Polar Securities' proposal to eliminate trading discount at Central GoldTrust supported by fellow Unitholders

• Polar has proposed the ONLY solution to eliminate the significant trading discount to NAV
• Polar's proposal receives independent support from CGT's largest unitholder Pekin Singer Strauss Asset Management
• Polar's Nominees are qualified and independent, capable of implementing change at CGT

TORONTO, April 15, 2015 /CNW/ - Polar Securities Inc. ("Polar") today issued a letter to fellow unitholders of Central GoldTrust ("CGT" or the "Trust") (TSX:GTU-U; NYSE MKT:GTU) outlining its proposal to unlock over $65 million U.S. Dollars ("USD")  in value at CGT. Polar is asking unitholders to vote their BLUE proxy in favour of Polar's proposed unit redemption amendments and to support Polar's trustee nominees ("Polar Nominees") who will shepherd the Trust through these changes and unlock value for ALL unitholders of the Trust ("Unitholders").

Pekin Singer Strauss Asset Management, a United States-based investment advisor and CGT's largest reported Unitholder, has independently declared their support for Polar's proposal, agreeing that the proposed Unit redemption features are expected to maximize value for all Unitholders.

"We are pleased that fellow Unitholders, including Pekin Singer Strauss, see the tangible value in our unit redemption proposal," said Paul Sabourin, CIO of Polar. "It is a proven solution to eliminate the significant discount to NAV for the benefit of all Unitholders, regardless of the size of their holdings."

"Management's compensation is not tied to performance and, as a result, they are motivated to maintain the status quo to the detriment of Unitholders. Furthermore, no trustee can be considered independent when they are so firmly entrenched in the other business dealings of Mr. Spicer. This is the first time in our 24 year history that we have taken a matter directly to shareholders or unitholders of any company, but given the actions of CGT's board of trustees and management, we felt we had no choice," he continued.

Polar is proposing to amend CGT's existing redemption features with proven, industry standard redemption features to benefit ALL unitholders, regardless of the size of their holdings. Based on March 31, 2015 closing prices, Unitholders should expect to gain at least USD$3,102 of additional value for each 1,000 Units held.

MR. SPICER AND HIS TRUSTEES ARE NOT ALIGNED WITH UNITHOLDERS

The trustees of CGT ("Trustees) have attempted to obscure, mislead and confuse Unitholders in an effort to keep their significant management and trustee fees. They have NO plan to eliminate the significant trading price discount to NAV. Here are the FACTS:

• Management collects their fees based on the net asset value ("NAV") and not the market price of the Units, and have no motivation to close the discount to trading value.
• The incumbent Trustee's interests are not aligned with Unitholders because together, the Trustees own less than 0.01% of the Units.
• The Trustees appear to work for Mr. Spicer – not Unitholders. All but one of the Trustees sit on the boards of two other funds managed by Mr. Spicer, Chairman, President and CEO of CGT, making it impossible for them to be truly independent.
• Despite hiring 4 or more separate outside advisors, all at Unitholder expense, CGT has provided NO alternate plan to fix the pervasive trading discount.

CGT REQUIRES COMPETENT TRUSTEES FOR THE FUTURE

Polar has nominated 5 independent trustees who bring decades of experience from Canada's largest financial institutions and extensive public board experience. Their combined expertise, both managing and advising public and private companies, will enable them to unlock value at CGT for ALL unitholders.

BREAK OUT OF THE GOLDTRUST VALUE TRAP – VOTE BLUE FOR CHANGE

It's time for a change at the Trust. Together, Unitholders can put in place redemption features to unlock over $65 million of Unitholder value. Replacing the existing Trustees with a new team that is much more qualified to shepherd these changes is a necessary step in the process.

Vote the BLUE proxy today in favour of Polar's redemption proposal and for Polar's five highly qualified and independent nominees.

In order to ensure that your vote is counted, your vote must be submitted before 12:00 p.m. (noon) (Toronto time) on Tuesday, April 28, 2015.

Polar's letter to unitholders of CGT and has been filed, together with this press release, under CGT's SEDAR profile at www.sedar.com and at Polar's website www.unitholdersforcgt.com.

If you have any questions or need assistance in voting your BLUE proxy, please contact Shorecrest Group Ltd. at 1-888-637-5789 (toll free within North America) or 647-931-7454 (collect calls accepted), or by email at [email protected].

POLAR SECURITIES INC.

Established in 1991, Polar, based in Toronto, Canada, is registered as an Investment Dealer, Investment Fund Manager and Futures Commission Merchant with the Ontario Securities Commission and is a member of the Investment Industry Regulatory Organization of Canada. Polar acts as the investment manager for certain investment funds and manages over CAD$2 billion of client funds. Polar's investment philosophy focuses on capital preservation and low volatility. During its tenure, Polar has invested in more than 10 Canadian precious metals funds and more than 75 Canadian closed-end products and has extensive expertise in structuring, managing and investing in complex investment products.

SOURCE Polar Securities Inc.