Brian E. Felske
Trustee
Markdale, Ontario

Bruce D. Heagle
Trustee
Ancaster, Ontario

Chair of Audit Committee
Member of Corporate Governance
and Nominating Committee

Mr. Heagle has an MBA from the Richard Ivey Business School. He has been an officer since 1982 and President and a director of National System of Baking Ltd. since 1991 and is President of its division, NSBL International (private capital investments). He also serves as a Trustee and Chair of the Audit Committee and a member of the Corporate Governance and Nominating Committee of Silver Bullion Trust and  Director and Chair of the Audit Committee and member of the Corporate Governance Committee of Central Fund of Canada Limited.  Mr. Heagle has been a director of the Bakery Council of Canada and Chairman of the Board of Governors as well as Chairman of the Finance Committee of Hillfield Strathallan College.
 

Age: 69
Trustee since 2003

Lead Trustee
Member of Corporate Governance
and Nominating Committee

Mr. McAvity has been involved in the world of finance for over 50 years as a banker, broker, and, since 1975, as an independent advisor and consultant, specializing in the technical analysis of international equity, foreign exchange and precious metals markets. His analysis and views have been published in “Ian McAvity’s Deliberations on World Markets Newsletter” continuously since 1972. He is a Director and Chair of the Corporate Governance Committee of Central Fund of Canada Limited and Lead Trustee and Chair of the Corporate Governance Nominating Committee and a member of the Audit Committee of Silver Bullion Trust. Mr. McAvity is also President, CEO and a director of Duncan Park Holdings Corporation.
 

Mr. Parente is a Certified Management Accountant and Certified Financial Planner in Canada. He has been an independent consultant since February, 2009. Prior to that, he was the Director of Finance for First Ontario Credit Union from March, 2004 to January, 2009.  From February, 1990 to August, 2002, Mr. Parente was Vice-President Finance of Central Fund of Canada Limited. Previously, for over 15 years prior to 2004, he was Chief Financial Officer and Compliance Officer for a mutual fund management company. Mr. Parente is also a Director and member of the Audit Committee of Central Fund of Canada Limited and a Trustee and member of the Audit Committee and of the Corporate Governance Committee of Silver Bullion Trust.
 

Mr. Philip Spicer is the Chairman and a Director of Central Fund of Canada Limited, which he founded in 1961, and the Chairman and a Trustee of Silver Bullion Trust. He has been a long-time analyst of markets, monetary systems and gold. His career has included being a part-owner and Director of Canadian stock brokerage and investment dealer firms and a registered investment counsel and portfolio manager. More recently, he has been a private consultant to financial businesses.
 

Trustee since 2003
 

Mr. Stefan Spicer is also the President and Chief Executive Officer and a Director of Central Fund of Canada Limited, a publicly traded gold and silver bullion holding company, the shares of which are listed on the NYSE Amex US and the Toronto Stock Exchange. He is also a Trustee and President and Chief Executive Officer of Silver Bullion Trust, the Units of which are listed on The Toronto Stock Exchange. He has in excess of 25 years of investment industry experience.