<SEC-DOCUMENT>0001387131-23-007084.txt : 20230530
<SEC-HEADER>0001387131-23-007084.hdr.sgml : 20230530
<ACCEPTANCE-DATETIME>20230530170722
ACCESSION NUMBER:		0001387131-23-007084
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20230530
DATE AS OF CHANGE:		20230530
EFFECTIVENESS DATE:		20230530

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SPROTT FOCUS TRUST INC.
		CENTRAL INDEX KEY:			0000825202
		IRS NUMBER:				592876580
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05379
		FILM NUMBER:		23977570

	BUSINESS ADDRESS:	
		STREET 1:		C/O SPROTT ASSET MANAGEMENT L.P.
		STREET 2:		ROYAL BANK PLZ, SO. TOWER, STE 2700
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J2J1
		BUSINESS PHONE:		416-943-4065

	MAIL ADDRESS:	
		STREET 1:		C/O SPROTT ASSET MANAGEMENT L.P.
		STREET 2:		ROYAL BANK PLZ, SO. TOWER, STE 2700
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J2J1

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYCE FOCUS TRUST INC
		DATE OF NAME CHANGE:	19990525

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYCE GLOBAL TRUST INC
		DATE OF NAME CHANGE:	19961203

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALL SEASONS GLOBAL FUND INC
		DATE OF NAME CHANGE:	19950803
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>focus-4017g_052623.htm
<DESCRIPTION>FIDELITY BOND
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sprott
Focus Trust, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Royal
Bank Plaza, South Tower</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">200
Bay Street, Suite 2600</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Toronto,
Ontario, Canada M5J 2J1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
30, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100
F Street, N.E.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington,
D.C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VIA
EDGAR</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 8%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 5%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RE:</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule
    17g-1 Fidelity Bond Filing Information with Respect to Period Covering September 30, 2022 through September 30, 2023 for Sprott
    Focus Trust, Inc.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear
Sir or Madam:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enclosed
for filing, pursuant to Rule 17g-1 of the Investment Company Act of 1940, as amended (the &ldquo;40 Act&rdquo;), please find the
following information with respect to Sprott Focus Trust, Inc. (the &ldquo;Fund&rdquo;). Please note for the Securities and Exchange
Commission&rsquo;s records, the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    copy of the Fund&rsquo;s executed Fidelity Bond issued by AIG Insurance Company of Canada (&ldquo;Fidelity Bond&rdquo;) is
    enclosed under <U>Exhibit 1</U>;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    copy of the resolutions approved by the Fund&rsquo;s Board of Directors, including a majority of Directors who were not considered
    &ldquo;interested persons&rdquo; within the meaning of the 40 Act, approving the Fidelity Bond is enclosed under <U>Exhibit
    2</U>;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Fidelity Bond covers the period from September 30, 2022 to September 30, 2023; and</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    premiums have been paid or will be paid during the term of the Fidelity Bond for the period from September 30, 2022 to September
    30, 2023.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
contact me if you have any questions or require additional information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
truly yours,&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/Thomas
W. Ulrich</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas W. Ulrich</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exhibit
1</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt; background-color: transparent"><IMG SRC="focus4017g001.jpg" ALT="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; background-color: transparent"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AIG
Insurance Company of Canada</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Herein
called Underwriter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; background-color: transparent"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; font-size: 10pt">
    <TD STYLE="width: 50%; text-align: center; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BOND
    NUMBER: <FONT STYLE="background-color: white"><I>01-581-59-23</I></FONT></FONT></TD>
    <TD STYLE="width: 50%; text-align: center; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REPLACEMENT
    OF BOND NUMBER: <FONT STYLE="background-color: white"><I>01-603-23-72</I></FONT></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FINANCIAL
INSTITUTIONS BOND</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Standard
Form No. 14, Revised to May, 2011</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DECLARATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 226pt; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 1.</B></FONT></TD>
    <TD STYLE="width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Insured (herein called
    Insured):</FONT></TD>
    <TD STYLE="width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>SPROTT FOCUS TRUST INC.</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: left; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal
    Address: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>200 BAY ST SUITE 2600</I></FONT> <BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>TORONTO,
    ON M5J -2J1</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 2.</B></FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bond Period: From 12:01 a.m. on
    <FONT STYLE="background-color: white"><I>September 30, 2022</I></FONT> to 12:01 a.m. on <FONT STYLE="background-color: white"><I>September
    30, 2023</I></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-left: 77pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(month,
    day, year)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-left: 11pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(month,
    day, year)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 3.</B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Aggregate Liability of the Underwriter
    during the Bond Period shall be<FONT STYLE="background-color: white"><I> </I></FONT></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><I>$6,000,000
    US</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 4.</B></FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to Sections 4 and 12 hereof,</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Single Loss Limit of Liability
    applicable to each of Insuring Agreements (A) ,</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B), (C) and (F) is</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>$3</I>,<FONT STYLE="background-color: white"><I>000</I></FONT>,<FONT STYLE="background-color: white"><I>000
    US</I></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and the Single Loss Deductible applicable
    to each of Insuring Agreements (A),<FONT STYLE="background-color: white"><I> </I></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B), (C) and (F) is</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>$25,000
    US&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If coverage is provided under the following Insuring Agreements or Coverages, the applicable Single Loss Limit of Liability
and Single Loss Deductible shall be inserted below:</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Single Loss <BR>
Limit
    of Liability</U></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><U>Single Loss <BR>
Deductible<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></U></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insuring Agreement (D)-FORGERY OR ALTERATION</FONT></TD>
    <TD></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>$3,000,000 US</I></FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;&nbsp;&nbsp;$25,000
    US</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insuring Agreement (E)-SECURITIES</FONT></TD>
    <TD></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>$3,000,000 US</I></FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;&nbsp;&nbsp;$25,000
    US</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coverage on Partners or Members</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Not Covered</I></FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;&nbsp;&nbsp;Not
    Covered</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional Insuring Agreements and Coverages:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Audit Expense</I></FONT></TD>
    <TD></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>$250,000 US</I></FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;&nbsp;&nbsp;$0
    US</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Computer Systems Fraud</I></FONT></TD>
    <TD></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>$3,000,000 US</I></FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;&nbsp;&nbsp;$25,000
    US</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If &ldquo;Not
Covered&rdquo; is inserted above opposite any specified Insuring Agreement or Coverage, or if no amount is inserted, such Insuring
Agreement or Coverage and any other reference thereto in this bond shall be deemed to be deleted. </FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>Item 5.</B></FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The liability of the Underwriter
    is subject to the terms of the following riders attached hereto:</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">#1,#2,#3,#4,#5,#6,#7,#8,#9,#10,#11,#12,#13,#14,#15,#16,#17</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All of the terms and conditions
    of this bond apply to such riders except to the extent the rider explicitly provides otherwise.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>Item 6.</B></FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount of anticipated loss which
    the Insured must report to the Underwriter pursuant to Section 12 is:</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>$25,000 US</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>Item 7.</B></FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purposes of Insuring Agreement
    B, Property lodged or deposited in the following offices and premises is not covered:</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Not Applicable</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></TD></TR>
</TABLE>

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<P STYLE="margin: 0; text-indent: 27pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>1601432</I></FONT></P>

<P STYLE="margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSB5062CAN</FONT></TD>
    <TD STYLE="width: 50%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
    1 of 2</FONT></TD></TR>
</TABLE>

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<P STYLE="margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;&nbsp;</I></FONT></P>
<center>
<div STYLE="BORDER:solid black 2PX;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:96%">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>Item 8.</B></FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Insured by the acceptance of
    this bond gives notice to the Underwriter terminating or canceling prior bond(s) or policy(ies) No.(s) <FONT STYLE="background-color: white"><I>016032372</I></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Such termination or cancelation
    to be effective as of the time this bond becomes effective.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 9.</B></FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Premium:
    <I>$3,194 US</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>Item 10.&nbsp;</B></FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriter</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) Underwriter Address: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="background-color: white"><I>&nbsp;Canadian
    Head Office</I></FONT><BR>
    <FONT STYLE="background-color: white"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120
    Bremner Boulevard Suite 2200 </I></FONT><BR>
    <FONT STYLE="background-color: white"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto,
    ON M5J -0A8</I></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) Notice Of Loss And Occurrences
    To Be Sent To:</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;By
    e-mail: &nbsp;&nbsp;&nbsp;<FONT STYLE="background-color: white"><I><U>financialclaimsCA@aig.com</U></I></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;By
    mail: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>AIG, Financial Lines Claims</I></FONT><BR>

    <FONT STYLE="font-weight: normal; font-variant: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>120
    Bremner Boulevard, Suite 2200</I> <BR>
    <I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto, ON M5J 0A8</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In either case, reference the policy
    number and &ldquo;Financial Institutions Bond Standard Form No. 14.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="5"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All limits of insurance, premiums and other sums of money as expressed in this policy are in Canadian currency unless otherwise stated in writing</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="5"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By signing below, the President and Chief Executive Officer of the Insurer agrees on behalf of the Insurer to all the terms of this Policy.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;<IMG SRC="focus4017g002.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">President
        and Chief Executive Officer <BR>
AIG Insurance Company of Canada</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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    <TD STYLE="text-align: center; width: 6%">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; width: 35%">TORONTO</TD>
    <TD STYLE="text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; width: 34%">September 23, 2022</TD>
    <TD STYLE="text-align: center; width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">Signed
At</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">Date</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><I>&nbsp;</I></TD>
    <TD COLSPAN="4"><I>HUB INTERNATIONAL HKMB LIMITED <BR>
    595 BAY ST <BR>
    STE 900</I></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><I>&nbsp;</I></TD>
    <TD COLSPAN="4"><I>TORONTO, ON M5G 2E3</I></TD></TR>
</TABLE>

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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underwriter, in consideration of an
agreed premium, and in reliance upon all statements made and information furnished to the Underwriter by the Insured in applying
for this bond, and subject to the Declarations, Insuring Agreements, General Agreements, Conditions and Limitations and other terms
hereof, agrees to indemnify the Insured for:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INSURING AGREEMENTS</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FIDELITY</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(A) Loss resulting directly from dishonest
or fraudulent acts committed by an Employee acting alone or in collusion with others. Such dishonest or fraudulent acts must be
committed by the Employee with the manifest intent:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">to cause the Insured to sustain such loss; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">to obtain an improper financial benefit for the Employee or another person or entity.</TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, if some or
all of the Insured&rsquo;s loss results directly or indirectly from:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Loans, that portion of the loss involving any Loan is not covered unless the Employee also was
in collusion with one or more parties to the Loan transactions and has received, in connection therewith, an improper financial
benefit with a value of at least $2500; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">trading, that portion of the loss is not covered unless the Employee also has received, in connection
therewith, an improper financial benefit.</TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As used in this Insuring Agreement, an improper
financial benefit does not include any employee benefits received in the course of employment, including but not limited to: salaries,
commissions, fees, bonuses, promotions, awards, profit sharing or pensions.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As used in this Insuring Agreement, loss
does not include any employee benefits (including but not limited to: salaries, commissions, fees, bonuses, promotions, awards,
profit sharing or pensions) intentionally paid by the Insured.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ON PREMISES</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(B) (1) Loss of items enumerated in the
definition of Property resulting directly from:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(a) robbery, burglary, misplacement,
mysterious unexplainable disappearance and damage thereto or destruction thereof, or</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(b) theft, false pretenses, common-law
or statutory larceny, committed by a person physically present in an office or on the premises of the Insured at the time the enumerated
items of Property are surrendered,</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">while such enumerated items of Property
are lodged or deposited within offices or premises located anywhere, except those offices set forth in Item 7 of the Declarations.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Loss of or damage to furnishings, fixtures,
supplies or equipment within an office of the Insured covered under this bond resulting directly from larceny or theft in, or by
burglary or robbery of, such office, or attempt thereat; provided that:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(a) the Insured is the owner
of such furnishings, fixtures, supplies, equipment, or office or is liable for such loss or damage, and</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(b) the loss is not caused by
fire.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">IN TRANSIT</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(C) Loss of Property resulting directly
from robbery, common-law or statutory larceny, theft, misplacement, mysterious unexplainable disappearance, and damage thereto
or destruction thereof, while the Property is in transit anywhere in the custody of:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
Messenger, or</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
Transportation Company and being transported in an armored motor vehicle, or</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
Transportation Company and being physically (not electronically) transported in other than an armored motor vehicle provided that
covered Property transported in such manner is limited to the following:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) Books of account and other
records stored on tangible media, including magnetic tapes, disks and computer drives as well as paper, but not including any of
the other items listed in the definition of Property, however stored, and</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) Certificated Securities issued
in registered form and not endorsed, or with restrictive endorsements, and</P>

</div>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(c) Negotiable Instruments not
payable to bearer, and either not endorsed or with restrictive endorsements.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Coverage under this Insuring Agreement begins
immediately upon the receipt of such Property by the Messenger or Transportation Company and ends immediately upon delivery to
the designated recipient or its agent, but only while the Property is being conveyed.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORGERY OR ALTERATION</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(D)</TD><TD STYLE="text-align: justify">Loss resulting directly from the Insured having, in good faith, paid or transferred any Property
in reliance on any Written, Original:</TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(1) Negotiable Instrument (except
an Evidence of Debt),</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(2) Certificate of Deposit,</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(3) Letter of Credit,</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(4) Withdrawal Order,</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(5) receipt for the withdrawal
of Property, or</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(6) instruction or advice directed
to the Insured and purportedly signed by a customer of the Insured or by a banking institution,</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">which (a) bears a handwritten signature
which is a Forgery; or (b) is altered, but only to the extent the Forgery or alteration causes the loss.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Actual physical possession of the items
listed in (1) through (6) above by the Insured is a condition precedent to the Insured&rsquo;s having relied on the items.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A reproduction of a handwritten signature
is treated the same as the handwritten signature. An electronic or digital signature is not treated as a reproduction of a handwritten
signature.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(E)&nbsp;&nbsp;&nbsp;Loss resulting directly from the insured
having, in good faith, for its own account or for the account of others,</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acquired,
sold or delivered, or given value, extended credit or assumed liability, on the faith of, any Written, Original:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Certificated Security,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">deed, mortgage or other instrument conveying title to, or creating or discharging a lien upon,
real property,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Certificate of Deposit; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Evidence of Debt,</TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">which (i) bears a handwritten
signature which is material to the validity or enforceability of the security and which is a Forgery, or (ii) is altered, but only
to the extent the Forgery or alteration causes the loss, or (iii) is lost or stolen;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;guaranteed
in writing or witnessed any signature upon any transfer, assignment, bill of sale, power of attorney, guarantee, or any items listed
in (a) through (d) above; or</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acquired,
sold or delivered, or given value, extended credit or assumed liability, in reliance on any item listed in (a) through (c) above
which is a Counterfeit, but only to the extent the Counterfeit causes the loss.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Actual physical possession of the items
listed in (a) through (d) above by the Insured or its authorized representative is a condition precedent to the Insured&rsquo;s having
relied on such items.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A reproduction of a handwritten signature
is treated the same as the handwritten signature. An electronic or digital signature is not treated as a reproduction of a handwritten
signature.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">COUNTERFEIT MONEY</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(F)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss resulting
directly from the receipt by the Insured, in good faith, of any Counterfeit Money of the United States of America, Canada or of
any other country in which the Insured maintains a branch office.</P>

</div>
<BR CLEAR="ALL"><BR>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GENERAL AGREEMENTS</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NOMINEES</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A. This bond does not indemnify any Insured
for loss sustained by a proprietorship, partnership, corporation or any other entity which is owned, controlled or operated by
an Insured and not named as an Insured hereunder unless:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(1) such loss is sustained by
a nominee organized by an Insured for the purpose of handling certain of its business transactions and composed exclusively of
its Employees; and</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(2) such Insured is not a holding
company.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the conditions of (1) and (2) are met,
loss sustained by the nominee shall, for all the purposes of this bond and whether or not any partner of such nominee is implicated
in such loss, be deemed to be loss sustained by the Insured.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ADDITIONAL OFFICES OR EMPLOYEES-CONSOLIDATION,
MERGER OR PURCHASE OF ASSETS-NOTICE</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">B. If the Insured shall, while this bond
is in force, establish any additional offices, other than by consolidation or merger with, or purchase or acquisition of assets
or liabilities of, another institution, such offices shall be automatically covered hereunder from the date of such establishment
without the requirement of notice to the Underwriter or the payment of additional premium for the remainder of the premium period.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Insured shall, while this bond is
in force, consolidate or merge with, or purchase or acquire assets or liabilities of, another institution, the Insured shall not
have such coverage as is afforded under this bond for loss which:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">has occurred or will occur in offices or premises,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">has been caused or will be caused by an employee or employees of such institution, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">has arisen or will arise out of the assets or liabilities</TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">acquired by the Insured as a result of such
consolidation, merger or purchase or acquisition of assets or liabilities unless the Insured shall (i) give the Underwriter Written
notice of the proposed consolidation, merger or purchase or acquisition of assets or liabilities prior to the proposed effective
date of such action and (ii) obtain the Written consent of the Underwriter to extend the coverage provided by this bond to such
additional offices or premises, employees and other exposures, and (iii) upon obtaining such consent, pay to the Underwriter an
additional premium.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CHANGE OF OWNERSHIP-NOTICE</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">C. When the Insured learns of a change in
ownership by a single stockholder, partner or member, or by a group of affiliated stockholders, partners, or members, of more than
10% of its voting stock or total ownership interest, or of the voting stock or total ownership interest of a holding company or
parent corporation which itself owns or controls the Insured, it shall give Written notice to the Underwriter, as soon as practicable
but not later than within 30 days. Failure to give the required notice shall result in termination of coverage for any loss involving
a transferee of such stock or ownership interest, to be effective upon the date of the stock transfer or transfer or ownership
interest.</P>

</div>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REPRESENTATION OF INSURED</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">D. The Insured represents that the information
furnished in the application for this bond is complete, true and correct. Such application constitutes part of this bond.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any omission, concealment or incorrect statement,
in the application or otherwise, shall be grounds for the rescission of this bond, provided that such omission, concealment or
incorrect statement is material.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">JOINT INSUREDS</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">E. Only the first named Insured can submit
a claim under this bond, and shall act for all Insureds. Payment by the Underwriter to the first named Insured of loss sustained
by any Insured shall fully release the Underwriter on account of such loss. If the first named Insured ceases to be covered under
this bond, the Insured next named shall thereafter be considered as the first named Insured. Knowledge possessed or discovery made
by any Insured shall constitute knowledge or discovery by all Insureds for all purposes of this bond. The liability of the Underwriter
for loss or losses sustained by all Insureds shall not exceed the amount for which the Underwriter would have been liable had all
such loss or losses been sustained by one Insured.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTICE OF LEGAL PROCEEDINGS AGAINST INSURED&ndash;ELECTION
TO DEFEND</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">F. The Insured shall notify the Underwriter
at the earliest practicable moment, not to exceed 30 days after notice thereof, of any legal proceeding brought to determine the
Insured&rsquo;s liability for any loss, claim or damage, which, if established, would constitute a collectible loss under this bond.
Concurrently, the Insured shall furnish copies of all pleadings and pertinent papers to the Underwriter.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underwriter, at its sole option, may
elect to conduct the defence of such legal proceeding, in whole or in part. The defence by the Underwriter shall be in the Insured&rsquo;s
name through legal counsel selected by the Underwriter. The Insured shall provide all reasonable information and assistance required
by the Underwriter for such defence.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Underwriter elects to defend the Insured, in whole or in part, any judgment against
the Insured on those counts or causes of action which the Underwriter defended on behalf of the Insured or any settlement in which
the Underwriter participates and all legal fees, costs and expenses incurred by the Underwriter in the defence of the litigation
shall be a loss covered by this bond.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Insured does not give the notices
required in subsection (a) of Section 5 of the Conditions and Limitations of this bond and in the first paragraph of this General
Agreement, or if the Underwriter elects not to defend any causes of action, neither a judgment against the Insured, nor a settlement
of any legal proceeding by the Insured, shall determine the existence, extent or amount of coverage under this bond for loss sustained
by the Insured, and the Underwriter shall not be liable for any legal fees, costs and expenses incurred by the Insured.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect
to this General Agreement, subsections (b) and (d) of Section 5 of the Conditions and Limitations of this bond apply upon the entry
of such judgment or the occurrence of such settlement instead of upon discovery of loss. In addition, the Insured must notify the
Underwriter within 30 days after such judgment is entered or after the Insured settles such legal proceeding, and, subject to subsection
(e) of Section 5, the Insured may not bring legal proceedings for the recovery of such loss after the expiration of 24 months from
the date of such final judgment or settlement.</P>

</div>
<BR CLEAR="ALL"><BR>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONDITIONS AND LIMITATIONS</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DEFINITIONS</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 1. As used in this bond:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) Certificate of Deposit means a Written
acknowledgment by a financial institution of receipt of Money with an engagement to repay it.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) Certificated Security means a share,
participation or other interest in property of or an enterprise of the issuer or an obligation of the issuer, which is:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(1) represented by a Written
instrument issued in bearer or registered form;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(2) of a type commonly dealt
in on securities exchanges or markets or commonly recognized in any area in which it is issued or dealt in as a medium for investment;
and</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(3) either one of a class or
series or by its terms divisible into a class or series of shares, participations, interests or obligations.</P>

</div>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) Change in Control means a change in
ownership of more than 50% of the voting stock or ownership interest of the Insured, or of a parent corporation or holding company
which controls the Insured.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) Counterfeit means a Written imitation
of an actual valid Original which is intended to deceive and to be taken as the Original.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(e) Electronic Data Processor means a natural
person, partnership, corporation or any other business organization with the Insured&rsquo;s Written authorization to perform services
as data processor of cheques drawn by a customer on an account at the Insured. A Federal Reserve Bank or clearinghouse shall not
be an Electronic Data Processor.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(f) Employee means:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(1) a natural person while in
the service of the Insured whom the Insured has the right to direct and control in the performance of his or her duties and:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(i) whom the Insured directly
compensates by wages, salaries or commissions, or</P>

</div>
<BR CLEAR="ALL"><BR>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(ii) who is compensated by an
employment agency which is paid by the Insured for providing such person&rsquo;s services for work at or in the Insured&rsquo;s offices or
premises covered hereunder;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(2) a member of the Board of
Directors of the Insured, or a member of an equivalent body, when performing acts coming within the scope of the usual duties of
a person described in paragraph (f)(1) above or while acting as a member of any committee duly elected or appointed by resolution
of the board of directors or equivalent body to perform specific, as distinguished from general, directorial acts on behalf of
the Insured;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(3) an employee of an institution
merged or consolidated with the Insured prior to the effective date of this bond, but only as to acts while an employee of such
institution which caused said institution to sustain a loss which was not known to the Insured or to the said institution at the
time of the merger or consolidation;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(4) an Electronic Data Processor,
provided, however that each such Electronic Data Processor, and the partners, officers and employees of such Electronic Data Processor
shall, collectively, be deemed to be one Employee for all the purposes of this bond, excepting, however, the Employee termination
provisions of Section 13; and</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(5) a Partner or Member of the
Insured, unless not covered as indicated in Item 4 of the Declarations.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(g) Evidence of Debt means a Written instrument,
including a Negotiable Instrument, executed, or purportedly executed, by a customer of the Insured and held by the Insured which
in the regular course of business is treated as evidencing the customer&rsquo;s debt to the Insured.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(h) Financial Interest in the Insured of
the Insured&rsquo;s general partner(s), limited partner(s), or Members committing dishonest or fraudulent acts covered by this bond or
concerned or implicated therein means:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(1) as respects general partner(s)
the value of all right, title and interest of such general partner(s), determined as of the close of business on the date of discovery
of loss covered by this bond, in the aggregate of:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(i) the &ldquo;net worth&rdquo;
of the Insured, which for the purposes of this bond, shall be deemed to be the excess of its total assets over its total liabilities,
without adjustment to give effect to loss covered by this bond, (except that credit balances and equities in proprietary accounts
of the Insured, which shall include capital accounts of partners, investment and trading accounts of the Insured, participations
of the Insured in joint accounts, and accounts of partners which are covered by agreements providing for the inclusion of equities
therein as partnership property, shall not be considered as liabilities) with securities, spot commodities, commodity future contracts
in such proprietary accounts and all other assets marked to market or fair value and with adjustment for profits and losses at
the market of contractual commitments for such proprietary accounts of the Insured; and</P>


<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(ii) the value of all other Money,
securities and property belonging to such general partner(s), or in which such general partner(s) have a pecuniary interest, held
by or in the custody of and legally available to the Insured as set-off against loss covered by this bond;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">provided, however, that if such
&ldquo;net worth&rdquo; adjusted to give effect to loss covered by this bond and such value of all other Money, securities and
property as set forth in (h)(1 )(ii) preceding, plus the amount of coverage afforded by this bond on account of such loss, is not
sufficient to enable the Insured to meet its obligations, including its obligations to its partners other than to such general
partner(s), then the Financial Interest in the Insured, as above defined, of such general partner(s) shall be reduced in an amount
necessary, or eliminated if need be, in order to enable the Insured upon payment of loss under this bond to meet such obligations,
to the extent that such payment will enable the Insured to meet such obligations, without any benefit accruing to such general
partner(s) from such payment; and</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(2) as respects limited partners
or Members the value of such limited partners&rsquo; or Members&rsquo; investment in the Insured.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i) Forgery means:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(1) affixing the handwritten
signature, or a reproduction of the handwritten signature, of another natural person without authorization and with intent to deceive;
or</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(2) affixing the name of an organization
as an endorsement to a cheque without authority and with the intent to deceive.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provided, however, that a signature which
consists in whole or in part of one&rsquo;s own name signed with or without authority, in any capacity, for any purpose is not a Forgery.
An electronic or digital signature is not a reproduction of a handwritten signature or the name of an organization affixed as an
endorsement to a cheque.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(j) Guarantee means a Written undertaking
obligating the signer to pay the</P>

</div>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">debt of another to the Insured or its assignee or to a financial institution from which the Insured
has purchased participation in the debt, if the debt is not paid in accordance with its terms.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(k) Letter of Credit means a Written engagement
by a bank made at the request of a customer that the bank will honour drafts or other demands for payment upon compliance with
the conditions specified in the engagement.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(l) Loan means all extensions of credit
by the Insured and all transactions creating a creditor relationship in favour of the Insured and all transactions by which the
Insured assumes an existing creditor relationship.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(m) Member means a natural person who has an ownership interest in a limited
liability company.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(n) Messenger means an Employee while in
possession of the Insured&rsquo;s Property away from the Insured&rsquo;s premises, and any other natural person acting as custodian of the
Property during an emergency arising from the incapacity of the original Employee.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(o) Money means a medium of exchange in
current use authorized or adopted by a domestic or foreign government as a part of its currency.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(p) Negotiable Instrument means any writing:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(1) signed by the maker or drawer;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(2) containing any unconditional
promise or order to pay a sum certain in Money and no other promise, order, obligation or power given by the maker or drawer;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(3) payable on demand or at a
definite time; and</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(4) payable to order or bearer.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(q) Original means the first rendering or
archetype and does not include photocopies or electronic transmissions even if received and printed.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(r) Partner means a natural person who:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(1) is a general partner of the
Insured, or</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(2) is a limited partner and
an Employee (as defined in Section 1(f)(1) of this bond) of the Insured.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(s) Property means Money, Certificated Securities,
Negotiable Instruments, Certificates of Deposit, documents of title, Evidences of Debt, Security Agreements, Withdrawal Orders,
certificates of origin or title, Letters of Credit, insurance policies, abstracts of title, deeds and mortgages on real estate,
revenue and other stamps, tokens, unsold state lottery tickets, books of account and other records whether recorded in Written
form or stored on any tangible media, gems, jewellery, precious metals of all kinds and in any form, (which are collectively the
enumerated items of property) and tangible items of personal property which are not hereinbefore enumerated.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(t) Security Agreement means a Written agreement
which creates an interest in personal property or fixtures and which secures payment or performance of an obligation.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(u) Transportation Company means any organization
which regularly provides its own or leased vehicles for transportation of its customers&rsquo; property or which provides freight forwarding
or air express services.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(v) Withdrawal Order means a Written non-negotiable
instrument signed by a customer of the Insured authorizing the Insured to debit the customer&rsquo;s account in the amount of funds stated
therein.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(w) Written means expressed through letters
or marks placed upon paper and visible to the eye.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXCLUSIONS</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 2. This bond does not cover:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) loss resulting directly or indirectly
from Forgery or alteration, except when covered under Insuring Agreements (A), (D), or (E);</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) loss due to riot or civil commotion
outside the United States of America and Canada; or loss due to military, naval or usurped power, war or insurrection unless such
loss occurs in transit in the circumstances recited in Insuring Agreement (C), and unless, when such transit was initiated, there
was no knowledge of such riot, civil commotion, military, naval or usurped power, war or insurrection on the part of any person
acting for the Insured in initiating such transit;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) loss resulting directly or indirectly
from the effects of nuclear fission or fusion, radioactivity or chemical or biological contamination;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) loss resulting directly or indirectly
from any act or acts of any person who is a member of the Board of Directors of the Insured or a member of any equivalent body
by whatsoever name known, except when covered under Insuring Agreement (A);</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(e) loss resulting directly or indirectly
from the complete or partial nonpayment of, or default upon, any Loan or transaction involving the Insured as a lender or borrower,
or extension of credit, including but not limited to the purchase, discounting or other acquisition of false or genuine accounts,
invoices, notes, agreements or Evidences of Debt, whether such Loan, transaction or extension was procured in good faith or through
trick, artifice, fraud or false pretenses, except when covered under Insuring Agreements (A), or (E);</P>

</div>
<BR CLEAR="ALL"><BR>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(f) loss resulting from any violation by
the Insured or by any Employee:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(1) of any law regulating: (i)
the issuance, purchase or sale of securities, (ii) securities transactions upon any security exchanges or over the counter market,
(iii) investment companies, or (iv) investment advisers, or</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(2) of any rule or regulation
made pursuant to any such law,</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">unless it is established by the Insured
that the act or acts which caused the said loss involved dishonest or fraudulent conduct which would have caused a loss to the
Insured in a similar amount in the absence of such laws, rules or regulations;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(g) loss resulting directly or indirectly
from the failure of a financial or depository institution, or its receiver or liquidator, to pay or deliver, on demand of the Insured,
funds or Property of the Insured held by it in any capacity, except when covered under Insuring Agreements (A) or (B)(1)(a);</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(h) loss caused by an Employee, except when
covered under Insuring Agreement (A) or when covered under Insuring Agreement (B) or (C) and resulting directly from unintentional
acts of the Employee causing misplacement, mysterious unexplainable disappearance or destruction of or damage to Property;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i) loss resulting directly or indirectly
from transactions in a customer&rsquo;s account, whether authorized or unauthorized, except the unlawful withdrawal and conversion of
Money, securities or precious metals, directly from a customer&rsquo;s account by an Employee provided such unlawful withdrawal and conversion
is covered under Insuring Agreement (A);</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(j) damages resulting from any civil, criminal
or other legal proceeding in which the Insured is alleged to have engaged in racketeering activity except when the Insured establishes
that the act or acts giving rise to such damages were committed by an Employee under circumstances which result directly in a loss
to the Insured covered by Insuring Agreement (A). For the purposes of this exclusion, &ldquo;racketeering activity&rdquo; is defined
in 18 United States Code 1961 et seq., as amended;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(k) loss resulting directly or indirectly
from the use, or purported use, of credit, debit, charge, access, convenience, cash management or other cards:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(1) in obtaining credit or funds,</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(2) in gaining access to automated
mechanical devices which, on behalf of the Insured, disburse Money, accept deposits, cash cheques, drafts or similar Written instruments
or make credit card loans, or</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(3) in gaining access to point
of sale terminals, customer-bank communication terminals, or similar electronic terminals of electronic funds transfer systems,</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">whether such cards were issued, or purport
to have been issued, by the Insured or by anyone other than the Insured, except when covered under Insuring Agreement (A);</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(l) loss involving automated mechanical
devices which, on behalf of the Insured, disburse Money, accept deposits, cash cheques, drafts or similar Written instruments or
make credit card loans, except when covered under Insuring Agreement (A);</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(m) loss resulting directly or indirectly
from surrender of property away from an office of the Insured as a result of:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(1) kidnapping,</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(2) payment of ransom,</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(3) threats of bodily harm to
any person, except the custodian of the property, or of damage to the premises or property of the Insured, or</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(4) actual disappearance, damage,
destruction, confiscation or theft of property intended as a ransom or extortion payment while held or conveyed by a person duly
authorized by the Insured to have custody of such property,</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">except when covered under Insuring Agreement
(A);</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(n) loss resulting directly or indirectly
from payments made or withdrawals from a depositor&rsquo;s or customer&rsquo;s account involving erroneous credits to such account, except
when covered under Insuring Agreement (A);</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(o) loss resulting directly or indirectly
from payments made or withdrawals from a depositor&rsquo;s or customer&rsquo;s account involving items of deposit which are not finally paid
for any reason, including but not limited to Forgery or any other fraud, except when covered under Insuring Agreement (A);</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(p) loss resulting directly or indirectly
from counterfeiting, except when covered under Insuring Agreements (A), (D), (E) or (F);</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(q) loss of any tangible item of personal
property which is not specifically enumerated in the paragraph defining Property if such property is specifically insured by other
insurance of any kind and in any amount obtained by the Insured, and in any event, loss of such property occurring more than 60
days after the Insured shall have become aware that it owns, holds or is responsible for such property, except when covered under
Insuring Agreements (A) or (B)(2);</P>

</div>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(r) loss of Property while:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(1) in the mail,</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(2) in the custody of any Transportation
Company, unless covered under Insuring Agreement (C), or</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(3) while located on the premises
of any Messenger or Transportation Company,</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">except when covered under Insuring Agreement
(A);</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(s) potential income, including but not
limited to interest and dividends, not realized by the Insured or by any customer of the Insured;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(t) damages of any type for which the Insured
is legally liable, unless the Insured establishes that the act or acts which gave rise to the damages involved conduct which would
have caused a covered loss to the Insured in a similar amount in the absence of such damages;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(u) all fees, costs and expenses incurred
by the Insured:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(1) in establishing the existence
of or amount of loss covered under this bond, or</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(2) as a party to any legal proceeding
whether or not such legal proceeding exposes the Insured to loss covered by this bond;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(v) indirect or consequential loss of any
nature including, but not limited to, fines, penalties, multiple or punitive damages;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(w) loss resulting directly or indirectly
from the Insured&rsquo;s accepting cheques payable to an organization for deposit into an account of a natural person;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(x) loss resulting directly or indirectly
from any dishonest or fraudulent act or acts committed by any non-Employee who is a securities, commodities, money, mortgage, real
estate, loan, insurance, property management, or investment banking broker, agent or other representative of the same general character;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(y) loss caused directly or indirectly by
a Partner or Member of the Insured unless the amount of such loss exceeds the Financial Interest in the Insured of such Partner
or Member and the applicable Deductible amount, and then for the excess only;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(z) loss resulting directly or indirectly
from any actual or alleged representation, advice, warranty or guarantee as to the performance of any investments;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(aa) loss due to liability imposed upon
the Insured as a result of the unlawful disclosure of non-public material information by the Insured or any Employee, or as a result
of any Employee acting upon such information, whether authorized or unauthorized;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(bb) loss resulting directly or indirectly
from the theft, disappearance, destruction or disclosure of confidential information including, but not limited to, trade secrets,
customer lists and intellectual property;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(cc) loss resulting directly or indirectly
from the dishonest or fraudulent acts of an Employee if any Insured, or any director or officer of an Insured who is not in collusion
with such Employee, knows, or knew at any time, of any dishonest or fraudulent act committed by such Employee at any time, whether
in the employment of the Insured or otherwise, whether or not of the type covered under Insuring Agreement (A), against the Insured
or any other person or entity and without regard to whether knowledge was obtained before or after the commencement of this bond.
Provided, however, that this exclusion does not apply to loss of any Property already in transit in the custody of such Employee
at the time such knowledge was obtained or to loss resulting directly from dishonest or fraudulent acts occurring prior to the
time such knowledge was obtained.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DISCOVERY</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 3.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This bond applies to loss first discovered
by the Insured during the Bond Period. Discovery occurs when the Insured first becomes aware of facts which would cause a reasonable
person to assume that a loss of a type covered by this bond has been or will be incurred, regardless of when the act or acts causing
or contributing to such loss occurred, even though the exact amount or details of the loss may not then be known.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Discovery also occurs when the Insured receives
notice of an actual or potential claim in which it is alleged that the Insured is liable to a third party under circumstances which,
if true, would constitute a loss under this bond.</P>

</div>
<BR CLEAR="ALL"><BR>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">LIMIT OF LIABILITY</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 4.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Aggregate Limit of Liability</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underwriter&rsquo;s total liability for all
losses discovered during the Bond Period shown in Item 2 of the Declarations shall not exceed the Aggregate Limit of Liability
shown in Item 3 of the Declarations. The Aggregate Limit of Liability shall be reduced by the amount of any payment made under
the terms of this bond.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon exhaustion of the Aggregate Limit of
Liability by such payments:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(a) the Underwriter shall have
no further liability for loss or losses regardless of when discovered and whether or not previously reported to the Underwriter,
and</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(b) the Underwriter shall have
no obligation under General Agreement F to continue the defence of the Insured, and upon notice by the Underwriter to the Insured
that the Aggregate Limit of Liability has been exhausted, the Insured shall assume all responsibility for its defence at its own
cost.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Aggregate Limit of Liability shall be
reinstated by any net recovery received by the Underwriter during the Bond Period and before the Aggregate Limit of Liability is
exhausted. Recovery from reinsurance and/or indemnity of the Underwriter shall not be deemed a recovery as used herein. In the
event that a loss of Property is settled by the Underwriter through the use of a lost instrument bond, such loss shall not reduce
the Aggregate Limit of Liability, but any payment under the lost instrument bond shall reduce the Aggregate Limit of Liability
under this bond.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Single Loss Limit of Liability</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the Aggregate Limit of Liability,
the Underwriter&rsquo;s liability for each Single Loss shall not exceed the applicable Single Loss Limit of Liability shown in Item 4
of the Declarations. If a Single Loss is covered under more than one Insuring Agreement or Coverage, the maximum amount payable
shall not exceed the largest applicable Single Loss Limit of Liability.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Single Loss Defined</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Single Loss means all covered loss, including
court costs and legal fees incurred by the Underwriter under General Agreement F, resulting from:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">any one act or series of related acts of burglary, robbery or attempt thereat, in which no Employee
is implicated,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">any one act or series of related unintentional or negligent acts or omissions on the part of any
person (whether an Employee or not) resulting in damage to or destruction or misplacement of Property,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">all acts or omissions other than those specified in (a) and (b) preceding, caused by any person
(whether an Employee or not) or in which such person is implicated, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">any one casualty or event not specified in (a), (b) or (c) preceding.</TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NOTICE/PROOF-LEGAL PROCEEDINGS AGAINST UNDERWRITER</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 5.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) At the earliest practicable moment,
not to exceed 30 days, after discovery of loss, the Insured shall give the Underwriter notice thereof.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) Within 6 months after such discovery,
the Insured shall furnish to the Underwriter proof of loss, duly sworn to, with full particulars.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) Lost Certificated Securities listed
in a proof of loss shall be identified by certificate or bond numbers if such securities were issued therewith.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) Legal proceedings for the recovery of
any loss hereunder shall not be brought prior to the expiration of 60 days after the original proof of loss is filed with the Underwriter
or after the expiration of 24 months from the discovery of such loss.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(e) If any limitation period embodied in
this bond is prohibited by any law controlling the construction hereof, such limitation period shall be deemed to be amended so
as to equal the minimum limitation period allowed by such law.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(f) This bond affords coverage only in favour
of the Insured. No suit, action or legal proceedings shall be brought hereunder by any one other than the first named Insured.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">VALUATION</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 6.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The value of any loss for purposes of coverage
under this bond shall be the net loss to the Insured after crediting any receipts, payments or recoveries, however denominated,
received by the Insured in connection with the transaction giving rise to the loss. If the loss involves a loan, any interest or
fees received by the Insured in connection with the loan shall be such a credit.</P>

</div>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Money</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any loss of Money, or loss payable in Money,
shall be paid, at the option of the Insured, in the Money of the country in which the loss was sustained or in the Canadian dollar
equivalent thereof determined at the rate of exchange at the time of payment of such loss.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underwriter shall settle in kind its
liability under this bond on account of a loss of any securities or, at the option of the Insured, shall pay to the Insured the
cost of replacing such securities, determined by the market value thereof at the time of such settlement. However, if prior to
such settlement the Insured shall be compelled by the demands of a third party or by market rules to purchase equivalent securities,
and gives written notification of this to the Underwriter, the cost incurred by the Insured shall be taken as the value of those
securities. In case of a loss of subscription, conversion or redemption privileges through the misplacement or loss of securities,
the amount of such loss shall be the value of such privileges immediately preceding the expiration thereof. If such securities
cannot be replaced or have no quoted market value, or if such privileges have no quoted market value, their value shall be determined
by agreement or arbitration.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the applicable coverage of this bond
is subject to a Deductible Amount and/or is not sufficient in amount to indemnify the Insured in full for the loss of securities
for which claim is made hereunder, the liability of the Underwriter under this bond is limited to the payment for, or the duplication
of, so much of such securities as has a value equal to the amount of such applicable coverage.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Books of Account and Other Records</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In case of loss of, or damage to, any books
of account or other records used by the Insured in its business, the Underwriter shall be liable under this bond only if such books
or records are actually reproduced and then for not more than the cost of the blank books, blank pages or other materials, including
electronic media, plus the cost of labor for the actual transcription or copying of data which shall have been furnished by the
Insured in order to reproduce such books and other records.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Property other than Money, Securities or
Records</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In case of loss of, or damage to, any Property
other than Money, securities, books of account or other records, or damage covered under Insuring Agreement (B)(2), the Underwriter
shall not be liable for more than the actual cash value of such Property, or of items covered under Insuring Agreement (B)(2).
The Underwriter may, at its election, pay the actual cash value of, replace or repair such property. Disagreement between the Underwriter
and the Insured as to the cash value or as to the adequacy of repair or replacement shall be resolved by arbitration.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Set-Off</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any loss covered under this bond shall be
reduced by a set-off consisting of any amount owed to the Employee (or to his or her assignee) causing the loss if such loss is
covered under Insuring Agreement (A).</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ASSIGNMENT&ndash; SUBROGATION&ndash; RECOVERY&ndash;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 7.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) In the event of payment under this bond,
the Insured shall deliver, if so requested by the Underwriter, an assignment of such of the Insured&rsquo;s rights, title and interest
and causes of action as it has against any person or entity to the extent of the loss payment.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) In the event of payment under this bond,
the Underwriter shall be subrogated to all of the Insured&rsquo;s rights of recovery therefor against any person or entity to the extent
of such payment.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) Recoveries, whether effected by the
Underwriter or by the Insured, shall be applied net of the expense of such recovery first to the satisfaction of the Insured&rsquo;s
loss which would otherwise have been paid but for the fact that it is in excess of either the Single or Aggregate Limit of Liability,
secondly, to the Underwriter as reimbursement of amounts paid in settlement of the Insured&rsquo;s claim, thirdly, to the Insured in
satisfaction of any Deductible Amount, and fourthly, to the Insured for any loss not covered by this bond. Recovery on account
of loss of securities as set forth in the third paragraph of Section 6 or recovery from reinsurance and/or indemnity of the Underwriter
shall not be deemed a recovery as used herein.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) The Insured shall execute all papers
and render assistance to secure to the Underwriter the rights and causes of action provided for herein. The Insured shall do nothing
after discovery of loss to prejudice such rights or causes of action.</P>

</div>
<BR CLEAR="ALL"><BR>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">COOPERATION</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 8. Upon the Underwriter&rsquo;s request
and at reasonable times and places designated by the Underwriter the Insured shall:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(a) submit to examination by
the Underwriter and subscribe to the same under oath;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(b) produce for the Underwriter&rsquo;s
examination all pertinent records; and</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(c) cooperate with the Underwriter
in all matters pertaining to any claim or loss.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ANTI-BUNDLING</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 9. If any Insuring Agreement requires
that an enumerated type of document be altered or Counterfeit, or contain a signature which is a Forgery or obtained through trick,
artifice, fraud or false pretenses, the alteration or Counterfeit or signature must be on or of the enumerated document itself
not on or of some other document submitted with, accompanying or incorporated by reference into the enumerated document.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OTHER INSURANCE OR INDEMNITY</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 10. Coverage afforded hereunder
shall apply only as excess over any valid and collectible insurance or indemnity obtained by the Insured, or by one other than
the Insured, on Property subject to exclusion (q) or by a Transportation Company, or by another entity on whose premises the loss
occurred or which employed the person causing the loss.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">COVERED PROPERTY</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 11. This bond shall apply to loss
of Property (a) owned by the Insured, (b) held by the Insured in any capacity, or (c) owned and held by someone else under circumstances
which make the Insured responsible for the Property prior to the occurrence of the loss. This bond shall be for the sole use and
benefit of the Insured named in the Declarations.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DEDUCTIBLE AMOUNT</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 12.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underwriter shall be liable hereunder
only for the amount by which any single loss, as defined in Section 4, exceeds the Single Loss Deductible for the Insuring Agreement
or Coverage applicable to such loss, subject to the Aggregate Limit of Liability and the applicable Single Loss Limit of Liability.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the loss involves a dishonest or fraudulent
act committed by an Employee, or if the amount of the potential loss exceeds the amount set forth in Item 6 of the Declarations,
the Insured shall, in the time and in the manner prescribed in this bond, give the Underwriter notice of any loss of the kind covered
by the terms of this bond, even if the amount of the loss does not exceed the Single Loss Deductible, and upon the request of the
Underwriter shall file with it a brief statement giving the particulars concerning such loss.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TERMINATION OR CANCELLATION</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 13.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This bond terminates as an entirety upon
occurrence of any of the following:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(a) 60 days after the receipt
by the Insured of a Written notice from the Underwriter of its desire to cancel this bond;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(b) immediately upon the receipt
by the Underwriter of a Written notice from the Insured of its desire to cancel this bond;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(c) immediately upon the taking
over of the Insured by a receiver or other liquidator or by Provincial, Territorial, State or Federal officials;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(d) immediately upon a Change
in Control of the first named Insured;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(e) immediately upon exhaustion
of the Aggregate Limit of Liability; or</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(f) immediately upon expiration
of the Bond Period as set forth in Item 2 of the Declarations.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there is a Change in Control of an Insured
other than the first named Insured, this bond immediately terminates as to that Insured only.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This bond terminates as to any Employee
or any partner, officer or employee of any Electronic Data Processor (a) as soon as any Insured, or any director, Partner, Member
or officer of an Insured who is not in collusion with such person, learns of any dishonest or fraudulent act committed by such
person at any time, whether in the employment of the Insured or otherwise, whether or not of the type covered under Insuring Agreement
(A), against the Insured or any other person or entity, without prejudice to the loss of any Property then in transit in the custody
of such person, or (b) 15 days after the receipt by the Insured of a Written notice from the Underwriter of its desire to cancel
this bond as to such person.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Termination of this bond as to any Insured
terminates liability for any loss sustained by such Insured which is discovered after the effective date of such termination. Termination
of this bond as to any Employee, or any partner, officer or employee of any Electronic Data Processor, terminates</P>

</div>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">liability for
any loss caused by a dishonest or fraudulent act committed by such person after the date of such termination.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONFORMANCE TO LAW</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 14.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Coverage under this bond shall not be provided
to the extent prohibited by any law. Where this bond is legally required to be interpreted in accordance with the laws of the Province
of Quebec:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Les parties ont express&eacute;ment
convenu que cette convention ainsi que tous documents y aff&eacute;rents soient r&eacute;dig&eacute;s en langue anglaise seulement.
The parties have expressly agreed that this agreement and all related documents be drafted in the English language only.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) The bond provisions shall be deemed
to be amended to comply with the applicable mandatory provisions of the Quebec Civil Code, but only to the extent necessary to
comply with such mandatory provisions of the Quebec Civil Code and only to the extent that such mandatory provisions are contrary
to the existing terms of this bond.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All limits of insurance, premiums and other
sums of money as expressed in this bond are in Canadian currency unless otherwise stated in writing.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By signing below, the President and Chief
Executive Officer of the Company agrees on behalf of the Company to all the terms of this bond.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="focus4017g002.jpg" ALT=""></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">President and Chief Executive Officer</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AIG Insurance Company of Canada</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">This bond shall not be valid unless signed
at the time of issuance by an authorized representative of the Company, either above or on the Declarations page of the bond.</P>

</div>
<BR CLEAR="ALL"><BR>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>RIDER</U>#
</B>1</FONT></P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">bond
number <I>01-581-59-23</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
<I>AIG Insurance Company of Canada&nbsp;</I></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IMPERSONATION
FRAUD (FRAUDULENTLY-INDUCED PAYMENT COVERAGE; SEPARATE <BR>
SUBLIMITS FOR AUTHENTICATED AND UNAUTHENTICATED INSTRUCTIONS; PRIOR ACTS
<BR>
EXCLUSION)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
rider modifies insurance provided under the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL
INSTITUTIONS BOND, STANDARD FORM 14</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">FINANCIAL INSTITUTIONS BOND, STANDARD FORM 15</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is agreed that the policy is hereby amended as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         INSURING AGREEMENTS Clause is amended to include the following at the end thereof:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FRAUDULENTLY-INDUCED
PAYMENT COVERAGE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
of Funds resulting directly from an Insured having, in good faith, transferred Funds from its own account in reliance upon Fraudulently-Induced
Instruction(s).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solely
                                         for purposes of this rider, the following definitions shall apply:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in; text-indent: -0.12in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Fraudulently-Induced
Instruction&rdquo; means any instruction communicated to an Insured for the purpose of directing or transferring Insured Funds
and/or updating vendor bank account information that were communicated by:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>001</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">134483 (07/19)</FONT></TD>
    <TD STYLE="width: 40%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>


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    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>RIDER</U>#
</B>1</FONT>&nbsp;&nbsp;&nbsp;(Continued)</P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bond
number <I>01-581-59-23</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by
<I>AIG Insurance Company of Canada&nbsp;</I></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         person purporQEHq23-07370_V1ting to be a director, officer, partner, member or sole proprietor
                                         of the Insured or other Employee&mdash;or by an individual acting in collusion with such
                                         person purporting to be a director, officer, partner, member, sole proprietor or other
                                         Employee (hereinafter referred to as an &ldquo;Internal Requestor&rdquo;), or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         person purporting to be an employee of a vendor that has a legitimate pre-existing arrangement
                                         or written agreement to provide goods or services to the Insured &mdash;or by an individual
                                         acting in collusion with such person purporting to be a vendor employee (hereinafter
                                         referred to as a &ldquo;Vendor Requestor&rdquo;); provided, however, Fraudulently-Induced
                                         Instruction shall not include any such instruction transmitted by an actual vendor employee
                                         who was acting in collusion with any third party in submitting such instruction</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">but
which instructions were not actually made by a director, officer, partner, member or sole proprietor or other Employee of the
Insured or by an employee of a vendor;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Funds&rdquo;
means Money on deposit in an account with a credit balance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         maximum the Underwriter shall be liable for all loss under the FRAUDULENTLY- INDUCED
                                         PAYMENT COVERAGE Insuring Agreement shall be:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 94%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$250,000 US</FONT></TD>
    <TD STYLE="text-align: justify; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> for
    each Single Loss sustained where the Insured did not subject the Fraudulently-Induced Instruction to an out-of-band
    authentication procedure
(or other authentication procedure approved in writing by the Underwriter);</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>001</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">134483 (07/19)</FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>RIDER</U>#
</B>1</FONT>&nbsp;&nbsp;&nbsp;(Continued)</P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bond
number <I>01-581-59-23</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by
<I>AIG Insurance Company of Canada&nbsp;</I></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 94%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3,000,000 US</FONT></TD>
                                                                                                                                                               <TD STYLE="text-align: justify; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> for each Single Loss sustained where the Insured
subjected the Fraudulently-Induced Instruction to an out-of-band authentication procedure (or other authentication procedure approved
in writing by the Underwriter) and a contemporaneous record of such authentication is provided to the Underwriter;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 94%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$6,000,000 US</FONT></TD>
                                                                                                                                                               <TD STYLE="text-align: justify; width: 50%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> in the aggregate for all loss under the FRAUDULENTLY-INDUCED
PAYMENT COVERAGE</FONT> Insuring
Agreement;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">which
amounts shall be part of, and not in addition to, the Aggregate Limit of Liability stated in Item 3 of the Declarations, and in
no way shall serve to increase the Underwriter&rsquo;s Limit of Liability as therein stated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
                                         respect to the coverage afforded by virtue of this rider, &ldquo;an out-of-band authentication
                                         procedure&rdquo; means a procedure for confirming that:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                         instruction from an Internal Requestor was actually made by a director, officer, partner,
                                         member or sole proprietor or other Employee of the Insured; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                         instruction from a Vendor Requestor was actually made by an employee of a vendor;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">through
use of a communication channel that is separate and unconnected from the communication channel used to send the initial instruction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>001</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">134483 (07/19)</FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>RIDER</U>#
</B>1</FONT>&nbsp;&nbsp;&nbsp;(Continued)</P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bond
number <I>01-581-59-23</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by
<I>AIG Insurance Company of Canada&nbsp;</I></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solely
                                         with respect to coverage provided by this rider, the applicable per occurrence Deductible
                                         Amount is $25,000 US.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solely
                                         for purposes of this rider, &ldquo;Insured&rdquo; shall not mean or include any Investment
                                         Vehicle.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solely
                                         for purposes of this rider, &ldquo;Investment Vehicle&rdquo; shall mean any entity whose
                                         sole purpose is holding or acquiring debt, equity, or fee simple investments and/or interest
                                         in financial derivatives.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solely
                                         for purposes of this rider, the following exclusion shall apply:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
coverage afforded by the FRAUDULENTLY-INDUCED PAYMENT COVERAGE Insuring Agreement does not apply to any loss occurring prior to
February 5, 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solely
                                         for purposes of this rider, paragraph (h) of Section 2., EXCLUSIONS, is deleted in its
                                         entirety and replaced with the following:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
caused by an Employee, except when covered under Insuring Agreement (A), or when covered under Insuring Agreements (B) or (C)
and resulting directly from unintentional acts of the Employee causing misplacement, mysterious unexplainable disappearance, destruction
of or damage to Property, or when covered under the FRAUDULENTLY-INDUCED PAYMENT COVERAGE Insuring Agreement and resulting directly
from unintentional acts of the Employee.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>001</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">134483 (07/19)</FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE>




<!-- Field: Page; Sequence: 15 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->





<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>RIDER</U>#
</B>1</FONT>&nbsp;&nbsp;&nbsp;(Continued)</P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bond
number <I>01-581-59-23</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by
<I>AIG Insurance Company of Canada&nbsp;</I></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALL
OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">                                                                                                                                      <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid"><IMG SRC="focus4017g002.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 60%"></TD><TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AUTHORIZED
REPRESENTATIVE</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>001</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">134483 (07/19)</FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>RIDER</U>#
</B>2</FONT></P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bond
number <I>01-581-59-23</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by
<I>AIG Insurance Company of Canada&nbsp;</I></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INSURING
AGREEMENT F COUNTERFEIT MONEY AMENDED RIDER</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is agreed that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insuring
                                         Agreement (F) COUNTERFEIT MONEY of the <B>INSURING AGREEMENTS </B>Clause is deleted in
                                         its entirety and replaced with the following:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COUNTERFEIT
MONEY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(F)&nbsp;
Loss resulting directly from the receipt by the Insured, in good faith, of any Counterfeit Money, coin or currency of the United
States of America, Canada or any other country.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
                                         contained here shall be held to vary, alter, waive or extend any of the terms, limitations,
                                         conditions, or agreements of the attached bond other than as above stated.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALL
OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">                                                                                                                                      <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid"><IMG SRC="focus4017g002.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 60%"></TD><TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AUTHORIZED
REPRESENTATIVE</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>002</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">140636 (04/21)</FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>RIDER</U>#
</B>3</FONT></P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bond
number <I>01-581-59-23</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by
<I>AIG Insurance Company of Canada&nbsp;</I></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">STOP
PAYMENT LIABILITY RIDER</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is agreed that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         <B>INSURING AGREEMENTS</B> Clause of the attached bond is amended by adding the following
                                         additional Insuring Agreement to the end thereof:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">STOP
PAYMENT LIABILITY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
by reason of the liability imposed upon the Insured by law for damages:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for
                                         having either complied with or failed to comply with any written notice of any depositor
                                         of the Insured or any authorized representative of such depositor to stop payment of
                                         any check or draft made or drawn by such depositor or any authorized representative of
                                         such depositor; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for
                                         having refused to pay any check or draft made or drawn by any depositor of the Insured
                                         or any authorized representative of such depositor.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
                                         respect to the coverage provided by this rider, the following shall apply:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Underwriter&rsquo;s Aggregate Limit of Liability under this the STOP PAYMENT LIABILITY
                                         Insuring Agreement shall be <U>$250,000 US,</U> which shall be part of, and not in addition
                                         to, the Aggregate Limit of Liability stated in the Declarations; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>003</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101820 (06/09)</FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>RIDER</U>#
</B>3</FONT>&nbsp;&nbsp;&nbsp;(Continued)</P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bond
number <I>01-581-59-23</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by
<I>AIG Insurance Company of Canada&nbsp;</I></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         deductible of $50,000 US shall apply to each and every loss under the STOP PAYMENT LIABILITY
                                         Insuring Agreement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
                                         contained here shall be held to vary, alter, waive or extend any of the terms, limitations,
                                         conditions, or agreements of the attached bond other than as above stated.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">                                                                                                                                      <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid"><IMG SRC="focus4017g002.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 60%"></TD><TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AUTHORIZED
REPRESENTATIVE</FONT></TD>
</TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>003</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101820 (06/09)</FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>RIDER</U>#
</B>4</FONT></P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bond
number <I>01-581-59-23</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by
<I>AIG Insurance Company of Canada&nbsp;</I></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMPUTER
CRIME COVERAGE RIDER (CANADIAN FORM 14 VERSION)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
consideration of the premium charged, it is hereby understood and agreed that bond is hereby amended as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
                                         4 of the Declarations is hereby amended by adding the following:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<table cellspacing="0" cellpadding="0" align="CENTER" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 46%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 26%; border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Single Loss Limit of Liability</font></td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 22%; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Single Loss Deductible</font></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer Systems Fraud</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3,000,000 US</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$25,000 US</font></td></tr>
<tr style="vertical-align: top; background-color: White">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Data Processing Service Operations</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3,000,000 US</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$25,000 US</font></td></tr>
<tr style="vertical-align: top; background-color: White">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voice Initiated Transfer Fraud</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$N/A</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$N/A</font></td></tr>
<tr style="vertical-align: top; background-color: White">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telefacsimile Transfer Fraud</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3,000,000 US</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$25,000 US</font></td></tr>
<tr style="vertical-align: top; background-color: White">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Destruction of Data or Programs by Hacker</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3,000,000 US</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$25,000 US</font></td></tr>
<tr style="vertical-align: top; background-color: White">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Destruction of Data or Programs by Virus</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3,000,000 US</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$25,000 US</font></td></tr>
<tr style="vertical-align: top; background-color: White">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voice Computer Systems Fraud</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3,000,000 US</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$25,000 US</font></td></tr>
</table>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Declarations page is hereby amended by adding the following paragraph to the end thereof:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>004</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">136015 CAN
    (03/20)</FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>RIDER</U>#
</B>4</FONT>&nbsp;&nbsp;&nbsp;(Continued)</P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bond
number <I>01-581-59-23</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by
<I>AIG Insurance Company of Canada&nbsp;</I></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
11.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Voice
Initiated Transfer Fraud</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Under
the terms of the Voice Initiated Transfer Fraud Insuring Agreement, the Insured must place verification call-back for each transfer
in excess of <B>$</B>N/A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telefacsimile
Transfer Fraud</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;Under
the terms of the Telefacsimile Transfer Fraud Insuring Agreement, the Insured must place a Verification call-back for each transfer
in excess of <B>$</B>25,000 US.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Insuring Agreements are hereby amended by adding the following Insuring Agreements to
                                         the Bond:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMPUTER
SYSTEMS FRAUD</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(G)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
                                         resulting directly from a fraudulent:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">entry
                                         of Electronic Data or Computer Program into, or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">change
                                         of Electronic Data or Computer Program within</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
Computer System operated by the Insured, whether owned or leased; or any Computer System identified in the application for this
bond; or a Computer System first used by the Insured during the bond period; as provided by General Agreement B; provided the
entry or change causes:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
                                         to be transferred, paid or delivered,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                         account of the Insured, or of its customer, to be added, deleted, debited or credited,
                                         or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                         unauthorized account or a fictitious account to be debited or credited.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>004</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">136015 CAN
    (03/20)</FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>RIDER</U>#
</B>4</FONT>&nbsp;&nbsp;&nbsp;(Continued)</P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bond
number <I>01-581-59-23</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by
<I>AIG Insurance Company of Canada&nbsp;</I></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this Insuring Agreement, fraudulent entry or change shall include such entry or change made by an Employee of the Insured acting
in good faith:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on
                                         an instruction from a software contractor who has a written agreement with the Insured
                                         to design, implement or service programs for a Computer System covered by this Insuring
                                         Agreement, or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on
                                         an instruction transmitted by Tested telex or similar means of Tested communication identified
                                         in the application for this bond purportedly sent by a customer, financial institution
                                         or automated clearing house.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DATA
PROCESSING SERVICE OPERATIONS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(H)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
                                         sustained by a Client of the Insured resulting directly from a fraudulent:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">entry
                                         of Electronic Data or a Computer Program into, or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">change
                                         of Electronic Data or a Computer Program within</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
Computer System covered under the terms of the <B>COMPUTER SYSTEMS FRAUD </B>Insuring Agreement, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">entry
                                         or change of Electronic Data during electronic transmission or physical transit from
                                         the Insured to its Client, provided that the entry or change causes:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 27.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
                                         to be transferred, paid or delivered,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 27.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                         account of the Client, or a customer of the Client, to be added, deleted, debited or
                                         credited, or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 27.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                         unauthorized account or a fictitious account to be debited or credited,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
for which loss the Insured is legally liable to the Client as a provider of data processing services for such Client.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this Insuring Agreement, fraudulent entry or change shall include such entry or change made by an Employee of the Insured acting
in good faith:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>004</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">136015 CAN
    (03/20)</FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE></P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>RIDER</U>#
</B>4</FONT>&nbsp;&nbsp;&nbsp;(Continued)</P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bond
number <I>01-581-59-23</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by
<I>AIG Insurance Company of Canada&nbsp;</I></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 27.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on
                                         an instruction from a software contractor who has a written agreement with the Insured
                                         to design, implement or service programs for a Computer System covered by this Insuring
                                         Agreement, or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 27.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on
                                         an instruction transmitted by Tested telex or similar means of Tested communication identified
                                         in the application for this bond purportedly sent by a customer, financial institution
                                         or automated clearing house.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this Insuring Agreement, Client means an entity for which the Insured serves as data processor under the terms of a written agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VOICE
INITIATED TRANSFER FRAUD</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
                                         resulting directly from the Insured having, in good faith, transferred Funds from a Customer&rsquo;s
                                         account through a Computer System covered under the terms of the <B>COMPUTER SYSTEMS
                                         FRAUD </B>Insuring Agreement in reliance upon a fraudulent voice instruction transmitted
                                         by telephone which was purported to be from:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                         officer, director, partner or employee of a Customer of the Insured who was authorized
                                         by the Customer to instruct the Insured to make such transfer,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                         individual person who is a Customer of the Insured, or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                         Employee of the Insured in another office of the Insured who was authorized by the Insured
                                         to instruct other Employees of the Insured to transfer Funds,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
was received by an Employee of the Insured specifically designated to receive and act upon such instructions, but the voice instruction
was not from a person described in (1), (2) or (3) above, provided that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">such
                                         voice instruction was electronically recorded by the Insured and required password(s)
                                         or code word(s) given; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                         the transfer was in excess of the amount shown on the Declarations Page as the verification
                                         call-back amount for this Insuring Agreement, the voice instruction was verified by a
                                         call-back according to a prearranged procedure.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
used in this Insuring Agreement, Customer means an entity or individual which has a written agreement with the Insured authorizing
the Insured to rely on voice instructions to initiate transfers and has provided the Insured with the names of persons
authorized to initiate such transfers, and with which the Insured has established an instruction verification mechanism.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>004</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">136015 CAN
    (03/20)</FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>RIDER</U>#
</B>4</FONT>&nbsp;&nbsp;&nbsp;(Continued)</P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bond
number <I>01-581-59-23</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by
<I>AIG Insurance Company of Canada&nbsp;</I></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TELEFACSIMILE
TRANSFER FRAUD</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(J)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
                                         resulting directly from the Insured having, in good faith, transferred or delivered Funds,
                                         Certificated Securities or Uncertificated Securities through a Computer System covered
                                         under the terms of the <B>COMPUTER SYSTEMS FRAUD </B>Insuring Agreement in reliance upon
                                         a fraudulent instruction received through a Telefacsimile Device, and which instruction:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">purports
                                         and reasonably appears to have originated from:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 27.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         Customer of the Insured,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 27.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">another
                                         financial institution, or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 27.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">another
                                         office of the Insured</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">but,
in fact, was not originated by the Customer or entity whose identification it bears, and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">contains
                                         a valid test code which proves to have been used by a person who was not authorized to
                                         make use of it, and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">contains
                                         the name of a person authorized to initiate such transfer;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provided
that, if the transfer was in excess of the amount shown on the Declarations as the verification call-back amount for this Insuring
Agreement, the instructions was verified by a call-back according to a prearranged procedure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
used in this Insuring Agreement, Customer means an entity or individual which has a written agreement with the Insured authorizing
the Insured to rely on Telefacsimile Device instructions to initiate transfers and has provided the Insured with the names of
persons authorized to initiate such transfers, and with which the Insured has established an instruction verification mechanism.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>004</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">136015 CAN
    (03/20)</FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE></P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>RIDER</U>#
</B>4</FONT>&nbsp;&nbsp;&nbsp;(Continued)</P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bond
number <I>01-581-59-23</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by
<I>AIG Insurance Company of Canada&nbsp;</I></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DESTRUCTION
OF DATA OR PROGRAMS BY HACKER</B></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(K)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
                                         that is Restoration Costs resulting directly from the malicious destruction of, or damage
                                         to, Electronic Data or Computer Programs owned by the Insured or for which the Insured
                                         is legally liable while stored within a Computer System covered under the terms of the
                                         <B>COMPUTER SYSTEMS FRAUD</B> Insuring Agreement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Special
Condition: </B>Under this Insuring Agreement, &ldquo;Single Loss&rdquo; means all covered costs incurred by the Insured between
the time destruction or damage is discovered and the time the affected Computer Program(s) or Electronic Data is/are restored
or repaired (or a determination has been made that such restoration or repair is impossible). Recurrence of destruction or damage
after the Computer Program(s) or Electronic Data is/are restored or repaired shall constitute a separate &ldquo;Single Loss&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESTRUCTION
OF DATA OR PROGRAMS BY VIRUS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(L)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
                                         that is Restoration Costs resulting directly from the malicious destruction of, or damage
                                         to, Electronic Data or Computer Programs owned by the Insured or for which the Insured
                                         is legally liable while stored within a Computer System covered under the terms of the
                                         <B>COMPUTER SYSTEMS FRAUD </B>Insuring Agreement if such destruction or damage was caused
                                         by a computer program or similar instruction which was written or altered to incorporate
                                         a hidden instruction designed to destroy or damage Electronic Data or Computer Programs
                                         in the Computer System in which the computer program or instruction so written or so
                                         altered is used.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Special
Condition: </B>Under this Insuring Agreement, &ldquo;Single Loss&rdquo; means all covered costs incurred by the Insured between
the time destruction or damage is discovered and the time the affected Computer Program(s) or Electronic Data is/are restored
or repaired (or a determination has been made that such restoration or repair is impossible). Recurrence of destruction or damage
after the Computer Program(s) or Electronic Data is/are restored or repaired shall constitute a separate &ldquo;Single Loss&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VOICE
COMPUTER SYSTEM FRAUD</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(M)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
                                         resulting directly from charges for voice telephone long-distance toll calls which were
                                         incurred due to the fraudulent use or fraudulent manipulation of an Account Code or System
                                         Password required to obtain access to a Voice Computer System owned or leased by the
                                         Insured, installed on the Insured&rsquo;s premises, whose System Administration
is performed and controlled by the Insured; provided, however, that the unauthorized access was not made possible by</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>004</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">136015 CAN
    (03/20)</FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>RIDER</U>#
</B>4</FONT>&nbsp;&nbsp;&nbsp;(Continued)</P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bond
number <I>01-581-59-23</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by
<I>AIG Insurance Company of Canada&nbsp;</I></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure
                                         to incorporate a System Password feature or failure to change the System Password at
                                         least once every 30 days thereafter, or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure
                                         to have a call-disconnect feature in operation to automatically terminate a caller&rsquo;s
                                         access to the Voice Computer System after not more than three unsuccessful attempts to
                                         input an Account Code.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Special
Condition: </B>Under this Insuring Agreement, &ldquo;Single Loss&rdquo; means loss resulting from toll call charges made only
on telephone lines directly controlled by one Voice Computer System and only toll call charges occurring for a period of not more
than 30 days inclusive of the date on which the first such toll call charge was made.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GENERAL
                                         AGREEMENTS B. ADDITIONAL OFFICES OR EMPLOYEES&ndash;CONSOLIDATION, MERGER OR PURCHASE
                                         OF ASSETS&ndash;NOTICE is hereby deleted in its entirety and is replaced with the following:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADDITIONAL
OFFICES OR EMPLOYEES OR COMPUTER SYSTEMS &ndash; CONSOLIDATION,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">MERGER OR PURCHASE OF ASSETS OR COMPUTER SYSTEMS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&nbsp;&nbsp;&nbsp;
If the Insured shall, while this bond is in force, establish any additional offices, other than by consolidation or merger with,
or purchase or acquisition of assets or liabilities or computer systems of, another institution, such offices and computer systems
shall be automatically covered hereunder from the date of such establishment without the requirement of notice to the Underwriter
or the payment of additional premium for the remainder of the premium period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.75in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Insured shall, while this bond is in force, consolidate or merge with, or purchase or acquire assets or liabilities or computer
systems of, another institution, the Insured shall not have such coverage as is afforded under this bond for loss which:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">has
                                         occurred or will occur in offices or premises or computer systems, or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">has
                                         been caused or will be caused by an employee or employees of such institution, or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>004</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">136015 CAN
    (03/20)</FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>RIDER</U>#
</B>4</FONT>&nbsp;&nbsp;&nbsp;(Continued)</P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bond
number <I>01-581-59-23</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by
<I>AIG Insurance Company of Canada&nbsp;</I></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">has
                                         arisen or will arise out of the assets or liabilities or computer systems</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">acquired
by the Insured as a result of such consolidation, merger or purchase of assets or liabilities or computer systems unless the Insured
shall:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">give
                                         the Underwriter written notice of the proposed consolidation, merger or purchase of assets
                                         or liabilities or computer systems prior to the proposed effective date of such action;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">obtain
                                         the written consent of the Underwriter to extend the coverage provided by this bond to
                                         such additional offices or premises or computer systems, Employees and other exposures;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon
                                         obtaining such consent, pay to the Underwriter an additional premium.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solely
                                         for the coverage provided by this rider, Section 1. DEFINITIONS (s) &ldquo;Property&rdquo;
                                         of the CONDITIONS AND LIMITATIONS section is hereby amended to include Electronic Data
                                         and Computer Programs.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solely
                                         for the coverage provided by this rider, Section 1. DEFINITIONS of the CONDITIONS AND
                                         LIMITATIONS section is hereby amended by adding the following definitions to the end
                                         thereof:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Account
                                         Code means a confidential and protected string of characters which identifies or authenticates
                                         a person and permits that person to gain access to a Voice Computer System for the purpose
                                         of making toll calls or utilizing voice mail box messaging capabilities or other similar
                                         functional features of the System;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer
                                         Program means a set of related electronic instructions which direct the operations and
                                         functions of a computer or devices connected to it which enable the computer or devices
                                         to receive, process, store or send Electronic Data;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>004</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">136015 CAN
    (03/20)</FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE></P>


<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>RIDER</U>#
</B>4</FONT>&nbsp;&nbsp;&nbsp;(Continued)</P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bond
number <I>01-581-59-23</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by
<I>AIG Insurance Company of Canada&nbsp;</I></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer
                                         System means:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">computers
                                         with related peripheral components, including storage components wherever located;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">systems
                                         and applications software;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">terminal
                                         devices; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">related
                                         communication networks, including the internet</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 27pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
which Electronic Data are electronically collected, transmitted, processed, stored and retrieved;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electronic
                                         Data means facts or information converted to a form usable in a Computer System by Computer
                                         Programs and which is stored on magnetic tapes or disks, or optical storage disks or
                                         other bulk media;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Funds
                                         means Money on deposit in an account;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restoration
                                         Costs means reasonable and necessary costs or expenses incurred by the Insured with the
                                         Insurer&rsquo;s prior written consent to restore or repair damaged or destroyed Electronic
                                         Data or Computer Programs within a Computer System; provided that if it is determined
                                         that such Electronic Data or Computer Programs cannot be restored or repaired, then Restoration
                                         Costs means solely those reasonable costs or expenses incurred by the Insured, with the
                                         Insurer&rsquo;s prior written consent, to reach such determination.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>004</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">136015 CAN
    (03/20)</FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>RIDER</U>#
</B>4</FONT>&nbsp;&nbsp;&nbsp;(Continued)</P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bond
number <I>01-581-59-23</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by
<I>AIG Insurance Company of Canada&nbsp;</I></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in; text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, Restoration Costs shall not include, and in no event shall any Insuring Agreement of this bond cover:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         costs related directly or indirectly to the damage or destruction of Electronic Data
                                         or Computer Programs that the Insured did not have a license to use; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         costs or expenses incurred to redo the work product, research or analysis that was the
                                         basis of any damaged or destroyed Electronic Data or Computer Programs;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">System
                                         Administration means the performance of security functions including but not limited
                                         to defining authorized persons to access a Voice Computer System and adding, changing
                                         and deleting Account Codes or passwords in connection therewith; and invoking or revoking
                                         a System option which directs telephone call routing or which adds, moves or drops telephone
                                         lines or which performs any other similar activity allowed by a hardware or software-based
                                         System option that has been incorporated by a manufacturer or vendor into a System or
                                         any component thereof provided said System option is not intended for the sole use of
                                         such manufacturer or vendor;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">System
                                         Maintenance means the performance of hardware and software installation, diagnostics
                                         and corrections and similar activities that are performed in the usual custom and practice
                                         by a manufacturer or vendor to establish or maintain the basic operational functionality
                                         of a Voice Computer System or any component thereof;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">System
                                         Password means a confidential and protected string of characters which identifies or
                                         authenticates a person and permits that person to gain access to a Voice Computer System
                                         or any portion thereof for the purpose of performing System Administration or System
                                         Maintenance activities;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>004</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">136015 CAN
    (03/20)</FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE></P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>RIDER</U>#
</B>4</FONT>&nbsp;&nbsp;&nbsp;(Continued)</P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bond
number <I>01-581-59-23</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by
<I>AIG Insurance Company of Canada&nbsp;</I></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telefacsimile
                                         Device means a machine capable of sending or receiving a duplicate image of a document
                                         by means of electronic impulses transmitted through a telephone line and which reproduces
                                         the duplicate image on paper;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tested
                                         means a method of authenticating the contents of a communication by placing a valid test
                                         key on it which has been agreed upon by the Insured and a customer, automated clearing
                                         house, or another financial institution for the purpose of protecting the integrity of
                                         the communication in the ordinary course of business;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uncertificated
                                         Security means a share, participation or other interest in property of, or an enterprise
                                         of, the issuer or an obligation of the issuer, which is:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">not
                                         represented by an instrument and the transfer of which is registered upon books maintained
                                         for that purpose by or on behalf of the issuer;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
                                         a type commonly dealt in securities, exchanges or markets; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">either
                                         one of a class or series or by its terms divisible into a class or series of shares,
                                         participations, interests or obligations;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voice
                                         Computer System means a Computer System installed in one location which functions as
                                         a private branch exchange (PBX), voice mail processor, automated call attendant or provides
                                         a similar capability used for the direction or routing of telephone calls in a voice
                                         communications network.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solely
                                         for the coverage provided by this rider, Section 2. EXCLUSIONS of the CONDITIONS AND
                                         LIMITATIONS section is hereby amended by adding the following exclusions to the end thereof:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         loss of the type or kind covered by any other Insuring Agreement provided in this financial
                                         institution bond, regardless of any deductible amount or limit of liability;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>004</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">136015 CAN
    (03/20)</FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>





<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>RIDER</U>#
</B>4</FONT>&nbsp;&nbsp;&nbsp;(Continued)</P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bond
number <I>01-581-59-23</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by
<I>AIG Insurance Company of Canada&nbsp;</I></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
                                         caused by a director or Employee of the Insured or by a person in collusion with any
                                         director or Employee of the Insured; (Collusion shall include the willful withholding
                                         of knowledge from the Insured by any director or Employee that a fraudulent act by a
                                         person not an Employee has been or will be perpetrated against the Insured.);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
                                         resulting directly or indirectly from entry or change of Electronic Data or Computer
                                         Programs in a Computer System, unless covered under the <B>COMPUTER SYSTEMS FRAUD</B>
                                         or <B>DATA PROCESSING SERVICE OPERATIONS</B> Insuring Agreements;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
                                         resulting directly or indirectly from the Insured having transferred Funds in reliance
                                         on the validity of a voice instruction, unless covered under the <B>COMPUTER SYSTEMS
                                         FRAUD</B> or <B>VOICE INITIATED TRANSFER FRAUD</B> Insuring Agreements;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
                                         resulting directly or indirectly by the Insured having transferred or delivered Funds,
                                         Certificated Securities or Uncertificated Securities in reliance on an instruction received
                                         through a Telefacsimile Device, unless covered under the <B>TELEFACSIMILE TRANSFER FRAUD
                                         </B>Insuring Agreement;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
                                         resulting directly or indirectly from theft of confidential information;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>004</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">136015 CAN
    (03/20)</FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE></P>


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    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>





<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>RIDER</U>#
</B>4</FONT>&nbsp;&nbsp;&nbsp;(Continued)</P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bond
number <I>01-581-59-23</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by
<I>AIG Insurance Company of Canada</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
                                         resulting directly or indirectly from the assumption of liability by the Insured by contract
                                         unless the liability arises from a loss covered by this rider and would be imposed on
                                         the Insured regardless of the existence of the contract;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         cost of duplication of Electronic Data or Computer Programs, unless covered under the
                                         <B>DESTRUCTION OF DATA OR PROGRAMS BY HACKER</B> or <B>DESTRUCTION OF DATA OR PROGRAMS
                                         BY VIRUS </B>Insuring Agreements;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
                                         involving a Voice Computer System, unless covered under the <B>VOICE COMPUTER SYSTEM
                                         FRAUD</B> Insuring Agreement;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
                                         resulting directly or indirectly from:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">written
                                         instructions or advices, or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">telegraphic
                                         or cable instructions or advices;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.6in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">unless
the instructions or advices are Tested and the loss is covered under the <B>COMPUTER SYSTEMS FRAUD</B> <FONT STYLE="font-weight: normal">or
</FONT><B>DATA PROCESSING SERVICE OPERATIONS</B> <FONT STYLE="font-weight: normal">Insuring Agreements;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
                                         resulting directly or indirectly from negotiable instruments, securities, documents or
                                         other written instruments which bear a forged signature, or are counterfeit, altered
                                         or otherwise fraudulent and which are used as source documentation in the preparation
                                         of Electronic Data or manually keyed into a data terminal;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
                                         resulting directly or indirectly from the fraudulent preparation, or fraudulent modification
                                         of Computer Programs unless covered under the <B>COMPUTER SYSTEMS FRAUD</B> or <B>DATA
                                         PROCESSING SERVICE OPERATIONS</B> Insuring Agreements;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>004</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">136015 CAN
    (03/20)</FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>





<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>RIDER</U>#
</B>4</FONT>&nbsp;&nbsp;&nbsp;(Continued)</P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bond
number <I>01-581-59-23</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by
<I>AIG Insurance Company of Canada</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiii)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
                                         resulting directly or indirectly from:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">mechanical
                                         failure, faulty construction, error in design, latent defect, fire, wear or tear, gradual
                                         deterioration, electrical disturbance or electrical surge which affects a Computer System;
                                         or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure
                                         or breakdown of electronic data processing media; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">error
                                         or omission in programming or processing;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiv)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
                                         as a result of a threat to Computer System operations;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
                                         resulting directly or indirectly from the use of a telephone credit, debit, charge, identification
                                         or similar card to gain access to the Insured&rsquo;s Voice Computer System;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xvi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
                                         resulting directly or indirectly from the input of Electronic Data into a Computer System
                                         terminal device either on the premises of a customer of the Insured or under the control
                                         of such customer by a person who had authorized access to the customer&rsquo;s authentication
                                         mechanism.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xvii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
                                         resulting directly or indirectly from payments made or withdrawals from a depositor&rsquo;s
                                         account involving items of deposit which are not finally paid for any reason;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>004</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">136015 CAN
    (03/20)</FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE></P>


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    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>





<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>RIDER</U>#
</B>4</FONT>&nbsp;&nbsp;&nbsp;(Continued)</P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bond
number <I>01-581-59-23</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by
<I>AIG Insurance Company of Canada</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xviii)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
                                         of potential income, including but not limited to interest and dividends;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
                                         of any type for which the Insured is legally liable, except compensatory damages, but
                                         not multiples thereof, arising directly from a loss covered under this policy;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xx)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         fees, costs and expenses incurred by the Insured;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxi)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">indirect
                                         or consequential loss of any nature;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
                                         involving automated mechanical devices which on behalf of the Insured, disburse money,
                                         accept deposits, cash checks, drafts or similar written instruments, or make credit card
                                         loans;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxiii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
                                         due to riot or civil commotion or loss due to military, naval or usurped power, war or
                                         insurrection;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxiv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
                                         resulting directly or indirectly from the effects of nuclear fission or fusion or radioactivity;
                                         provided, however, that this exclusion shall not apply to loss resulting from industrial
                                         uses of nuclear energy; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxv)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
                                         as a result of a threat</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         do bodily harm to any person;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         do damage to the premises or property of the Insured; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         Computer Systems operations;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>004</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">136015 CAN
    (03/20)</FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE>


<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>





<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>RIDER</U>#
</B>4</FONT>&nbsp;&nbsp;&nbsp;(Continued)</P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bond
number <I>01-581-59-23</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by
<I>AIG Insurance Company of Canada</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solely
                                         for the coverage provided by this rider, Section 5. NOTICE/PROOF &ndash; LEGAL PROCEEDINGS
                                         AGAINST UNDERWRITER of the CONDITIONS AND LIMITATIONS section is hereby amended by adding
                                         the following section to the end thereof:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 27.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proof
                                         of loss for claim under the Voice Initiated Transfer Fraud Insuring Agreement must include
                                         electronic recordings of such voice instructions and the verification call-back, if such
                                         call-back was required.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 27.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proof
                                         of loss for claim under the Telefacsimile Transfer Fraud Insuring Agreement must include
                                         a copy of the document reproduced by the Telefacsimile Device.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALL
OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">                                                                                                                                      <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid"><IMG SRC="focus4017g002.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 60%"></TD><TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AUTHORIZED
REPRESENTATIVE</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>004</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">136015 CAN
    (03/20)</FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>





<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>RIDER</U>#
</B>5</FONT></P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bond
number <I>01-581-59-23</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by
<I>AIG Insurance Company of Canada</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FRAUDULENT
TRANSFER INSTRUCTIONS RIDER</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         consideration of the premium charged, it is hereby understood and agreed that the following
                                         Insuring Agreement is added to the bond:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FRAUDULENT
TRANSFER INSTRUCTIONS VIA TELEPHONE AND EMAIL</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
resulting directly from the Insured having, in good faith, transferred Money on deposit in a Customer&rsquo;s account, or a Customer&rsquo;s
Certificated Securities, in reliance upon a fraudulent instruction transmitted to the Insured via telephone or electronic mail
and which purported to be from:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">such
                                         Customer,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                         Employee of the Insured who was acting on instructions or authority of such Customer;
                                         or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">another
                                         financial institution acting on behalf of such Customer with authority to make such instructions,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
the instruction was received by an Employee of the Insured specifically authorized by the Insured to receive and act upon such
instructions, but the instruction was not from a person described in (a), (b) or (c) above, provided that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;&nbsp;
for any transfer exceeding the amount set forth in Item 7 of this Rider, the Insured verified the instruction via a password,
a PIN or other security code, a call back to a predetermined telephone number set forth in the Insured&rsquo;s Written agreement with
such Customer, or another verification procedure approved in writing by the Underwriter; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;
solely with respect to instructions transmitted via telephone, the Insured preserved a contemporaneous record of the instruction
that verifies the use of a password, PIN or other security code, or of the call back, if any.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                         used in this Rider, Customer means a natural person or entity that has a Written agreement
                                         with the Insured authorizing the Insured to transfer Money on deposit in an account or
                                         Certificated Securities in reliance upon instructions transmitted to the Insured via
                                         the means utilized to transmit the fraudulent instruction.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>005</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">121263 (04/17)</FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE></P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>





<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>RIDER</U>#
</B>5</FONT>&nbsp;&nbsp;&nbsp;(Continued)</P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bond
number <I>01-581-59-23</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by
<I>AIG Insurance Company of Canada</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         following additional Exclusions are added to the Bond applicable only to this Insuring
                                         Agreement:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
                                         resulting directly or indirectly from a fraudulent instruction if the sender, or anyone
                                         acting in collusion with the sender, ever had authorized access to such Customer&rsquo;s password,
                                         PIN or other security code;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
                                         resulting directly or indirectly from the assumption of liability by the Insured by contract
                                         unless the liability arises from a loss covered by this rider and would be imposed on
                                         the Insured regardless of the existence of the contract; Liability of the Underwriter
                                         under this Insuring Agreement shall be a part of, not in addition to, the Aggregate Limit
                                         of Liability of this Bond.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         purposes of this Insuring Agreement, all loss or losses involving one natural person
                                         or entity, or one group of natural persons or entities acting together, shall be a Single
                                         Loss without regard to the number of transfers or the number of instructions involved.
                                         A series of losses involving unidentified natural persons or entities but arising from
                                         the same method of operation shall be deemed to involve the same natural person or entity
                                         and shall be treated as Single Loss.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Single Loss Limit of Liability applicable to loss under this Insuring Agreement is: $3,000,000
US.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Single Loss Deductible applicable to loss under this Insuring Agreement is: $25,000 US.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                         single transfer in excess of $25,000 US will require verification via a method described
                                         in paragraph 1 above.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALL
OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>005</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">121263 (04/17)</FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red">&nbsp;</P>





<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>RIDER</U>#
</B>5</FONT>&nbsp;&nbsp;&nbsp;(Continued)</P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">bond
number <I>01-581-59-23</I>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">by
<I>AIG Insurance Company of Canada&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">                                                                                                                                      <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid"><IMG SRC="focus4017g002.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 60%"></TD><TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AUTHORIZED
REPRESENTATIVE</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>005</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">121263 (04/17)</FONT></TD>
    <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE></P>


<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: Transparent">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B><U>RIDER</U></B>#&nbsp;&nbsp;6&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">bond
number <I>01-581-59-23</I></FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><I></I>issued to <I>SPROTT FOCUS TRUST INC.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></I></P>




<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">by
</FONT><I>AIG Insurance Company of Canada</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>REDEMPTION OF
CANADA SAVINGS BONDS RIDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>It
is agreed that:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">1.</TD><TD STYLE="text-align: justify; width: 96%">The attached bond is hereby amended by adding thereto
an additional Insuring Agreement as follows:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>REDEMPTION OF
CANADA SAVINGS BONDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 117pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto 0pt 1in; text-align: justify; text-indent: 0in; background-color: Transparent">Loss
through the Insured&rsquo;s paying or redeeming, or guaranteeing or witnessing any signature upon any Government of Canada bond or Canada
Savings Bond which shall have been forged, counterfeited, raised or otherwise altered, or lost or stolen or on which the signature
to the request for payment shall have been forged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 1in; text-align: justify; text-indent: 0in; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">2.</TD><TD STYLE="text-align: justify; width: 96%">The deductible amount applicable to this coverage
shall be Twenty-Five Thoursand Dollars ($25,000).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">3.</TD><TD STYLE="text-align: justify; width: 96%">Nothing herein contained shall be held to vary, alter,
waive or extend any of the terms, limitations, conditions or provisions of the attached Bond other than above stated.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 45pt; text-align: justify; text-indent: -27pt; background-color: transparent"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white"><SUP>&copy;</SUP>All
rights reserved.</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">RIDER
<B><I>006&nbsp;</I></B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent">&nbsp;</P>


<!-- Field: Page; Sequence: 39; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">123772 CAN (03/17)</TD><TD STYLE="width: 10%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 45%">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B><U>RIDER</U></B>#&nbsp;&nbsp;6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">bond
number <I>01-581-59-23</I></FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><I></I>issued to <I>SPROTT FOCUS TRUST INC.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></I></P>




<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">by
</FONT><I>AIG Insurance Company of Canada</I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-indent: 0in; background-color: transparent">ALL
OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-indent: 0in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-indent: 0in; background-color: transparent"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;<IMG SRC="focus4017g002.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: center">AUTHORIZED REPRESENTATIVE</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-indent: 0in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 45pt; text-align: justify; text-indent: -27pt; background-color: transparent"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white"><SUP>&copy;</SUP>All
rights reserved.</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">RIDER
<B><I>006</I></B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in; background-color: transparent">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-indent: 0in; background-color: transparent">&nbsp;</P>


<!-- Field: Page; Sequence: 40; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B><U>RIDER</U></B>#&nbsp;&nbsp;7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">bond
number <I>01-581-59-23</I></FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><I></I>issued to <I>SPROTT FOCUS TRUST INC.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></I></P>




<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">by
</FONT><I>AIG Insurance Company of Canada</I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>CENTRAL HANDLING OF SECURITIES RIDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 114pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent">It
is agreed that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">1.</TD><TD STYLE="text-align: justify; width: 96%">Those premises of Depositories listed in the following
Schedule shall be deemed to be premises of the Insured, but only as respects coverage on Certificated Securities.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%"><B>&nbsp;</B></TD>
    <TD STYLE="width: 50%"><B><U>SCHEDULED DEPOSITORY</U></B></TD>
    <TD STYLE="width: 46%"><B><U>LOCATION COVERED</U></B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; background-color: transparent">*ALL
DEPOSITORIES USED BY THE INSURED*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 114pt; text-indent: 0in; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">2.</TD><TD STYLE="text-align: justify; width: 96%">Certificated Securities held by such Depository shall
be deemed to be Property as defined in the attached bond to the extent of the Insured&rsquo;s interest therein as effected by the making
of appropriate entries on the books and records of such Depository.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%">3.</TD><TD STYLE="text-align: justify; width: 96%">The attached bond does not afford coverage in favor of any Depository listed in the Schedule above.
When the Underwriter indemnifies the Insured for a loss covered hereunder, the Insured will assign the rights and causes of action
to the extent of the claim payment against the Depository, or any other entity or person against whom it has a cause of action,
to the Underwriter.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%">4.</TD><TD STYLE="text-align: justify; width: 96%">If the rules of the Depository named in the Schedule above provide that the Insured shall be assessed
for a portion of the judgment (or agreed settlement) taken by the Underwriter based upon the assignment set forth in paragraph
3 above, and the Insured actually pays such assessment, then the Underwriter will reimburse the Insured
for the amount of the assessment but not exceeding the amount of the loss payment by the Underwriter.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-indent: 0in; background-color: transparent"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 45pt; text-align: justify; text-indent: -27pt; background-color: transparent"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white"><SUP>&copy;</SUP>All
rights reserved.</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">RIDER
<B><I>007</I></B></FONT></P>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 41; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">101918 (06/09)</TD><TD STYLE="width: 10%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 45%">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B><U>RIDER</U></B>#&nbsp;&nbsp;7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">bond
number <I>01-581-59-23</I></FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><I></I>issued to <I>SPROTT FOCUS TRUST INC.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></I></P>




<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">by
</FONT><I>AIG Insurance Company of Canada</I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24pt 0pt 0.5in; text-indent: 0in; background-color: transparent"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24pt 0pt 0.5in; text-indent: 0in; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">5.</TD><TD STYLE="text-align: justify; width: 96%">Nothing contained here shall be held to vary, alter,
waive or extend any of the terms, limitations, conditions, or agreements of the attached bond other than as above stated.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24pt 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24pt 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;<IMG SRC="focus4017g002.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: center">AUTHORIZED REPRESENTATIVE</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24pt 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-indent: 0in; background-color: transparent"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 45pt; text-align: justify; text-indent: -27pt; background-color: transparent"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white"><SUP>&copy;</SUP>All
rights reserved.</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">RIDER
<B><I>007</I></B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24pt 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 42; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">101918 (06/09)</TD><TD STYLE="width: 10%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 45%">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B><U>RIDER</U></B>#&nbsp;&nbsp;8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">bond
number <I>01-581-59-23</I></FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><I></I>issued to <I>SPROTT FOCUS TRUST INC.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></I></P>




<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">by
</FONT><I>AIG Insurance Company of Canada</I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>MAIL COVERAGE RIDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 172pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">It is agreed that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">1.</TD><TD STYLE="text-align: justify; width: 96%">The attached bond is amended by deleting paragraph
(1) of Exclusion (r), Section 2, and by substituting in lieu thereof the following:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 96%">&ldquo;(1) in the mail, except as covered under Mail
Coverage Insuring Agreement below, or&rdquo;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">2.</TD><TD STYLE="text-align: justify; width: 96%">&ldquo;MAIL COVERAGE</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 96%">All risks of physical loss or damage to or destruction
of Property, while being shipped from offices of the Insured, First Class Mail, Registered Mail or Registered Air Mail.&rdquo;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">3.</TD><TD STYLE="text-align: justify; width: 96%">The total liability of the Underwriter under the foregoing
Mail Coverage Insuring Agreement is limited to the sum of $3,000,000 US Dollars with respect to Registered Mail or Registered
Air Mail and $3,000,000 US Dollars with respect to First Class Mail, it being understood, however, that such liability shall be
part of and not in addition to the Aggregate Limit of Liability stated in Item 3 of the Declarations Page of the attached bond.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">4.</TD><TD STYLE="text-align: justify; width: 96%">This Insuring Agreement set forth in paragraph numbered
2 of this rider shall not be subject to any deductible amount.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-align: justify; text-indent: -35pt; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">5.</TD><TD STYLE="text-align: justify; width: 96%">Nothing herein contained shall be held to vary, alter,
waive or extend any of the terms, conditions, provisions, agreements or limitations of the bond, other than as stated herein.</TD>
</TR></TABLE>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white"><SUP>&copy;</SUP>All
rights reserved.</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">RIDER
<B><I>008&nbsp;</I></B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent"></P>

<!-- Field: Page; Sequence: 43; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">123775 CAN (03/17)</TD><TD STYLE="width: 10%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 45%">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B><U>RIDER</U></B>#&nbsp;&nbsp;8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">bond
number <I>01-581-59-23</I></FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><I></I>issued to <I>SPROTT FOCUS TRUST INC.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></I></P>




<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">by
</FONT><I>AIG Insurance Company of Canada</I></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-align: justify; text-indent: -35pt; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 96%">ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN
UNCHANGED.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: 0in; background-color: transparent">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;<IMG SRC="focus4017g002.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: center">AUTHORIZED REPRESENTATIVE</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: 0in; background-color: transparent"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white"><SUP>&copy;</SUP>All
rights reserved.</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">RIDER
<B><I>008</I></B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24pt 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent">&nbsp;&nbsp;</P>


<!-- Field: Page; Sequence: 44; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">123775 CAN (03/17)</TD><TD STYLE="width: 10%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 45%">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -17pt; background-color: transparent">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B><U>RIDER</U></B>#&nbsp;&nbsp;9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">bond
number <I>01-581-59-23</I></FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><I></I>issued to <I>SPROTT FOCUS TRUST INC.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></I></P>




<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">by
</FONT><I>AIG Insurance Company of Canada</I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Notice of Termination or Cancelation to Self-Regulatory Organization Rider</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -17pt; background-color: transparent">It
is agreed that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -17pt; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">1.</TD><TD STYLE="text-align: justify; width: 96%">The Underwriter will mark its records to indicate that the following self-regulatory organization(s) (hereinafter &ldquo;SRO(s)&rdquo;)
are to be notified no less than thirty (30) days prior to termination of the attached bond as an entirety in accordance with
subparagraph (a) of Section 13. TERMINATION OR CANCELATION of the CONDITIONS AND LIMITATIONS of this bond.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -17pt; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">2.</TD><TD STYLE="text-align: justify; width: 96%">The Underwriter will mark its records to indicate that the following SRO(s) are to be notified immediately of termination
of the attached bond as an entirety in accordance with parts (b), (c), (d), (e) or (f) of Section 13. TERMINATION OR CANCELATION
of the CONDITIONS AND LIMITATIONS of this bond.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24pt 0pt 0.25in; text-align: justify; text-indent: -17pt; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><B><U>SELF-REGULATORY ORGANZATION(S)</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0in; background-color: transparent">Financial Industry Regulatory Authority (FINRA)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0in; background-color: transparent">1735 K Street NW</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in; background-color: transparent"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0in; background-color: transparent">Washington, DC 20006</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -17pt; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">3.</TD><TD STYLE="text-align: justify; width: 96%">The Underwriter will use its best efforts to so notify the SRO(s), but failure to so notify said SRO(s) shall not impair or
delay the effectiveness of any cancelation, termination or modification of this bond.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">4.</TD><TD STYLE="text-align: justify; width: 96%">Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, conditions, provisions, agreements
or limitations of the bond, other than as stated herein.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24pt 0pt 0.25in; text-align: justify; text-indent: -17pt; background-color: transparent"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; background-color: transparent">ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white"><SUP>&copy;</SUP>All
rights reserved.</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">RIDER
<B><I>009</I></B></FONT> &nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in; background-color: transparent">&nbsp;</P>


<!-- Field: Page; Sequence: 45; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">132485 CAN (04/19)</TD><TD STYLE="width: 10%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 45%">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; background-color: transparent">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B><U>RIDER</U></B>#&nbsp;&nbsp;9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">bond
number <I>01-581-59-23</I></FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><I></I>issued to <I>SPROTT FOCUS TRUST INC.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></I></P>




<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">by
</FONT><I>AIG Insurance Company of Canada</I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;<IMG SRC="focus4017g002.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: center">AUTHORIZED REPRESENTATIVE</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: 0in; background-color: transparent"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white"><SUP>&copy;</SUP>All
rights reserved.</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">RIDER
<B><I>009</I></B></FONT> &nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in; background-color: transparent">&nbsp;</P>


<!-- Field: Page; Sequence: 46; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 45%">132485 CAN (04/19)</TD><TD STYLE="width: 10%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 45%">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B><U>RIDER</U></B>#&nbsp;&nbsp;10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">bond
number <I>01-581-59-23</I></FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><I></I>issued to <I>SPROTT FOCUS TRUST INC.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></I></P>




<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">by
</FONT><I>AIG Insurance Company of Canada</I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>AUDIT EXPENSE
COVERAGE RIDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 141pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">It is agreed that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">1.</TD><TD STYLE="text-align: justify; width: 95%">Insuring Agreement
                                         (A) FIDELITY of the <B>INSURING AGREEMENTS</B> Clause is amended by inserting the following
                                         at the end thereof:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 95%">Expense incurred by the Insured for that part of the
cost of audits or examinations required by State, Provincial, Territorial or Federal supervisory authorities to be conducted either
by such authorities or by independent accountants by reason of the discovery of loss sustained by the Insured through dishonest
or fraudulent acts of any of the Employees. The total liability of the Underwriter for such expense by reason of such acts of
any Employee or in which such Employee is concerned or implicated or with respect to any one audit or examination is limited to
the amount stated opposite &ldquo;Audit Expense Coverage&rdquo;; it being understood, however, that such expense shall be deemed
to be loss sustained by the Insured through dishonest or fraudulent act of one or more of the Employees and the liability of the
Underwriter under this paragraph of Insuring Agreement (A) shall be part of and not in addition to the Single Loss Limit of Liability
stated in Item 4 of the Declarations.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">2.</TD><TD STYLE="text-align: justify; width: 95%">Paragraph (d) of Section 2. EXCLUSIONS
                                         of the <B>CONDITIONS AND LIMITATIONS</B> Clause is deleted in its entirety and replaced
                                         with the following:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 5%; text-align: left">(d)</TD><TD STYLE="text-align: justify; width: 90%">loss resulting directly or indirectly from any acts
of any director or trustee of the Insured other than one employed as a salaried, pensioned or elected official or an Employee
of the Insured, except when performing acts coming within the scope of the usual duties of an Employee, or while acting as a member
of any committee duly elected or appointed by resolution of the board of directors or trustees of the Insured to perform specific,
as distinguished from general, directorial acts on behalf of the Insured;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white"><SUP>&copy;</SUP>All
rights reserved.</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">RIDER
<B><I>010</I></B></FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<!-- Field: Page; Sequence: 47; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 40%">101779 CAN (04/17)</TD><TD STYLE="width: 20%; text-align: center"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 40%">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B><U>RIDER</U></B>#&nbsp;&nbsp;10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">bond
number <I>01-581-59-23</I></FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><I></I>issued to <I>SPROTT FOCUS TRUST INC.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></I></P>




<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">by
</FONT><I>AIG Insurance Company of Canada</I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">3.</TD><TD STYLE="text-align: justify; width: 95%">Paragraph (u) of Section 2. EXCLUSIONS
                                         of the <B>CONDITIONS AND LIMITATIONS</B> Clause is deleted in its entirety and replaced
                                         with the following:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 5%; text-align: left">(u)</TD><TD STYLE="text-align: justify; width: 90%">all fees, costs and expenses incurred by the Insured</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%"></TD><TD STYLE="width: 5%; text-align: left">(1)</TD><TD STYLE="text-align: justify; width: 85%">in establishing the existence of or amount of loss
covered under this bond, except to the extent covered under the portion of Insuring Agreement (A) entitled Audit Expense, or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%"></TD><TD STYLE="width: 5%; text-align: left">(2)</TD><TD STYLE="text-align: justify; width: 85%">as a party to any legal proceeding whether or not
such legal proceeding exposes the Insured to loss covered by this bond;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">4.</TD><TD STYLE="text-align: justify; width: 95%">Item 4 of the Declarations is amended to include the
following:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 95%; margin-left: 5%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 26%">&nbsp;</TD>
    <TD STYLE="width: 26%">Single Loss</TD>
    <TD STYLE="width: 48%">Single Loss</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><U>Limit of Liability</U></TD>
    <TD><U>Deductible</U></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(204,238,255)">
    <TD>Audit Expense </TD>
    <TD>$250,000 US</TD>
    <TD>$0</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">5.</TD><TD STYLE="text-align: justify; width: 95%">Nothing contained here shall be held to vary, alter,
waive or extend any of the terms, limitations, conditions, or agreements of the attached bond other than as above stated.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white"><SUP>&copy;</SUP>All
rights reserved.</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">RIDER
<B><I>010</I></B></FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 48; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 40%">101779 CAN (04/17)</TD><TD STYLE="width: 20%; text-align: center"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 40%">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B><U>RIDER</U></B>#&nbsp;&nbsp;10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Continued)&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">bond
number <I>01-581-59-23</I></FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><I></I>issued to <I>SPROTT FOCUS TRUST INC.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></I></P>




<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">by
</FONT><I>AIG Insurance Company of Canada</I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;<IMG SRC="focus4017g002.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: center">AUTHORIZED REPRESENTATIVE</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white"><SUP>&copy;</SUP>All
rights reserved.</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">RIDER
<B><I>010</I></B></FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent">&nbsp;</P>


<!-- Field: Page; Sequence: 49; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 40%">101779 CAN (04/17)</TD><TD STYLE="width: 20%; text-align: center"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 40%">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B><U>RIDER</U></B>#&nbsp;&nbsp;11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">bond
number <I>01-581-59-23</I></FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><I></I>issued to <I>SPROTT FOCUS TRUST INC.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></I></P>




<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">by
</FONT><I>AIG Insurance Company of Canada</I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>TERMINATION OR CANCELLATION SECTION AMENDED RIDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">It is agreed that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">1.</TD><TD STYLE="text-align: justify; width: 95%">In subsection (a) of the Section entitled &ldquo;TERMINATION
OR CANCELLATION&rdquo; of the attached bond, the words &ldquo;60 days&rdquo; are deleted and replaced with the words &ldquo;90 days.&rdquo;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">2.</TD><TD STYLE="text-align: justify; width: 95%">Nothing contained here shall be held to vary, alter,
waive or extend any of the terms, limitations, conditions, or agreements of the attached bond other than as above stated.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;<IMG SRC="focus4017g002.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: center">AUTHORIZED REPRESENTATIVE</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white"><SUP>&copy;</SUP>All
rights reserved.</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">RIDER
<B><I>011</I></B></FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 50; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 40%">109414 CAN (03/17)</TD><TD STYLE="width: 20%; text-align: center"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 40%">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; background-color: transparent">&nbsp;</p>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><U>RIDER</U></B>#&nbsp;&nbsp;12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></p>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="margin: 0; font-size: 10pt"></p>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></p>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">bond
number <I>01-581-59-23</I></FONT></p>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></I></p>




<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="margin: 0; font-size: 10pt"></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">by
</FONT><FONT STYLE="font-size: 10pt"><I>AIG Insurance Company of Canada</I></FONT></p>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>INSURING
AGREEMENT (A) FIDELITY AMENDED RIDER</B></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 91pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">It
is agreed that:</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 10pt">
<TD STYLE="width: 5%; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">1.</FONT></td><TD STYLE="text-align: justify; width: 95%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Insuring
                                         Agreement (A) FIDELITY of the <B>INSURING AGREEMENTS</B> Clause is deleted in its entirety
                                         and replaced with the following:</FONT></td>
</tr></table>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">FIDELITY</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 229pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto 0pt 0.5in; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(A)
&nbsp;Loss resulting directly from dishonest or fraudulent acts committed by an Employee acting alone or in collusion with others.</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Such
dishonest or fraudulent acts must be committed by the Employee with the intent:</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">to cause the Insured to sustain such loss; or</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">to obtain financial benefit for the Employee or another person or entity.</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">Notwithstanding
the foregoing, however, it is agreed that, with regard to Loans and/or Trading, this bond covers only loss resulting directly
from dishonest or fraudulent acts committed by an Employee with the intent to cause the Insured to sustain such loss and which
results in:</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(i)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a financial benefit for the Employee; or</FONT></p>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"></p>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&copy;All
rights reserved.</FONT></p>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">RIDER
<B><I>012</I></B></FONT></p>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify"></p>

<!-- Field: Page; Sequence: 51; Options: NewSection; Value: 1 -->
    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt"></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top; text-align: left"><td style="width: 40%">101801 (06/09)</td><td style="width: 20%; text-align: center"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></td><td style="width: 40%">&nbsp;</td></tr></table><p style="margin: 0pt"></p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&nbsp;</p></div>
    <!-- Field: /Page -->

<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><U>RIDER</U></B># 12 (Continued)&nbsp;</FONT></p>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="margin: 0; font-size: 10pt"></p>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></p>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">bond
number <I>01-581-59-23</I></FONT></p>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></I></p>




<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="margin: 0; font-size: 10pt"></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">by
</FONT><FONT STYLE="font-size: 10pt"><I>AIG Insurance Company of Canada</I></FONT></p>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in; background-color: transparent"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font-size: 10pt">
<TD STYLE="width: 5%; font-size: 10pt"></td><TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></td><TD STYLE="text-align: justify; padding-right: 1pt; width: 90%; font-size: 10pt"><FONT STYLE="font-size: 10pt">a
                                         financial benefit for another person or entity with whom the Employee committing the
                                         dishonest or fraudulent act was in collusion, provided that the Insured establishes that
                                         the Employee intended to participate in the financial benefit; or</FONT></td></tr></table>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font-size: 10pt">
<TD STYLE="width: 5%; font-size: 10pt"></td><TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></td><TD STYLE="text-align: justify; padding-right: 1pt; width: 90%; font-size: 10pt"><FONT STYLE="font-size: 10pt">the
                                         intentional transfer of funds or Property to the benefit of an innocent third party,
                                         committed by the Employee in the knowledge that such third party was not lawfully entitled
                                         to such funds or Property, and which Property is not lawfully recovered by the Insured.</FONT></td></tr></table>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 10pt">
<TD STYLE="width: 5%; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td><TD STYLE="text-align: justify; width: 95%; font-size: 10pt"><FONT STYLE="font-size: 10pt">As
                                         used in this Insuring Agreement, financial benefit does not include any salaries, commissions,
                                         fees, bonuses, promotions, awards, profit sharing, pensions or other employee benefits
                                         earned in the normal course of employment.</FONT></td>
</tr></table>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 10pt">
<TD STYLE="width: 5%; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">2.</FONT></td><TD STYLE="text-align: justify; width: 95%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Solely
                                         for the purpose of Insuring Agreement (A) FIDELITY (as amended by this rider), the following
                                         definitions are added to the attached bond:</FONT></td>
</tr></table>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 10pt">
<TD STYLE="width: 5%; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td><TD STYLE="text-align: justify; width: 95%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&ldquo;Loans&rdquo;
                                         means all extensions of credit by the Insured and all transactions creating a creditor
                                         relationship in favor of the Insured and all transactions by which the Insured assumes
                                         an existing creditor relationship.</FONT></td>
</tr></table>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 10pt">
<TD STYLE="width: 5%; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td><TD STYLE="text-align: justify; width: 95%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&ldquo;Trading&rdquo;
                                         means trading or other dealings in securities, commodities, futures, options, swaps,
                                         foreign or federal funds, currencies, foreign exchange and the like.</FONT></td>
</tr></table>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify"></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font-size: 10pt">
<TD STYLE="width: 5%; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">3.</FONT></td><TD STYLE="text-align: justify; width: 95%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Nothing
                                         contained here shall be held to vary, alter, waive or extend any of the terms, limitations,
                                         conditions, or agreements of the attached bond other than as above stated.</FONT></td>
</tr></table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"></p>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&copy;All
rights reserved.</FONT></p>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">RIDER
<B><I>012</I></B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent"></p>

<!-- Field: Page; Sequence: 52; Value: 1 -->
    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt"></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top; text-align: left"><td style="width: 40%">101801 (06/09)</td><td style="width: 20%; text-align: center"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></td><td style="width: 40%">&nbsp;</td></tr></table><p style="margin: 0pt"></p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&nbsp;</p></div>
    <!-- Field: /Page -->

<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><U>RIDER</U></B># 12 (Continued)&nbsp;</FONT></p>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="margin: 0; font-size: 10pt"></p>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></p>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">bond
number <I>01-581-59-23</I></FONT></p>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></I></p>




<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="margin: 0; font-size: 10pt"></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">by
</FONT><FONT STYLE="font-size: 10pt"><I>AIG Insurance Company of Canada</I></FONT></p>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent"></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><img src="focus4017g002.jpg" alt="">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; text-align: left; font-size: 10pt">
    <TD STYLE="width: 60%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 40%; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">AUTHORIZED REPRESENTATIVE</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"></p>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&copy;All
rights reserved.</FONT></p>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">RIDER
<B><I>012</I></B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: transparent"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>


<!-- Field: Page; Sequence: 53; Value: 1 -->
    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt"></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top; text-align: left"><td style="width: 40%">101801 (06/09)</td><td style="width: 20%; text-align: center"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></td><td style="width: 40%">&nbsp;</td></tr></table><p style="margin: 0pt"></p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&nbsp;</p></div>
    <!-- Field: /Page -->

<P STYLE="margin: 0; font-size: 10pt"></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.5pt; background-color: white"><B><U>RIDER</U>#
</B>13</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.5pt; background-color: white">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.5pt; background-color: white">bond
number <I>01-581-59-23</I></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.5pt; background-color: white">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.5pt; background-color: white">by
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>AIG Insurance Company of Canada</I></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CLAIMS
EXPENSE RIDER</B></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is agreed that:</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></td><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></td><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         <B>INSURING AGREEMENTS</B> Clause of the attached bond is amended by adding the following
                                         additional Insuring Agreement to the end thereof:</FONT></td></tr></table>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CLAIMS
EXPENSE</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reasonable
expenses necessarily incurred and paid by the Insured in preparing any valid claim for each and every loss, as defined in Insuring
Agreements A, B, C, D, E, and F, and any other valid coverage added by rider, which loss exceeds the Single Loss Deductible Amount
of $0. The Underwriter&rsquo;s aggregate liability for such expenses paid by the Insured in preparing all such claims shall be
$250,000 US, which shall be part of, and not in addition to, the Aggregate Limit of Liability stated in the Declarations.</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></td><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></td><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solely
                                         for the purpose of the CLAIMS EXPENSE Insuring Agreement, sub-paragraph (u)(1) of Section
                                         2. EXCLUSIONS of the <B>CONDITIONS AND LIMITATIONS</B> Clause is deleted in its entirety.</FONT></td></tr></table>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></td><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></td><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
                                         contained here shall be held to vary, alter, waive or extend any of the terms, limitations,
                                         conditions, or agreements of the attached bond other than as above stated.</FONT></td></tr></table>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><img src="focus4017g002.jpg" alt="">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; text-align: left; font-size: 10pt">
    <TD STYLE="width: 60%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 40%; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">AUTHORIZED REPRESENTATIVE</FONT></td></tr>
</table>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.5pt; background-color: white">&copy;All
rights reserved.</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.5pt; background-color: white">RIDER
<B><I>013</I></B></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>


<!-- Field: Page; Sequence: 54; Options: NewSection; Value: 1 -->
    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt"></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top; text-align: left"><td style="width: 45%">101797 (06/09)</td><td style="width: 10%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></td><td style="width: 45%">&nbsp;</td></tr></table><p style="margin: 0pt"></p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&nbsp;</p></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"></p>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.5pt; background-color: white"><B><U>RIDER</U>#
</B>14</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.5pt; background-color: white">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.5pt; background-color: white">bond
number <I>01-581-59-23</I></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.5pt; background-color: white">issued
to <I>SPROTT FOCUS TRUST INC</I>.</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.5pt; background-color: white">by
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>AIG Insurance Company of Canada</I></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US
CURRENCY (UNITED STATES)</B></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
consideration of the premium charged, it is hereby understood and agreed that all dollar amounts referenced on the Declarations
page and any amendments thereto shall be subject to United States currency.</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALL
OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.5pt; background-color: white">&copy;All
rights reserved.</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.5pt; background-color: white">RIDER
<B><I>014</I></B></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>


<!-- Field: Page; Sequence: 55; Options: NewSection; Value: 1 -->
    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt"></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top; text-align: left"><td style="width: 45%">C0072 CAN (10/09)</td><td style="width: 10%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></td><td style="width: 45%">&nbsp;</td></tr></table><p style="margin: 0pt"></p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&nbsp;</p></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.5pt; background-color: white"><B><U>RIDER</U>#
</B>14 (Continued)</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.5pt; background-color: white">This
rider, effective <I>at 12:01AM September 30, 2022</I> forms a part of</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.5pt; background-color: white">bond
number <I>01-581-59-23</I></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.5pt; background-color: white">issued
to <I>SPROTT FOCUS TRUST INC.</I></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.5pt; background-color: white">by
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>AIG Insurance Company of Canada</I></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 60%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; width: 40%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><img src="focus4017g002.jpg" alt=""><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AUTHORIZED
    REPRESENTATIVE</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.5pt; background-color: white">&copy;All
rights reserved.</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.5pt; background-color: white">RIDER
<B><I>014</I></B></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>


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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&nbsp;</p></div>
    <!-- Field: /Page -->



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>RIDER</U>#
</B><I>15</I></FONT></p>

<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="margin: 0; font-size: 10pt"></p>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">This
rider, effective at <I>12:01 am September 30, 2022 forms a part of&nbsp;</I></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Bond
number <I>01-581-59-23</I></FONT><FONT STYLE="font-size: 10pt"><br>
<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">Issued to: <I>SPROTT FOCUS TRUST INC.</I></FONT></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:
<I>AIG Insurance Company of Canada</I></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROTECTED
INFORMATION EXCLUSION</B></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 145pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 177pt 0pt 1pt; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
rider modifies insurance provided under the following:</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 177pt 0pt 1pt; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 177pt 0pt 1pt; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BROKER-DEALER
GUARD BOND&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 177pt 0pt 1pt; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CREDIT
UNION FINANCIAL INSTITUTION FIDELITY BOND </FONT><FONT STYLE="font-size: 10pt"><br>
<FONT STYLE="font-family: Times New Roman, Times, Serif">FINANCIAL INSTITUTIONS BOND, STANDARD FORM 14 </FONT><br>
<FONT STYLE="font-family: Times New Roman, Times, Serif">FINANCIAL INSTITUTIONS BOND, STANDARD FORM 15</FONT><br>
<FONT STYLE="font-family: Times New Roman, Times, Serif">FINANCIAL INSTITUTIONS BOND, STANDARD FORM 24 </FONT><br>
<FONT STYLE="font-family: Times New Roman, Times, Serif">FINANCIAL INSTITUTIONS BOND, STANDARD FORM 25 </FONT><br>
<FONT STYLE="font-family: Times New Roman, Times, Serif">FOLLOW FORM BOND (EXCESS OVER A FIDELITY BOND) </FONT><br>
<FONT STYLE="font-family: Times New Roman, Times, Serif">INVESTMENT COMPANY BLANKET BOND</FONT></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 177pt 0pt 1pt; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26pt; text-align: justify; text-indent: -26pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is agreed that:</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26pt; text-align: justify; text-indent: -26pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top; font-size: 10pt">
<TD STYLE="width: 27pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></td><TD STYLE="text-align: justify; padding-right: 1pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coverage
                                         shall not apply to any loss resulting directly or indirectly from the: (a) theft, disappearance
                                         or destruction of; (b) unauthorized use or disclosure of; (c) unauthorized access to;
                                         or (d) failure to protect any:</FONT></td></tr></table>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;
confidential or non-public; or</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
personal or personally identifiable;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">information
that any person or entity has a duty to protect under any law, rule or regulation, any agreement or any industry guideline or
standard.</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
exclusion shall not apply to the extent that any unauthorized use or disclosure of a password enables a theft by an Employee of
the Insured of money, securities or tangible property of the Insured or that the Insured is holding for a third party; provided,
however, this exception shall not apply to the extent that such unauthorized use or disclosure of a password enables a theft of
or disclosure of information.</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 26pt; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent">
<TR STYLE="vertical-align: top; font-size: 10pt">
<TD STYLE="width: 27pt; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></td><TD STYLE="padding-right: 24pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
                                         contained here shall be held to vary, alter, waive or extend any of the terms, limitations,
                                         conditions, or agreements of the attached bond other than as above stated.</FONT></td></tr>
</table>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 26pt; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 26pt; text-align: justify; text-indent: 0in; background-color: transparent"></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; font-size: 10pt">
    <TD STYLE="width: 60%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt"><img src="focus4017g002.jpg" alt=""></FONT></td></tr>
<TR STYLE="vertical-align: top; text-align: left; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Authorized Representative</FONT></td></tr>
</table>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 26pt; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"><FONT STYLE="font-size: 10pt">&copy;<FONT STYLE="font-family: Times New Roman, Times, Serif">All
rights reserved.&nbsp;&nbsp;</FONT></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>END
015</I></B></FONT></p>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; height: 13px">
<TR STYLE="vertical-align: top; background-color: white; font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">113011
    (10/12)&nbsp;</FONT></td></tr>
</table>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; height: 13px; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; background-color: white; font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
    1 of 1</FONT></td></tr>
</table>


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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&nbsp;</p></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><U>RIDER</U></B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">#
</FONT></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16</FONT></p>

<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="margin: 0; font-size: 10pt"></p>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: -0.5in; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"></p>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"></p>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"><FONT STYLE="font-size: 10pt; background-color: white">This
        rider, effective at <I>12:01AM September 30, 2022 forms a part of</I></FONT></p>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"></p>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"><FONT STYLE="font-size: 10pt; background-color: white">bond
        number <I>01-581-59-23</I></FONT></p>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"></p>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"><FONT STYLE="font-size: 10pt; background-color: white">issued
        to: <I>SPROTT FOCUS TRUST INC.</I></FONT></p>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"></p></td></tr>
</table>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal"><I>by:
</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AIG Insurance Company of Canada</FONT></I></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>STATUTORY
CONDITIONS AMENDATORY</B></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0in; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wherever
used in this endorsement: (1) &ldquo;Insurer&rdquo; means the insurance company which issued this policy; (2) &ldquo;Policyholder&rdquo;
means the Named Corporation, Named Entity, Named Insured, Named Organization, Named Sponsor or Insured that is named on the declarations
page of this policy; and (3) &ldquo;Insured&rdquo; means all other persons or entities afforded coverage under this policy.</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0in; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0in; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
consideration of the premium charged, it is hereby understood and agreed that if this policy is made or deemed to be made in the
provinces of Alberta, British Columbia, Manitoba, and Saskatchewan, pursuant to the provisions of the Insurance Acts of Alberta,
British Columbia, Manitoba, and Saskatchewan, this endorsement shall apply to any Insured solely to the extent that this endorsement
provides terms that are more favourable to the Insured than the other terms of this policy and any endorsements to this policy:</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0in; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Change
of Interest</B></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0in; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Insurer is liable for covered loss or damage occurring after an authorized assignment under the <FONT STYLE="background-color: white"><I>Bankruptcy
</I></FONT>and <FONT STYLE="background-color: white"><I>Insolvency Act</I></FONT> (Canada) or a change of title by succession,
by operation of law or by death.</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0in; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Property
of Others</B></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0in; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Insurer is not liable for loss or damage to property owned by a person other than the Insured unless:</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 34pt; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.5pt; background-color: white">&copy;All
rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.5pt; background-color: white">RIDER
<B><I>016</I></B></FONT></p>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 34pt; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 34pt; text-align: justify; text-indent: 0in; background-color: transparent"></p>

<!-- Field: Page; Sequence: 58; Options: NewSection -->
    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 34%; font-size: 10pt">139855 CAN (12/20)</TD><TD STYLE="width: 33%; font-size: 10pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; font-size: 10pt">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 34pt; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>
<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><U>RIDER</U>#
</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16 (Continued)</FONT></p>

<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="margin: 0; font-size: 10pt"></p>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: -0.5in; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"></p>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"></p>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"><FONT STYLE="font-size: 10pt; background-color: white">This
        rider, effective at <I>12:01AM September 30, 2022 forms a part of</I></FONT></p>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"></p>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"><FONT STYLE="font-size: 10pt; background-color: white">bond
        number <I>01-581-59-23</I></FONT></p>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"></p>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"><FONT STYLE="font-size: 10pt; background-color: white">issued
        to: <I>SPROTT FOCUS TRUST INC.</I></FONT></p>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"></p></td></tr>
</table>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal"><I>by:
</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AIG Insurance Company of Canada</FONT></I></p>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 34pt; text-align: justify; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top; font-size: 10pt">
<TD STYLE="width: 10%; font-size: 10pt"></td><TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></td><TD STYLE="width: 87%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">otherwise
                                         specifically stated in the policy, or</FONT></td></tr></table>

<P STYLE="margin-top: 0; margin-bottom: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top; font-size: 10pt">
<TD STYLE="width: 10%; font-size: 10pt"></td><TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></td><TD STYLE="width: 87%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         interest of the Insured in that property is stated in the policy.</FONT></td></tr></table>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Material
Change in Risk</B></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top; font-size: 10pt">
<TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></td><TD STYLE="padding-right: 1pt; width: 97%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Insured must promptly give notice in writing to the Insurer or its agent of a change
                                         that is:</FONT></td></tr></table>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top; font-size: 10pt">
<TD STYLE="width: 10%; font-size: 10pt"></td><TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></td><TD STYLE="width: 87%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">material
                                         to the risk, and</FONT></td></tr></table>

<P STYLE="margin-top: 0; margin-bottom: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top; font-size: 10pt">
<TD STYLE="width: 10%; font-size: 10pt"></td><TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></td><TD STYLE="width: 87%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">within
                                         the control and knowledge of the Insured.</FONT></td></tr></table>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top; font-size: 10pt">
<TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></td><TD STYLE="padding-right: 1pt; width: 97%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         an Insurer or its agent is not promptly notified of a change under subparagraph (1) of
                                         this condition, the policy is void as to the part affected by the change.</FONT></td></tr></table>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top; font-size: 10pt">
<TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></td><TD STYLE="padding-right: 1pt; width: 97%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         an Insurer or its agent is notified of a change under subparagraph (1) of this condition,
                                         the Insurer may:</FONT></td></tr></table>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top; font-size: 10pt">
<TD STYLE="width: 10%; font-size: 10pt"></td><TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></td><TD STYLE="padding-right: 1pt; width: 87%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">terminate
                                         the policy in accordance with the Termination of Insurance condition set forth below,
                                         or</FONT></td></tr></table>

<P STYLE="margin-top: 0; margin-bottom: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top; font-size: 10pt">
<TD STYLE="width: 10%; font-size: 10pt"></td><TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></td><TD STYLE="width: 87%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">notify
                                         the Insured in writing that, if the Insured desires the policy to continue in force,
                                         the Insured must, within 15 days after receipt of the notice, pay to the Insurer an additional
                                         premium specified in the notice.</FONT></td></tr></table>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&copy;All
rights reserved.</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>016</I></B><I>&nbsp;</I></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; background-color: transparent"></p>

<!-- Field: Page; Sequence: 59; Options: NewSection; Value: 2 -->
    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 34%; font-size: 10pt">139855 CAN (12/20)</TD><TD STYLE="width: 33%; font-size: 10pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; font-size: 10pt">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B><U>RIDER</U>#</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">16
(continued)</FONT></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 178pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: -0.5in; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"></p>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"></p>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"><FONT STYLE="font-size: 10pt; background-color: white">This
        rider, effective at <I>12:01AM September 30, 2022</I> forms a part of</FONT></p>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"></p>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"><FONT STYLE="font-size: 10pt; background-color: white">bond
        number <I>01-581-59-23</I></FONT></p>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"></p>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"><FONT STYLE="font-size: 10pt; background-color: white">issued
        to: <I>SPROTT FOCUS TRUST INC.</I></FONT></p>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"></p></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 178pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal"><I>by:
</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AIG Insurance Company of Canada</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 178pt"></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 178pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top; text-align: justify; font-size: 10pt">
<TD STYLE="width: 3%; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></td><TD STYLE="text-align: justify; width: 97%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         the Insured fails to pay an additional premium when required to do so under subparagraph
                                         (3)(b) of this condition, the policy is terminated at that time and Termination of Insurance
                                         condition (2)(a) applies in respect of the unearned portion of the premium.</FONT></td>
</tr></table>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 28pt; text-align: justify; text-indent: -27pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28pt; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Termination
of Insurance</B></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28pt; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top; text-align: justify; font-size: 10pt">
<TD STYLE="width: 3%; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></td><TD STYLE="text-align: justify; width: 97%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         policy may be terminated:</FONT></td>
</tr></table>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28pt; text-align: justify; text-indent: -27pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top; font-size: 10pt">
<TD STYLE="width: 10%; font-size: 10pt"></td><TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></td><TD STYLE="text-align: justify; padding-right: 1pt; width: 87%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                         the Insurer giving to the Policyholder 15 days&rsquo; notice of termination by registered
                                         mail or 5 days&rsquo; written notice of termination personally delivered, or</FONT></td></tr></table>

<P STYLE="margin-top: 0; margin-bottom: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top; font-size: 10pt">
<TD STYLE="width: 10%; font-size: 10pt"></td><TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></td><TD STYLE="text-align: justify; width: 87%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                         the Policyholder at any time on request.</FONT></td></tr></table>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top; text-align: justify; font-size: 10pt">
<TD STYLE="width: 3%; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></td><TD STYLE="text-align: justify; width: 97%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         the policy is terminated by the Insurer:</FONT></td>
</tr></table>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28pt; text-align: justify; text-indent: -27pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top; font-size: 10pt">
<TD STYLE="width: 10%; font-size: 10pt"></td><TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></td><TD STYLE="text-align: justify; padding-right: 1pt; width: 87%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Insurer must refund the excess of premium actually paid by the Policyholder over the
                                         prorated premium for the expired time, but in no event may the prorated premium for the
                                         expired time be less than any minimum retained premium specified in the policy, and</FONT></td></tr></table>

<P STYLE="margin-top: 0; margin-bottom: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top; font-size: 10pt">
<TD STYLE="width: 10%; font-size: 10pt"></td><TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></td><TD STYLE="text-align: justify; padding-right: 1pt; width: 87%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         refund must accompany the notice unless the premium is subject to adjustment or determination
                                         as to amount, in which case the refund must be made as soon as practicable.</FONT></td></tr></table>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top; font-size: 10pt">
<TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></td><TD STYLE="text-align: justify; padding-right: 1pt; width: 97%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         the policy is terminated by the Policyholder, the Insurer must refund as soon as practicable
                                         the excess of premium actually paid by the Insured over the short rate premium for the
                                         expired time specified in the policy, but in no event may the short rate premium for
                                         the expired time be less than any minimum retained premium specified in the policy.</FONT></td></tr></table>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&copy;All
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">rights reserved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>016</I></B></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; background-color: transparent"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>

<!-- Field: Page; Sequence: 60; Options: NewSection; Value: 3 -->
    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 34%; font-size: 10pt">139855 CAN (12/20)</TD><TD STYLE="width: 33%; font-size: 10pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; font-size: 10pt">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></div>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>RIDER</U>#
</B>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">16 (continued)&nbsp;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 178pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: -0.5in; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"><FONT STYLE="font-size: 10pt; background-color: white">This
        endorsement, effective at <I>12:01AM September 30, 2022</I> forms a part of</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"><FONT STYLE="font-size: 10pt; background-color: white">bond
        number <I>01-581-59-23</I></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"><FONT STYLE="font-size: 10pt; background-color: white">issued
        to: <I>SPROTT FOCUS TRUST INC.</I></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; background-color: transparent; text-indent: -1in"></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 178pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal"><I>by:
</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AIG Insurance Company of Canada</FONT></I></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top; font-size: 10pt">
<TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></td><TD STYLE="text-align: justify; padding-right: 1pt; width: 97%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         15 day period referred to in subparagraph (1)(a) of this condition starts to run on the
                                         day the registered letter or notification of it is delivered to the Policyholder&rsquo;s
                                         postal address.</FONT></td></tr></table>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice</B></FONT></p>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top; font-size: 10pt">
<TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></td><TD STYLE="text-align: justify; padding-right: 1pt; width: 97%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written
                                         notice to the Insurer may be delivered at, or sent by registered mail to, the chief agency
                                         or head office of the Insurer in the province.</FONT></td></tr></table>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: transparent"><TR STYLE="vertical-align: top; font-size: 10pt">
<TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></td><TD STYLE="text-align: justify; padding-right: 1pt; width: 97%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written
                                         notice to the Insured may be personally delivered at, or sent by registered mail addressed
                                         to, the Insured&rsquo;s last known address as provided to the Insurer by the Insured.</FONT></td></tr>                                                                                                                                                                                                                                                                                                                                                                                                                           <TR STYLE="vertical-align: top; font-size: 10pt">
<TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td><TD STYLE="text-align: justify; padding-right: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
</table>

<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-left: 0.75in"><FONT STYLE="font-size: 10pt">&nbsp;
ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.</FONT></p>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; font-size: 10pt"><TD STYLE="width: 70%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; width: 30%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;<img src="focus4017g002.jpg" alt=""></FONT></td></tr>
<TR STYLE="vertical-align: top; text-align: left; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Authorized Representative</FONT></td></tr>
</table></p>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&copy;All
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">rights reserved.</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIDER
<B><I>016&nbsp;</I></B></FONT></p>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 148pt; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>


<!-- Field: Page; Sequence: 61; Options: NewSection; Value: 4 -->
    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 34%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">139855 CAN (12/20)</FONT></TD><TD STYLE="width: 33%; font-size: 10pt; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; font-size: 10pt">&nbsp;</TD></TR></TABLE><P STYLE="margin: 0pt"></P></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></div>
    <!-- Field: /Page -->


<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="margin: 0; font-size: 10pt"></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B><U>RIDER</U>#
</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">This
rider, effective</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>12:01 am September 30, 2022
</I><FONT STYLE="background-color: white">forms a part of</FONT></FONT><FONT STYLE="font-size: 10pt"><br>
<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">policy number</FONT></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>01-581-59-23</I></FONT><FONT STYLE="font-size: 10pt"><br>
<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">issued to</FONT></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>SPROTT
FOCUS TRUST INC.</I></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIG Insurance Company of Canada</I></FONT></p>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORMS
INDEX ENDORSEMENT</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
contents of the Policy is comprised of the following forms:&nbsp;</FONT></p>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="width: 6%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 7%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 8%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 79%; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORM
    NUMBER</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EDITION<BR>
DATE</FONT></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORM
    TITLE</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSB5062</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAN</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">05/11</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORM 14 CANADA DEC</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSB5062</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAN</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">05/11</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORM 14 CANADA GUTS</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">134483</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">07/19</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">IMPERSONATION FRAUD (FRAUDULENTLY-INDUCED PAYMENT COVERAGE;
    SEPARATE SUBLIMITS FOR AUTHENTICATED AND UNAUTHENTICATED INSTRUCTIONS; PRIOR ACTS EXCLUSION)</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">140636</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">04/21</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INSURING AGREEMENT
    F COUNTERFEIT MONEY AMENDED RIDER</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101820</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">06/09</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">STOP PAYMENT LIABILITY
    RIDER</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">136015</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAN</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">03/20</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMPUTER CRIME COVERAGE
    RIDER (CANADIAN FORM 14 VERSION)</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">121263</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">04/17</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FRAUDULENT TRANSFER
    INSTRUCTIONS RIDER</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">123772</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAN</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">03/17</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REDEMPTION OF CANADA
    SAVINGS BONDS RIDER</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101918</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">06/09</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CENTRAL HANDLING
    OF SECURITIES RIDER</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">123775</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAN</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">03/17</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MAIL COVERAGE RIDER</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">132485</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAN</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">04/19</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Termination
    or Cancelation to Self-Regulatory Organization Rider</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101779</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAN</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">04/17</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AUDIT EXPENSE COVERAGE
    RIDER</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">109414</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAN</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">03/17</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TERMINATION OR CANCELLATION
    SECTION AMENDED RIDER</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101801</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">06/09</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INSURING AGREEMENT
    (A) FIDELITY AMENDED RIDER</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101797</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">06/09</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CLAIMS EXPENSE RIDER</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C0072</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAN</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10/09</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US CURRENCY (UNITED
    STATES)</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">113011</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10/12</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTECTED INFORMATION
    EXCLUSION</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">139855</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">CAN<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12/20</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">STATUTORY CONDITIONS
    AMENDATORY</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78859</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10/01</FONT></td>
    <TD STYLE="padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORMS INDEX ENDORSEMENT</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B><U>RIDER</U>#
</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">This
rider, effective</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>12:01 am September 30, 2022
</I><FONT STYLE="background-color: white">forms a part of</FONT></FONT><FONT STYLE="font-size: 10pt"><br>
<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">policy number</FONT></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>01-581-59-23</I></FONT><FONT STYLE="font-size: 10pt"><br>
<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">issued to</FONT></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>SPROTT
FOCUS TRUST INC.</I></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
<I>AIG Insurance Company of Canada</I></FONT></p>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORMS
INDEX ENDORSEMENT</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
contents of the Policy is comprised of the following forms:</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="width: 6%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 7%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 8%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 79%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORM
    NUMBER</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EDITION
    </FONT><FONT STYLE="font-size: 10pt"><br>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">DATE</FONT></FONT></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORM
    TITLE</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALL
OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></p>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;<img src="focus4017g002.jpg" alt=""></FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="width: 60%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 40%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AUTHORIZED
    REPRESENTATIVE</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></p>


<!-- Field: Page; Sequence: 63; Value: 1 -->
    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt"></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top; text-align: left"><td style="width: 40%">78859 (10/01)</td><td style="width: 20%; text-align: center">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> of 2</td><td style="width: 40%">&nbsp;</td></tr></table><p style="margin: 0pt"></p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&nbsp;</p></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></p>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="width: 15%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 70%; text-align: center; padding-top: 10pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD ROWSPAN="4" STYLE="width: 15%; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><img src="focus4017g001.jpg" alt=""></FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>CUSTOMER
    ADVISORY</B></FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>REGARDING
    THE ENFORCEMENT OF</B></FONT></td></tr>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>ECONOMIC
    EMBARGOES AND TRADE SANCTIONS</B></FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt; font-size: 10pt"><DIV STYLE="font-size: 10pt; border-top: Black 2pt solid; width: 96%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></div></div><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Trade Sanction Advisory is part of <B>AIG Insurance Company of Canada</B> comprehensive compliance program and is meant to serve
as a reminder of the existing applicable legal requirements with respect to Trade Sanctions.</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Your
rights as a policyholder and payments to you, any insured or claimant, for loss under this policy may be affected by the administration
and enforcement of economic embargoes and trade sanctions applicable to you, any insured, claimant and/or to the insurer and their
respective controlling entities (hereinafter &ldquo;Trade Sanctions&rdquo;).</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHAT
IS AN ECONOMIC EMBARGO AND/OR TRADE SANCTION?</B></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
Sanctions involve the imposition by a country of legal measures to restrict or prohibit trade, services or other economic activity
with a target country, entity or individual. For example, the Parliament of Canada has enacted legislation authorizing the imposition
of Trade Sanctions through the <I>United Nations Act</I>, the <I>Special Economic Measures Act</I> and some provisions of the
<I>Export and Import Permits Act</I>.</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending
upon the identity, domicile, place of incorporation or nationality of the policyholder, insured, claimant, insurer, or the parent
company and ultimate controlling entity of the policyholder, insured, claimant or insurer, or the country where the claim arises,
Trade Sanctions of foreign countries, including the United States of America, may be applicable. The application of sanctions
could necessitate the seizure or freezing of property, including but not limited to the payment of a claim.</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Existing
Trade Sanctions can be amended, and new Trade Sanctions can be imposed, at any time.</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OBLIGATIONS
PLACED ON US AS A RESULT OF TRADE SANCTIONS</B></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we determine that you or any insured, additional insured, loss payee, or claimant are on a prohibited list or are connected to
a sanctioned country, entity or individual, or a prohibited activity, as designated by the relevant Trade Sanction, we may be
required to comply with the requirements of the applicable Trade Sanction, which by way of example, may include blocking or &ldquo;freezing&rdquo;
property and payment of any funds and the reporting of such occurrences to the relevant authorities within the prescribed time
periods, if any.</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>POTENTIAL
ACTIONS BY US</B></FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending
upon the requirements of the relevant Trade Sanction:</FONT></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-size: 10pt">
<TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></td><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         may be required to immediately cancel your coverage effective on the day that we determine
                                         that we have transacted business with an individual or entity associated with your policy
                                         on a prohibited list or connected to a sanctioned country as described in the relevant
                                         Trade Sanction.</FONT></td></tr></table>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-size: 10pt">
<TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></td><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         we cancel your coverage, you may not receive a return premium unless permitted pursuant
                                         to the relevant Trade Sanction. All blocked or frozen funds will be placed in an interest
                                         bearing blocked account established on the books of a financial institution.</FONT></td></tr></table>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font-size: 10pt">
<TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></td><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         may not pay a claim, accept premium or exchange monies or assets of any kind to or with
                                         individuals, entities or companies (including a bank) on a prohibited list or connected
                                         to, or carrying on business in, a sanctioned country as designated by the relevant Trade
                                         Sanction. Furthermore, we may not defend or provide any other benefits under your policy
                                         to individuals, entities or companies on a prohibited list or connected to, or carrying
                                         on business in, a sanctioned country as designated by the relevant Trade Sanction.</FONT></td></tr></table>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<!-- Field: Page; Sequence: 64 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exhibit
2</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Authorization
to Renew Fidelity Bond</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         amount of the coverage under such Fidelity Bond for the Fund is the amount required by
                                         Rule 17g-1 promulgated under the 1940 Act; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         custody and safekeeping of the Fund&rsquo;s securities are exclusively the obligation
                                         of the Custodian; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">no
                                         employee of the Fund, employee of the Adviser, or employee of the Sub-Adviser has access
                                         to the Fund&rsquo;s portfolio securities.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IT
IS THEREFORE </B>&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESOLVED:</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that
                                         the amount, type, form&nbsp;and coverage of the Fidelity Bond as described at the Meeting
                                         are reasonable, the Fidelity Bond is hereby approved and that the proper officers be,
                                         and each hereby is, authorized and directed to secure the Fidelity Bond; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FURTHER</B></FONT></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESOLVED</B>:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that
                                         the President of the Fund is designated as the person who shall execute the Fidelity
                                         Bond on behalf of the Fund and make, or cause to be made, the filings and give the notices
                                         required by Paragraph (h) of Rule 17g-1.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
