0001104659-14-088576 Sample Contracts

December 23, 2014 Dear Unitholder: Re: Amendment to Trust Agreement — Sprott Physical Gold Trust
Trust Agreement • December 23rd, 2014 • Sprott Physical Gold Trust • Commodity contracts brokers & dealers

This letter is to notify you of an amendment, effective February 27, 2015, (the “Amendment Date”) to the trust agreement of Sprott Physical Gold Trust (the “Fund”), as amended and restated as of February 1, 2010 (the “Trust Agreement”).

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