Issuer:

Vaulted Gold Bullion Trust

Securities:

Class A Gold Deposit Receipts, Class F Gold Deposit Receipts, Class F-1 Gold Deposit Receipts, Class F-2 Gold Deposit Receipts, Class F-3 Gold Deposit Receipts, and Class S Gold Deposit Receipts (collectively, the “Gold Deposit Receipts” or the “Receipts”), each representing an undivided beneficial ownership in a fixed quantity of unencumbered, allocated, physical gold bullion (“Gold Bullion”). The Gold Bullion will be held for the benefit of holders of Gold Deposit Receipts in an account operated by Bank of Montreal at the Royal Canadian Mint. The Gold Deposit Receipts are separate from the Gold Bullion.

Period:

February 1 – February 28, 2018

Number of Class A and Class

F through Class F-3 Receipts

Sold in Period:

None

Number of Class S Gold

Deposit Receipts Sold in

Period:

75,883 Class S Gold Deposit Receipts

Aggregate Gold Deposit

Receipts of All Classes

Outstanding at Period End:¹

A total of 115,036 Gold Deposit Receipts outstanding.

Daily High and Low Sale

Price to Public per Class S

Receipt Sold in Period:²

$1,334.00, representing the prevailing interbank spot price for one troy ounce of gold.

Net Proceeds to the Trust:

$101,227,922.00

Listing:

The Gold Deposit Receipts will not be listed or traded on any securities exchange.

Underwriter:

BMO

CUSIP/ISIN for Class S

Receipts:

92242D700/ US92242D7003