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July 30, 2015 9:40 PM ET

Capital Markets

Company Overview of Sprott Asset Management, LP

Company Overview

Sprott Asset Management, LP is a privately owned investment manager. The firm provides its services to high net worth individuals and institutions. It launches and manages equity, fixed income, and balanced mutual funds, and hedge funds for its clients. The firm invests in the public equity and fixed income markets across the globe. It employs a fundamental analysis and long/short equity strategy to make its investments. The firm conducts in-house research to make its investments. It was founded in 2000 and is based in Toronto, Canada. Sprott Asset Management, LP operates as a subsidiary of Sprott Inc.

Royal Bank Plaza

South Tower

200 Bay Street

Suite 2700

Toronto, ON M5J 2J1

Canada

Founded in 2000

Phone:

416-943-6707

Fax:

416-943-6497

Key Executives for Sprott Asset Management, LP

Chief Executive Officer, Co-Chief Investment Officer, and Senior Portfolio Manager
President and Director
Founder, Portfolio Manager, and Investment Strategist
Chief Financial Officer and Director
Chief Compliance Officer and Director
Compensation as of Fiscal Year 2015.

Sprott Asset Management, LP Key Developments

Central GoldTrust Provides Sprott Litigation Update

Central GoldTrust provided an update to unitholders on the application commenced by CGT and Silver Bullion Trust on June 24, 2015 in the Ontario Superior Court of Justice (Commercial List), naming as respondents Sprott Asset Management Gold Bid LP, Sprott Asset Management Silver Bid LP, Sprott Asset Management LP, Sprott Physical Gold Trust and Sprott Physical Silver Trust (collectively, Sprott). As previously announced, in its court application, CGT claims that (i) Sprott's hostile bid fails to comply with the advance notice rule recently adopted by CGT; (ii) the hostile bid constitutes an illegal proxy solicitation; (iii) the hostile bid breaches statutory rights of withdrawal under applicable take-over bid rules; and (iv) Sprott has breached its obligations to disclose its joint actions with Polar Securities Inc. and Pekin Singer Strauss Asset Management Inc. CGT seeks an order enjoining Sprott's hostile bid. CGT also seeks an order that recently adopted amendments to the Declaration of Trust of CGT were validly made and are binding on Sprott. The Ontario Superior Court of Justice has fixed July 29, 2015 for the hearing of the application. The parties have agreed on a timetable for steps in the application. Pending the hearing of the application on July 29, 2015, Sprott has agreed not to take up or pay for any CGT Units deposited under its hostile bid, or to take any steps to exercise any rights or voting powers in connection with any CGT Units deposited under its hostile bid. Sprott has announced its intention to extend the expiry time of its hostile bid to 5:00 p.m. on August 7, 2015, unless further extended.

Central GoldTrust Commences Legal Proceeding with Silver Bullion Trust against Sprott Asset Management Gold Bid LP, Sprott Asset Management Silver Bid LP, Sprott Asset Management LP, Sprott Physical Gold Trust and Sprott Physical Silver Trust

Central GoldTrust announced that it has commenced a legal proceeding with Silver Bullion Trust against Sprott Asset Management Gold Bid LP, Sprott Asset Management Silver Bid LP, Sprott Asset Management LP, Sprott Physical Gold Trust and Sprott Physical Silver Trust (collectively, Sprott), in the Ontario Superior Court of Justice. In the legal proceeding, Central GoldTrust is seeking a declaration from the court that, among other things: Sprott's hostile take-over bid for CGT dated May 27, 2015 is an illegal proxy solicitation; the Sprott Offer unlawfully deprives unitholders of Central GoldTrust of their statutory take-over bid withdrawal rights; the Sprott Offer fails to comply with Central GoldTrust 's advance notice rule adopted on March 31, 2015; Sprott has failed to disclose that it is acting jointly or in concert with Polar Securities Inc. and/or Pekin Singer Strauss Asset Management Inc. in contravention of applicable securities laws; and the amendments to the Declaration of Trust of CGT concerning: the enhanced 95% cash redemption feature; and the preservation of the 90% compulsory acquisition threshold, were validly made and are binding on Sprott.

Sprott Intends To Make Hostile Offer For GoldTrust

Sprott Asset Management, LP announced its intention, together with Sprott Physical Gold Trust (ARCA:PHYS) to make a hostile offer to acquire all of the outstanding units of Central GoldTrust (TSX:GTU.UN). No offer has yet been received, and unit holders are advised to do nothing until after an offer is actually made and GoldTrust's Independent Trustees make their recommendation to unit holders. Bruce Heagle, Chairman of the Special Committee of Independent Trustees, stated, "We are surprised and disappointed that Sprott did not approach GoldTrust prior to announcing its intended offer."

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