Central GoldTrust (GoldTrust), formerly Central Gold-Trust, is a passive, self-governing, single-purpose trust. Its purpose is to acquire, hold and secure gold bullion on behalf of its unitholders. Central GoldTrust’s administrator is Central Gold Managers Inc. GoldTrust’s gold assets are traded internationally and are denominated in United States dollars. Gold bullion owned by GoldTrust is stored in segregated safekeeping in the treasury vaults of the Canadian Imperial Bank of Commerce (the Bank) and insurance is maintained by the Bank. As at December 31, 2008, its assets consisted of 94.8% gold bullion, 3% gold certificates and 2.2% cash and interest-bearing cash deposits and other working capital.