Mr. Bruce Heagle reports

POLAR'S EMPTY PROMISE TO DELAY THEIR REDEMPTION DOES NOTHING TO CORRECT THE FUNDAMENTAL FLAWS IN THEIR PROPOSAL; GOLDTRUST UNITHOLDERS ARE REMINDED TO VOTE AGAINST POLAR'S SELF-SERVING PROPOSAL

Central GoldTrust urges its unitholders not to be fooled by the public announcement by Polar Securities Inc. that, if unitholders approve the adoption of Polar's proposed physical bullion redemption option, Polar will commit to delaying the redemption of the units held by its offshore North Pole Capital Master Fund for the remainder of 2015.

Bruce Heagle, chairman of the special committee of independent trustees of GoldTrust, commented: "Your board of trustees fails to see how a delay in Polar's redemption of GoldTrust units somehow makes up for the harm their proposals would cause to the interests of our long-term unitholders. Such a delay does not level the playing field for the over 99 per cent of unitholders who could not utilize their proposed physical redemption option, and who would be inheriting the increased cost and potential tax liability that come with it."

Mr. Heagle continued: "Polar now recognizes that GoldTrust unitholders are rightly concerned about Polar's dissident proposals. Polar's empty promise to delay redeeming the units held by its Cayman Islands-based fund is nothing more than an attempt to appear magnanimous to other unitholders. We believe our unitholders will see this announcement by Polar for what it is, a desperate, manipulative attempt to gain favour with unitholders who are understandably wary of Polar and the negative consequences of their proposals."

GoldTrust's trustees reiterate their view that Polar's proposals are not in the best interests of GoldTrust unitholders. The trustees note that:

• Polar's proposed physical redemption option would only be available to less than 1 per cent of GoldTrust's 18,000-plus unitholders;
• Polar's proposal could result in a tax bill for certain U.S. unitholders who have not sold or redeemed their units;
• Polar's proposal would significantly increase GoldTrust's continuing expenses, which would be borne by long-term unitholders and erode GoldTrust's net asset value (NAV) over time;
• Polar's offer to delay redeeming its units does nothing to address these fundamental concerns;
• Polar's nominees are not independent, have no plan and lack the experience to oversee GoldTrust;
• ISS, a leading proxy advisory firm, has recommended voting against Polar's redemption proposal, against Polar's proposed trustee nominees and for GoldTrust's incumbent trustees.

The board of trustees recommends that unitholders reject Polar's proposals and vote for all of GoldTrust's board nominees.

Your vote is important, no matter how many units you own, and the deadline for voting is fast approaching. If you have not yet voted your white proxy, please do so today by rejecting Polar's self-serving proposals, voting against its redemption resolution, disregarding any proxy materials received from Polar and voting for the trustee nominees of GoldTrust. GoldTrust urges you to vote the white proxy only, as the trustees recommend. Even if you have already voted using the Polar proxy, you can change your vote by submitting a white GoldTrust proxy, which will revoke any previously submitted proxy and be counted at the meeting.

Proxies must be received not later than 11 a.m. (Toronto time) on Wednesday, April 29, 2015. Due to the limited time available, GoldTrust recommends voting by Internet, telephone or fax today or not later than 24 hours before the deadline. For ease of voting, visit the GoldTrust website.

If you require assistance in casting your vote, or require replacement proxy materials, please call GoldTrust's proxy solicitation agent, D.F. King Canada, at 1-800-251-7519 (toll-free) or 1-201-806-7301 (call collect).

We seek Safe Harbor.