Sprott Physical Gold and Silver Trust

Attention Canadian Shareholders of CEF.A

As was outlined in the Management Information Circular, upon completion of Sprott’s acquisition of Central Fund of Canada Ltd. ("CFCL") all shares of CFCL were exchanged into a common unit of the Sprott Physical Gold and Silver Trust.

If you owned CFCL shares on the TSX in Canadian dollars (ticker CEF.A), your shares were also exchanged into new units of the Sprott Physical Gold and Silver Trust in U.S. dollars with the ticker CEF.U and the ticker CEF.A was discontinued.

Subsequent to the share exchange on January 16, 2018, Sprott instructed the TSX to have the Trust available in Canadian dollars with the ticker CEF.

The TSX has informed us that in order to switch back into the Canadian dollar version of the Trust, you must direct your brokerage firm to make the change from the ticker CEF.U to the ticker CEF. As the Trust is a single security that offers the option to purchase in either currency, the switch should not be treated as a deemed disposition for tax purposes. There is no need to sell and repurchase the security. Simply direct your broker to make the change via journal entry.



Central Fund of Canada


The Sprott Physical Gold and Silver Trust is generally exposed to multiple risks that have been both identified and described in the Management Information Circular. Please refer to the Management Information Circular for a description of these risks.

Past performance is not an indication of future results. The information provided is general in nature and is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering or tax, legal, accounting or professional advice. Readers should consult with their own accountants and/or lawyers for advice on the specific circumstances before taking any action. Sprott Asset Management LP is the investment manager to the Sprott Physical Gold and Silver Trust (the “Trust”). Important information about the Trust, including the investment objectives and strategies, applicable management fees, and expenses, is contained in the Management Information Circular. Please read the document carefully before investing. There are ongoing fees and expenses associated with owning units of a Trust. The Trust must prepare disclosure documents that contain key information about the Trust. You can find more detailed information about the Trust in these documents. Investment funds are not guaranteed, their values change frequently. This communication does not constitute an offer to sell or solicitation to purchase securities of the Trust. The information contained herein does not constitute an offer or solicitation to anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Views expressed regarding a particular company, security, industry or market sector should not be considered an indication of trading intent of any investment funds managed by Sprott Asset Management LP. These views are not to be considered as investment advice nor should they be considered a recommendation to buy or sell. This outlook is subject to change without notice.


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