weight: bold;">NYSE: PHYS</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: right; font-weight: bold;">TSX: PHYS AND PHYS.U</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">SPROTT PHYSICAL GOLD TRUST EXPANDS ITS &#8220;AT-THE-MARKET&#8221; EQUITY PROGRAM</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold; color: #000000;">TORONTO ON, October 21, 2020 &#8211; Sprott Asset Management LP (&#8220;Sprott&#8221;), on behalf of the Sprott Physical Gold Trust (NYSE: PHYS) (TSX: PHYS / PHYS.U) (the &#8220;Trust&#8221;)</font><font style="color: #000000;">,</font><font style="font-weight: bold; color: #000000;">&#160;</font>a closed-ended mutual fund trust created to invest and hold substantially all of its assets in physical gold bullion, today announced that it has established
      an at-the-market equity program for sales of trust units of the Trust (&#8220;<font style="font-weight: bold;">Units</font>&#8221;) in Canada.&#160; The existing at-the-market equity program in the United States remains in place.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">In connection with the at-the-market equity programs in Canada and the United States (together, the &#8220;<font style="font-weight: bold;">ATM Program</font>&#8221;), Sprott (as the manager of the Trust) and the Trust, entered
      into an amended and restated sales agreement (the &#8220;<font style="font-weight: bold;">Sales Agreement</font>&#8221;) with Cantor Fitzgerald &amp; Co. (&#8220;<font style="font-weight: bold;">CF&amp;Co</font>&#8221;), Virtu Americas LLC (&#8220;<font style="font-weight: bold;">Virtu</font>&#8221;
      and together with CF&amp;Co, the &#8220;<font style="font-weight: bold;">U.S. Agents</font>&#8221;) and Virtu ITG Canada Corp. (the &#8220;<font style="font-weight: bold;">Canadian Agent</font>&#8221; and together with the U.S. Agents, the &#8220;<font style="font-weight: bold;">Agents</font>&#8221;)

      pursuant to which the Trust may sell, through the Agents, acting as agent and/or principal, such number of Units as would result in aggregate gross proceeds to the Trust of up to $1,590,639,427.&#160;</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Sales of Units through the Agents, acting as agent, will be made through &#8220;at the market&#8221; issuances on the Toronto Stock Exchange (&#8220;<font style="font-weight: bold;">TSX</font>&#8221;) and the NYSE Arca (&#8220;<font style="font-weight: bold;">NYSE</font>&#8221;) or other existing trading markets in Canada and the United States at the market price prevailing at the time of each sale, and, as a result, sale prices may vary.&#160;Neither U.S. Agent is registered as a dealer
      in any Canadian jurisdiction and, accordingly, the U.S. Agents will only sell Units on marketplaces in the United States and are not permitted to and will not, directly or indirectly, advertise or solicit offers to purchase any Units in Canada. The
      Canadian Agent may only sell Units on marketplaces in Canada.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The volume and timing of distributions under the ATM Program, if any, will be determined in the Trust&#8217;s sole discretion. The Trust intends to use the proceeds from the ATM Program, if any, to acquire physical gold
      bullion in accordance with the Trust&#8217;s objective and subject to the Trust&#8217;s investment and operating restrictions.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: justify;">The offering under the ATM&#160; Program is being made pursuant to a prospectus supplement&#160; dated October 21,&#160; 2020&#160; (the&#160; &#8220;<font style="font-weight: bold;">Prospectus Supplement</font>&#8221;) to the Trust&#8217;s Canadian short&#160; form
      base shelf prospectus dated July 6, 2020 (the &#8220;<font style="font-weight: bold;">Base Shelf Prospectus</font>&#8221;), and pursuant to a prospectus supplement dated October 21, 2020 (the &#8220;<font style="font-weight: bold;">U.S. Prospectus Supplement</font>&#8221;)&#160;
      to&#160; the&#160; Company&#8217;s U.S. base prospectus (the &#8220;<font style="font-weight: bold;">U.S. Base Prospectus</font>&#8221;) included in its registration statement on Form F-10 (the &#8220;<font style="font-weight: bold;">Registration&#160; Statement</font>&#8221; and together with
      the Prospectus Supplement, Base Shelf Prospectus, U.S. Prospectus Supplement and U.S. Base Prospectus, the &#8220;<font style="font-weight: bold;">Offering Documents</font>&#8221;) (File No. 333-239717) filed with the United States Securities and Exchange
      Commission (the &#8220;<font style="font-weight: bold;">SEC</font>&#8221;) on July 7, 2020. The Prospectus Supplement and the Base Shelf Prospectus are available on the SEDAR website maintained by the Canadian Securities Administrators at www.sedar.com, and the
      U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement are available on EDGAR at the SEC&#8217;s website at www.sec.gov.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Before you invest, you should read the Offering Documents and other documents that the Trust has filed for more complete information about the Trust, the Sales Agreement and the ATM Program.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">Listing of the Units sold pursuant to the ATM Program on the TSX and NYSE will be subject to fulfilling all applicable listing requirements.</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an
      offer, solicitation or sale would be unlawful prior to registration or qualifications under the securities laws of any such jurisdiction.</div>
    <div style="text-align: justify; font-weight: bold;">About Sprott and the Trust</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Sprott is the investment manager to the Trust. Important information about the Trust, including its investment objectives and strategies, applicable management fees, and expenses, is contained in the Trust&#8217;s annual
      information form for the year ended December 31, 2019 (the &#8220;<font style="font-weight: bold;">AIF</font>&#8221;), which can be found on www.sprottphysicalbullion.com, in the U.S. on www.sec.gov and in Canada on www.sedar.com. Commissions, management fees,
      or other charges and expenses may be associated with investing in the Trust. The performance of the Trust is not guaranteed, its value changes frequently and past performance is not an indication of future results.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">To learn more about the Trust, please visit www.sprottphysicalbullion.com.</div>
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    </div>
    <div style="text-align: justify; font-weight: bold;">Caution Regarding Forward-Looking Information</div>
    <div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="color: #000000;">This press release contains forward-looking statements within the meaning of applicable United States securities laws and forward-looking information within the meaning of Canadian
          securities laws (collectively, &#8220;</font><font style="font-weight: bold; color: #000000;">forward-looking statements</font><font style="color: #000000;">&#8221;). Forward-looking statements in this press release include, without limitation, statements
          regarding the ATM Program, including the intended use of proceeds from any sale of Units and the timing and ability of the Trust to obtain all necessary regulatory approvals. With respect to the forward-looking statements contained in this press
          release, the Trust has made numerous assumptions regarding, among other things: the price of gold and anticipated costs and the impact of the Covid-19 pandemic on the Trust&#8217;s business, financial condition and results of operations. While the
          Trust considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies. Additionally, there are known and unknown risk factors
          that could cause the Trust&#8217;s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this press release. A
          discussion of risks and uncertainties facing the Trust appears in the AIF, and the Offering Documents, each as updated by the Trust&#8217;s continuous disclosure filings, which are available at </font>www.sedar.com<font style="color: #000000;">&#160;and at
        </font>www.sec.gov<font style="color: #000000;">. All forward-looking statements herein are qualified in their entirety by this cautionary statement, and the Trust disclaims any obligation to revise or update any such forward-looking statements or
          to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, except as required by law.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">For more information:</div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Glen Williams</div>
    <div style="text-align: justify; font-weight: bold;">Managing Director, Investor and Institutional Client Relations</div>
    <div style="text-align: justify; font-weight: bold;">Tel: 416.943.4394</div>
    <div style="text-align: justify; font-weight: bold;">Email: gwilliams@sprott.com</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <br>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>d8634229_ex99-2.htm
<TEXT>
<html>
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  <div><br>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.2</font><br>
  </div>
  <div><br>
  </div>
  <div>
    <div style="text-align: center; font-weight: bold;">SPROTT PHYSICAL GOLD TRUST</div>
    <div style="text-align: center; font-weight: bold;">Trust Units</div>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;"><u>Amended and Restated Sales Agreement</u></div>
    <div style="text-align: right; text-indent: 36pt; margin-bottom: 12pt;">October 21, 2020</div>
    <div style="text-align: justify; margin-right: 288pt;">Cantor Fitzgerald &amp; Co.</div>
    <div style="text-align: justify; margin-right: 288pt;">499 Park Avenue</div>
    <div style="text-align: justify; margin-right: 288pt;">New York, NY 10022</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 288pt;">Virtu Americas LLC</div>
    <div style="text-align: justify; margin-right: 288pt;">One Liberty Plaza</div>
    <div style="text-align: justify; margin-right: 288pt;">165 Broadway</div>
    <div style="text-align: justify; margin-right: 288pt;">New York, NY 10006</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 324pt;">Virtu ITG Canada Corp.</div>
    <div style="text-align: justify; margin-right: 324pt;">222 Bay Street</div>
    <div style="text-align: justify; margin-right: 324pt;">Suite 2600, P.O. Box 33</div>
    <div style="text-align: justify; margin-right: 324pt;">Toronto, ON M5K 1B7</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Ladies and Gentlemen:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Reference is made to the Controlled Equity Offering<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">SM</sup> Sales Agreement dated May 6, 2016, as amended by Amendment No. 1 thereto dated January 29, 2020, including the
      Schedules thereto (the &#8220;<font style="font-weight: bold;"><u>Sales Agreement</u></font>&#8221;), by and among Sprott Physical Gold Trust, a trust formed and organized under the laws of the Province of Ontario (the &#8220;<font style="font-weight: bold;"><u>Trust</u></font>&#8221;)






      and managed by Sprott Asset Management LP, a limited partnership organized under the laws of the Province of Ontario (the &#8220;<font style="font-weight: bold;"><u>Manager</u></font>&#8221;), Cantor Fitzgerald &amp; Co. and Virtu Americas LLC (&#8220;<font style="font-weight: bold;"><u>Virtu</u></font>&#8221; and together with Cantor, the &#8220;<font style="font-weight: bold;">U.S. Agents</font>&#8221;), pursuant to which the Trust agreed to sell through the U.S. Agents, as sales agents, units of the Trust. The
      Trust, the Manager, the U.S. Agents and Virtu ITG Canada Corp.<font style="font-weight: bold;">&#160;</font>(the &#8220;<font style="font-weight: bold;"><u>Canadian Agent</u></font>&#8221; and together with the U.S. Agents, the &#8220;<font style="font-weight: bold;"><u>Agents</u></font>&#8221;),






      each confirm their agreement (this &#8220;<font style="font-weight: bold;"><u>Agreement</u></font>&#8221;) that the Sales Agreement is amended, restated and superseded in its entirety as follows:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">1.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Issuance and Sale of Units</u>.&#160; The Trust agrees that, from
      time to time during the term of this Agreement, on the terms and subject to the conditions set forth herein, it may issue and sell through the Agents units of the Trust (the &#8220;<font style="font-weight: bold;"><u>Placement Units</u></font>&#8221;); <font style="font-style: italic;">provided</font>, <font style="font-style: italic;">however</font>, that in no event shall the Trust issue or sell through the Agents such number or dollar amount of Placement Units that (a) exceeds the number or dollar
      amount of Units (as defined below) registered pursuant to the effective Registration Statement (as defined below) pursuant to which the offering will be made, (b) exceeds the number of authorized but unissued Units or (c) exceeds the number or dollar
      amount of Units for which the Trust has filed a Prospectus (defined below) (the lesser of (a), (b) and (c), the &#8220;<font style="font-weight: bold;"><u>Maximum Amount</u></font>&#8221;).&#160; Notwithstanding anything to the contrary contained herein, the parties
      hereto agree that compliance with the limitations set forth in this Section 1 on the amount of Placement Units issued and sold under this Agreement shall be the sole responsibility of the Trust and that the Agents shall have no obligation in
      connection with such compliance, provided that the Agents shall not sell Units in excess of the amount set forth in any Placement Notice (as defined below).&#160; The issuance and sale of Placement Units through the Agents will be effected pursuant to the
      Registration Statement (as defined below) and a Canadian Final Prospectus (as defined below) filed by the Trust, and with respect to the Registration Statement, declared effective by&#160; the United States Securities and Exchange Commission (the &#8220;<font style="font-weight: bold;"><u>Commission</u></font>&#8221;). Nothing in this Agreement shall be construed as requiring the Trust to use the Registration Statement and/or the Canadian Final Prospectus to issue Units.&#160; The units of the Trust are hereby
      referred to as the &#8220;<font style="font-weight: bold;"><u>Units</u></font>.&#8221;</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">When determining the aggregate value of the Placement Units sold, the Placement Units denominated in or issued in, as applicable, a currency (the &#8220;<font style="font-weight: bold;">Securities Currency</font>&#8221;) other than U.S. dollars will be translated into U.S. dollars using the Bank of Canada daily exchange rate of U.S. dollars with the Securities Currency in effect as of 4:30 p.m. (Toronto time) on the business day
      before the issue of such Placement Units.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Trust is qualified under Canadian Securities Laws (as defined below), including the rules and procedures established pursuant to National Instrument 44-101 &#8211; <font style="font-style: italic;">Short Form Prospectus Distributions</font> and National Instrument 44-102 &#8211; <font style="font-style: italic;">Shelf Distributions</font> (&#8220;<font style="font-weight: bold;"><u>NI 44-102</u></font>&#8221;) (collectively, the &#8220;<font style="font-weight: bold;"><u>Shelf Procedures</u></font>&#8221;), in connection with a distribution of the Units in each of the Canadian Qualifying Jurisdictions (as defined below) to file a prospectus in the form of a short form base shelf prospectus.&#160;
      A preliminary short form base shelf prospectus and a final short form base shelf prospectus, in each case, in respect of up to $2,000,000,000 of Units (the &#8220;<font style="font-weight: bold;"><u>Shelf Securities</u></font>&#8221;) have been filed with the
      Ontario Securities Commission (the &#8220;<font style="font-weight: bold;"><u>OSC</u></font>&#8221;), as principal regulator, and with each of the securities commissions or similar regulatory authorities (as applicable, the &#8220;<font style="font-weight: bold;"><u>Canadian






          Securities Commissions</u></font>&#8221;) in each of the provinces and territories of Canada (the &#8220;<font style="font-weight: bold;"><u>Canadian Qualifying Jurisdictions</u></font>&#8221;) in respect of the offering of the Shelf Securities; a receipt&#160; has
      been issued by the OSC in its capacity as principal regulator, representing the deemed receipt of each of the other Canadian Securities Commissions pursuant to Multilateral Instrument 11-102 &#8212; <font style="font-style: italic;">Passport System</font>
      and National Policy 11-202 &#8212; <font style="font-style: italic;">Process for Prospectus Reviews in Multiple Jurisdictions</font> (collectively, the &#8220;<font style="font-weight: bold;"><u>Passport System</u></font>&#8221;) in respect of such preliminary short
      form base shelf prospectus in the form heretofore delivered to the Agents or available through EDGAR or SEDAR (together with all documents filed in connection therewith and all documents incorporated by reference therein); and a receipt (the &#8220;<font style="font-weight: bold;"><u>Final Receipt</u></font>&#8221;) has been obtained from the OSC in its capacity as principal regulator, representing the deemed receipt of each of the other Canadian Securities Commissions pursuant to the Passport System in
      respect of such final short form base shelf prospectus in the form heretofore delivered to the Agents or available through EDGAR or SEDAR (together with all documents filed in connection therewith and all documents incorporated by reference therein
      and the documents otherwise deemed to be a part of thereof or included therein pursuant to Canadian Securities Laws (as defined below), including but not limited to all Designated News Releases).&#160; No other document to be incorporated by reference
      therein has been filed with the OSC as principal regulator and or with any of the other Canadian Securities Commissions except for any documents heretofore delivered to the Agents or available through EDGAR or SEDAR; no order having the effect of
      ceasing or suspending the distribution of the Shelf Securities (including any Units) has been issued by the OSC or any other Canadian Securities Commission and no proceeding for that purpose has been initiated or, to the best of the Trust&#8217;s knowledge
      and the Manager&#8217;s knowledge, threatened by the OSC or any other Canadian Securities Commission (the final short form base shelf prospectus (in both the English and French languages unless the context otherwise indicates),&#160; or any subsequent final
      short form base shelf prospectus, filed with the OSC as principal regulator and with each of the other Canadian Securities Commissions&#160; for which a receipt has been, or will be, issued by the OSC in its capacity as principal regulator, representing
      the deemed receipt of each of the other Canadian Securities Commissions pursuant to the Passport System being hereinafter called the &#8220;<font style="font-weight: bold;"><u>Canadian Base Prospectus</u></font>&#8221;). The final prospectus supplements (in both
      the English and French languages, unless the context otherwise indicates) relating to the offering of the Units to be filed with the OSC as principal regulator and with each of the other Canadian Securities Commissions in accordance with the Shelf
      Procedures and in accordance with Section 7(w) hereof, together with the Canadian Base Prospectus, is hereinafter called the &#8220;<font style="font-weight: bold;"><u>Canadian Final Prospectus</u></font>&#8221;.&#160; The Canadian Final Prospectus shall provide that
      any and all Designated News Releases shall be deemed to be incorporated by reference in the Canadian Final Prospectus. As used herein, the terms &#8220;<font style="font-weight: bold;"><u>Canadian Base Prospectus</u></font>&#8221; and &#8220;<font style="font-weight: bold;"><u>Canadian Final Prospectus</u></font>&#8221; shall include the documents, if any, incorporated by reference therein, including Designated News Releases. As used herein, a &#8220;<font style="font-weight: bold;"><u>Designated News Release</u></font>&#8221;
      means a news release disseminated by the Trust in respect of previously undisclosed information that, in the Trust&#8217;s determination, constitutes a &#8220;material fact&#8221; (as such term is defined in</div>
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    <div style="text-align: justify; margin-bottom: 12pt;">Canadian Securities Laws (as defined herein)) and identified by the Trust as a &#8220;designated news release&#8221; in writing on the face page of the version of such news release that is filed by the Trust
      on SEDAR.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Trust has filed with the Commission a registration statement on Form F-10 (File No. 333-239717) relating to the Shelf Securities and an appointment of agent for service of
      process on Form F-X (a &#8220;<font style="font-weight: bold;"><u>Trust Form F-X</u></font>&#8221;) relating to the registration statement, and the Trust has caused RBC Investor Services Trust (&#8220;<font style="font-weight: bold;"><u>RBC Investor Services</u></font>&#8221;)






      to prepare and file with the Commission an appointment of agent for service of process on Form F-X (an &#8220;<font style="font-weight: bold;"><u>Agent Form F-X</u></font>&#8221;); there are no reports or other information that in accordance with the
      requirements of the OSC or the Canadian Securities Commissions must be made publicly available in connection with the offering of the Units that have not been made publicly available as required; there are no documents required to be filed with the
      OSC or the Canadian Securities Commissions in connection with the Prospectuses (as defined below) that have not been filed as required; there are no contracts, documents or other materials required to be described or referred to in the Registration
      Statement or the Prospectuses (as hereinafter defined) or to be filed or incorporated by reference as exhibits to the Registration Statement (as defined below) that are not described, referred to or filed or incorporated by reference as required.&#160;
      The Trust may file one or more additional registration statements from time to time that will contain a Base Prospectus (as defined below) and related prospectus, if applicable (which shall be a Prospectus (as defined below)), with respect to the
      Placement Units.&#160; The registration statement on Form F-10 as amended to the date of this Agreement, including the information (if any) deemed to be a part of the registration statement at the time of effectiveness pursuant to Rule 430A or Rule 430B
      under the U.S. Securities Act of 1933, as amended (the &#8220;<font style="font-weight: bold;"><u>Securities Act</u></font>&#8221;), is hereinafter called the &#8220;<font style="font-weight: bold;"><u>Registration Statement</u></font>&#8221;; the base prospectus relating
      to the Shelf Securities filed as part of the Registration Statement, in the form in which it has most recently been filed with the Commission on or prior to the date of this Agreement, is hereinafter called the &#8220;<font style="font-weight: bold;"><u>Base






          Prospectus</u></font>&#8221;.&#160; For purposes of this Agreement, &#8220;<font style="font-weight: bold;"><u>Prospectus</u></font>&#8221; means the final prospectus supplement relating to the offering of the Placement Units, together with the Base Prospectus, filed
      with the Commission pursuant to General Instruction II.L. of Form F-10 in accordance with Section 7(w) hereof.&#160; As used herein, the terms &#8220;<font style="font-weight: bold;"><u>Registration Statement</u></font>&#8221;, &#8220;<font style="font-weight: bold;"><u>Base






          Prospectus</u></font>&#8221; and &#8220;<font style="font-weight: bold;"><u>Prospectus</u></font>&#8221; shall include the documents, if any, incorporated by reference therein as of the relevant time.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Terms &#8220;supplement,&#8221; &#8220;amendment,&#8221; and &#8220;amend&#8221; as used herein with respect to the Registration Statement, the Canadian Base Prospectus and the Base Prospectus shall include any
      document subsequently filed by the Trust pursuant to the Shelf Procedures or the Securities Exchange Act of 1934, as amended (the &#8220;<font style="font-weight: bold;"><u>Exchange Act</u></font>&#8221;), as the case may be, that is deemed to be incorporated by
      reference therein.&#160; As used herein, &#8220;<font style="font-weight: bold;"><u>Base Prospectuses</u></font>&#8221; shall mean, collectively, the Canadian Base Prospectus and the Base Prospectus; and &#8220;<font style="font-weight: bold;"><u>Prospectuses</u></font>&#8221;
      shall mean, collectively, the Canadian Final Prospectus and the Prospectus.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">2.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Placements</u>.&#160; Each time that the Manager, on behalf of
      the Trust, wishes to issue and sell Placement Units hereunder (each, a &#8220;<font style="font-weight: bold;"><u>Placement</u></font>&#8221;), the Manager will notify one of the Agents (the &#8220;<font style="font-weight: bold;"><u>Designated Agent</u></font>&#8221;) by
      email notice (or other method mutually agreed to in writing by the parties) of the number of Placement Units, the time period during which sales are requested to be made, any limitation on the number of Placement Units that may be sold in any one day
      and any minimum price below which sales may not be made (a &#8220;<font style="font-weight: bold;"><u>Placement Notice</u></font>&#8221;), the form of which is attached hereto as Schedule 1.&#160; The Placement Notice shall originate from any of the individuals from
      the Manager set forth on Schedule 3 (with a copy to each of the other individuals from the Manager listed on such schedule), and shall be addressed to each of the individuals from the Designated Agent set forth on Schedule 3, as such Schedule 3 may
      be amended from time to time.&#160; The Placement Notice shall be effective unless and until (i)&#160;the Designated Agent declines to accept the terms contained therein for any reason, in its sole discretion, (ii)&#160;the entire amount of the Placement Units
      thereunder have been sold, (iii)&#160;the Manager, on behalf of the Trust, suspends or terminates the Placement Notice or (iv)&#160;this Agreement has been terminated under the</div>
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    <div style="text-align: justify; margin-bottom: 12pt;">provisions of Section 12.&#160; The amount of any discount, commission or other compensation to be paid by the Trust, or the Manager, on behalf of the Trust, to the Designated Agent in connection with
      the sale of the Placement Units shall be calculated in accordance with the terms set forth in Schedule 2.&#160; It is expressly acknowledged and agreed that neither the Manager, on behalf of the Trust, nor the Agents will have any obligation whatsoever
      with respect to a Placement or any Placement Units unless and until the Manager, on behalf of the Trust, delivers a Placement Notice to the Designated Agent and the Designated Agent does not decline such Placement Notice pursuant to the terms set
      forth above, and then only upon the terms specified therein and herein.&#160; In the event of a conflict between the terms of this Agreement and the terms of a Placement Notice, the terms of the Placement Notice will control.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">3.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Sale of Placement Units by Designated Agent</u>.&#160; Subject to
      the provisions of <u>Section 5(a)</u>, the Designated Agent, for the period specified in the Placement Notice, will use its commercially reasonable efforts consistent with its normal trading and sales practices and, to the extent applicable, U.S.
      state and federal laws, rules and regulations, Canadian Securities Laws (as defined below) and, if applicable, the rules of NYSE Arca (the &#8220;<font style="font-weight: bold;"><u>NYSE</u></font>&#8221;) and the rules of the Toronto Stock Exchange (the &#8220;<font style="font-weight: bold;"><u>TSX</u></font>&#8221;, and together with the NYSE, the &#8220;<font style="font-weight: bold;"><u>Exchanges</u></font>&#8221;), to sell the Placement Units up to the amount specified, and otherwise in accordance with the terms of such
      Placement Notice.&#160; The Designated Agent will provide written confirmation to the Manager and the Trust no later than the opening of the Trading Day (as defined below) immediately following the Trading Day on which it has made sales of Placement Units
      hereunder setting forth the number of Placement Units sold on such day, the compensation payable by the Trust to the Designated Agent pursuant to <u>Section 2</u> with respect to such sales, and the Net Proceeds (as defined below) payable to the
      Trust, with an itemization of the deductions made by the Designated Agent (as set forth in <u>Section 5(b)</u>) from the gross proceeds that it receives from such sales.&#160; Subject to the terms of the Placement Notice, the Placement Units may be
      offered and sold: (A) by any method permitted by law deemed to be an &#8220;at-the-market distribution&#8221; as defined in NI 44-102; (B) by the Canadian Agent, on the TSX or on any other &#8220;marketplace&#8221; (as such term is defined in National Instrument 21-101 &#8211; <font style="font-style: italic;">Marketplace Operation</font>) in Canada (any, a &#8220;<font style="font-weight: bold;"><u>Canadian Marketplace</u></font>&#8221;); (C) by the U.S. Agents, on the NYSE, on any other existing trading market for the Units in the
      United States or to or through a market maker in the United States; or (D) with the prior written consent of the Manager, on behalf of the Trust, which may be provided in the terms of a Placement Notice, in privately negotiated transactions subject
      to prior written consent of the TSX. The Canadian Agent covenants and agrees with the Trust that: (A) it shall not, directly or indirectly, advertise or solicit offers to purchase or sell Units in any jurisdiction other than Canada; and (B) it shall
      not sell Units on any exchange other than the TSX or any other Canadian Marketplace. Each of the U.S. Agents, severally (and not jointly), covenants and agrees with the Trust that: (A) it shall not, directly or indirectly, advertise or solicit offers
      to purchase or sell Units in Canada; and (B) it shall not sell Units on the TSX or on any Canadian Marketplace. For the avoidance of doubt, none of the U.S. Agents is acting as an underwriter of the Units in the Canadian Qualifying Jurisdictions and
      no action on the part of any of the U.S. Agents in its capacity as an Agent of the offering and sale of the Units in the United States is intended to create any impression or support that it is acting as an underwriter of the Units in the Canadian
      Qualifying Jurisdictions. During the term of this Agreement, and notwithstanding anything to the contrary herein, the Agents agree that in no event will they or any of their affiliates enter into any transaction that is intended to stabilize or
      maintain the market price of the Units or engage in any market making, bidding, stabilization or other trading activity with regard to the Units if such activity would be prohibited under Regulation M or other anti-manipulation rules under the
      Securities Act.&#160; For the avoidance of doubt, the obligations of the Agents under this Agreement shall be several and not joint. &#8220;<font style="font-weight: bold;"><u>Trading Day</u></font>&#8221; means any day on which the Units are traded on the NYSE (for
      Placements by the U.S. Agents in the United States) or the TSX (for Placements by the Canadian Agent in Canada).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">4.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Suspension of Sales</u>.&#160; The Manager, on behalf of the
      Trust, or the Designated Agent may, upon notice to the other party in writing (including by email correspondence to each of the individuals of the other party set forth on Schedule 3, if receipt of such correspondence is actually acknowledged by any</div>
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    <div style="text-align: justify; margin-bottom: 12pt;">of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable facsimile transmission or email correspondence to each of the
      individuals of the other party set forth on Schedule 3), suspend any sale of Placement Units (a &#8220;<font style="font-weight: bold;"><u>Suspension</u></font>&#8221;); <font style="font-style: italic;">provided</font>, <font style="font-style: italic;">however</font>,
      that such suspension shall not affect or impair any party&#8217;s obligations with respect to any Placement Units sold hereunder prior to the receipt of such notice.&#160; While a Suspension is in effect any obligation under Sections 7(l), 7(m), and 7(n) with
      respect to the delivery of certificates, opinions, or comfort letters to the Agents, shall be waived, <font style="font-style: italic;">provided</font>, <font style="font-style: italic;">however</font>, that such waiver shall not apply for the
      Representation Date (defined below) occurring on the date that the Trust files its Annual Report on Form 40-F.&#160; Each of the parties agrees that no such notice under this Section 4 shall be effective against any other party unless it is made to one of
      the individuals named on Schedule 3 hereto, as such Schedule may be amended from time to time.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">5.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Sale and Delivery to the </u><u>Designated</u><u> Agent;
        Settlement</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Sale of Placement Units</u><font style="font-style: italic;">. </font> On the basis of the representations and warranties herein contained and subject to the terms and conditions herein set forth, upon the Designated Agent&#8217;s acceptance of the terms of a Placement Notice, and unless the sale of the
      Placement Units described therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement, the Designated Agent, for the period specified in the Placement Notice, will use its commercially reasonable
      efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such Placement Units up to the amount specified, and otherwise in accordance with the terms of such Placement Notice.&#160; The Manager, on behalf of
      the Trust, acknowledges and agrees that (i) there can be no assurance that the Designated Agent will be successful in selling Placement Units, (ii) the Designated Agent will incur no liability or obligation to the Trust or any other person or entity
      if it does not sell Placement Units for any reason other than a failure by the Designated Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such
      Placement Units as required under this Agreement and (iii) the Designated Agent shall be under no obligation to purchase Placement Units on a principal basis pursuant to this Agreement, except as otherwise agreed by the Designated Agent and the
      Manager, on behalf of the Trust.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Settlement of Placement Units</u><font style="font-style: italic;">. </font> Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement Units will occur on the second (2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>) Trading Day (or such earlier day as is industry practice for regular-way trading)
      following the date on which such sales are made (each, a &#8220;<font style="font-weight: bold;"><u>Settlement Date</u></font>&#8221;).&#160; The Designated Agent shall notify the Manager of each sale of Placement Units no later than the opening of the Trading Day
      immediately following the Trading Day on which it has made sales of Placement Units hereunder.&#160; The amount of proceeds to be delivered to the Trust on a Settlement Date against receipt of the Placement Units sold (the &#8220;<font style="font-weight: bold;"><u>Net Proceeds</u></font>&#8221;) will be equal to the aggregate sales price received by the Designated Agent, after deduction for (i) the Designated Agent&#8217;s commission, discount or other compensation for such sales payable by the Trust pursuant
      to Section 2 hereof, and (ii) any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-style: italic;">&#160;</font><u>Delivery of
        Placement Units</u>.&#160; On or before each Settlement Date, the Manager, on behalf of the Trust, will, or will cause its transfer agent to, electronically transfer the Placement Units being sold by crediting the Designated Agent&#8217;s or its designee&#8217;s
      account (<font style="font-style: italic;">provided</font> the Designated Agent shall have given the Manager written notice of such designee at least one Trading Day prior to the Settlement Date) at The Depository Trust Company through its Deposit
      and Withdrawal at Custodian System, CDS Clearing and Depository Services Inc. or by such other means of delivery as may be mutually agreed upon by the parties hereto which in all cases shall be freely tradable, transferable, registered Units in good
      deliverable form.&#160; On each Settlement Date, the Designated Agent will deliver the related Net Proceeds in same day funds to an account designated by the Manager on, or prior to, the Settlement Date.&#160; The Manager, on behalf of the Trust, agrees that
      if the Trust, or the Trust&#8217;s transfer agent (if applicable),</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">defaults in its obligation to deliver Placement Units on a Settlement Date, the Manager, on behalf of the Trust, agrees that in addition to and in no way limiting the rights and obligations set
      forth in Section 10(a) hereto, it will (i) hold the Designated Agent harmless against any loss, claim, damage, or expense (including reasonable legal fees and expenses), as incurred, arising out of or in connection with such default by the Manager,
      on behalf of the Trust, or its transfer agent (if applicable) and (ii) pay to the Designated Agent any commission, discount, or other compensation to which it would otherwise have been entitled absent such default.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Denominations; Registration</u><font style="font-style: italic;">.&#160; </font>Certificates for the Placement Units, if any, shall be in such denominations and registered in such names as the Designated Agent may request in writing at least one full Business Day (as defined below) before the Settlement
      Date.&#160; The certificates for the Placement Units, if any, will be made available by the Manager, on behalf of the Trust, for examination and packaging by the Designated Agent, if a U.S. Agent, in The City of New York and if by the Canadian Agent, in
      the City of Toronto, not later than&#160;noon (New York time) on the Business Day prior to the Settlement Date.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Limitations on Offering Size</u><font style="font-style: italic;">.&#160; </font>Under no circumstances shall the Manager, on behalf of the Trust, cause or request the offer or sale of any Placement Units if, after giving effect to the sale of such Placement Units, the aggregate gross sales proceeds of
      Placement Units sold pursuant to this Agreement would exceed the lesser of (A)&#160;together with all sales of Placement Units under this Agreement, the Maximum Amount, (B)&#160;the amount available for offer and sale under the currently effective Registration
      Statement and Canadian Base Prospectus and (C)&#160;the amount authorized from time to time to be issued and sold under this Agreement by the Manager, on behalf of the Trust, and notified to the Designated Agent in writing.&#160; Under no circumstances shall
      the Trust cause or request the offer or sale of any Placement Units pursuant to this Agreement at a price less than 100% of the most recently calculated net asset value per unit prior to, or upon the determination of the pricing of such issuance, in
      accordance with section 9.3(2) of National Instrument 81-102 &#8211; <font style="font-style: italic;">Investment Funds</font> (&#8220;<font style="font-weight: bold;"><u>NI 81-102</u></font>&#8221;) and notified to the Designated Agent in writing.&#160; Further, under no
      circumstances shall the Manager, on behalf of the Trust, cause or permit the aggregate offering amount of Placement Units sold pursuant to this Agreement to exceed the Maximum Amount.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Sales Through the U.S. Agents</u>.&#160; With respect to the
      offering and sale of Placement Units pursuant to this Agreement through the U.S. Agents, the Trust agrees that any offer to sell Placement Units, any solicitation of an offer to buy Placement Units, and any sales of Placement Units in the United
      States shall only be effected by or through a single U.S. Agent during any specific period of time in the United States and the Trust shall in no event request that more than one U.S. Agent offer or sell Placement Units pursuant to this Agreement in
      the United States during the same period of time.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">6.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Representations and Warranties of the Trust and Manager</u>.&#160;







      The Trust and the Manager, jointly and severally, represent and warrant to and agree with the Agents that as of the date of this Agreement and as of each Applicable Time:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Registration Statement has become effective; no stop order
      suspending the effectiveness of the Registration Statement is in effect, and no proceedings for such purpose are pending before or threatened by the Commission; the Final Receipt has been obtained from the OSC as principal regulator representing the
      deemed receipt of each of the other Canadian Securities Commissions in respect of the Canadian Base Prospectus and no order or action that would have the effect of suspending the distribution of the Units has been issued or taken by the Canadian
      Securities Commissions and no proceedings for that purpose have been instituted or are pending or, to the knowledge of the Trust or the Manager, are contemplated by the Canadian Securities Commissions.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>(i)&#160; The Registration Statement, when it became effective, did
      not contain and, as amended or supplemented, if applicable, will not contain any untrue statement of a material fact or omit to</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">state a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii)&#160; the Canadian Final Prospectus will when filed, be true and correct in all
      material respects and contain full, true and plain disclosure of all material facts relating to the Trust and the Units as required by Canadian Securities Laws (as defined below) and does not contain and will not contain any untrue statement of a
      material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, (iii) the Registration Statement and the Prospectus
      comply and, as amended or supplemented, if applicable, will comply in all material respects with the Securities Act and the applicable rules and regulations of the Commission thereunder, (iv)&#160; the Canadian Final Prospectus, as amended or
      supplemented, if applicable, will comply in all material respects with Canadian Securities Laws and the applicable rules and regulations of the Canadian Securities Commissions thereunder, and (v)&#160; each of the Prospectuses does not contain and, as
      amended or supplemented, if applicable, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading
      and will be true and correct in all material respects and contain full, true and plain disclosure of all material facts relating to the Trust and the Units as required by Canadian Securities Laws, except that the representations and warranties set
      forth in this paragraph do not apply to statements or omissions in the Registration Statement or the Prospectuses based upon information relating to the Agents furnished to the Trust and the Manager in writing by the Agents expressly for use
      therein.&#160; Each Form F-X conforms in all material respects with the requirements of the Securities Act and the rules and regulations of the Commission under the Securities Act.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Prior to any distribution of Placement Units in any Canadian
      Qualifying Jurisdictions, the Trust has complied in all material respects with all applicable securities laws in each of the Canadian Qualifying Jurisdictions, including the respective rules and regulations made thereunder together with applicable
      published national and local instruments, policy statements, notices, blanket rulings and orders of the Canadian Securities Commissions, all discretionary rulings and orders applicable to the Trust, if any, of the Canadian Securities Commissions (&#8220;<font style="font-weight: bold;"><u>Canadian Securities Laws</u></font>&#8221;) required to be complied with by the Trust to qualify the distribution of the Units as contemplated hereby in each of the Canadian Qualifying Jurisdictions.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Trust is not an &#8220;ineligible issuer&#8221; in connection with the
      offering and sale of the Placement Units pursuant to Rules 164, 405 and 433 under the Securities Act.&#160; Any free writing prospectus that the Trust is required to file pursuant to Rule 433(d) under the Securities Act has been, or will be, filed with
      the Commission in accordance with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder.&#160; Each free writing prospectus that the Trust has filed, or is required to file, pursuant to Rule 433(d)
      under the Securities Act or that was prepared by or on behalf of or used or referred to by the Trust complies or will comply in all material respects with the requirements of the Securities Act and the applicable rules and regulations of the
      Commission thereunder.&#160; Except for the Permitted Free Writing Prospectuses (as defined below), if any, identified in Exhibit 1 hereto, the Trust has not prepared, used or referred to, and will not, without your prior consent, prepare, use or refer
      to, any free writing prospectus.&#160; The Trust meets the general eligibility requirements for use of a registration statement on Form F-10 in connection with an offering contemplated thereby pursuant to the standards for Form F-10 approved in Securities
      Act Release No. 33-6902 (June 21, 1991), and also satisfied such eligibility requirements under the Securities Act at the time of filing the registration statement with the Commission.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Each document filed or to be filed with the Canadian
      Securities Commissions and incorporated by reference in the Canadian Final Prospectus, as amended or supplemented, if applicable, when such documents were or are filed with the Canadian Securities Commissions, conformed or will conform when so filed
      in all material respects with Canadian Securities Laws, and none of such documents, as of their respective dates, contained or will contain any untrue statement of material fact or omitted or</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">will omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; each
      document, if any, filed or to be filed pursuant to the Exchange Act and incorporated by reference in the Prospectus complied or will comply when so filed in all material respects with the Exchange Act and the applicable rules and regulations of the
      Commission thereunder, and none of such documents, as of their respective dates, contained or will contain any untrue statement of a material fact or omitted or will omit to state a material fact required to be stated therein or necessary to make the
      statements therein, in the light of the circumstances under which they were made, not misleading; <font style="font-style: italic;">provided</font>, <font style="font-style: italic;">however</font>, that this representation and warranty shall not
      apply to any statements or omissions contained in the Canadian Final Prospectus or the Prospectus, as amended or supplemented, if applicable, based upon information relating to the Agents furnished to the Trust and the Manager in writing by the
      Agents expressly for use therein.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Trust has been established and is subsisting under the
      trust agreement governing the Trust, dated as of August 28, 2009, as amended and restated as of December 7, 2009, as further amended and restated as of February 1, 2010, and as further amended and restated as of February 27, 2015, between the Manager
      and RBC Investor Services (the &#8220;<font style="font-weight: bold;"><u>Trust Agreement</u></font>&#8221;), as a trust under the laws of the Province of Ontario, has all requisite power and authority to own its property and assets, to conduct its business and
      invest in accordance with the investment objectives as described in the Prospectuses and carry out its obligations hereunder and to issue, sell and deliver the Placement Units in accordance with the provisions of this Agreement, and is duly qualified
      to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good
      standing would not have a material adverse effect on the Trust.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(g)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Trust has no subsidiaries.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(h)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Manager has been duly organized and is validly existing as
      a limited partnership under the laws of the Province of Ontario, and is registered as a portfolio manager and exempt market dealer in Ontario, British Columbia, Alberta, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, and Newfoundland and
      Labrador and as an investment fund manager in Ontario, Quebec, and Newfoundland and Labrador. The Manager is also registered as an exempt market dealer in Quebec and as a Commodity Trading Manager in Ontario, and has the capacity and power to own its
      property and assets and to conduct its business as described in the Prospectuses and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property or
      assets requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not have a material adverse effect on the Manager.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(i)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>This Agreement has been duly authorized, executed and
      delivered by the Manager on behalf of itself and the Trust.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(j)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>All necessary action has been taken by each of the Trust and
      the Manager to authorize the execution and delivery of this Agreement and the transactions contemplated hereby, the execution and delivery of the Canadian Final Prospectus and the filing thereof and the filing of all documents incorporated by
      reference therein under Canadian Securities Laws.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(k)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The authorized unit capital of the Trust conforms as to legal
      matters to the description thereof contained in the Prospectuses.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(l)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Units outstanding prior to the issuance of the Placement
      Units to be sold by the Trust have been duly authorized and are validly issued, fully paid and non-assessable.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(m)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Placement Units have been duly authorized and, when issued
      and delivered in accordance with the terms of this Agreement, will be validly issued, fully paid and non-assessable, and the issuance of the Placement Units will not be subject to any preemptive or similar rights.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(n)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The execution and delivery by the Trust and the Manager of
      this Agreement, and the performance by each of the Trust and the Manager of its respective obligations under this Agreement and the Related Agreements (as defined below), as applicable, and the issue and sale of the Placement Units do not and will
      not contravene or conflict with (i) any material provision of applicable law, (ii) the Trust Agreement, or the limited partnership agreement of the Manager, (iii) any agreement, resolution or other instrument binding upon the Trust or the Manager
      that is material to the Trust or the Manager (including the Related Agreements) as applicable, or (iv) any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Trust or the Manager, and no consent,
      approval, authorization or order of, or qualification with, any governmental body or agency (including any Canadian court or Canadian federal, provincial or territorial governmental authority) is required for the performance by the Trust or the
      Manager of its respective obligations under this Agreement, except such as may be required by the securities or Blue Sky laws of the various states in connection with the offer and sale of the Placement Units or those that have been obtained.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(o)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>There has not occurred any material adverse change, or any
      development involving a prospective material adverse change, in the condition, financial or otherwise, or in the earnings, business, assets, operations or capital of the Trust or the Manager from that set forth in the Prospectuses.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(p)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>There are no legal or governmental proceedings pending or
      threatened to which the Trust or the Manager is a party or to which any of the properties or assets of the Trust or the Manager is subject (i) other than proceedings accurately described in all material respects in the Prospectuses or proceedings
      that would not have a material adverse effect on the Trust or the Manager, as applicable, or on the power or ability of the Trust or the Manager to perform its respective obligations under this Agreement or to consummate the transactions contemplated
      by the Prospectuses or (ii)&#160; that are required to be described in the Registration Statement or the Prospectuses and are not so described; and there are no statutes, regulations, arrangements, contracts or other documents that are required to be
      described in the Registration Statement or the Prospectuses or to be filed as exhibits to the Registration Statement or filed with the Canadian Securities Commissions in connection with the filing of the Prospectuses that are not described or filed
      as required.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(q)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Trust is not, and after giving effect to the offering and
      sale of the Placement Units and the application of the proceeds thereof as described in the Prospectuses will not be, required to register as an &#8220;investment company&#8221; as such term is defined in the Investment Company Act of 1940, as amended.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(r)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Trust is a &#8220;mutual fund trust&#8221; within the meaning of the
      Income Tax Act (Canada) and the regulations thereunder (the &#8220;<font style="font-weight: bold;"><u>Tax Act</u></font>&#8221;).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(s)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Trust is not a non-resident of Canada within the meaning
      of the Tax Act.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(t)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Trust Agreement has
      been duly authorized, executed and delivered by the Manager (by its general partner, Sprott Asset Management GP Inc.), in its capacity as manager of the Trust, and is enforceable against the Manager in accordance with its terms, and the Trust
      Agreement is in full force and effect and has not been amended, restated, supplemented or otherwise modified or replaced.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(u)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Manager has been duly appointed as manager of the Trust
      pursuant to the Trust Agreement and the management agreement, dated as of February 24, 2010 (the &#8220;<font style="font-weight: bold;"><u>Management Agreement</u></font>&#8221;), and the Management Agreement has been duly authorized, executed and delivered by
      each</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
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    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">of the Trust and the Manager and is enforceable against each such party in accordance with its terms, and the Management Agreement is in full force and effect and has not been amended, restated,
      supplemented or otherwise modified or replaced.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(v)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Royal Canadian Mint (the &#8220;<font style="font-weight: bold;"><u>Mint</u></font>&#8221;),






      a body corporate established by the <font style="font-style: italic;">Royal Canadian Mint Act</font> (Canada), has been duly appointed as custodian of the physical gold bullion owned by the Trust pursuant to the precious metals storage and custody
      agreement, entered into as of June 4, 2018 (the &#8220;<font style="font-weight: bold;"><u>Gold Storage Agreement</u></font>&#8221;), and such agreement has been duly authorized, executed and delivered by the Manager on behalf of the Trust and is enforceable
      against the Trust in accordance with its terms, and such agreement is in full force and effect and has not been amended, restated, supplemented or otherwise modified or replaced.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(w)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>RBC Investor Services, a trust company incorporated under the
      federal laws of Canada, has been duly appointed as custodian of the assets, other than physical gold bullion of the Trust, pursuant to the Trust Agreement.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(x)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Equity Financial Trust Company, at its principal office in
      Toronto, Ontario has been duly appointed as the registrar, transfer agent and disbursement agent for the Units pursuant to the transfer agent, registrar and disbursing agent agreement, dated as of February 24, 2010, as amended, restated, supplemented
      or otherwise modified (the &#8220;<font style="font-weight: bold;"><u>Transfer Agent Agreement</u></font>&#8221;), and such agreement has been duly authorized, executed and delivered by the Manager on behalf of the Trust and is enforceable against the Trust in
      accordance with its terms, and such agreement is in full force and effect and has not been amended, restated, supplemented or otherwise modified or replaced.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(y)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>RBC Investor Services, at its principal office in Toronto,
      Ontario has been duly appointed as the valuation agent of the Trust pursuant to the valuation services agreement, dated as of February 24, 2010, as amended, restated, supplemented or otherwise modified (the &#8220;<font style="font-weight: bold;"><u>Valuation






          Services Agreement</u></font>&#8221; and together with the Trust Agreement, the Management Agreement, the Gold Storage Agreement and the Transfer Agent Agreement, the &#8220;<font style="font-weight: bold;"><u>Related Agreements</u></font>&#8221;), and such
      agreement has been duly authorized, executed and delivered by the Manager, in its capacity as manager of the Trust, and is enforceable against the Manager in accordance with its terms, and such agreement is in full force and effect and has not been
      amended, restated, supplemented or otherwise modified or replaced.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(z)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Trust has good and marketable title to all physical gold
      bullion owned by it and all other personal property owned by it which is material to the business of the Trust, in each case free and clear of all liens, encumbrances and defects; and all of the physical gold bullion owned by the Trust is held by the
      Mint as custodian (or a subcustodian appointed by the Mint) pursuant to the Gold Storage Agreement as described in the Prospectuses.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(aa)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>There are no contracts, agreements or understandings between
      the Trust or the Manager and any person granting such person the right to require the Trust or the Manager to file a registration statement under the Securities Act or a prospectus under Canadian Securities Laws with respect to any securities of the
      Trust or to require the Trust or the Manager to include such securities with the Placement Units registered pursuant to the Registration Statement or the Placement Units qualified by the Canadian Final Prospectus, except as described in the
      Prospectuses.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(bb)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Neither the Trust, the Manager nor any officer, employee or
      affiliate, nor, to the knowledge of the Trust and the Manager, any agent or representative, of the Trust or the Manager or any of their affiliates has taken, or will take, any action, in furtherance of an offer, payment, promise to pay, or
      authorization or approval of the payment or giving of money, property, gifts or anything else of value, directly or indirectly, to any &#8220;government official&#8221; (including any officer or employee of a government or government-owned or controlled entity
      or of a public international organization, or any person acting in an</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) to influence official action or secure an improper advantage;
      and the Trust, the Manager and their respective affiliates have conducted their businesses in compliance with applicable anti-corruption laws and have instituted and maintain and will continue to maintain policies and procedures designed to promote
      and achieve compliance with such laws and with the representation and warranty contained herein.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(cc)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The operations of each of the Trust and the Manager is and
      has been conducted at all times in compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate
      Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada), the Corruption of Foreign Public Officials Act (Canada) and the applicable anti-money
      laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#8220;<font style="font-weight: bold;"><u>Anti-Money Laundering Laws</u></font>&#8221;), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Trust or the Manager with respect to the Anti-Money Laundering
      Laws is pending or, to the best knowledge of the Trust and the Manager, threatened.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(dd)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>None of the Trust, the Manager or, to the knowledge of the
      Trust or the Manager, any director, officer, agent, employee, affiliate or representative of the Trust or the Manager is an individual or entity (&#8220;<font style="font-weight: bold;"><u>Person</u></font>&#8221;) that is, or is owned or controlled by a Person
      that is, the subject of any U.S. sanctions administered or enforced by the Office of Foreign Assets Control of the U.S. Department of the Treasury (&#8220;<font style="font-weight: bold;"><u>OFAC-administered sanctions</u></font>&#8221;), the United Nations
      Security Council, the Office of the Superintendent of Financial Institutions (Canada), or pursuant to the Special Economic Measures Act (Canada) or other relevant sanctions authority or relevant statute, rule, or regulation (collectively, &#8220;<font style="font-weight: bold;"><u>Sanctions</u></font>&#8221;), nor located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, Cuba, Iran, North Korea, Russia, Sudan, Syria, Ukraine and
      Zimbabwe); and each of the Trust and the Manager will not, directly or indirectly, use the proceeds of the offering of Placement Units hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner
      or other Person, to fund or facilitate any activities of or business with any Person, or in any country or territory that, at the time of such funding or facilitation, is the subject of any Sanctions, or in a manner that will result in a violation of
      the Sanctions by any Person (including any Person involved in or facilitating the offering of the Units, whether as underwriter, advisor, investor or otherwise).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(ee)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Subsequent to the respective dates as of which information is
      given in each of the Registration Statement and the Prospectuses, (i) the Trust has not incurred any material liability or obligation, direct or contingent, nor entered into any material transaction; (ii) except for Units redeemed in accordance with
      the applicable provisions of the Trust Agreement, the Trust has not purchased any outstanding Units or other equity interest in the capital of the Trust, nor declared, paid or otherwise made any dividend or distribution of any kind on its Units or
      other equity interest in the capital of the Trust; and (iii) there has not been any material change in the capital, short-term debt or long-term debt of the Trust, except in each case as described in each of the Registration Statement and the
      Prospectuses, respectively.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(ff)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Each of the Trust and the Manager owns, possesses or
      licenses, or can acquire on reasonable terms, all material patents, patent rights, licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or
      procedures), trademarks, service marks and trade names currently employed by it, in each case, in connection with the business now operated by them, and neither the Trust nor the Manager has received any notice of infringement of or conflict with
      asserted rights of others with respect to any of the foregoing which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a material adverse effect on the Trust or the Manager, as applicable.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">11</font></div>
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    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(gg)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Manager is insured by insurers of recognized financial
      responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which it is engaged; it has not been refused any insurance coverage sought or applied for; and it has no reason to believe that it will
      not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a material adverse effect on the
      Manager, except as described in the Prospectuses.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(hh)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Each of the Trust and the Manager possesses all certificates,
      authorizations and permits issued by the appropriate federal, provincial, state or foreign regulatory authorities necessary to conduct its business, and neither the Trust nor the Manager has received any notice of proceedings relating to the
      revocation or modification of any such certificate, authorization or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a material adverse effect on the Trust or the Manager, as
      applicable, except as described in the Prospectuses.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(ii)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The financial statements included in the Registration
      Statement and the Prospectuses, together with the related schedules and notes, present fairly the financial position of the Trust at the dates indicated and the statements of financial position of the Trust for the periods specified; such financial
      statements have been prepared in conformity with the International Financial Reporting Standards as issued by the International Accounting Standards Board (&#8220;<font style="font-weight: bold;"><u>IFRS</u></font>&#8221;) applied on a consistent basis
      throughout the periods involved.&#160; The supporting schedules, if any, included in the Registration Statement present fairly in accordance with IFRS the information required to be stated therein.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(jj)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>KPMG LLP (&#8220;<font style="font-weight: bold;"><u>KPMG</u></font>&#8221;)






      have been the Trust&#8217;s auditors beginning January 1, 2016. KPMG is an independent public accountant as required by Canadian Securities Laws and the rules and regulations of the Canadian Securities Commissions thereunder, is independent in accordance
      with the requirements of the institute of chartered accountants in each of the Canadian Qualifying Jurisdictions in respect of a listed entity (as defined in such requirements) and is an independent registered public accounting firm within the
      meaning of the Securities Act and the applicable rules and regulations thereunder adopted by the Commission and the Public Company Accounting Oversight Board (United States). There has not been any disagreement (within the meaning of National
      Instrument 51-102 &#8211; <font style="font-style: italic;">Continuous Disclosure Obligations</font>) with KPMG with respect to the audit of the Trust.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(kk)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Manager maintains a system of internal accounting
      controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management&#8217;s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in
      conformity with IFRS principles and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management&#8217;s general or specific authorization; and (iv) the recorded accountability for assets is compared with the
      existing assets at reasonable intervals and appropriate action is taken with respect to any differences.&#160; Except as described in the Prospectuses, there has been (x) no material weakness in the Trust&#8217;s or the Manager&#8217;s internal control over financial
      reporting (whether or not remediated) and (y) no change in the Trust&#8217;s or the Manager&#8217;s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Trust&#8217;s or the Manager&#8217;s, applicable,
      internal control over financial reporting.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(ll)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Manager maintains disclosure controls and procedures (as
      such term is defined in Rule 13a-15(e) under the Exchange Act) that comply with the requirements of the Exchange Act; such disclosure controls and procedures have been designed to ensure that material information relating to the Trust is made known
      to the Manager by others within those entities; and such disclosure controls and procedures are effective.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(mm)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Except as set forth in the Prospectuses and except for the
      Units previously owned by Sonia M. Yung, as settlor of the Trust, and the Units issued in connection with the Trust&#8217;s public</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">12</font></div>
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    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">offerings on March 3, 2010, May 26, 2010, September 17, 2010, April 8, 2011, July 20, 2011, February 3, 2012, September 12, 2012, and the issuance of units in connection with its exchange offer
      completed on January 18, 2016, the Trust has not sold, issued or distributed any Units, including any sales pursuant to Rule 144A under, or Regulation D or S of, the Securities Act or on a private placement basis under one or more exemptions from the
      prospectus requirement under Canadian Securities Laws.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(nn)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>There are no business relationships, related-party
      transactions or off-balance sheet transactions or any other non-arm&#8217;s length transactions involving the Trust that are required to be disclosed that have not been described in the Prospectuses.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(oo)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Except for the Agents, there is no person, firm or
      corporation acting or purporting to act for the Trust, entitled to any brokerage or finder&#8217;s fee in connection with this Agreement or any of the transactions contemplated hereunder.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(pp)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The net proceeds of the offering of Placement Units will be
      used in the manner specified in the Prospectuses and for no other purpose.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(qq)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The terms and conditions of the offering of Placement Units
      comply and will comply in all material respects with Canadian Securities Laws including, without limitation, NI 81-102, except to the extent that an exemption therefrom has been obtained from applicable Canadian Securities Commissions in each of the
      Canadian Qualifying Jurisdictions.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(rr)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Neither the Trust or the Manager has any liabilities
      (contingent or otherwise) which might interfere with the performance of their obligations hereunder or under any of the Related Agreements to which it is a party.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(ss)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Each of the Trust and the Manager is current and up-to-date
      with all material filings required or desirable to be made by each of them under the laws of Canada and each of the provinces and territories thereof, including all Canadian Securities Laws.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(tt)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>None of the directors or officers of the general partner of
      the Manager or any associate or affiliate of any of the foregoing had, has or, to the knowledge of the Manager, intends to have, any material interest, direct or indirect, in any material transaction contemplated by this Agreement, any of the Related
      Agreements or the Registration Statement or the Prospectuses or in any proposed transaction with the Trust which materially affects, is material to or will materially affect the Trust, except as and to the extent disclosed in the Registration
      Statement and the Prospectuses.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(uu)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Trust is a &#8220;foreign private issuer&#8221; (as defined in Rule
      405 under the Securities Act) and meets the requirements for use of Form F-10 under the Securities Act and is eligible for the use of the Shelf Procedures under Canadian Securities Laws; no order suspending the trading or distribution of the Units
      has been issued by the Canadian Securities Commissions and no proceedings, for that purpose, have been instituted or are pending or, to the Trust&#8217;s knowledge, are contemplated by the Canadian Securities Commissions; no stop order suspending the
      effectiveness of the Registration Statement has been issued by the Commission or the Canadian Securities Commissions, as applicable, and no proceedings for that purpose have been instituted or are pending or to the Trust&#8217;s knowledge, are contemplated
      by either the Commission or the Canadian Securities Commissions; the Registration Statement, including the Base Prospectus and such amendments to such Registration Statement as may have been required to the date of this Agreement, has been prepared
      by the Trust under the applicable provisions of the Securities Act and has been filed with the Commission; pursuant to Rule 467(a) under the Securities Act, the Registration Statement became effective on July 7, 2020. The Canadian Final Prospectus,
      the Registration Statement and the Prospectuses and the offer and sale of Placement Units as contemplated hereby meet the requirements of NI 44-102 and comply in all material respects with the provisions thereof and other</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">13</font></div>
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    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">applicable Canadian Securities Laws.&#160; Any statutes, regulations, contracts or other documents that are required to be described in the Registration Statement or the Prospectuses or to be filed as
      exhibits to the Registration Statement or the Prospectuses have been so described or filed.&#160; Copies of the Registration Statement, the Prospectus or the Canadian Final Prospectus, and any such amendments or supplements and all documents incorporated
      by reference therein that were filed with the Commission or the Canadian Securities Commissions, as applicable, on or prior to the date of this Agreement have been delivered, or are available on EDGAR or SEDAR, as the case may be, to the Agents and
      their counsel.&#160; The Prospectus and the Canadian Final Prospectus will name the Agents as the agent in the section entitled &#8220;Plan of Distribution.&#8221;&#160; There are no reports or information that must be filed or made publicly available in connection with
      the listing of the Placement Units on the TSX (other than routine post-closing filings) that have not been filed or made publicly available as required, other than the Canadian Final Prospectus; there are no documents required to be filed with the
      Canadian Securities Commissions, in connection with the Canadian Base Prospectus or the Canadian Final Prospectus that have not been filed as required.&#160; The Commission has not issued an order preventing or suspending the use of the Registration
      Statement or the Base Prospectus, any free writing prospectus or the Prospectus relating to the proposed offering of the Placement Units and no proceedings for such purpose have been instituted or are pending or, to the Trust&#8217;s knowledge, are
      contemplated or threatened by the Commission.&#160; The Trust has not distributed and, prior to the later to occur of each Settlement Date and completion of the distribution of the Placement Units, will not distribute any offering material in connection
      with the offering or sale of the Placement Units other than the Registration Statement and the Prospectus and any Issuer Free Writing Prospectus (as defined below) to which the Agents have consented, which consent shall not be unreasonably withheld
      or delayed.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(vv)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Prospectus delivered to the U.S. Agents for use in
      connection with the sale of the Placement Units pursuant to this Agreement will be identical to the versions of the Prospectus created to be transmitted to the Commission for filing via EDGAR, except to the extent permitted by Regulation S&#8209;T.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(ww)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Canadian Final Prospectus delivered to the Canadian Agent
      for use in connection with the sale of the Placement Units pursuant to this Agreement will be identical to the versions of the Canadian Final Prospectus created to be transmitted to the OSC for filing via SEDAR.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(xx)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Trust has not relied upon the Agents or legal counsel for
      the Agents for any legal, tax or accounting advice in connection with the offering and sale of the Placement Units.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(yy)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>There is and has been no failure on the part of the Trust or
      the Manager or any of their directors or officers, in their capacities as such, to comply in all material respects with any applicable provisions of the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder.&#160; Each of the principal
      executive officer and the principal financial officer of the Trust (or each former principal executive officer of the Trust and each former principal financial officer of the Trust as applicable) has made all certifications required by Sections 302
      and 906 of the Sarbanes-Oxley Act with respect to all reports, schedules, forms, statements and other documents required to be filed by it or furnished by it to the Commission.&#160; For purposes of the preceding sentence, &#8220;principal executive officer&#8221;
      and &#8220;principal financial officer&#8221; shall have the meanings given to such terms in the Sarbanes-Oxley Act.</div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;">(zz)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab"> </font><font style="color: #000000;">The Manager, on behalf of the Trust, is not a party
        to any agreement with an agent or underwriter, other than the Agents, for any other &#8220;at-the-market&#8221; or continuous equity transaction, other than the amended and restated sales agreement with the Agents and the Sprott Physical Silver Trust, dated as
        of the date hereof, and the amended and restated sales agreement with the Agents and the Sprott Physical Platinum and Palladium Trust, dated the date hereof, each with respect to the &#8220;at-the-market&#8221; transactions proposed to be completed by the
        Sprott Physical Silver Trust and the Sprott Physical Platinum and Palladium Trust, respectively.</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"> </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(aaa)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Trust acknowledges and agrees that each of the Agents
      has informed the Trust that the Agents may, to the extent permitted under the Securities Act and the Exchange Act, purchase and sell Units for its own account while this Agreement is in effect, <font style="font-style: italic;">provided</font>, that
      (i)&#160;no such purchase or sales shall take place while a Placement Notice is in effect (except to the extent each Agent may engage in sales of Placement Units purchased or deemed purchased from the Trust as a &#8220;riskless principal&#8221; or in a similar</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">14</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">capacity) and (ii)&#160;the Trust shall not be deemed to have authorized or consented to any such purchases or sales by the Agents.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(bbb)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Neither the issuance, sale and delivery of the Placement
      Units nor the application of the proceeds thereof by the Trust as described in the Registration Statement and the Prospectuses will violate Regulation T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of such
      Board of Governors.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(ccc)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>On each Settlement Date, all stock transfer or other taxes
      (other than income taxes) which are required to be paid in connection with the sale and transfer of the Placement Units to be sold hereunder will be, or will have been, fully paid or provided for by the Trust and all laws imposing such taxes will be
      or will have been fully complied with.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(ddd)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Units are registered pursuant to Section 12(b) of the
      Exchange Act and are listed for trading on the NYSE Arca under the symbol &#8220;PHYS&#8221; and the TSX under the symbols "PHYS" and &#8220;PHYS.U,&#8221; and the Trust has taken no action designed to terminate the registration of the Units under the Exchange Act or
      delisting the Units from either of the Exchanges, nor, except as disclosed in the Registration Statement and the Prospectuses, has the Trust received any notification that the Commission, the Canadian Securities Commissions or either of the Exchanges
      is contemplating terminating such registration or listing. Except as disclosed in the Registration Statement and the Prospectuses, the Trust has complied in all material respects with the applicable requirements of the Exchanges for maintenance of
      inclusion of the Units thereon. The Trust has obtained all necessary consents, approvals, authorizations or orders of, or filing, notification or registration with, the Exchanges, the Commission and the Canadian Securities Commissions, where
      applicable, required for the listing and trading of the Placement Units, subject only to satisfying their standard listing and maintenance requirements.&#160; The Trust has no reason to believe that it will not in the foreseeable future continue to be in
      compliance with all such listing and maintenance requirements of each Exchange.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Any certificate signed by the Manager on behalf of the Trust or the Manager and delivered to the Agents or to counsel for the Agents pursuant to or in connection with this
      Agreement shall be deemed to be a representation and warranty by the Trust and the Manager, as applicable, to the Agents as to the matters set forth therein.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">7.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Covenants of the Trust and the Manager</u>.&#160; The Trust and
      the Manager, jointly and severally, covenant with the Agents as follows:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Registration Statement Amendments</u>.&#160; After the date of
      this Agreement and during any period in which a Prospectus or Canadian Final Prospectus relating to any Placement Units is required to be delivered by Agents under the Securities Act or Canadian Securities Laws (including in circumstances where such
      requirement may be satisfied pursuant to Rule 172 under the Securities Act), (i)&#160;the Trust will notify the Agents promptly of the time when any subsequent amendment to the Registration Statement, other than documents incorporated by reference, has
      been filed with the Commission or the Canadian Securities Commissions and/or has become effective or any subsequent supplement to the Prospectus or Canadian Final Prospectus has been filed and of any request by the Commission for any amendment or
      supplement to the Registration Statement, Prospectus or Canadian Final Prospectus, as applicable, or for additional information, (ii)&#160;the Trust will prepare and file with the Commission or the Canadian Securities Commissions, promptly upon the
      Agents&#8217; request, any amendments or supplements to the Registration Statement, Prospectus or the Canadian Final Prospectus, as applicable, that, in such Agents&#8217; reasonable opinion, may be necessary or advisable in connection with the distribution of
      the Placement Units by the Agents (<font style="font-style: italic;">provided</font>, <font style="font-style: italic;">however</font>, that the failure of the Agents to make such request shall not relieve the Trust or the Manager of any obligation
      or liability hereunder, or affect the Agents&#8217; right to rely on the representations and warranties made by the Trust and the Manager in this Agreement and <font style="font-style: italic;">provided</font>, <font style="font-style: italic;">further</font>,</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">15</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">that the only remedy the Agents shall have with respect to the failure to make such filing shall be to cease making sales under this Agreement until such amendment or supplement is filed),
      (iii)&#160;the Trust will not file any amendment or supplement to the Registration Statement, Prospectus or Canadian Final Prospectus relating to the Placement Units or a security convertible into the Placement Units unless a copy thereof has been
      submitted to Agents within a reasonable period of time before the filing and the Agents has not objected thereto (<font style="font-style: italic;">provided</font>, <font style="font-style: italic;">however</font>, that the failure of the Agents to
      make such objection shall not relieve the Trust or the Manager of any obligation or liability hereunder, or affect the Agents&#8217; right to rely on the representations and warranties made by the Trust or the Manager in this Agreement and <font style="font-style: italic;">provided</font>, <font style="font-style: italic;">further</font>, that the only remedy Agents shall have with respect to the failure by the Trust or the Manager to obtain such consent shall be to cease making sales
      under this Agreement) and the Trust will furnish to the Agents at the time of filing thereof a copy of any document that upon filing is deemed to be incorporated by reference into the Registration Statement, Prospectus or Canadian Final Prospectus,
      except for those documents available via EDGAR or SEDAR, as applicable and (iv)&#160;the Trust will cause each amendment or supplement to the Prospectus or the Canadian Final Prospectus to be filed with the Commission or the Canadian Securities
      Commissions as required pursuant to applicable Canadian Securities Laws and the provisions of Form F-10 or, in the case of any document to be incorporated therein by reference, to be filed with the Commission as required pursuant to the Exchange Act
      or applicable Canadian Securities Laws, within the time period prescribed (the determination to file or not file any amendment or supplement with the Commission under this Section 7(a), based on the Trust&#8217;s reasonable opinion or reasonable
      objections, shall be made exclusively by the Trust).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Notice of Commission Stop Orders</u>.&#160; The Trust will
      advise the Agents, promptly after it receives notice or obtains knowledge thereof, of the issuance or threatened issuance by the Commission or the Canadian Securities Commissions of any stop order suspending the effectiveness of the Registration
      Statement, of the suspension of the qualification of the Placement Units for offering or sale in any jurisdiction, or of the initiation or threatening of any proceeding for any such purpose; and it will promptly use its commercially reasonable
      efforts to prevent the issuance of any stop order or to obtain its withdrawal if such a stop order should be issued.&#160; The Trust will advise the Agents promptly after it receives any request by the Commission or the Canadian Securities Commissions for
      any amendments to the Registration Statement or any amendment or supplements to the Prospectus, Canadian Final Prospectus or any Issuer Free Writing Prospectus or for additional information related to the offering of the Placement Units or for
      additional information related to the Registration Statement, the Prospectus, the Canadian Final Prospectus or any Issuer Free Writing Prospectus.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Delivery of Prospectus; Subsequent Changes</u>.&#160; During any
      period in which the Prospectus relating to the Placement Units is required to be delivered by the Agents under the Securities Act or Canadian Securities Laws with respect to the offer and sale of the Placement Units, (including in circumstances where
      such requirement may be satisfied pursuant to Rule 172 under the Securities Act), the Trust will comply with all requirements imposed upon it by the Securities Act and the Canadian Securities Laws, as from time to time in force, and to file on or
      before their respective due dates all reports and any definitive proxy or information statements required to be filed by the Trust with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act or
      with the Canadian Securities Commissions pursuant to Canadian Securities Laws.&#160; If during such period any event occurs as a result of which the Prospectus or the Canadian Final Prospectus as then amended or supplemented would include an untrue
      statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such period it is necessary to amend or supplement the Registration
      Statement or Prospectus to comply with the Securities Act or the Canadian Final Prospectus to comply with applicable Canadian Securities Laws, the Manager, on behalf of the Trust, will promptly notify Agents to suspend the offering of Placement Units
      during such period and the Trust will promptly amend or supplement the Registration Statement, Prospectus</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">16</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">or the Canadian Final Prospectus (at the expense of the Trust) so as to correct such statement or omission or effect such compliance.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Listing of Placement Units</u>.&#160; During any period in which
      the Prospectus or the Canadian Final Prospectus relating to the Placement Units is required to be delivered by the Agents under the Securities Act or Canadian Securities Law, as applicable, with respect to the offer and sale of the Placement Units,
      the Manager, on behalf of the Trust, will use its reasonable best efforts to cause the Placement Units to be listed on each Exchange.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Delivery of Registration Statement and Prospectus</u>.&#160; The
      Trust will furnish to the Agents and their counsel (at the expense of the Trust) copies of the Registration Statement, Prospectus and the Canadian Final Prospectus (including all documents incorporated by reference therein) and all amendments and
      supplements to the Registration Statement, Prospectus or the Canadian Final Prospectus that are filed with the Commission or the Canadian Securities Commissions, as applicable, during any period in which the Prospectus or the Canadian Final
      Prospectus relating to the Placement Units is required to be delivered under the Securities Act (including all documents filed with the Commission during such period that are deemed to be incorporated by reference therein) or delivered under Canadian
      Securities Law, as applicable, in each case as soon as reasonably practicable and in such quantities as the Agents may from time to time reasonably request and, at the Agents&#8217; request, will also furnish copies of the Prospectus to each exchange or
      market on which sales of the Placement Units may be made; <font style="font-style: italic;">provided</font>, <font style="font-style: italic;">however</font>, that the Trust shall not be required to furnish any document (other than the Prospectus)
      to the Agents to the extent such document is available on EDGAR or SEDAR, as the case may be.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Earnings Statement</u>.&#160; The Trust will make generally
      available to its security holders as soon as practicable, but in any event not later than 15 months after the end of the Trust&#8217;s current fiscal quarter, an earnings statement covering a 12-month period that satisfies the provisions of Section 11(a)
      and Rule 158 of the Securities Act.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(g)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Use of Proceeds</u>.&#160; The Trust will use the Net Proceeds
      as described in the Prospectus in the section entitled &#8220;Use of Proceeds.&#8221;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(h)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Notice of Other Sales</u>.&#160; Without the prior written
      consent of the Agents, the Trust will not, directly or indirectly, offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Units (other than the Placement Units offered pursuant to this Agreement) or securities
      convertible into or exchangeable for Units, warrants or any rights to purchase or acquire, Units during the period beginning on the fifth (5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) Trading Day immediately prior to the date on which any Placement Notice is delivered to Agents
      hereunder and ending on the fifth (5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) Trading Day immediately following the final Settlement Date with respect to Placement Units sold pursuant to such Placement Notice (or, if the Placement Notice has been terminated or suspended prior
      to the sale of all Placement Units covered by a Placement Notice, the date of such suspension or termination); and will not directly or indirectly in any other &#8220;at-the-market&#8221; or continuous equity transaction offer to sell, sell, contract to sell,
      grant any option to sell or otherwise dispose of any Units (other than the Placement Units offered pursuant to this Agreement) or securities convertible into or exchangeable for Units, warrants or any rights to purchase or acquire, Units prior to the
      later of the termination of this Agreement and the sixtieth (60<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day immediately following the final Settlement Date with respect to Placement Units sold pursuant to such Placement Notice; <font style="font-style: italic;">provided</font>,
      <font style="font-style: italic;">however</font>, that such restrictions will not be required in connection with the Trust&#8217;s issuance or sale of (i)&#160;Units, options to purchase Units or Units issuable upon the exercise of options, pursuant to any
      employee or director stock option or benefits plan, stock ownership plan or dividend reinvestment plan (but not Units subject to a waiver to exceed plan limits in its dividend reinvestment plan) of the Trust whether now in effect or hereafter
      implemented, (ii)&#160;Units issuable upon conversion of securities or the exercise of warrants, options or other rights in effect or outstanding, and disclosed in filings by the Trust available on EDGAR or otherwise in writing to the Agents and (iii)
      Units or securities convertible into or exchangeable for Units</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">17</font></div>
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    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">as consideration for mergers, acquisitions, other business combinations or strategic alliances occurring after the date of this Agreement which are not issued for capital raising purposes.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(i)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Change of Circumstances</u>.&#160; The Manager, on behalf of the
      Trust, will, at any time during the pendency of a Placement Notice advise the Agents promptly after it shall have received notice or obtained knowledge thereof, of any information or fact that would alter or affect in any material respect any
      opinion, certificate, letter or other document required to be provided to the Agents pursuant to this Agreement.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(j)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Due Diligence Cooperation</u>.&#160; The Manager, on behalf of
      the Trust, will cooperate with any reasonable due diligence review conducted by the Agents or its representatives in connection with the transactions contemplated hereby, including, without limitation, providing information and making available
      documents and senior corporate officers, during regular business hours and at the Trust&#8217;s principal offices, as the Agents may reasonably request.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(k)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Required Filings Relating to Placement of Placement Units</u>.&#160;







      The Trust agrees that on such dates as the Canadian Securities Laws and Form F-10 shall require, the Trust will (i)&#160;file a Canadian Final Prospectus with the Canadian Securities Commissions and the Commission, which Canadian Final Prospectus will set
      forth, within the relevant period, the amount of Placement Units to be sold through the Agents, the Net Proceeds to the Trust and the compensation payable to the Agents with respect to such Placement Units, and (ii)&#160;deliver such number of copies of
      each such Canadian Final Prospectus to each exchange or market on which such sales were effected as may be required by the rules or regulations of such exchange or market. In each quarterly report, annual information form or annual financial
      statements filed by the Trust in respect of any period in which sales of Placement Units were made by the Agents under this Agreement, the Trust shall set forth with regard to such period the number of Placement Units sold through the Agents under
      this Agreement, the Net Proceeds received by the Trust and the compensation paid by the Trust to the Agents with respect to sales of Placement Units pursuant to this Agreement. For so long as the Units are listed on the Exchanges, the Trust will
      provide the Exchanges with all information it requires with respect to the offering and sale of Placement Units pursuant to this Agreement within the timelines prescribed by the Exchanges.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(l)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Representation Dates; Certificate</u>.&#160; (1) Prior to the
      date of the first Placement Notice and (2) each time the Trust:</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">(i) files the Prospectus relating to the Placement Units or amends or supplements (other than a prospectus supplement relating solely to an offering of securities other than the
      Placement Units) the Registration Statement or the Prospectus relating to the Placement Units by means of a post-effective amendment, sticker, or supplement but not by means of incorporation of documents by reference into the Registration Statement
      or the Prospectus relating to the Placement Units;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">(ii) files an annual report on Form 20-F or Form 40-F under the Exchange Act (including any Form 20-F/A or Form 40-F/A containing amended financial statements or a material
      amendment to the previously filed Form 20-F);</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">(iii) files or furnishes its quarterly financial statements on Form 6-K under the Exchange Act; or</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">(iv) files or furnishes a Form 6-K containing amended financial statements under the Exchange Act (each date of filing of one or more of the documents referred to in clauses (i)
      through (iv) shall be a &#8220;<font style="font-weight: bold;"><u>Representation Date</u></font>&#8221;);</div>
    <div style="text-align: justify; margin-bottom: 12pt;">the Manager, on behalf of the Trust, shall furnish the Agents (but in the case of clause (iv) above only if the Agents reasonably determine that the information contained in such Form 6&#8209;K is
      material) with a</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">18</font></div>
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    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">certificate, in the form and substance satisfactory to the Agents and their counsel, substantially similar to the form previously provided to the Agents and their counsel, modified, as necessary,
      to relate to the Registration Statement and the Prospectus as amended or supplemented.&#160; The requirement to provide a certificate under this Section 7(l) shall be waived for any Representation Date occurring at a time a Suspension is in effect, which
      waiver shall continue until the earlier to occur of the date the Manager, on behalf of the Trust, delivers instructions for the sale of Placement Units hereunder (which for such calendar quarter shall be considered a Representation Date) and the next
      occurring Representation Date.&#160; Notwithstanding the foregoing, if the Manager, on behalf of the Trust, subsequently decides to sell Placement Units following a Representation Date when a Suspension was in effect and did not provide the Agents with a
      certificate under this Section 7(l), then before the Manager, on behalf of the Trust, delivers the instructions for the sale of Placement Units or the Agents sell any Placement Units pursuant to such instructions, the Manager, on behalf of the Trust,
      shall provide the Agents with a certificate in conformity with this Section 7(l) dated as of the date that the instructions for the sale of Placement Units are issued.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(m)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Legal Opinions</u>.&#160; (1) Prior to the date of the first
      Placement Notice and (2) within five (5) Trading Days of each Representation Date (except for any date that is a Representation Date solely due to the filing of a Canadian Final Prospectus pursuant to Section 7(k) hereunder) with respect to which the
      Manager, on behalf of the Trust, is obligated to deliver a certificate pursuant to <u>Section 7(l)</u> for which no waiver is applicable and excluding the date of this Agreement, the Trust shall cause to be furnished to the Agents a written opinion
      of each of Seward &amp; Kissel LLP (&#8220;<font style="font-weight: bold;"><u>U.S. Trust Counsel</u></font>&#8221;) (in favour of the U.S. Agents only) and Baker &amp; McKenzie LLP (&#8220;<font style="font-weight: bold;"><u>Canadian Trust Counsel</u></font>&#8221;), or
      other counsel(s) satisfactory to the Agents, in form and substance satisfactory to Agents and their counsel, substantially similar to the forms previously provided to the Agents and their counsel, modified, as necessary, to relate to the Registration
      Statement, the Canadian Final Prospectus and the Prospectus, as applicable, as then amended or supplemented; <font style="font-style: italic;">provided</font>, <font style="font-style: italic;">however</font>, the Manager, on behalf of the Trust,
      shall be required to furnish to Agents no more than one opinion hereunder per calendar quarter; <font style="font-style: italic;">provided</font>, <font style="font-style: italic;">further</font>, that in lieu of such opinions for subsequent
      periodic filings under the Exchange Act, counsel may furnish the Agents with a letter (a &#8220;<font style="font-weight: bold;"><u>Reliance Letter</u></font>&#8221;) to the effect that the Agents may rely on a prior opinion delivered under this Section 7(m) to
      the same extent as if it were dated the date of such letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement, the Canadian Final Prospectus and the Prospectus, as applicable, as amended or
      supplemented as of the date of the Reliance Letter).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(n)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Comfort Letter</u>.&#160; (1) Prior to the date of the first
      Placement Notice and (2) within five (5) Trading Days of each Representation Date (except for any date that is a Representation Date solely due to the filing of a prospectus supplement pursuant to Section 6(k) hereunder) with respect to which the
      Manager, on behalf of the Trust, is obligated to deliver a certificate in the form attached hereto as Exhibit 7(l) for which no waiver is applicable and excluding the date of this Agreement, the Trust shall cause its independent registered public
      accounting firm to furnish the Agents letters (the &#8220;<font style="font-weight: bold;"><u>Comfort Letters</u></font>&#8221;), dated the date the Comfort Letter is delivered, which shall meet the requirements set forth in this Section 7(n); <font style="font-style: italic;">provided</font>, that if requested by the Agents, the Trust shall cause a Comfort Letter to be furnished to the Agents within ten (10) Trading Days of the date of occurrence of any material transaction or event,
      including the restatement of the Trust&#8217;s financial statements.&#160; The Comfort Letter from the Trust&#8217;s independent registered public accounting firm shall be in a form and substance satisfactory to the Agents, (i) confirming that they are an independent
      registered public accounting firm within the meaning of the Securities Act and the Public Company Accounting Oversight Board (United States) and are an independent auditor as required by Canadian Securities Laws, (ii) stating, as of such date, the
      conclusions and findings of such firm with respect to the financial information and other matters ordinarily covered by accountants&#8217; &#8220;comfort letters&#8221; to underwriters in connection with registered public offerings (the first such letter, the &#8220;<font style="font-weight: bold;"><u>Initial Comfort Letter</u></font>&#8221;) and (iii) updating the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had it been given on such date and modified as
      necessary</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">19</font></div>
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    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(o)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Market Activities</u>.&#160; The Trust and Manager will not,
      directly or indirectly, (i)&#160;take any action designed to cause or result in, or that constitutes or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Trust to facilitate the sale or
      resale of Units or (ii)&#160;sell, bid for, or purchase Units, or pay anyone any compensation for soliciting purchases of the Placement Units other than the Agents; provided, however, that the foregoing shall not prevent the Trust and the Manager from
      engaging in marketing activities in the ordinary course of business.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(p)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Investment Company Act</u>.&#160; The Trust will conduct its
      affairs in such a manner so as to reasonably ensure that it will not be or become, at any time prior to the termination of this Agreement, required to register as an &#8220;investment company,&#8221; as such term is defined in the Investment Company Act.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(q)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>No Offer to Sell</u>.&#160; Other than an Issuer Free Writing
      Prospectus approved in advance by the Manager, on behalf of the Trust, and the Agents in their capacity as agents hereunder, neither the Agents nor the Manager, on behalf of the Trust (including its agents and representatives, other than the Agents
      in their capacity as such) will make, use, prepare, authorize, approve or refer to any written communication (as defined in Rule 405 under the Securities Act), required to be filed with the Commission, that constitutes an offer to sell or
      solicitation of an offer to buy Placement Units hereunder.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(r)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Blue Sky and Other Qualifications</u><font style="font-style: italic;">. </font> The Manager, on behalf of the Trust, will use its commercially reasonable efforts, in cooperation with the Agents, to qualify the Placement Units for offering and sale, or to obtain an exemption for the
      Placement Units to be offered and sold, under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as the Agents may designate and to maintain such qualifications and exemptions in effect for so long as required
      for the distribution of the Placement Units (but in no event for less than one year from the date of this Agreement); <font style="font-style: italic;">provided</font>, <font style="font-style: italic;">however</font>, that the Trust shall not be
      obligated to file a prospectus, registration statement or similar disclosure document with any regulatory authority or any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction
      in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject.&#160; In each jurisdiction in which the Placement Units have been so qualified or exempt, the Trust
      will file such statements and reports as may be required by the laws of such jurisdiction to continue such qualification or exemption, as the case may be, in effect for so long as required for the distribution of the Placement Units (but in no event
      for less than one year from the date of this Agreement).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(s)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Sarbanes-Oxley Act</u>.&#160; The Manager, on behalf of the
      Trust, will maintain and keep accurate books and records reflecting their assets and maintain internal accounting controls in a manner designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
      financial statements for external purposes in accordance with generally accepted accounting principles and including those policies and procedures that (i)&#160;pertain to the maintenance of records that in reasonable detail accurately and fairly reflect
      the transactions and dispositions of the assets of the Trust, (ii)&#160;provide reasonable assurance that transactions are recorded as necessary to permit the preparation of the Trust&#8217;s consolidated financial statements in accordance with IFRS, (iii)&#160;that
      receipts and expenditures of the Trust are being made only in accordance with management&#8217;s and the Trust&#8217;s directors&#8217; authorization, and (iv)&#160;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or
      disposition of the Trust&#8217;s assets that could have a material effect on its financial statements.&#160; The Manager, on behalf of the Trust, will maintain such controls and other procedures, including, without limitation, those required by Sections 302 and
      906 of the Sarbanes-Oxley Act, and the applicable regulations thereunder that are designed to ensure that information required to be disclosed by the Trust in the reports that it files or submits under the Exchange Act is recorded, processed,
      summarized and reported, within the time periods specified in the Commission&#8217;s rules and forms, including, without limitation,</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">20</font></div>
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    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">controls and procedures designed to ensure that information required to be disclosed by the Trust in the reports that it files or submits under the Exchange Act is accumulated and communicated to
      the Manager, on behalf of the Trust management, including its principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure and to ensure
      that material information relating to the Trust is made known to them by others within those entities, particularly during the period in which such periodic reports are being prepared.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(t)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Secretary&#8217;s Certificate; Further Documentation</u>.&#160; Prior
      to the date of the first Placement Notice, the Trust and Manager shall deliver to the Agents a certificate of an officer of the Manager, on behalf of the Trust, and attested to by an executive officer of the Manager, dated as of such date, certifying
      as to (i) the constituent and governing documents of the Trust and Manager, (ii) the resolutions of the Trust and Manager authorizing the execution, delivery and performance of this Agreement and the issuance of the Placement Units and (iii) the
      incumbency of the officers duly authorized to execute this Agreement and the other documents contemplated by this Agreement.&#160; Within five (5) Trading Days of each Representation Date, the Manager, on behalf of the Trust, shall have furnished to the
      Agents such further information, certificates and documents as the Agents may reasonably request.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(u)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Canadian Securities Laws, Securities Act, and Exchange Act</u>.
      The Manager, on behalf of the Trust, will use its commercially reasonable efforts to comply with all requirements imposed upon it by Canadian Securities Laws, the Securities Act, the Exchange Act and the rules of the Exchanges as from time to time in
      force, so far as necessary to permit the continuance of sales of, or dealings in, the Placement Units as contemplated by the provisions hereof and the Prospectus.&#160;Unless required by the autorit&#233; des march&#233;s financiers (Quebec), the prospectus
      supplement and documents incorporated by reference therein need not be translated into French.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(v)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Reports, etc.</u> The Manager, on behalf of the Trust,
      shall (i) file promptly all reports required to be filed by the Trust with the Commission or the Canadian Securities Commissions, (ii) file promptly all reports and other documents required to be filed by the Trust to comply with Canadian Securities
      Laws, (iii) provide the Agents with a copy of such reports and statements and other documents filed by the Trust pursuant to the Canadian Securities Laws and to promptly notify the Agents of such filing unless available on SEDAR and (iv) advise the
      Agents, promptly after it receives notices thereof, (x) of any request by the Canadian Securities Commissions or the Commission to amend or supplement the Registration Statement, the Canadian Base Prospectus, the Base Prospectus, the Canadian Final
      Prospectus, the Prospectus or the Issuer Free Writing Prospectus, if any, or for additional information with respect thereto or (y) of the issuance by the Commission or the Canadian Securities Commissions of any stop order suspending the
      effectiveness of the Registration Statement or either of the Prospectuses, respectively, or the institution or threatening of any proceeding for any such purpose.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(w)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Shelf Procedures</u>. The Trust shall comply with the
      requirements of the Shelf Procedures and General Instruction II.L of Form F-10 and file the Canadian Final Prospectus with the Canadian Securities Commissions and the Prospectus with the Commission on the day which is no later than two Business Days
      following the date of this Agreement. If during the period in which a prospectus is required by law to be delivered by the Agents, any event shall occur that makes any statement made in the Registration Statement, the Prospectus, the Canadian Final
      Prospectus or the Issuer Free Writing Prospectus, if any, untrue or that as a result of which, in the judgment of the Trust or in the reasonable opinion of the Agents or counsel for the Agents, it becomes necessary to amend or supplement the
      Registration Statement in order to make the statements therein not misleading, or the Prospectus or the Canadian Final Prospectus in order to (i) constitute full, true and plain disclosure of all material facts; and (ii) make the statements therein,
      in the light of the circumstances in which they are made, not misleading, or, if it is necessary at any time to amend or supplement the Registration Statement, the Prospectus, the Canadian Final Prospectus or the Issuer Free Writing Prospectus, if
      any, to comply with any law, the Trust promptly will prepare and file with the Commission and the Canadian Securities Commissions, and furnish</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">21</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">at its own expense to the Agents, an appropriate amendment to the Registration Statement or supplement to the Prospectus, Canadian Final Prospectus or the Issuer Free Writing Prospectus, if any, so
      that the Registration Statement as so amended or the Prospectus or the Canadian Final Prospectus, as so amended or supplemented will (x) constitute full, true and plain disclosure of all material facts; and (y) not, in the light of the circumstances
      when it is so delivered, be misleading, or so that the Registration Statement, Prospectus or the Canadian Final Prospectus shall comply with such law. Before amending the Registration Statement or amending or supplementing the Prospectus or the
      Canadian Final Prospectus in connection with this Agreement, the Trust shall furnish the Agents with a copy of such proposed amendment or supplement and shall not file such amendment or supplement to which the Agents reasonably object.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">8.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Payment of Expenses</u>.&#160; The Trust will pay all expenses
      incident to the performance of its obligations under this Agreement, including (i)&#160;the preparation and filing of the Registration Statement, including any fees required by the Commission or the Canadian Securities Commissions, and the printing or
      electronic delivery of the Registration Statement, the Form F-X and the Prospectuses as originally filed and of each amendment and supplement thereto, in such number as the Agents shall deem necessary, (ii) the printing and delivery to the Agents of
      this Agreement and such other documents as may be required in connection with the offering, purchase, sale, issuance or delivery of the Placement Units, (iii)&#160;the preparation, issuance and delivery of the certificates, if any, for the Placement Units
      to the Agents, including any stock or other transfer taxes and any capital duties, stamp duties or other duties or taxes payable upon the sale, issuance or delivery of the Placement Units to the Agents, (iv)&#160;the fees and disbursements of the counsel,
      accountants and other advisors to the Trust, (v)&#160;the fees and disbursements of the counsel to the Agents, payable upon the execution of this Agreement, in an amount not to exceed US$25,000, (vi)&#160;the qualification or exemption of the Placement Units
      under state and provincial securities laws in accordance with the provisions of Section&#160;7(r) hereof, including filing fees, but excluding fees of the Agents&#8217; counsel, (vii)&#160;the printing and delivery to the Agents of copies of any Permitted Issuer
      Free Writing Prospectus and the Prospectus and any amendments or supplements thereto in such number as the Agents shall deem necessary, (viii)&#160;the preparation, printing and delivery to the Agents of copies of the blue sky survey in an amount not to
      exceed $2,500, (ix)&#160;the fees and expenses of the transfer agent and registrar for the Units, (x)&#160;the filing and other fees incident to any review by FINRA of the terms of the sale of the Placement Units including the fees of the Agents&#8217; counsel
      (subject to the cap set forth in clause (v) above) and (xi)&#160;the fees and expenses incurred in connection with the listing of the Placement Units on each Exchange.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">9.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Conditions to an Agent&#8217;s Obligations</u>.&#160; The obligations
      of an Agent hereunder with respect to a Placement will be subject to the continuing accuracy and completeness of the representations and warranties made by the Trust and Manager herein, to the due performance by the Trust and Manager of their
      obligations hereunder, to the completion by the Agent of a due diligence review satisfactory to it in its reasonable judgment, and to the continuing satisfaction (or waiver by the Agent in its sole discretion with respect to any offering of Placement
      Units by such Agent) of the following additional conditions:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Registration Statement Effective</u>.&#160; The Registration
      Statement shall have become effective and shall be available for the (i)&#160;resale of all Placement Units issued to an Agent and not yet sold by such Agent and (ii) sale of all Placement Units contemplated to be issued by any Placement Notice.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>No Material Notices</u>.&#160; None of the following events
      shall have occurred and be continuing: (i)&#160;receipt by the Trust of any request for additional information from the Commission, the Canadian Securities Commissions or any other federal, state or provincial governmental authority during the period of
      effectiveness of the Registration Statement, the response to which would require any post-effective amendments or supplements to the Registration Statement or the Prospectus; (ii)&#160;the issuance by the Commission, the Canadian Securities Commissions or
      any other federal, state or provincial governmental authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; (iii)&#160;receipt by the Trust of any notification with
      respect to the suspension of the qualification or exemption from qualification of any of the Placement Units for sale</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">22</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">in any jurisdiction or the initiation or threatening of any proceeding for such purpose; or (iv)&#160;the occurrence of any event that makes any material statement made in the Registration Statement or
      either of the Prospectuses or any material document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in the Registration Statement, the Prospectuses or documents
      so that, in the case of the Registration Statement, it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading
      and, that in the case of each Prospectus, it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the
      circumstances under which they were made, not misleading.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>No Misstatement or Material Omission</u>.&#160; The Agents shall
      not have advised the Manager, on behalf of the Trust, that the Registration Statement or Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact that in the Agents&#8217; reasonable opinion is material, or omits to state a
      fact that in the Agents&#8217; reasonable opinion is material and is required to be stated therein or is necessary to make the statements therein not misleading.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Material Changes</u>.&#160; Except as contemplated in the
      Prospectuses, or disclosed in the Trust&#8217;s reports filed with the Commission and the Canadian Securities Commissions, there shall not have been any material adverse change in the authorized Units or other equity of the Trust or any material adverse
      effect or any development that could reasonably be expected to cause a material adverse effect, or a downgrading in or withdrawal of the rating assigned to any of the Trust&#8217;s securities (other than asset backed securities) by any rating organization
      or a public announcement by any rating organization that it has under surveillance or review its rating of any of the Trust&#8217;s securities (other than asset backed securities), the effect of which, in the case of any such action by a rating
      organization described above, in the reasonable judgment of the Agents (without relieving the Trust of any obligation or liability it may otherwise have), is so material as to make it impracticable or inadvisable to proceed with the offering of the
      Placement Units on the terms and in the manner contemplated in the Prospectus.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Legal Opinions</u>.&#160; The Agents shall have received the
      opinions of each of U.S. Trust Counsel and Canadian Trust Counsel required to be delivered pursuant to Section 7(m) on or before the date on which such delivery of such opinion is required pursuant to Section 7(m).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(f)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Comfort Letter</u>.&#160; The Agents shall have received the
      Comfort Letter required to be delivered pursuant to Section 7(n) on or before the date on which such delivery of such Comfort Letter is required pursuant to Section 7(n).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(g)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Representation Certificate</u>.&#160; The Agents shall have
      received the certificate required to be delivered pursuant to Section 7(l) on or before the date on which delivery of such certificate is required pursuant to Section 7(l).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(h)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>No Suspension</u>.&#160; Trading in the Units shall not have
      been suspended on either Exchange and the Units shall not have been delisted from either Exchange.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(i)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Other Materials</u>.&#160; On each date on which the Manager, on
      behalf of the Trust, is required to deliver a certificate pursuant to Section 7(l), the Manager, on behalf of the Trust, shall have furnished to the Agents such appropriate further information, opinions, certificates, letters and other as the Agents
      may reasonably request.&#160; All such opinions, certificates, letters and other documents will be in compliance with the provisions hereof.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(j)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Securities Act Filings Made</u>.&#160; All filings with the
      Canadian Securities Commissions and the Commission required by Canadian Securities Laws and Form F-10 to have been filed</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">23</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">prior to the issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(k)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Approval for Listing</u>.&#160; The Placement Units shall either
      have been (i) approved for listing on the NYSE, subject only to notice of issuance, or (ii) the Manager, on behalf of the Trust, shall have filed an application for listing of the Placement Units on each Exchange at, or prior to, the issuance of any
      Placement Notice and each Exchange shall have reviewed such application and not provided any objections thereto.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(l)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>FINRA</u>.&#160; If applicable, FINRA shall have raised no
      objection to the terms of this offering and the amount of compensation allowable or payable to the Agents as described in the Prospectus.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(m)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>No Termination Event</u>.&#160; There shall not have occurred
      any event that would permit the Agents to terminate this Agreement pursuant to Section 12(a).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(n)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>No Governmental Objections</u>. No U.S., Canadian, or other
      governmental authority shall have issued any opinion, guidance, objection, or advice that can be construed as limiting or restricting in any way the ability of the Agents to carry out the transactions contemplated hereunder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">10.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Indemnification and Contribution</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Trust and Manager Indemnification</u>.&#160; The Trust and the
      Manager, jointly and severally, agree to indemnify and hold harmless the Agents, their affiliates and their respective partners, members, directors, officers, employees and agents and each person, if any, who controls any of the Agents or any
      respective affiliate within the meaning of Section&#160;15 of the Securities Act or Section&#160;20 of the Exchange Act as follows:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(i)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>against any and all loss, liability, claim,
      damage and expense whatsoever, as incurred, joint or several, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), or the omission or
      alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact included in any related
      Issuer Free Writing Prospectus or the Prospectuses (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under
      which they were made, not misleading;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(ii)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>against any and all loss, liability,
      claim, damage and expense whatsoever, as incurred, joint or several, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any
      claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission; <font style="font-style: italic;">provided</font> that (subject to Section&#160;10(d) below) any such settlement is effected with the
      written consent of the Trust and the Manager, which consent shall not unreasonably be delayed or withheld; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(iii)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>against any and all expense whatsoever,
      as incurred (including the fees and disbursements of counsel), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any
      claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under (i)&#160;or (ii)&#160;above,</div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-style: italic;">provided</font>,<font style="font-style: italic;"> however</font>, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense
      to the extent arising out of any untrue statement or omission or alleged untrue statement or omission</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">24</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">made solely in reliance upon and in conformity with the Agent Information (as defined below); and <font style="font-style: italic;">provided</font>, <font style="font-style: italic;">further</font>,
      that this indemnity shall not impose any personal liability to any trustee and/or unitholder of the Trust and there will be no resort to the trustee&#8217;s and/or unitholder&#8217;s private property for satisfaction of any obligation or claim arising out of or
      in connection with this Agreement.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Indemnification by the Agents</u>.&#160; Each respective Agent,
      severally but not jointly, agrees to indemnify and hold harmless the Manager and the Trust, the officers of the Manager who sign the Registration Statement and each person, if any, who controls the Trust within the meaning of Section 15 of the
      Securities Act or Section 20 of the Exchange Act against any and all loss, liability, claim, damage and expense described in the indemnity contained in Section 10(a), as incurred, but only with respect to untrue statements or omissions, or alleged
      untrue statements or omissions, made in the Registration Statement (or any amendments thereto) or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with information relating to such respective Agent and
      furnished to the Trust in writing by such respective Agent expressly for use therein.&#160; The Trust and the Manager hereby acknowledge that the only information that the Agents have furnished to the Trust and the Manager expressly for use in the
      Registration Statement, the Prospectus or any Issuer Free Writing Prospectus (or any amendment or supplement thereto) are the statements set forth in the seventh paragraph and the last sentence in the ninth paragraph under the caption &#8220;Plan of
      Distribution&#8221; in the Prospectus (the &#8220;<font style="font-weight: bold;"><u>Agent Information</u></font>&#8221;).</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Procedure</u>.&#160; Any party that proposes to assert the right
      to be indemnified under this Section 10 will, promptly after receipt of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this Section 10, notify each such
      indemnifying party of the commencement of such action, enclosing a copy of all papers served, but the omission so to notify such indemnifying party will not relieve the indemnifying party from (i)&#160;any liability that it might have to any indemnified
      party otherwise than under this Section 10 and (ii)&#160;any liability that it may have to any indemnified party under the foregoing provision of this Section 10 unless, and only to the extent that, such omission results in the forfeiture of substantive
      rights or defenses by the indemnifying party.&#160; If any such action is brought against any indemnified party and it notifies the indemnifying party of its commencement, the indemnifying party will be entitled to participate in and, to the extent that
      it elects by delivering written notice to the indemnified party promptly after receiving notice of the commencement of the action from the indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense of the
      action, with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party for
      any legal or other expenses except as provided below and except for the reasonable costs of investigation subsequently incurred by the indemnified party in connection with the defense.&#160; The indemnified party will have the right to employ its own
      counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense of such indemnified party unless (1)&#160;the employment of counsel by the indemnified party has been authorized in writing by the indemnifying
      party, (2)&#160;the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party,
      (3)&#160;a conflict or potential conflict exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such
      action on behalf of the indemnified party) or (4)&#160;the indemnifying party has not in fact employed counsel to assume the defense of such action or counsel reasonably satisfactory to the indemnified party, in each case, within a reasonable time after
      receiving notice of the commencement of the action, in each of which cases the reasonable fees, disbursements and other charges of counsel will be at the expense of the indemnifying party or parties.&#160; It is understood that the indemnifying party or
      parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than one separate firm (plus local counsel) admitted to practice in such
      jurisdiction at any one time for all such indemnified party or parties.&#160; All such</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">25</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">fees, disbursements and other charges will be reimbursed by the indemnifying party promptly as they are incurred.&#160; An indemnifying party will not, in any event, be liable for any settlement of any
      action or claim effected without its written consent.&#160; No indemnifying party shall, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action
      or proceeding relating to the matters contemplated by this Section 10 (whether or not any indemnified party is a party thereto), unless such settlement, compromise or consent (1)&#160;includes an unconditional release of each indemnified party, in form
      and substance reasonably satisfactory to such indemnified party, from all liability arising out of such litigation, investigation, proceeding or claim and (2)&#160;does not include a statement as to or an admission of fault, culpability or a failure to
      act by or on behalf of any indemnified party.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Settlement Without Consent if Failure to Reimburse</u><font style="font-style: italic;">. </font> If an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for reasonable fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any
      settlement of the nature contemplated by Section&#160;10(a)(ii) effected without its written consent if (1)&#160;such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (2)&#160;such indemnifying party
      shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (3)&#160;such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date
      of such settlement.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Contribution</u>.&#160; In order to provide for just and
      equitable contribution in circumstances in which the indemnification provided for in the foregoing paragraphs of this Section 10 is applicable in accordance with its terms but for any reason is held to be unavailable from the Trust and the Manager,
      or an Agent, the Trust and the Manager, and such Agent will contribute to the total losses, claims, liabilities, expenses and damages (including any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid
      in settlement of, any action, suit or proceeding or any claim asserted, but after deducting any contribution received by the Trust and the Manager from persons other than such Agent, such as persons who control the Trust within the meaning of the
      Securities Act, officers of the Trust who signed the Registration Statement and directors of the Trust, who also may be liable for contribution) to which the Trust and the Manager, and the Agents may be subject in such proportion as shall be
      appropriate to reflect the relative benefits received by the Trust and the Manager on the one hand and the Agents on the other hand.&#160; The relative benefits received by the Trust and the Manager on the one hand and the Agents on the other hand shall
      be deemed to be in the same proportion as the total net proceeds from the sale of the Placement Units (before deducting expenses) received by the Trust bear to the total compensation received by the Agents (before deducting expenses) from the sale of
      Placement Units on behalf of the Trust.&#160; If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made in such proportion as is appropriate to reflect not only the
      relative benefits referred to in the foregoing sentence but also the relative fault of the Trust and the Manager, on the one hand, and the Agents, on the other hand, with respect to the statements or omission that resulted in such loss, claim,
      liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations with respect to such offering.&#160; Such relative fault shall be determined by reference to, among other things, whether the untrue or
      alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Trust and the Manager, or the Agents, the intent of the parties and their relative knowledge, access to
      information and opportunity to correct or prevent such statement or omission.&#160; The Trust and the Manager, and each Agent agree that it would not be just and equitable if contributions pursuant to this Section 10(e) were to be determined by pro rata
      allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein.&#160; The amount paid or payable by an indemnified party as a result of the loss, claim, liability, expense, or damage, or
      action in respect thereof, referred to above in this Section 10(e) shall be deemed to include, for the purpose of this Section 10(e), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or
      defending any such</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">26</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">action or claim to the extent consistent with Section 10(c) hereof.&#160; Notwithstanding the foregoing provisions of this Section 10(e), no Agent shall be required to contribute any amount in excess of
      the commissions received by it under this Agreement and no person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person who was not guilty of such
      fraudulent misrepresentation.&#160; For purposes of this Section 10(e), any person who controls a party to this Agreement within the meaning of the Securities Act, and any officers, directors, partners, employees or agents of an Agent, will have the same
      rights to contribution as that party, and each director of the Trust and each officer of the Trust who signed the Registration Statement will have the same rights to contribution as the Trust, subject in each case to the provisions hereof.&#160; Any party
      entitled to contribution, promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made under this Section 10(e), will notify any such party or parties from whom
      contribution may be sought, but the omission to so notify will not relieve that party or parties from whom contribution may be sought from any other obligation it or they may have under this Section 10(e) except to the extent that the failure to so
      notify such other party materially prejudiced the substantive rights or defenses of the party from whom contribution is sought.&#160; Except for a settlement entered into pursuant to the last sentence of Section 10(c) hereof, no party will be liable for
      contribution with respect to any action or claim settled without its written consent if such consent is required pursuant to Section 10(c) hereof. The Agents&#8217; respective obligations to contribute pursuant to this Section 10(e) are several in
      proportion to the respective number of Placement Units they have sold hereunder, and not joint.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">11.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Representations and Agreements to Survive Delivery</u>.&#160;
      The indemnity and contribution agreements contained in Section 10 of this Agreement and all representations and warranties of the Trust and the Manager herein or in certificates delivered pursuant hereto shall survive, as of their respective dates,
      regardless of (i)&#160;any investigation made by or on behalf of any Agent, any controlling persons, or the Trust and the Manager (or any of their respective officers, directors or controlling persons), (ii)&#160;delivery and acceptance of the Placement Units
      and payment therefor or (iii)&#160;any termination of this Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">12.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Termination</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>An Agent may terminate this Agreement with respect to itself,
      by notice to the Trust and the Manager, as hereinafter specified at any time (1)&#160;if there has been, since the time of execution of this Agreement or since the date as of which information is given in the Prospectuses, any change, or any development
      or event involving a prospective change, in the condition, financial or otherwise, or in the business, properties, earnings, results of operations or prospects of the Trust considered as one enterprise, whether or not arising in the ordinary course
      of business, which individually or in the aggregate, in the sole judgment of such Agent is material and adverse and makes it impractical or inadvisable to market the Placement Units or to enforce contracts for the sale of the Placement Units, (2)&#160;if
      there has occurred any material adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or development involving
      a prospective change in national or international political, financial or economic conditions, in each case the effect of which is such as to make it, in the judgment of such&#160; Agent, impracticable or inadvisable to market the Placement Units or to
      enforce contracts for the sale of the Placement Units, (3)&#160;if trading in the Units has been suspended or limited by the Commission, the Canadian Securities Commissions or either Exchange, or if trading generally on either Exchange has been suspended
      or limited, or minimum prices for trading have been fixed on either Exchange, (4) if any suspension of trading of any securities of the Trust on any exchange or in the over-the-counter market shall have occurred and be continuing, (5) if a major
      disruption of securities settlements or clearance services in the United States or Canada shall have occurred and be continuing, or (6)&#160;if a banking moratorium has been declared by either Canadian or U.S. Federal or New York authorities.&#160; Any such
      termination shall be without liability of any party to any other party except that the provisions of Section 8 (Payment of Expenses), Section 10 (Indemnification and Contribution), Section 11 (Representations and Agreements to Survive Delivery),</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">27</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Section 17 (Governing Law and Time; Waiver of Jury Trial), Section 18 (Consent to Jurisdiction), Section 19 (Appointment of Agent for Service) and Section 20 (Judgment Currency) hereof shall remain
      in full force and effect notwithstanding such termination.&#160; If an Agent elects to terminate this Agreement as provided in this Section 12(a), such Agent shall provide the required notice as specified in Section 13 (Notices). For the avoidance of
      doubt, the termination by one of the Agents of its rights and obligations under this Agreement pursuant to this Section 12(a) shall not affect the rights and obligations of the other Agents under this Agreement.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Trust shall have the right, by giving ten (10) days&#8217;
      notice as hereinafter specified to terminate this Agreement in its sole discretion at any time after the date of this Agreement.&#160; Any such termination shall be without liability of any party to any other party except that the provisions of Section 8,
      Section 10, Section 11, Section 17, Section 18, Section 19 and Section 20 hereof shall remain in full force and effect notwithstanding such termination.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Each of the Agents shall have the right, by giving ten (10)
      days&#8217; notice as hereinafter specified to terminate this Agreement in its sole discretion at any time after the date of this Agreement, with respect to such Agent&#8217;s rights and obligations under this Agreement.&#160; Any such termination shall be without
      liability of any party to any other party except that the provisions of Section 8, Section 10, Section 11, Section 17, Section 18, Section 19 and Section 20 hereof shall remain in full force and effect notwithstanding such termination. For the
      avoidance of doubt, the termination by one of the Agents of its rights and obligations under this Agreement pursuant to this Section 12(c) shall not affect the rights and obligations of the other Agents under this Agreement.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>This Agreement shall remain in full force and effect unless
      terminated pursuant to Sections 12(a), (b), or (c) above or otherwise by mutual agreement of the parties; <font style="font-style: italic;">provided</font>, <font style="font-style: italic;">however</font>, that any such termination by mutual
      agreement shall in all cases be deemed to provide that Section 8, Section 10, Section 11, Section 17, Section 18, Section 19 and Section 20 shall remain in full force and effect.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Any termination of this Agreement shall be effective on the
      date specified in such notice of termination; <font style="font-style: italic;">provided</font>, <font style="font-style: italic;">however</font>, that such termination shall not be effective until the close of business on the date of receipt of
      such notice by an Agent or the Trust, as the case may be.&#160; If such termination shall occur prior to the Settlement Date for any sale of Placement Units, such Placement Units shall settle in accordance with the provisions of this Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">13.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Notices</u>.&#160; All notices or other communications required
      or permitted to be given by any party to any other party pursuant to the terms of this Agreement shall be in writing, unless otherwise specified, and if sent to the Agents, shall be delivered to:</div>
    <div style="text-align: justify; margin-left: 76.5pt; margin-top: 12pt;">Cantor Fitzgerald&#160;&amp; Co.</div>
    <div style="text-align: justify; margin-left: 76.5pt;">499 Park Avenue</div>
    <div style="text-align: justify; margin-left: 76.5pt;">New York, NY 10022</div>
    <div style="text-align: justify; margin-left: 76.5pt;">Attention:&#160;&#160;&#160;&#160;Capital Markets</div>
    <div style="text-align: justify; margin-left: 76.5pt;">Facsimile:&#160;&#160;&#160;&#160;(212) 307-3730</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">and:</div>
    <div style="margin-left: 76.5pt; margin-bottom: 12pt;">Virtu Capital Markets<br>
      Virtu Financial<br>
      One Liberty Plaza<br>
      165 Broadway<br>
      New York, New York 10006<br>
      Attention: Virtu Capital Markets</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">28</font></div>
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    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="margin-left: 76.3pt;">Virtu ITG Canada Corp.</div>
    <div style="margin-left: 76.3pt;">222 Bay Street</div>
    <div style="margin-left: 76.3pt;">Suite 2600, P.O. Box 33</div>
    <div style="margin-left: 76.3pt; margin-bottom: 12pt;">Toronto, ON M5K 1B7</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">and with a copy (which shall not constitute notice) to:</div>
    <div style="text-align: justify; margin-left: 76.5pt; margin-top: 12pt;">Cantor Fitzgerald&#160;&amp; Co.</div>
    <div style="text-align: justify; margin-left: 76.5pt;">499 Park Avenue</div>
    <div style="text-align: justify; margin-left: 76.5pt;">New York, NY 10022</div>
    <div style="text-align: justify; margin-left: 76.5pt;">Attention:&#160;&#160;&#160;&#160;General Counsel</div>
    <div style="text-align: justify; margin-left: 76.5pt;">Facsimile:&#160;&#160;&#160;&#160;(212) 829-4708</div>
    <div style="text-align: justify; margin-left: 76.5pt; margin-top: 12pt;">Cooley LLP</div>
    <div style="text-align: justify; margin-left: 76.5pt;">55 Hudson Yards</div>
    <div style="text-align: justify; margin-left: 76.5pt;">New York, NY 10001-2157</div>
    <div style="text-align: justify; margin-left: 76.5pt;">Attention:&#160;&#160;&#160;&#160;&#160;Daniel I. Goldberg, Esq.</div>
    <div style="text-align: justify; margin-left: 76.5pt;">Facsimile:&#160;&#160;&#160;&#160;(212) 479-6275</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 76.5pt;">Stikeman Elliott LLP</div>
    <div style="text-align: justify; margin-left: 76.5pt;">5300 Commerce Court W. 199 Bay St.</div>
    <div style="text-align: justify; margin-left: 76.5pt;">Toronto, Ontario M5L 1B9</div>
    <div style="text-align: justify; margin-left: 76.5pt;">Attention: Steven D. Bennett</div>
    <div style="text-align: justify; margin-left: 76.5pt;">Facsimile: (416) 947-0866</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">and if to the Trust or Manager, shall be delivered to:</div>
    <div style="text-align: justify; margin-left: 76.5pt;">Sprott Physical Gold Trust/Sprott Asset Management LP</div>
    <div style="text-align: justify; margin-left: 76.5pt;">Royal Bank Plaza, South Tower</div>
    <div style="text-align: justify; margin-left: 76.5pt;">200 Bay Street, Suite 2600</div>
    <div style="text-align: justify; margin-left: 76.5pt;">Toronto, Ontario&#160; M5J 2J1</div>
    <div style="text-align: justify; margin-left: 76.5pt;">Attention:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 67.5pt" id="TRGRRTFtoHTMLTab">&#160;</font>Arthur Einav/ Lara Misner</div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;">and with a copy (which shall not constitute notice) to:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt;">Seward &amp; Kissel LLP</div>
    <div style="text-align: justify; margin-left: 72pt;">901 K Street N.W., 8th Floor</div>
    <div style="text-align: justify; margin-left: 72pt;">Washington DC 20001</div>
    <div style="text-align: justify; margin-left: 72pt;">Attention:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" id="TRGRRTFtoHTMLTab">&#160;</font>Anthony Tu-Sekine</div>
    <div style="text-align: justify; margin-left: 72pt;">Facsimile:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" id="TRGRRTFtoHTMLTab">&#160;</font>202-737-5184</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose.&#160; Each such notice
      or other communication shall be deemed given (i)&#160;when delivered personally or by verifiable facsimile transmission (with an original to follow) on or before 4:30&#160;p.m., New York City time, on a Business Day or, if such day is not a Business Day, on
      the next succeeding Business Day, (ii)&#160;on the next Business Day after timely delivery to a nationally-recognized overnight courier and (iii)&#160;on the Business Day actually received if deposited in the U.S. mail (certified or registered mail, return
      receipt requested, postage prepaid).&#160; For purposes of this Agreement, &#8220;<font style="font-weight: bold;"><u>Business Day</u></font>&#8221; shall mean any day on which each Exchange and commercial banks in the City of New York are open for business.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">29</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">An electronic communication (&#8220;<font style="font-weight: bold;"><u>Electronic Notice</u></font>&#8221;) shall be deemed written notice for purposes of this Section 13 if sent to the
      electronic mail address specified by the receiving party under separate cover.&#160; Electronic Notice shall be deemed received at the time the party sending Electronic Notice receives verification of receipt by the receiving party.&#160; Any party receiving
      Electronic Notice may request and shall be entitled to receive the notice on paper, in a nonelectronic form (&#8220;<font style="font-weight: bold;"><u>Nonelectronic Notic</u></font><font style="font-weight: bold;">e</font>&#8221;) which shall be sent to the
      requesting party within ten (10) days of receipt of the written request for Nonelectronic Notice.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">14.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Successors and Assigns</u>.&#160; This Agreement shall inure to
      the benefit of and be binding upon the Trust and the Manager and the Agents and their respective successors and the affiliates, controlling persons, officers and directors referred to in Section 10 hereof.&#160; References to any of the parties contained
      in this Agreement shall be deemed to include the successors and permitted assigns of such party.&#160; Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and
      permitted assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.&#160; Neither party may assign its rights or obligations under this Agreement without the prior
      written consent of the other party; <font style="font-style: italic;">provided</font>,<font style="font-style: italic;"> however</font>, that each Agent may assign their rights and obligations hereunder to an affiliate thereof without obtaining the
      Trust&#8217;s or Manager&#8217;s consent.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">15.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Adjustments for Splits</u>.&#160; The parties acknowledge and
      agree that all Unit-related numbers contained in this Agreement shall be adjusted to take into account any Unit split, Unit dividend or similar event effected with respect to the Placement Units.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">16.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Entire Agreement; Amendment; Severability; Waiver</u>.&#160;
      This Agreement (including all schedules and exhibits attached hereto and Placement Notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral,
      among the parties hereto with regard to the subject matter hereof other than the side letter signed as of the date hereof.&#160; Neither this Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Manager, on
      behalf of the Trust, the Manager and each of the Agents.&#160; In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable as written by a court of
      competent jurisdiction, then such provision shall be given full force and effect to the fullest possible extent that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall be construed as if such invalid,
      illegal or unenforceable term or provision was not contained herein, but only to the extent that giving effect to such provision and the remainder of the terms and provisions hereof shall be in accordance with the intent of the parties as reflected
      in this Agreement.&#160; No implied waiver by a party shall arise in the absence of a waiver in writing signed by such party.&#160; No failure or delay in exercising any right, power, or privilege hereunder shall operate as a waiver thereof, nor shall any
      single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power, or privilege hereunder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">17.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;"><u>GOVERNING LAW AND TIME;
          WAIVER OF JURY TRIAL</u></font><font style="font-weight: bold;">.&#160; THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS. SPECIFIED TIMES OF
        DAY REFER TO NEW YORK CITY TIME. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
        CONTEMPLATED HEREBY.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">18.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;"><u>CONSENT TO JURISDICTION</u></font><font style="font-weight: bold;">. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
        WITH ANY</font></div>
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    <div style="margin-bottom: 12pt;"><br>
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    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">TRANSACTION CONTEMPLATED HEREBY, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE
      JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM OR THAT THE VENUE OF SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER.&#160; EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS
      TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF (CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH
      SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF.&#160; NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">19.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Appointment of Agent for Service</u>. The Trust and the
      Manager hereby irrevocably appoint Anthony Tu-Sekine of Seward &amp; Kissel LLP, with offices at 901 K Street N.W., 8th Floor, Washington DC 20001 as its agent for service of process in any suit, action or proceeding described in the preceding
      paragraph and agrees that service of process in any such suit, action or proceeding may be made upon it at the office of such agent.&#160; The Trust and the Manager waive, to the fullest extent permitted by law, any other requirements of or objections to
      personal jurisdiction with respect thereto.&#160; The Trust and the Manager represent and warrant that such agent has agreed to act as the agent for service of process for the Trust and the Manager, and the Trust and the Manager agrees to take any and all
      action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">20.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Judgment Currency</u>.&#160; If for the purposes of obtaining
      judgment in any court it is necessary to convert a sum due hereunder into any currency other than United States dollars, the parties hereto agree, to the fullest extent permitted by law, that the rate of exchange used shall be the rate at which in
      accordance with normal banking procedures the Agents could purchase United States dollars with such other currency in The City of New York on the business day preceding that on which final judgment is given. The obligation of the Trust and the
      Manager with respect to any sum due from it to the Agents or any person controlling the Agents shall, notwithstanding any judgment in a currency other than United States dollars, not be discharged until the first business day following receipt by the
      Agents or controlling person of any sum in such other currency, and only to the extent that the Agents or controlling person may in accordance with normal banking procedures purchase United States dollars with such other currency.&#160; If the United
      States dollars so purchased are less than the sum originally due to the Agents or controlling person hereunder, the Trust and the Manager agree as a separate obligation and notwithstanding any such judgment, to indemnify the Agents or controlling
      person against such loss.&#160; If the United States dollars so purchased are greater than the sum originally due to the Agents or controlling person hereunder, the Agents or controlling person agrees to pay to the Trust or the Manager an amount equal to
      the excess of the dollars so purchased over the sum originally due to the Agents or controlling person hereunder.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">21.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Counterparts</u>.&#160; This Agreement may be executed in two or
      more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.&#160; Delivery of an executed Agreement by one party to the other may be made by facsimile by electronic delivery of a
      portable document format (PDF) file (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">22.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Effect of Headings</u>. The section and exhibit&#160;headings
      herein are for convenience only and shall not affect the construction hereof.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">31</font></div>
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">23.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Permitted Free Writing Prospectuses</u>. The Trust
      represents, warrants and agrees that, unless it obtains the prior consent of each of the Agents, which consent shall not be unreasonably withheld, delayed or conditioned, and each of the Agents represent, warrant and agree that, unless they obtains
      the prior consent of the Trust and the other Agents, they have not made and will not make any offer relating to the Placement Units that would constitute an Issuer Free Writing Prospectus, or that would otherwise constitute a &#8220;free writing
      prospectus,&#8221; as defined in Rule&#160;405, required to be filed with the Commission.&#160; Any such free writing prospectus consented to by the Agents or by the Trust, as the case may be, is hereinafter referred to as a &#8220;Permitted Free Writing Prospectus.&#8221;&#160; The
      Trust represents and warrants that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an &#8220;issuer free writing prospectus,&#8221; as defined in Rule&#160;433, and has complied and will comply with the requirements of Rule&#160;433
      applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending and record keeping.&#160; For the purposes of clarity, the parties hereto agree that all free writing prospectuses, if any, listed
      in <u>Exhibit&#160;1</u> hereto are Permitted Free Writing Prospectuses.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">24.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Absence of Fiduciary Relationship</u>. The Trust and the
      Manager acknowledge and agree that:</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(a)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>each Agent is acting solely as agent in connection with the
      public offering of the Placement Units and in connection with each transaction contemplated by this Agreement and the process leading to such transactions, and no fiduciary or advisory relationship between the Trust and the Manager or any of its
      respective affiliates, shareholders (or other equity holders), creditors or employees or any other party, on the one hand, and the Agents, on the other hand, has been or will be created in respect of any of the transactions contemplated by this
      Agreement, irrespective of whether or not such Agent have advised or is advising the Trust or the Manager on other matters, and no Agent has an obligation to the Trust and the Manager with respect to the transactions contemplated by this Agreement
      except the obligations expressly set forth in this Agreement;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(b)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>it is capable of evaluating and understanding, and understands
      and accepts, the terms, risks and conditions of the transactions contemplated by this Agreement;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(c)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>neither the Agents nor their affiliates have provided any
      legal, accounting, regulatory or tax advice with respect to the transactions contemplated by this Agreement and it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(d)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>it is aware that the Agents and their affiliates are engaged
      in a broad range of transactions which may involve interests that differ from those of the Trust and the Manager and the Agents and their affiliates have no obligation to disclose such interests and transactions to the Trust and the Manager by virtue
      of any fiduciary, advisory or agency relationship or otherwise; and</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">(e)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>it waives, to the fullest extent permitted by law, any claims
      it may have against an Agents or its affiliates for breach of fiduciary duty or alleged breach of fiduciary duty in connection with the sale of Placement Units under this Agreement and agrees that such Agent and its affiliates shall not have any
      liability (whether direct or indirect, in contract, tort or otherwise) to it in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on its behalf or in right of it or the Trust and the Manager, employees or
      creditors of Trust, other than in respect of the Agents&#8217; obligations under this Agreement and to keep information provided by the Trust and the Manager to the Agents and the Agents' counsel confidential to the extent not otherwise
      publicly-available.&#160;Notwithstanding the foregoing or anything herein to the contrary, the Agents or its representatives, may, if requested by any governmental, regulatory or self-regulatory agency or authority having jurisdiction over such entity,
      disclose such confidential information without notice to or consent from the Trust or the Manager.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">32</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">25.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Definitions</u>. As used in this Agreement, the following
      terms have the respective meanings set forth below:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;"><u>Applicable Time</u></font>&#8221; means (i) each Representation Date and (ii) the time of each sale of any Placement Units pursuant to this
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">&#8220;<font style="font-weight: bold;"><u>Issuer Free Writing Prospectus</u></font>&#8221; means any &#8220;issuer free writing prospectus,&#8221; as defined in Rule&#160;433, relating to the Placement
      Units that (1)&#160;is required to be filed with the Commission by the Trust, (2)&#160;is a &#8220;road show&#8221; that is a &#8220;written communication&#8221; within the meaning of Rule&#160;433(d)(8)(i) whether or not required to be filed with the Commission, or (3)&#160;is exempt from
      filing pursuant to Rule&#160;433(d)(5)(i) because it contains a description of the Placement Units or of the offering that does not reflect the final terms, in each case in the form filed or required to be filed with the Commission or, if not required to
      be filed, in the form retained in the Trust&#8217;s records pursuant to Rule 433(g) under the Rules and Regulations.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">&#160;All references in this Agreement to financial statements and schedules and other information that is &#8220;contained,&#8221; &#8220;included&#8221; or &#8220;stated&#8221; in the Registration Statement or the Prospectuses (and all
      other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information that is incorporated by reference in the Registration Statement or the Prospectuses, as the case may be.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">All references in this Agreement to the Registration Statement, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed
      with the Commission pursuant to EDGAR; all references in this Agreement to any Issuer Free Writing Prospectus (other than any Issuer Free Writing Prospectuses that, pursuant to Rule&#160;433, are not required to be filed with the Commission) shall be
      deemed to include the copy thereof filed with the Commission pursuant to EDGAR; and all references in this Agreement to &#8220;supplements&#8221; to the Prospectuses shall include, without limitation, any supplements, &#8220;wrappers&#8221; or similar materials prepared in
      connection with any offering, sale or private placement of any Placement Units by the Agents outside of the United States.</div>
    <div style="text-align: center; margin-bottom: 12pt;">[<font style="font-weight: bold; font-style: italic;">Signature Page Follows</font>]</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">33</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">If the foregoing correctly sets forth the understanding among the Trust, the Manager and the Agent, please so indicate in the space provided below for that purpose, whereupon
      this letter shall constitute a binding agreement among the Trust, the Manager and the Agents.</div>
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            <div style="text-align: justify;">Very truly yours,</div>
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            <div style="text-align: justify;">SPROTT PHYSICAL GOLD TRUST</div>
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          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify;">By its general partner, Sprott Asset Management GP Inc.</div>
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          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
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          <td style="width: 4.75%; vertical-align: top;">&#160;</td>
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          <td colspan="2" style="width: 45.19%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;/s/ Lara Misner<br>
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          <td style="width: 35.62%; vertical-align: top;">&#160;</td>
          <td style="width: 2.88%; vertical-align: top;">&#160;</td>
          <td style="width: 4.81%; vertical-align: top;">&#160;</td>
          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 4.75%; vertical-align: top;">&#160;</td>
          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify;">SPROTT ASSET MANAGEMENT LP</div>
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        </tr>
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          <td style="width: 4.75%; vertical-align: top;">&#160;</td>
          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
          <td style="width: 35.62%; vertical-align: top;">&#160;</td>
          <td style="width: 2.88%; vertical-align: top;">&#160;</td>
          <td style="width: 4.81%; vertical-align: top;">&#160;</td>
          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
          <td style="width: 38.45%; vertical-align: top;">&#160;</td>
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          <td style="width: 4.75%; vertical-align: top;">&#160;</td>
          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
          <td style="width: 35.62%; vertical-align: top;">&#160;</td>
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          <td style="width: 4.75%; vertical-align: top;">&#160;</td>
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          <td style="width: 4.75%; vertical-align: top;">&#160;</td>
          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
          <td style="width: 35.62%; vertical-align: top;">&#160;</td>
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          <td style="width: 4.75%; vertical-align: top;">&#160;</td>
          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
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          <td style="width: 4.75%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
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          <td style="width: 4.75%; vertical-align: top;">&#160;</td>
          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
          <td style="width: 35.62%; vertical-align: top;">&#160;</td>
          <td style="width: 2.88%; vertical-align: top;">&#160;</td>
          <td style="width: 4.81%; vertical-align: top;">&#160;</td>
          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
          <td style="width: 38.45%; vertical-align: top;">&#160;</td>
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          <td style="width: 4.75%; vertical-align: top;">&#160;</td>
          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
          <td style="width: 35.62%; vertical-align: top;">&#160;</td>
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          <td style="width: 4.75%; vertical-align: top;">&#160;</td>
          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
          <td style="width: 35.62%; vertical-align: top;">&#160;</td>
          <td style="width: 2.88%; vertical-align: top;">&#160;</td>
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          <td style="width: 4.75%; vertical-align: top;">&#160;</td>
          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
          <td style="width: 35.62%; vertical-align: top;">&#160;</td>
          <td style="width: 2.88%; vertical-align: top;">&#160;</td>
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          <td style="width: 4.75%; vertical-align: top;">&#160;</td>
          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
          <td style="width: 35.62%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
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          <td style="width: 38.45%; vertical-align: top;">&#160;</td>
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          <td style="width: 4.75%; vertical-align: top;">&#160;</td>
          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
          <td style="width: 35.62%; vertical-align: top;">&#160;</td>
          <td style="width: 2.88%; vertical-align: top;">&#160;</td>
          <td style="width: 4.81%; vertical-align: top;">&#160;</td>
          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
          <td style="width: 38.45%; vertical-align: top;">&#160;</td>
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          <td style="width: 4.75%; vertical-align: top;">&#160;</td>
          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
          <td style="width: 35.62%; vertical-align: top;">&#160;</td>
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          <td style="width: 4.75%; vertical-align: top;">&#160;</td>
          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
          <td style="width: 35.62%; vertical-align: top;">&#160;</td>
          <td style="width: 2.88%; vertical-align: top;">&#160;</td>
          <td style="width: 4.81%; vertical-align: top;">&#160;</td>
          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
          <td style="width: 38.45%; vertical-align: top;">&#160;</td>
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          <td style="width: 4.75%; vertical-align: top;">&#160;</td>
          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
          <td style="width: 35.62%; vertical-align: top;">&#160;</td>
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          <td style="width: 4.75%; vertical-align: top;">&#160;</td>
          <td style="width: 6.74%; vertical-align: top;">&#160;</td>
          <td style="width: 35.62%; vertical-align: top;">&#160;</td>
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    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">SCHEDULE 1</div>
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    <div style="text-align: center; margin-bottom: 24pt;">__________________________</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">FORM OF PLACEMENT NOTICE</div>
    <div style="text-align: center; margin-bottom: 12pt;">__________________________</div>
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 89%; vertical-align: top;">
            <div style="text-align: justify;">Sprott Physical Gold Trust, by its manager, Sprott Asset Management LP, by its general partner, Sprott Asset Management GP Inc.</div>
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        <tr>
          <td style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 89%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify;">To:</div>
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          <td style="width: 89%; vertical-align: top;">
            <div>[&#8226;] (the &#8220;<font style="font-weight: bold;">Designated Agent</font>&#8221;)<br>
              Attention:&#160; [&#8226;]</div>
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        <tr>
          <td style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 89%; vertical-align: top;">&#160;</td>
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          <td style="width: 6%; vertical-align: top;">
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          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 89%; vertical-align: top;">
            <div>Placement Notice</div>
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        <tr>
          <td style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 89%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify;">Date:</div>
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            <div>[&#8226;], 202[&#8226;]</div>
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    <div style="text-align: justify; margin-bottom: 12pt;">Ladies and Gentlemen:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Pursuant to the terms and subject to the conditions contained in the Amended and Restated Sales Agreement among Sprott Physical Gold Trust, a trust formed and organized under the
      laws of the Province of Ontario (the &#8220;<font style="font-weight: bold;"><u>Trust</u></font>&#8221;) and managed by Sprott Asset Management LP, a limited partnership organized under the laws of the Province of Ontario (the &#8220;<font style="font-weight: bold;"><u>Manager</u></font>&#8221;),






      Cantor Fitzgerald &amp; Co. (&#8220;<font style="font-weight: bold;"><u>Cantor</u></font>&#8221;), Virtu Americas LLC (&#8220;<font style="font-weight: bold;"><u>Virtu</u></font>&#8221; ) and Virtu ITG Canada Corp. (the &#8220;<font style="font-weight: bold;"><u>Canadian Agent</u></font>&#8221;),






      dated October [&#9679;], 2020, the Manager, on behalf of the Trust, hereby requests that&#160; [Cantor/Virtu/the Canadian Agent] sell up to [&#8226;] of the Trust&#8217;s units at a minimum market price of US$[&#8226;] per unit, during the time period beginning [month, day,
      time] and ending [month, day, time]. Sales by the Canadian Agent shall be conducted only on the TSX or on any other &#8220;marketplace&#8221; (as such term is defined in National Instrument 21-101 &#8211; <font style="font-style: italic;">Marketplace Operation</font>)
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    <div style="margin-bottom: 12pt;"><br>
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    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">SCHEDULE 2</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The Trust shall pay to the Designated Agent in cash, upon each sale of Placement Units pursuant to this Agreement, an amount equal to up to 3.0% of the aggregate gross proceeds
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    <div style="text-align: center; margin-bottom: 24pt;">__________________________</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">Notice Parties</div>
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    <div style="text-align: justify; margin-bottom: 6pt;"><u>The Manager</u></div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 6pt;">Arthur Einav (aeinav@sprott.com)</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 6pt;">Lara Misner (LMisner@sprott.com)</div>
    <div style="margin-bottom: 6pt;"><br>
    </div>
    <div style="margin-bottom: 6pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 6pt;"><u>Cantor Fitzgerald &amp; Co.</u></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 6pt;">Sameer Vasudev (svasudev@cantor.com)</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 6pt;">Graham Moylan (gmoylan@cantor.com)</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 6pt;">With copies to:</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 6pt;">CFControlledEquityOffering@cantor.com</div>
    <div style="margin-bottom: 6pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 6pt;"><u>Virtu Capital Markets</u></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 6pt;">Jeff Lumby (jlumby @virtu.com)</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 6pt;">Joshua Feldman (jfeldman@virtu.com)</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 6pt;">Conor Lumby (clumby@virtu.com)</div>
    <div style="text-align: justify; margin-bottom: 6pt;">With copies to:</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 6pt;">ATM@Virtu.com</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 6pt;">ATMCanada@Virtu.com (as applicable)</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;"><u>Exhibit 1</u></div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">Permitted Free Writing Prospectus</div>
    <div style="margin-bottom: 12pt;">None.</div>
  </div>
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</SEC-DOCUMENT>
