Sprott Gold and Precious

Minerals Fund

Fund Investment Objectives

The investment objective of this Fund is to provide long-term capital growth. In order to achieve its investment objective, the Fund invests primarily in gold, gold certificates, precious metals and minerals, the certificates relating to such metals and minerals and/or in equity securities of companies that are directly or indirectly involved in the exploration, mining, production or distribution of gold and precious metals and minerals. The Fund will limit its investment in foreign property to the amount prescribed by the Act by investing primarily in Canadian issuers. The Fund incepted November 15, 2001.