Central GoldTrust Enters Into Definitive Agreement for ETF with Purpose; DO NOT TENDER to Sprott's Offer & WITHDRAW your Units if Tendered - Seite 3

Your Independent Trustees firmly believe that these unilateral changes to the intended use of the powers of attorney should not be allowed. However, the Ontario Securities Commission has only required Sprott to provide additional disclosure to unitholders of their intention to use the powers of attorney for a different purpose. Your Trustees fear the implications of this significant change of intended use has been buried in legalese in Sprott's seventh notice of variation of their offer and will be missed or misunderstood by unitholders.

If you wish to consider your Trustees' recommended alternative, WITHDRAW YOUR TENDERED UNITS IMMEDIATELY before December 7^th, otherwise you may be denied the opportunity to vote for the proposed ETF conversion, which is a clearly superior alternative to Sprott's offer.

Your Trustees are recommending the proposed ETF conversion because, unlike Sprott's inadequate offer, they believe it is in the best interests of ALL unitholders. By contrast, Sprott proposes to use powers of attorney that were intended for a completely different purpose to replace your Independent Trustees with nominees that are truly conflicted; in fact, they are all employees or directors of Sprott. These conflicted replacement Trustees can only be counted on for one thing - to push Sprott's self-serving agenda of replacing their declining assets under management and generating higher fee revenue for themselves.

At this critical juncture, the future of GoldTrust is in your hands. The only way to ensure that you have a chance to review and approve the unanimously recommended ETF conversion is to reject the Sprott offer. If you have tendered your GoldTrust units to Sprott, withdraw them immediately and thus revoke your power of attorney before December 7^th. Time is of the essence - contact your broker or D.F. King immediately for instructions on how to withdraw your units and preserve your right to consider the superior alternative.

We thank unitholders for their patience and their continued support of Central GoldTrust.

Sincerely,

Bruce Heagle Chair of the Special Committee of the Board of Trustees

J.C. Stefan Spicer Founder, Chairman and CEO

For up to date information we strongly encourage unitholders to please visit www.gold-trust.com or www.goldtrust.ca Unitholders who have already tendered to Sprott's offer can withdraw their units by contacting D.F. King & Co at 1-800-251-7519, or via email at [e-mail]

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