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August 28, 2015 8:25 PM ET

Capital Markets

Company Overview of Sprott Physical Gold Trust

Company Overview

Sprott Physical Gold Trust is an exchange traded commodity launched and managed by Sprott Asset Management, LP. The fund invests in the commodity markets. It primarily invests in physical gold bullion in London Good Delivery bar form. Sprott Physical Gold Trust was formed on August 28, 2009 and is domiciled in Canada.

Royal Bank Plaza

South Tower

200 Bay Street

Suite 2700

Toronto, ON M5J 2J1

Canada

Founded in 2009

Phone:

416-943-6707

Fax:

416-943-6497

Key Executives for Sprott Physical Gold Trust

Chief Executive Officer of Sprott Asset Management LP and Co-Chief Investment Officer of Sprott Asset Management LP
President of Sprott Asset Management LP
Chief Financial Officer of Sprott Asset Management LP and Principal Accounting Officer of Sprott Asset Management LP
Co- Chief Investment Officer of Sprott Asset Management LP
Chief Compliance Officer of Sprott Asset Management LP
Compensation as of Fiscal Year 2015.

Sprott Physical Gold Trust Key Developments

Sprott Physical Gold Trust Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2015

Sprott Physical Gold Trust reported unaudited earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company's loss was $13,864,858 compared to income of $59,976,403 a year ago. Net loss and comprehensive loss was $15,616,493 compared to net income and comprehensive income of $57,461,250 a year ago. For the six months, the company's loss was $14,635,261 compared to income of $171,954,463 a year ago. Net loss and comprehensive loss was $18,245,685 compared to net income and comprehensive income of $167,246,196 a year ago. Net cash used in operating activities was $3,133,736 compared to $3,499,182 a year ago. The value of the net assets of the Trust as of June 30, 2015 was $1,457.6 million or $9.71 per unit, compared to $1,547.2 million or $9.84 per unit as at December 31, 2014.

The Ontario Superior Court of Justice Dismisses the Legal Proceedings Against Sprott Asset Management, LP, Sprott Physical Gold Trust and Sprott Physical Silver Trust

Sprott Asset Management LP together with Sprott Physical Gold Trust and Sprott Physical Silver Trust announced that on July 31, 2015, the Ontario Superior Court of Justice dismissed the legal proceedings commenced by Central GoldTrust and Silver Bullion Trust against Sprott and the Sprott Physical Trusts and affirmed the validity of the Sprott offers for GTU and SBT, respectively. In response to the Sprott offers, GTU and SBT Trustees commenced legal proceedings which sought to stop the Sprott offers and prevent unitholders from being able to make a choice in how their investments are managed. As part of this process, the Trustees of GTU and SBT also unilaterally adopte amendments to their declarations of trust.

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.

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