Select Redemption Date:
.

Enter Number of ETRs:
    There is a minimum redemption of 10,000 ETRs.

Select currency of ETRs:
USD     CAD

Entitlement to Gold:

104.3476245 troy Ounces

Based on above entitlement to gold calculation.

# of tubes of 1 oz GML coins (1 tube=10 GML coins):
= 1,917 fabrication fee = $2,336.05

# of gold kilobars:
= 24,647 fabrication fee = $3,857.76

# of London Good Delivery bars:
= 76,667 fabrication fee = $800.00

Note: Approximate value, London Good Delivery bars vary in weight from 350 to 430 troy ounces

PHYSICAL REDEMPTION TOTALS:

Physical Redemption Fee:	$73.14
Fabrication Fees:	$6,993.81
Total Fees:	$7,066.95

ETRs required for Gold products:	103,231
ETRs to cover fees:	290
Total ETRs required:	103,521

Remaining ETRs:	-93,521
Cash for remaining ETRs:	($2,280,041.98)

ETRs representing less than 10 troy ounces of physical gold bullion will be paid in cash by the Mint at the NAV per ETR on the Redemption Date.

The gold price for redemptions will be determined by the Bank of Canada daily average USD/CDN exchange rate and the London PM Fix on the redemption date (the 15th of each month or, if not a business day, the next business day).

Based on above entitlement to gold calculation.

Approximate Cash Value:	$243,761.27
Cash Entitlement (95%):	$231,573.21

The cash redemption price (the "Cash Redemption Price") paid by the Mint will be equal to 95% of the lesser of (i) the volume-weighted average trading price of the ETRs on the TSX for the last five trading days prior to and including the Redemption Date, and (ii) the net asset value of the ETRs on the Redemption Date.

These are estimated figures. Actual values may differ.