<SEC-DOCUMENT>0001047469-13-010557.txt : 20131114
<SEC-HEADER>0001047469-13-010557.hdr.sgml : 20131114
<ACCEPTANCE-DATETIME>20131114171509
ACCESSION NUMBER:		0001047469-13-010557
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20130930
FILED AS OF DATE:		20131114
DATE AS OF CHANGE:		20131114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sprott Physical Silver Trust
		CENTRAL INDEX KEY:			0001494728
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34928
		FILM NUMBER:		131221430

	BUSINESS ADDRESS:	
		STREET 1:		STE 2700, SOUTH TOWER, ROYAL BANK PLAZA
		STREET 2:		200 BAY STREET
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2J1
		BUSINESS PHONE:		416-362-7172

	MAIL ADDRESS:	
		STREET 1:		STE 2700, SOUTH TOWER, ROYAL BANK PLAZA
		STREET 2:		200 BAY STREET
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2J1
</SEC-HEADER>
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<TYPE>6-K
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<FILENAME>a2217346z6-k.htm
<DESCRIPTION>6-K
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=3><B>Washington,&nbsp;D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>FORM 6-K  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>REPORT OF FOREIGN PRIVATE ISSUER<BR>
Pursuant to Rule&nbsp;13a-16 or&nbsp;15d-16 of<BR>
the Securities Exchange Act of 1934  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>For the month of November&nbsp;2013  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Commission File Number: 001-34928  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>SPROTT PHYSICAL SILVER TRUST<BR>  </B></FONT><FONT SIZE=2>(Translation of registrant's name into English) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Suite&nbsp;2700,
South Tower,<BR>
Royal Bank Plaza,<BR>
200&nbsp;Bay Street,<BR>
Toronto, Ontario,<BR>
Canada M5J&nbsp;2J1<BR>
(Address of principal executive office) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Indicate
by check mark whether the registrant files or will file annual reports<BR>
under cover of Form&nbsp;20-F or Form&nbsp;40-F. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> Form&nbsp;20-F&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F&nbsp;<FONT FACE="WINGDINGS">&#253;</FONT>  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Indicate by check mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation&nbsp;S-T
Rule&nbsp;101(b)(1):&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Note: Regulation&nbsp;S-T Rule&nbsp;101(b)(1) only permits the submission in paper of a Form&nbsp;6-K if submitted solely to provide an attached annual report to security
holders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Indicate
by check mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation&nbsp;S-T Rule&nbsp;101(b)7:&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Note: Regulation&nbsp;S-T Rule&nbsp;101(b)(7) only permits the submission in paper of a Form&nbsp;6-K if submitted to furnish a report or other document that the
registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the&nbsp;registrant's "home
country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and
has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form&nbsp;6-K submission or other Commission filing
on&nbsp;EDGAR. </FONT></P>
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<P style="font-family:times;"><FONT SIZE=2><B> INFORMATION CONTAINED IN THIS FORM 6-K REPORT  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached to this Report on Form&nbsp;6-K as Exhibit&nbsp;99.1 is the Management Report of Fund Performance and Unaudited Interim
Financial Statements as of September&nbsp;30, 2013 of Sprott Physical Silver Trust (the&nbsp;"Trust"). Exhibit&nbsp;99.1 hereto is hereby incorporated by reference into the Trust's registration
statement on Form&nbsp;F-10 (File No.&nbsp;333-178184), filed with the Commission on November&nbsp;25,&nbsp;2011. </FONT></P>

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<BR></FONT><FONT SIZE=2><B>  SIGNATURES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></P>
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<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> SPROTT PHYSICAL SILVER TRUST</B></FONT><FONT SIZE=2><BR>
(registrant)<BR>
By Sprott Asset Management&nbsp;GP&nbsp;Inc.,<BR>
as general partner of<BR>
the manager of the Registrant</FONT></TD>
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<TD style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
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<TD style="font-family:times;"><FONT SIZE=2>Dated: November&nbsp;14, 2013</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>/s/&nbsp;KIRSTIN H. MCTAGGART<BR>


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</FONT> <FONT SIZE=2> By: Kirstin H. McTaggart<BR>
Corporate Secretary<BR></FONT>
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<BR></FONT><FONT SIZE=2><B>Exhibit 99.1    <BR>    </B></FONT></P>

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<P style="font-family:;"><FONT SIZE=6>Sprott <BR>
Physical&nbsp;Silver <BR>
Trust </FONT></P>

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<P style="font-family:;"><FONT SIZE=2><I>Unaudited interim financial statements</I></FONT></P>

<P style="font-family:;"><FONT SIZE=3>SEPTEMBER&nbsp;30,</FONT><BR><FONT SIZE=6>2013 </FONT></P>

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<TD WIDTH="94%" style="font-family:;"><BR><FONT SIZE=3> Management Report of Fund Performance</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=3><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=3><BR>
2</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="94%" style="font-family:;"><BR><FONT SIZE=3> Interim Financial Statements</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=3><BR>&nbsp;</FONT></TD>
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6</FONT></TD>
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<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>1 </B></FONT></P>

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<TD WIDTH="49%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=5>Sprott Physical Silver Trust</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=5>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>September&nbsp;30, 2013</FONT></TD>
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<P style="font-family:;"><FONT SIZE=4>Management Report of Fund Performance* </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Investment Objective and Strategies </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Sprott
Physical Silver Trust (the&nbsp;"Trust") is a closed-end mutual fund trust organized under the laws of the Province of Ontario, Canada, created to invest and hold substantially all of its
assets in physical silver bullion. The Trust seeks to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding physical silver bullion without the
inconvenience that is typical of a direct investment in physical silver bullion. The Trust intends to achieve its objective by investing primarily in long-term holdings of unencumbered, fully
allocated, physical silver bullion and does not speculate with regard to short-term changes in silver&nbsp;prices. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
units of the Trust are listed on the New&nbsp;York Stock Exchange ("NYSE") Arca and the Toronto Stock Exchange ("TSX") under the symbols "PSLV" and "PHS.U", respectively. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Risks </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
risks of investing in the Trust are detailed in the Trust's annual information form dated March&nbsp;27, 2013. There have been no material changes to the Trust since inception that have affected
the overall level of risk. The principal risks associated with investing in the Trust are the price of silver, the net asset value and/or the market price of the units, the purchase, transport,
insurance and storage of physical silver bullion, liabilities of the Trust, and redemption of&nbsp;units. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Results of Operations </FONT></P>

<P style="font-family:;"><FONT SIZE=2>For
the period from July&nbsp;1, 2013 to September&nbsp;30, 2013, total unrealized gains on physical silver bullion amounted to $100.2&nbsp;million compared to unrealized gains of
$283.8&nbsp;million during the same period in 2012. For the period from January&nbsp;1, 2013 to September&nbsp;30, 2013, total unrealized losses on physical silver bullion amounted to
$426.2&nbsp;million compared to unrealized gains of $244.3&nbsp;million during the same period in&nbsp;2012. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>During
the period from January&nbsp;1, 2013 to September&nbsp;30, 2013, the Trust did not issue any units. The Trust redeemed 225&nbsp;units for cash at a total cost of $1,613 during
the&nbsp;period. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
value of the net assets of the Trust as of September&nbsp;30, 2013 was $1,079.6&nbsp;million or $8.48 per unit, compared to $1,510.9&nbsp;million or $11.86 per unit per unit as at
December&nbsp;31, 2012, the Trust's most recent fiscal year end. The Trust held 49,287,870&nbsp;ounces of physical silver bullion as of September&nbsp;30, 2013. As at September&nbsp;30, 2013,
the spot price of silver was $21.70 an ounce compared to a price of $30.34 an ounce as at December&nbsp;31,&nbsp;2012. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
Trust's net asset value per unit on September&nbsp;30, 2013 was $8.48. The units closed at $8.73 on the NYSE Arca and $8.72 on the TSX on September&nbsp;30, 2013 compared to closing prices of
$12.04 on the NYSE Arca and $12.07 on the TSX on December&nbsp;31, 2012. The units are denominated in U.S.&nbsp;dollars on both exchanges. During the period from January&nbsp;1, 2013 to
September&nbsp;30, 2013, the Trust's units traded on the NYSE Arca at an average premium to net asset value of approximately&nbsp;1.3%. </FONT></P>

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<DT style='font-family:;margin-bottom:-9pt;'><FONT SIZE=1>*</FONT></DT><DD style="font-family:;"><FONT SIZE=1>In
this report, net asset value ("NAV") refers to the value of the Trust as calculated for transaction purposes, whereas net assets is used for financial statement purposes. All
references to currencies in this report are in United&nbsp;States Dollars, unless stated otherwise. </FONT></DD></DL>

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<P style="font-family:;"><FONT SIZE=2>The interim management report of fund performance is an analysis and explanation that is designed to complement and supplement an investment fund's financial
statements. This report contains financial highlights but does not contain the complete interim financial statements of the investment fund. A copy of the interim financial statements has been
included separately within the Report to Unitholders. You can also get a copy of the interim financial statements at your request, and at no cost, by calling 1-866-299-9906, by visiting our website at
www.sprottphysicalsilvertrust.com or SEDAR at www.sedar.com or by writing to us at: Sprott Asset Management&nbsp;LP, Royal Bank Plaza, South Tower, 200&nbsp;Bay Street, Suite&nbsp;2700,
P.O.&nbsp;Box&nbsp;27, Toronto, Ontario M5J&nbsp;2J1. </FONT></P>
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<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>2 </B></FONT></P>

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<P style="font-family:;"><FONT SIZE=2>OPERATING
EXPENSES </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The Trust pays its own operating expenses, which include, but are not limited to, audit, legal, trustee fees, unitholder reporting expenses, general and administrative fees,
filing and listing fees payable to applicable securities regulatory authorities and stock exchanges, storage fees for the physical silver bullion, costs incurred in connection with the Trust's
continuous disclosure public filing requirements and investor relations and any expenses associated with the implementation and on-going operation of the Independent Review Committee of the Trust.
Operating expenses for the period from July&nbsp;1, 2013 to September&nbsp;30, 2013 amounted to $615,258 (not&nbsp;including applicable Canadian taxes) compared to $377,779 for the same period
in 2012. Operating expenses for the period from January&nbsp;1, 2013 to September&nbsp;30, 2013 amounted to $1,277,907 (not&nbsp;including applicable Canadian taxes) compared to $1,343,411 for
the same period in 2012. The increase in expenses during the quarter was primarily due to an increase in the cost of storing the physical silver bullion, as well as higher administrative expenses
related to the reallocation of certain costs across the funds administered by the&nbsp;Manager. Operating expenses for the period from July&nbsp;1, 2013 to September&nbsp;30, 2013 amounted to
0.23% of the average net assets during the period on an annualized basis, compared to 0.13% for the same period in 2012. Operating expenses for the period from January&nbsp;1, 2013 to
September&nbsp;30, 2013 amounted to 0.14% of the average net assets during the period on an annualized basis, compared to 0.17% for the same period in&nbsp;2012. </FONT></P>


<P style="font-family:;"><FONT SIZE=3>Related Party Transactions </FONT></P>

<P style="font-family:;"><FONT SIZE=2>MANAGEMENT
FEES </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The Trust pays the Manager, Sprott Asset Management&nbsp;LP, a monthly management fee equal to <SUP>1</SUP>/<SMALL>12</SMALL> of 0.45% of the value of the net assets of the Trust
(determined in accordance with the trust agreement), plus any applicable Canadian taxes. The management fee is calculated and accrued daily and payable monthly in arrears on the last day of each
month. For the period from July&nbsp;1, 2013 to September&nbsp;30, 2013, the Trust incurred management fees of $1,235,134 (not&nbsp;including applicable Canadian taxes) compared to $1,323,057
for the same period in 2012. For the period from January&nbsp;1, 2013 to September&nbsp;30, 2013, the Trust incurred management fees of $4,170,802 (not&nbsp;including applicable Canadian taxes)
compared to $3,558,929 for the same period in 2012. The higher fees for the nine month period ended September&nbsp;30, 2013 were due to a higher average total net assets of the Trust as a result of
additional units issued since June&nbsp;2012. </FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>3 </B></FONT></P>

<HR NOSHADE>
<P style='font-family:;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=4,EFW="2217346",CP="SPROTT PHYSICAL SILVER TRUST",DN="2",CHK=26776,FOLIO='3',FILE='DISK129:[13ZCX1.13ZCX13101]CA13101A.;6',USER='JDAY',CD='12-NOV-2013;17:54' -->
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NAME="page_da13101_1_4"> </A>


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 </FONT></P>

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<TD WIDTH="49%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=5>Sprott Physical Silver Trust</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=5>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>September&nbsp;30, 2013</FONT></TD>
</TR>
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<HR NOSHADE>

<P style="font-family:;"><FONT SIZE=4>Financial Highlights </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
following tables show selected key financial information about the Trust and are intended to help you understand the Trust's financial performance for the three and nine-month periods ended
September&nbsp;30, 2013 and for the years&nbsp;shown. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Net
assets per unit<SUP>1</SUP> </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="32%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>For the three<BR>
months ended<BR>
September&nbsp;30, 2013<BR>
$</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>For the nine<BR>
months ended<BR>
September&nbsp;30, 2013<BR>
$</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>December&nbsp;31,<BR>
2012<BR>
$</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>December&nbsp;31,<BR>
2011<BR>
$</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>October&nbsp;28,<BR>
2010&nbsp;&#150;<BR>
December&nbsp;31,<BR>
2010<BR>
$</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=13 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="32%" style="font-family:;"><FONT SIZE=2> Net assets per Unit, beginning of period</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>7.70</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>11.86</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>10.81</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>12.09</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>10.00</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=13 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="32%" style="font-family:;"><FONT SIZE=2><B>Increase (decrease) from operations<SUP>2</SUP>:</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="32%" style="font-family:;"><FONT SIZE=2> Total revenue</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="32%" style="font-family:;"><FONT SIZE=2> Total expenses</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(0.01</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(0.04</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(0.08</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(0.09</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(0.01</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="32%" style="font-family:;"><FONT SIZE=2> Realized gains (losses) for the period</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="32%" style="font-family:;"><FONT SIZE=2> Unrealized gains (losses) for the period</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>0.78</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(3.35</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>0.57</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(1.19</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>2.60</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=13 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="32%" style="font-family:;"><FONT SIZE=2><B>Total increase (decrease) from operations</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>0.77</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(3.39</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>0.49</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(1.28</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>2.59</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=13 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="32%" style="font-family:;"><FONT SIZE=2><B>Net assets per Unit, end of period</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>8.48</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>8.48</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>11.86</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>10.81</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>12.09</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=13 style="font-family:;"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
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<DL compact>
<DT style='font-family:;margin-bottom:-9pt;'><FONT SIZE=1>1</FONT></DT><DD style="font-family:;"><FONT SIZE=1>This
information is derived from the Trust's interim and audited annual financial statements. </FONT></DD><DT style='font-family:;margin-bottom:-9pt;'><FONT SIZE=1>2</FONT></DT><DD style="font-family:;"><FONT SIZE=1>Net
assets per unit is calculated based on the actual number of units outstanding at the relevant time. The increase/decrease from operations is based on the weighted
average number of units outstanding over the period shown. This table is not intended to be a reconciliation of the beginning to ending net assets per&nbsp;unit. </FONT></DD></DL>

<P style="font-family:;"><FONT SIZE=2>Ratios and Supplemental Data </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="34%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2><B>September&nbsp;30,<BR>
2013</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>December&nbsp;31,<BR>
2012</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>December&nbsp;31,<BR>
2011</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>December&nbsp;31,<BR>
2010</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=10 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:;"><FONT SIZE=2> Total net asset value (000's)<SUP>1</SUP></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>$1,079,555</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$1,510,942</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$621,428</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$695,232</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:;"><FONT SIZE=2> Number of Units outstanding<SUP>1</SUP></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>127,366,972</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>127,367,197</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>57,497,090</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>57,500,000</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:;"><FONT SIZE=2> Management expense ratio<SUP>2</SUP></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>0.60%</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>0.65%</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>0.66%</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>0.62%</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:;"><FONT SIZE=2> Trading expense ratio<SUP>3</SUP></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>nil</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>nil</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>nil</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>nil</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:;"><FONT SIZE=2> Portfolio turnover rate<SUP>4</SUP></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>nil</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>nil</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>nil</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>nil</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:;"><FONT SIZE=2> Net asset value per Unit</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>$8.48</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$11.86</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$10.81</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$12.09</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="34%" style="font-family:;"><FONT SIZE=2> Closing market price&nbsp;&#150;&nbsp;NYSE Arca</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>$8.73</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$12.04</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$13.43</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$14.07</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%" style="font-family:;"><FONT SIZE=2> Closing market price&nbsp;&#150;&nbsp;TSX</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>$8.72</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$12.07</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$13.55</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$14.07</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=10 style="font-family:;"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<DL compact>
<DT style='font-family:;margin-bottom:-9pt;'><FONT SIZE=1>1</FONT></DT><DD style="font-family:;"><FONT SIZE=1>This
information is provided as at the date shown, as applicable. </FONT></DD><DT style='font-family:;margin-bottom:-9pt;'><FONT SIZE=1>2</FONT></DT><DD style="font-family:;"><FONT SIZE=1>Management
expense ratio ("MER") for the year is based on total expenses (including applicable Canadian taxes and excluding commissions and other portfolio transaction
costs) for the stated period and is expressed as an annualized percentage of daily average net asset value during the period from January&nbsp;1, 2013 to September&nbsp;30,&nbsp;2013. </FONT></DD><DT style='font-family:;margin-bottom:-9pt;'><FONT SIZE=1>3</FONT></DT><DD style="font-family:;"><FONT SIZE=1>The
trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during
the period shown. Since there are no direct trading costs associated with physical bullion trades, the trading expense ratio is&nbsp;nil. </FONT></DD><DT style='font-family:;margin-bottom:-9pt;'><FONT SIZE=1>4</FONT></DT><DD style="font-family:;"><FONT SIZE=1>The
Trust's portfolio turnover rate indicates how actively the Trust's portfolio adviser trades its portfolio investments. A portfolio turnover rate of 100% is equivalent
to the Trust buying and selling all of the securities in its portfolio once in the course of the year. The higher the Trust's portfolio turnover rate in a year, the greater the chance of an investor
receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of the&nbsp;Trust. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>4 </B></FONT></P>

<HR NOSHADE>
<P style='font-family:;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=5,EFW="2217346",CP="SPROTT PHYSICAL SILVER TRUST",DN="2",CHK=902507,FOLIO='4',FILE='DISK129:[13ZCX1.13ZCX13101]DA13101A.;3',USER='JDAY',CD=';7-NOV-2013;15:24' -->
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<P style="font-family:;"><FONT SIZE=2><A
NAME="page_dc13101_1_5"> </A>


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<!-- COMMAND=ADD_DEFAULTFONT,"font-family:;" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="86%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="49%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=5>Sprott Physical Silver Trust</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=5>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>September&nbsp;30, 2013</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>

<P style="font-family:;"><FONT SIZE=4>Past Performance </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
indicated rates of return are the historical total returns including changes in unit values and assume reinvestment of all distributions in additional units of the Trust. These returns do not take
into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that may reduce returns. Please note that past performance is not indicative of future
performance. All rates of returns are calculated based on the Net Asset Value of the units of the&nbsp;Trust. </FONT></P>

<P style="font-family:;"><FONT SIZE=4>Year-by-Year Returns </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
bar chart below indicates the performance of the Trust units for each of the periods shown, and illustrates how the Trust's performance has changed from period to period. The chart shows, in
percentage terms, how much an investment made on the first day of each period would have grown or decreased by the last day of each&nbsp;period. </FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>
<IMG SRC="g272689.jpg" ALT="GRAPHIC" WIDTH="594" HEIGHT="364">
  </B></FONT></P>

<P style="font-family:;"><FONT SIZE=4>Summary of Investment Portfolio </FONT></P>

<P style="font-family:;"><FONT SIZE=1><I>As of September&nbsp;30, 2013  </I></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="26%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>Ounces</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>Fair Value<BR>
per ounce<BR>
$</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>Average<BR>
Cost<BR>
$</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>Fair<BR>
Value<BR>
$</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>% of<BR>
Net Asset<BR>
Value<BR>
%</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=13 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%" style="font-family:;"><FONT SIZE=2>Physical silver bullion</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>49,287,870</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>21.70</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>1,361,835,584</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>1,069,423,570</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>99.1</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="26%" style="font-family:;"><FONT SIZE=2>Cash and Cash Equivalents</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>10,676,414</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>1.0</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%" style="font-family:;"><FONT SIZE=2>Other Liabilities</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(544,602</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(0.1</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=13 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%" style="font-family:;"><FONT SIZE=2>Total Net Asset Value</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>1,079,555,382</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>100.0</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=13 style="font-family:;"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
summary of investment portfolio may change due to the ongoing portfolio transactions of the&nbsp;Trust. </FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>5 </B></FONT></P>

<HR NOSHADE>
<P style='font-family:;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=6,EFW="2217346",CP="SPROTT PHYSICAL SILVER TRUST",DN="2",CHK=15569,FOLIO='5',FILE='DISK129:[13ZCX1.13ZCX13101]DC13101A.;4',USER='JDAY',CD=';7-NOV-2013;15:24' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><A
NAME="page_fa13101_1_6"> </A>


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<!-- COMMAND=ADD_DEFAULTFONT,"font-family:;" -->


 </FONT> <FONT SIZE=5><B>Sprott Physical Silver Trust  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=4><B>Unaudited interim financial statements  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=4><B> September&nbsp;30, 2013  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>6 </B></FONT></P>

<HR NOSHADE>
<P style='font-family:;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=7,EFW="2217346",CP="SPROTT PHYSICAL SILVER TRUST",DN="2",CHK=941800,FOLIO='6',FILE='DISK129:[13ZCX1.13ZCX13101]FA13101A.;3',USER='JDAY',CD=';7-NOV-2013;15:24' -->
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<P style="font-family:;"><FONT SIZE=2><A
NAME="page_fi13101_1_7"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:;" -->


 </FONT> <FONT SIZE=5>Sprott Physical Silver Trust </FONT></P>

<HR NOSHADE>

<P style="font-family:;"><FONT SIZE=4>Unaudited interim statements of comprehensive income </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="36%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2><B>For the three<BR>
months ended<BR>
September&nbsp;30, 2013</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>For the three<BR>
months ended<BR>
September&nbsp;30, 2012</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2><B>For the nine<BR>
months ended<BR>
September&nbsp;30, 2013</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>For the nine<BR>
months ended<BR>
September&nbsp;30, 2012</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=10 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="36%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="36%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" style="font-family:;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="14%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" style="font-family:;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="14%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="36%" style="font-family:;"><FONT SIZE=2><B>Income</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="36%" style="font-family:;"><FONT SIZE=2> Unrealized gains (losses) on silver bullion</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>100,177,597</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>283,818,184</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(426,216,618</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>244,342,671</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="36%" style="font-family:;"><FONT SIZE=2> Sales Tax refund</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>278,028</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=10 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="36%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>100,177,597</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>283,818,184</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(425,938,590</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>244,342,671</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=10 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="36%" style="font-family:;"><BR><FONT SIZE=2><B>Expenses</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" style="font-family:;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="14%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" style="font-family:;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="14%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="36%" style="font-family:;"><FONT SIZE=2> Management fees </FONT><FONT SIZE=2><I>(note&nbsp;11)</I></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>1,235,134</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>1,323,057</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>4,170,802</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>3,558,929</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="36%" style="font-family:;"><FONT SIZE=2> Bullion storage fees</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>435,400</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>225,644</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>916,915</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>665,964</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="36%" style="font-family:;"><FONT SIZE=2> General and administrative</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>100,651</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>21,794</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>146,056</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>94,490</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="36%" style="font-family:;"><FONT SIZE=2> Listing and regulatory filing fees</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>42,942</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>46,578</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>115,159</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>200,071</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="36%" style="font-family:;"><FONT SIZE=2> Sales Tax</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>27,664</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>197,403</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>81,126</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>510,524</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="36%" style="font-family:;"><FONT SIZE=2> Audit fees</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>23,766</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>30,112</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>51,883</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>151,516</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="36%" style="font-family:;"><FONT SIZE=2> Independent Review Committee fees</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>9,370</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>14,820</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>22,287</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>24,123</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="36%" style="font-family:;"><FONT SIZE=2> Legal fees</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>7,932</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>36,900</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>18,305</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>197,275</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="36%" style="font-family:;"><FONT SIZE=2> Trustee fees</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>1,523</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>1,188</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>3,350</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>3,269</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="36%" style="font-family:;"><FONT SIZE=2> Net foreign exchange (gains) losses</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(6,326</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>409</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>3,952</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>2,267</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="36%" style="font-family:;"><FONT SIZE=2> Other expenses</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>334</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>4,436</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=10 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="36%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>1,878,056</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>1,898,238</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>5,529,835</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>5,412,863</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=10 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="36%" style="font-family:;"><FONT SIZE=2><B>Realized gains on investments</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="36%" style="font-family:;"><FONT SIZE=2> Net realized gains on investments</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=10 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="36%" style="font-family:;"><FONT SIZE=2><B>Net income (loss) and comprehensive income (loss) for the period</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>98,299,541</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>281,919,946</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(431,468,425</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>238,929,808</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=10 style="font-family:;"><HR NOSHADE SIZE=4></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="36%" style="font-family:;"><BR><FONT SIZE=2><B>Increase (decrease) in total equity per Unit </B></FONT><FONT SIZE=2><I>(note&nbsp;9)</I></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B><BR>
0.77</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><BR>
2.80</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B><BR>
(3.39</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B><BR>)</B></FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><BR>
2.72</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=10 style="font-family:;"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:;"><FONT SIZE=1><I>The accompanying notes are an integral part of these financial statements.</I></FONT></P>

<P style="font-family:;"><FONT SIZE=2>On behalf of the Manager, Sprott Asset Management&nbsp;LP,<BR>
by its General Partner, Sprott Asset Management&nbsp;GP&nbsp;Inc.: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="49%" style="font-family:;"><FONT SIZE=2><B>
<IMG SRC="g942778.jpg" ALT="GRAPHIC" WIDTH="123" HEIGHT="75">
 </B></FONT></TD>
<TD WIDTH="3%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" style="font-family:;"><FONT SIZE=2><B>
<IMG SRC="g926639.jpg" ALT="GRAPHIC" WIDTH="123" HEIGHT="51">
 </B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%" style="font-family:;"><FONT SIZE=2>Eric Sprott</FONT></TD>
<TD WIDTH="3%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" style="font-family:;"><FONT SIZE=2>Steven Rostowsky</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%" style="font-family:;"><FONT SIZE=2>DIRECTOR</FONT></TD>
<TD WIDTH="3%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" style="font-family:;"><FONT SIZE=2>DIRECTOR</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>7 </B></FONT></P>

<HR NOSHADE>
<P style='font-family:;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=8,EFW="2217346",CP="SPROTT PHYSICAL SILVER TRUST",DN="2",CHK=600093,FOLIO='7',FILE='DISK129:[13ZCX1.13ZCX13101]FI13101A.;6',USER='JDAY',CD=';7-NOV-2013;15:30' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:;"><FONT SIZE=2><A
NAME="page_fk13101_1_8"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:;" -->


 </FONT> <FONT SIZE=5>Sprott Physical Silver Trust </FONT></P>

<HR NOSHADE>

<P style="font-family:;"><FONT SIZE=4>Unaudited interim statements of financial position </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="59%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2><B>As at September&nbsp;30,<BR>
2013</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>As at December&nbsp;31,<BR>
2012</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" style="font-family:;"><FONT SIZE=2><B>Assets</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" style="font-family:;"><FONT SIZE=2>Cash </FONT><FONT SIZE=2><I>(note&nbsp;6)</I></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>10,676,414</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>15,349,483</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" style="font-family:;"><FONT SIZE=2>Silver bullion</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>1,069,423,570</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>1,495,640,188</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" style="font-family:;"><FONT SIZE=2><B>Total assets</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>1,080,099,984</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>1,510,989,671</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 style="font-family:;"><HR NOSHADE SIZE=4></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" style="font-family:;"><BR><FONT SIZE=2><B>Liabilities</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" style="font-family:;"><FONT SIZE=2>Accounts payable</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>544,602</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>47,705</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" style="font-family:;"><FONT SIZE=2><B>Total liabilities</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>544,602</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>47,705</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" style="font-family:;"><BR><FONT SIZE=2><B>Equity</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" style="font-family:;"><FONT SIZE=2>Unitholders' capital</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>1,453,494,060</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>1,453,496,310</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" style="font-family:;"><FONT SIZE=2>Unit premium and reserves</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>56,269</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>55,632</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" style="font-family:;"><FONT SIZE=2>Retained earnings (deficit)</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(311,500,819</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>119,967,606</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" style="font-family:;"><FONT SIZE=2>Underwriting commissions and issue expenses</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(62,494,128</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(62,577,581</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" style="font-family:;"><FONT SIZE=2><B>Total equity </B></FONT><FONT SIZE=2><I>(note&nbsp;8)</I></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>1,079,555,382</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>1,510,941,967</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" style="font-family:;"><FONT SIZE=2><B>Total liabilities and equity</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>1,080,099,984</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>1,510,989,671</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 style="font-family:;"><HR NOSHADE SIZE=4></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="59%" style="font-family:;"><BR><FONT SIZE=2><B>Total equity per Unit</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B><BR>
8.48</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><BR>
11.86</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7 style="font-family:;"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:;"><FONT SIZE=1><I>The accompanying notes are an integral part of these financial statements.</I></FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>8 </B></FONT></P>

<HR NOSHADE>
<P style='font-family:;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=9,EFW="2217346",CP="SPROTT PHYSICAL SILVER TRUST",DN="2",CHK=1008300,FOLIO='8',FILE='DISK129:[13ZCX1.13ZCX13101]FK13101A.;3',USER='JDAY',CD=';7-NOV-2013;15:24' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:;"><FONT SIZE=2><A
NAME="page_fl13101_1_9"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:;" -->


 </FONT> <FONT SIZE=5>Sprott Physical Silver Trust </FONT></P>

<HR NOSHADE>

<P style="font-family:;"><FONT SIZE=4>Unaudited interim statements of changes in equity </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="21%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2><B>Number<BR>
of Units<BR>
outstanding</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2><B>Unitholders'<BR>
Capital</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2><B>Retained<BR>
Earnings</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2><B>Underwriting<BR>
Commissions<BR>
and Issue<BR>
Expenses</B></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2><B>Unit<BR>
Premiums<BR>
and<BR>
Reserves</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2><B>Total Equity</B></FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=15 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%" style="font-family:;"><FONT SIZE=2><B>Balance at January&nbsp;1, 2012</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>57,497,090</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>574,970,900</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>73,233,658</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(26,778,799</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>2,209</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>621,427,968</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="21%" style="font-family:;"><FONT SIZE=2> Proceeds from issuance of Units</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>46,376,752</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>569,330,610</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>569,330,610</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="21%" style="font-family:;"><FONT SIZE=2> Cost of Redemption of Units</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(81,345</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(813,450</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(251,205</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>53,233</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(1,011,422</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%" style="font-family:;"><FONT SIZE=2> Net loss for the period</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>238,929,808</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>238,929,808</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="21%" style="font-family:;"><FONT SIZE=2> Underwriting commissions and issue expenses</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(23,439,224</FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>&#150;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(23,439,224</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=15 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="21%" style="font-family:;"><FONT SIZE=2><B>Balance at September&nbsp;30, 2012</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>103,792,497</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>1,143,488,060</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>311,912,261</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(50,218,023</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>55,442</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>1,405,237,740</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=15 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%" style="font-family:;"><FONT SIZE=2><B>Balance at January&nbsp;1, 2013</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>127,367,197</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>1,453,496,310</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>119,967,606</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(62,577,581</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>55,632</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>1,510,941,967</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="21%" style="font-family:;"><FONT SIZE=2><B>Proceeds from issuance of Units </B></FONT><FONT SIZE=2><I>(note&nbsp;8)</I></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="21%" style="font-family:;"><FONT SIZE=2><B>Cost of Redemption of Units </B></FONT><FONT SIZE=2><I>(note&nbsp;8)</I></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(225</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(2,250</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>637</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(1,613</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="21%" style="font-family:;"><FONT SIZE=2><B>Net loss for the period</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(431,468,425</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(431,468,425</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="21%" style="font-family:;"><FONT SIZE=2><B>Underwriting commissions and issue expenses</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>83,453</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>83,453</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=15 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="21%" style="font-family:;"><FONT SIZE=2><B>Balance at September&nbsp;30, 2013</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>127,366,972</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>1,453,494,060</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(311,500,819</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(62,494,128</B></FONT></TD>
<TD WIDTH="7%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>56,269</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>1,079,555,382</B></FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=15 style="font-family:;"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:;"><FONT SIZE=1><I>The accompanying notes are an integral part of these financial statements.  </I></FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>9 </B></FONT></P>

<HR NOSHADE>
<P style='font-family:;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=10,EFW="2217346",CP="SPROTT PHYSICAL SILVER TRUST",DN="2",CHK=170445,FOLIO='9',FILE='DISK129:[13ZCX1.13ZCX13101]FL13101A.;4',USER='JDAY',CD=';7-NOV-2013;15:24' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:;"><FONT SIZE=2><A
NAME="page_fn13101_1_10"> </A>


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<!-- COMMAND=ADD_DEFAULTFONT,"font-family:;" -->


 </FONT> <FONT SIZE=5>Sprott Physical Silver Trust </FONT></P>

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<P style="font-family:;"><FONT SIZE=4>Unaudited interim statements of cash flows </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2><B>For the<BR>
nine months ended<BR>
September&nbsp;30, 2013</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>For the<BR>
nine months ended<BR>
September&nbsp;30, 2012</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=8 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2><B>Cash flows from operating activities</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2> Net income (loss) for the period</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(431,468,425</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>238,929,808</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2> Adjustments to reconcile net income for the period to net cash from operating activities</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="57%" style="font-family:;"><FONT SIZE=2> Unrealized (gains) losses on silver bullion</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>426,216,618</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(244,342,671</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2><B>Net changes in operating assets and liabilities</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2> Decrease (Increase) in prepaid assets</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>252,370</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2> Increase in accounts payable</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>496,898</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>717,340</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=8 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2><B>Net cash used in operating activities</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(4,754,909</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(4,443,154</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=8 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2><B>Cash flows from investing activities</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2> Purchase of silver bullion</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(532,282</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=8 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2><B>Net cash used in investing activities</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(532,282</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=8 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2><B>Cash flows from financing activities</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2> Proceeds from issuance of Units </FONT><FONT SIZE=2><I>(note&nbsp;8)</I></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>&#150;</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>569,330,610</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2> Payments on redemption of Units </FONT><FONT SIZE=2><I>(note&nbsp;8)</I></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(1,613</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>(1,011,422</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2> Underwriting commissions and issue expenses</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>83,453</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>23,439,224</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=8 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2><B>Net cash provided by financing activities</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>81,840</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>591,758,412</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=8 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2> Net increase (decrease) in cash during the period</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>(4,673,069</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2><B>)</B></FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>7,721,528</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2> Cash at beginning of period</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>15,349,483</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>557,138</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=8 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:;"><FONT SIZE=2><B>Cash at end of period </B></FONT><FONT SIZE=2><I>(note&nbsp;6)</I></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2><B>10,676,414</B></FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>8,278,666</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=8 style="font-family:;"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P style="font-family:;"><FONT SIZE=1><I>The accompanying notes are an integral part of these financial statements.  </I></FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>10 </B></FONT></P>

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<P style='font-family:;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=11,EFW="2217346",CP="SPROTT PHYSICAL SILVER TRUST",DN="2",CHK=598149,FOLIO='10',FILE='DISK129:[13ZCX1.13ZCX13101]FN13101A.;4',USER='JDAY',CD='12-NOV-2013;17:55' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:;"><FONT SIZE=2><A
NAME="page_fp13101_1_11"> </A>


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</FONT> <FONT SIZE=5>Sprott Physical Silver Trust<BR>
Notes to the Interim Financial Statements&nbsp;&nbsp;</FONT><FONT SIZE=1><I>September&nbsp;30, 2013 (unaudited)</I></FONT></P>

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<P style="font-family:;"><FONT SIZE=4>1.&nbsp;Organization of the Trust </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Sprott
Physical Silver Trust (the&nbsp;"Trust") is a closed-end mutual fund trust created under the laws of the Province of Ontario, Canada, pursuant to a trust agreement dated as of June&nbsp;30,
2010, as amended and restated as of October&nbsp;1, 2010 (the&nbsp;"Trust Agreement"). The Trust's initial public offering was priced on October&nbsp;28, 2010 and closed on November&nbsp;2,
2010. The Trust is authorized to issue an unlimited number of redeemable, transferable trust units (the&nbsp;"Units"). All issued Units have no par value, are fully paid for, and are listed and
traded on the New&nbsp;York Stock Exchange Arca (the&nbsp;"NYSE Arca") and the Toronto Stock Exchange (the&nbsp;"TSX") under the symbols "PSLV" and "PHS.U", respectively. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
investment objective of the Trust is to seek to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding physical silver bullion without the
inconvenience that is typical of a direct investment in physical silver bullion. The Trust invests and intends to continue to invest primarily in long-term holdings of unencumbered, fully allocated,
physical silver bullion and does not speculate with regard to short-term changes in silver prices. The Trust has only purchased and expects only to own "good delivery bars" as defined by the London
Bullion Market Association ("LBMA"), with each bar purchased being verified against the LBMA&nbsp;source. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
Trust's registered office is located at Suite&nbsp;2700, South Tower, Royal Bank Plaza, 200&nbsp;Bay Street, Toronto, Ontario, Canada, M5J&nbsp;2J1. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Sprott
Asset Management&nbsp;LP (the&nbsp;"Manager") acts as the manager of the Trust pursuant to the Trust Agreement and management agreement with the Trust. RBC Investor Services, a trust
company organized under the laws of Canada, acts as the trustee of the Trust. RBC Investor Services Trust also acts as custodian on behalf of the Trust for the Trust's assets other than physical
silver bullion. The Royal Canadian Mint acts as custodian on behalf of the Trust for the physical silver bullion owned by the&nbsp;Trust. </FONT></P>


<P style="font-family:;"><FONT SIZE=2>The
financial statements of the Trust as at and for the three and nine-month periods ended September&nbsp;30, 2013 were authorized for issue by the Manager on November&nbsp;14,&nbsp;2013. </FONT></P>

<P style="font-family:;"><FONT SIZE=4>2.&nbsp;Basis of Preparation </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB" or
the&nbsp;"Board"). </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
financial statements have been prepared on a historical cost basis, except for physical silver bullion and financial assets and financial liabilities held at fair value through profit or loss,
that have been measured at fair&nbsp;value. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
financial statements are presented in U.S.&nbsp;dollars and all values are rounded to the nearest dollar unless otherwise indicated. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>2.1 Summary of Significant Accounting Policies </FONT></P>

<P style="font-family:;"><FONT SIZE=3>(i) Cash and cash equivalents </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Cash and cash equivalents consist of cash on deposit with the Trust's custodian, which is not subject to restrictions. </FONT></P>


<P style="font-family:;"><FONT SIZE=3>(ii) Silver bullion </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Investments in silver bullion are measured at fair value determined by reference to published price quotations, with unrealized and realized gains and losses
recorded in income based on the International Accounting Standards ("IAS") 40 </FONT><FONT SIZE=2><I>Investment Property</I></FONT><FONT SIZE=2> fair value model as IAS&nbsp;40 is the most relevant
standard to apply. Investment transactions in physical silver bullion are accounted for on the business day following the date the order to buy or sell is&nbsp;executed. </FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>11 </B></FONT></P>

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<P style="font-family:;"><FONT SIZE=3>(iii) Other financial liabilities </FONT></P>

<P style="font-family:;"><FONT SIZE=2>This category includes all financial liabilities, other than those classified at fair value through profit and loss. The Trust includes in this category
management fees payable, due to brokers and other accounts payable. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>(iv) Share Capital </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Classification of redeemable units </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Redeemable units are classified as equity instruments when: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:;"><FONT SIZE=2>The
units entitle the holder to a </FONT><FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2> share of the Trust's net assets in the event of the Trust's liquidation; </FONT></DD><DT style='font-family:;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:;"><FONT SIZE=2>The
redeemable units are in the class of instruments that is subordinate to all other classes of&nbsp;instruments; </FONT></DD><DT style='font-family:;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:;"><FONT SIZE=2>All
redeemable units in the class of instruments that is subordinate to all other classes of instruments have identical features; </FONT></DD><DT style='font-family:;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:;"><FONT SIZE=2>The
redeemable units do not include any contractual obligation to deliver cash or another financial asset other than the holder's rights to a </FONT> <FONT SIZE=2><I>pro&nbsp;rata</I></FONT><FONT SIZE=2> share of the Trust's net assets;&nbsp;and
</FONT></DD><DT style='font-family:;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:;"><FONT SIZE=2>The
total expected cash flows attributable to the redeemable units over the life of the instrument are based substantially on the profit or loss, the change in the
recognized net assets or the change in the fair value of the recognized and unrecognized net assets of the Trust over the life of the&nbsp;instrument. </FONT></DD></DL>
</UL>

<P style="font-family:;"><FONT SIZE=2>In
addition to the redeemable units having all the above features, the Trust must have no other financial instrument or contract that&nbsp;has: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:;"><FONT SIZE=2>Total
cash flows based substantially on the profit or loss, the change in the recognized net assets or the change in the fair value of the recognized and unrecognized net
assets of the Trust;&nbsp;and </FONT></DD><DT style='font-family:;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:;"><FONT SIZE=2>The
effect of substantially restricting or fixing the residual return to the redeemable unitholders. </FONT></DD></DL>
</UL>

<P style="font-family:;"><FONT SIZE=2>The
Trust continuously assesses the classification of the redeemable units. If the redeemable units cease to have all the features or meet all the conditions set out to be classified as equity, the
Trust will reclassify them as financial liabilities and measure them at fair value at the date of reclassification, with any differences from the previous carrying amount recognised in&nbsp;equity. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>(v) Fees and commission expenses </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Fees and commission expenses are recognized on an accrual basis. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>(vi) Income taxes </FONT></P>

<P style="font-family:;"><FONT SIZE=2>In each taxation year, the Trust will be subject to income tax on taxable income earned during the year, including net realized taxable capital gains. However,
the Trust intends to distribute its taxable income to unitholders at the end of every fiscal year and therefore the Trust itself would not have any income tax&nbsp;liability. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>(vii) Functional and presentation currency </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The Trust's functional and presentation currency is the U.S.&nbsp;Dollar. The Trust's performance is evaluated and its liquidity is managed in
U.S.&nbsp;Dollars. Therefore, the U.S.&nbsp;Dollar is considered as the currency that most faithfully represents the economic effects of the underlying transactions, events and&nbsp;conditions. </FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>12 </B></FONT></P>

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<P style="font-family:;"><FONT SIZE=4>3.&nbsp;Significant Accounting Judgements, Estimates and Assumptions </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
preparation of the Trust's financial statements requires the Manager to make judgments, estimates and assumptions that affect the amounts recognized in the financial statements. However,
uncertainty about these assumptions and estimates could result in outcomes that may require a material adjustment to the carrying amount of the asset or liability affected in future&nbsp;periods. </FONT></P>


<P style="font-family:;"><FONT SIZE=3>Judgements </FONT></P>

<P style="font-family:;"><FONT SIZE=2>In the process of applying the Trust's accounting policies, management has made the following judgements, which have the most significant effect on the amounts
recognized in the financial statements: </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Going Concern </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The Trust's management has made an assessment of the Trust's ability to continue as a going concern and is satisfied that the Trust has the resources to
continue in business for the foreseeable future. Furthermore, management is not aware of any material uncertainties that may cast significant doubt upon the Trust's ability to continue as a going
concern. Therefore, the financial statements continue to be prepared on a going concern&nbsp;basis. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Estimation Uncertainty </FONT></P>

<P style="font-family:;"><FONT SIZE=2>For tax purposes, the Trust generally treats gains from the disposition of silver bullion as capital gains, rather than income, as the Trust intends to be a
long-term passive holder of silver bullion, and generally disposes of its holdings in silver bullion only for the purposes of meeting redemptions and to pay expenses. The Canada Revenue Agency has,
however, expressed its opinion that gains (or&nbsp;losses) of mutual fund trusts resulting from transactions in commodities should generally be treated for tax purposes as ordinary income rather
than as capital gains, although the treatment in each particular case remains a question of fact to be determined having regard to all the circumstances. </FONT></P>


<P style="font-family:;"><FONT SIZE=2>The
Trust based its assumptions and estimates on parameters available when the financial statements were prepared. However, existing circumstances and assumptions about future developments may change
due to market changes or circumstances arising beyond the control of the Trust. Such changes are reflected in the assumptions when they&nbsp;occur. </FONT></P>

<P style="font-family:;"><FONT SIZE=4>4.&nbsp;Certain Relevant Standards, Interpretations and Amendments Issued But Not Yet&nbsp;Effective </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Standards
issued but not yet effective at the date of the issuance of the Trust's financial statements are listed&nbsp;below. </FONT></P>


<P style="font-family:;"><FONT SIZE=2>IFRS&nbsp;9 </FONT> <FONT SIZE=2><I>Financial Instruments: Classification and Measurement:</I></FONT><FONT SIZE=2> IFRS&nbsp;9 as issued reflects the first phase of the Board's work on the
replacement of IAS&nbsp;39 </FONT><FONT SIZE=2><I>Financial Instruments: Recognition and Measurement</I></FONT><FONT SIZE=2>, and applies to classification and measurement of financial assets as
defined in IAS&nbsp;39. The standard is effective for annual periods beginning on or after January&nbsp;1, 2015. The adoption of IFRS&nbsp;9 is not expected to have a material effect on the
classification and measurement of the Trust's financial assets. </FONT></P>


<P style="font-family:;"><FONT SIZE=4>5.&nbsp;Segment Information </FONT></P>

<P style="font-family:;"><FONT SIZE=2>For
management purposes, the Trust is organized into one main operating segment, which invests in physical silver bullion. All of the Trust's activities are interrelated, and each activity is
dependent on the others. Accordingly, all significant operating decisions are based upon an analysis of the Trust as one segment. The financial results from this segment are equivalent to the
financial statements of the Trust as a whole. The Trust's operating income is earned entirely in Canada and is primarily generated from its investment in physical silver&nbsp;bullion. </FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>13 </B></FONT></P>

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<P style="font-family:;"><FONT SIZE=4>6.&nbsp;Cash and Cash Equivalents </FONT></P>

<P style="font-family:;"><FONT SIZE=2>As
at September&nbsp;30, 2013, cash and cash equivalents consisted entirely of cash on&nbsp;deposit. </FONT></P>

<P style="font-family:;"><FONT SIZE=4>7.&nbsp;Fair Value of Financial Instruments </FONT></P>


<P style="font-family:;"><FONT SIZE=2>As
at Septmeber 30, 2013, due to the short-term nature of financial assets and financial liabilities recorded at cost, it is assumed that the carrying amount of those instruments approximates their
fair&nbsp;value. </FONT></P>

<P style="font-family:;"><FONT SIZE=4>8.&nbsp;Unitholders' Capital </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
Trust is authorized to issue an unlimited number of redeemable, transferable Trust Units in one or more classes and series of Units. The Trust's capital is represented by the issued, redeemable,
transferable Trust units. Quantitative information about the Trust's capital is provided in the statement of changes in equity. Under the Trust Agreement, Units may be redeemed at the option of the
unitholder on a monthly basis for physical silver bullion or cash. Units redeemed for physical silver bullion will be entitled to a redemption price equal to 100% of the NAV of the redeemed Units on
the last business day of the month in which the redemption request is processed. A unitholder redeeming Units for physical silver bullion will be responsible for expenses in connection with effecting
the redemption and applicable delivery expenses, including the handling of the notice of redemption, the delivery of the physical silver bullion for Units that are being redeemed and the applicable
silver storage in-and- out fees. Units redeemed for cash will be entitled to a redemption price equal to 95% of the lesser of (i)&nbsp;the volume-weighted average trading price of the Units traded
on the NYSE Arca, or, if trading has been suspended on the NYSE Arca, on the TSX for the last five business days of the month in which the redemption request is processed and (ii)&nbsp;the NAV of
the redeemed Units as of 4:00&nbsp;p.m., Eastern Standard time, on the last business day of the month in which the redemption request is&nbsp;processed. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>When
Units are redeemed and cancelled and the cost of such Units is either above or below their stated or assigned value, the cost is allocated to unitholders' capital in an amount equal to the stated
or assigned value of the Units and any difference is allocated to the Unit premiums and reserves account. For the nine-month period ended September&nbsp;30, 2013, the Trust issued no Units
(September&nbsp;30, 2012: 46,376,752&nbsp;Units) and redeemed 225&nbsp;Units (September&nbsp;30, 2012: 81,345&nbsp;Units). </FONT></P>


<P style="font-family:;"><FONT SIZE=3>Net Asset Value </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Net Asset Value ("NAV") is defined as the Trust's net assets (fair value of total assets less fair value of total liabilities, excluding all liabilities
represented by outstanding Units, if any) calculated using the value of physical silver bullion based on the end-of-day price provided by a widely recognized pricing service. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Capital management </FONT></P>

<P style="font-family:;"><FONT SIZE=2>As a result of the ability to issue, repurchase and resell Units of the Trust, the capital of the Trust as represented by the Unitholders' capital in the
statement of financial position can vary depending on the demand for redemptions and subscriptions to the Trust. The Trust is not subject to externally imposed capital requirements and has no legal
restrictions on the issue, repurchase or resale of redeemable Units beyond those included in the Trust Agreement. The Trust may not issue additional Units except (i)&nbsp;if the net proceeds per
Unit to be received by the Trust are not less than 100% of the most recently calculated NAV immediately prior to, or upon, the determination of the pricing of such issuance or (ii)&nbsp;by way of
Unit distribution in connection with an income distribution. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
Trust's objectives for managing capital are: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:;"><FONT SIZE=2>To
invest and hold substantially all of its assets in physical silver bullion;&nbsp;and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>14 </B></FONT></P>

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<UL>
<UL>
</UL>
<DL compact>
<DT style='font-family:;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:;"><FONT SIZE=2>To
maintain sufficient liquidity to meet the expenses of the Trust, and to meet redemption requests as they&nbsp;arise. </FONT></DD></DL>
</UL>

<P style="font-family:;"><FONT SIZE=2>Refer
to "Financial risk management objectives and policies" (Note&nbsp;10) for the policies and procedures applied by the Trust in managing its&nbsp;capital. </FONT></P>

<P style="font-family:;"><FONT SIZE=4>9.&nbsp;Increase (decrease) in Total Equity per Unit </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Increase
(decrease) in Total Equity per unit is calculated by dividing the net income (loss) for the period attributable to the Trust's unitholders by the weighted average number of units outstanding
during the&nbsp;period. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="39%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=1><I>For the three<BR>
months ended<BR>
September&nbsp;30,<BR>
2013</I></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=1><I>For the three<BR>
months ended<BR>
September&nbsp;30,<BR>
2012</I></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=1><I>For the nine<BR>
months ended<BR>
September&nbsp;30,<BR>
2013</I></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:;"><FONT SIZE=1><I>For the nine<BR>
months ended<BR>
September&nbsp;30,<BR>
2012</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=9 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="39%" style="font-family:;"><FONT SIZE=2>Net income (loss) for the period attributable to the Trust's units</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$98,299,541</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$281,919,946</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$(431,468,425</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$238,929,808</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=9 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="39%" style="font-family:;"><FONT SIZE=2>Weighted average number of units outstanding</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>127,366,977</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>100,776,512</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>127,367,122</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>87,803,488</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=9 style="font-family:;"><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="39%" style="font-family:;"><FONT SIZE=2>Increase (decrease) in total equity per unit</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$0.77</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$2.80</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$(3.39</FONT></TD>
<TD WIDTH="2%" style="font-family:;"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:;"><FONT SIZE=2>$2.72</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=9 style="font-family:;"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
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<P style="font-family:;"><FONT SIZE=4>10.&nbsp;Financial Risk and Management Objectives and Policies </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Introduction </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The Trust's objective in managing risk is the creation and protection of unitholder value. Risk is inherent in the Trust's activities, but it is managed through
a process of ongoing identification, measurement and monitoring, subject to risk limits and other controls. The process of risk management is critical to the Trust's continuing profitability. The
Trust is exposed to market risk (which includes price risk, interest rate risk and currency risk), credit risk and liquidity risk arising from the silver bullion that it holds. Only certain risks of
the Trust are actively managed by the Manager, as the Trust is a passive investment company. The risks are managed in accordance with the Trust's offering documents. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Risk management structure </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The Trust's Manager is responsible for identifying and controlling risks. </FONT></P>


<P style="font-family:;"><FONT SIZE=3>Risk mitigation </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The Trust has investment guidelines that set out its overall business strategies, its tolerance for risk and its general risk management philosophy. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
discussion below clarifies the Trust's management of various risks: </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Excessive risk concentration </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The Trust's risk is concentrated in the value of physical silver bullion, whose value constitutes 99.1% of total equity as at September&nbsp;30, 2013 (99.0%
as at December&nbsp;31,&nbsp;2012). </FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>15 </B></FONT></P>

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<P style="font-family:;"><FONT SIZE=3>Price risk </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Price risk arises from the possibility that changes in the market price of the Trust's investments, which consist almost entirely of silver bullion, will result
in changes in fair value of such investments. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>If
the market value of silver increased by 1%, with all other variables held constant, this would have increased comprehensive income by approximately $10.7&nbsp;million (December&nbsp;31, 2012:
$15.0&nbsp;million); conversely, if the value of silver bullion decreased by 1%, this would have decreased comprehensive income by the same&nbsp;amount. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Interest rate risk </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Interest rate risk arises from the possibility that changes in interest rates will affect the value of financial instruments. The Trust does not hedge its
exposure to interest rate risk as that risk is&nbsp;minimal. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Currency risk </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Currency risk arises from the possibility that changes in the price of foreign currencies will result in changes in carrying value. The Trust's assets,
substantially all of which consist of an investment in silver bullion, are priced in U.S.&nbsp;dollars. Some of the Trust's expenses are payable in Canadian dollars. Therefore, the Trust is exposed
to currency risk, as the value of its liabilities denominated in Canadian dollars will fluctuate due to changes in exchange rates. Most of such liabilities, however, are short term in nature and are
not significant in relation to the net assets of the Trust, and, as such, exposure to foreign exchange risk is limited. The Trust does not enter into currency hedging transactions. </FONT></P>

<P style="font-family:;"><FONT SIZE=2>As
at September&nbsp;30, 2013, $84,819 (December&nbsp;31, 2012: $100,070) of the Trust's liabilities were denominated in Canadian dollars. </FONT></P>


<P style="font-family:;"><FONT SIZE=3>Credit risk </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Credit risk arises from the potential that counterparties will fail to satisfy their obligations as they come due. The Trust primarily incurs credit risk when
entering into and settling silver bullion transactions. It is the Trust's policy to only transact with reputable counterparties. The Manager closely monitors the creditworthiness of the Trust's
counterparties, such as bullion dealers, by reviewing their financial statements, when available, regulatory notices and press releases. The Trust seeks to minimize credit risk relating to unsettled
transactions in silver bullion by only engaging in transactions with bullion dealers with high creditworthiness. The risk of default is considered minimal, as payment for silver bullion, is only made
against the receipt of the bullion by the&nbsp;custodian. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Liquidity risk </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Liquidity risk is defined as the risk that the Trust will encounter difficulty in meeting obligations associated with financial liabilities and redemptions.
Liquidity risk arises because of the possibility that the Trust could be required to pay its liabilities earlier than expected. The Trust is also subject to redemptions for both cash and silver
bullion on a regular basis. The Trust manages its obligation to redeem units when required to do so and its overall liquidity risk by only allowing for redemptions monthly, which require 15-day
advance notice to the Trust. The Trust's liquidity risk is minimal, since its primary investment is physical silver bullion, which trades in a highly liquid market. All of the Trust's financial
liabilities, including due to brokers, accounts payable and management fees payables have maturities of less than three&nbsp;months. </FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>16 </B></FONT></P>

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<P style="font-family:;"><FONT SIZE=4>11.&nbsp;Related Party Disclosures </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
following parties are considered related parties to the Trust: </FONT></P>


<P style="font-family:;"><FONT SIZE=3>Investment Manager&nbsp;&#150;&nbsp;Sprott Asset Management&nbsp;LP </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The Trust pays the Manager a monthly management fee equal to <SUP>1</SUP>/<SMALL>12</SMALL> of 0.45% of the value of net assets of the Trust (determined in accordance with
the Trust Agreement) plus any applicable Canadian taxes, calculated and accrued daily and payable monthly in arrears on the last day of each month. Total management fees for the period from
July&nbsp;1, 2013 to September&nbsp;30, 2013 amounted to $1,235,134 compared to $1,323,057 for the same period in 2012. Total management fees for the period from January&nbsp;1, 2013 to
September&nbsp;30, 2013 amounted to $4,170,802 compared to $3,558,929 for the same period in&nbsp;2012. </FONT></P>

<P style="font-family:;"><FONT SIZE=3>Ownership and Other </FONT></P>

<P style="font-family:;"><FONT SIZE=2>As at September&nbsp;30, 2013, the Trust's related parties included, Eric Sprott, CEO of the Manager, the Sprott Foundation, a charitable organization
established by Mr.&nbsp;Sprott's family, the Manager, and Sprott&nbsp;Inc., the parent company of the Manager. The Sprott Foundation owned 0.33% of the units of the Trust and the Manager owned
0.32% of the&nbsp;units. </FONT></P>


<P style="font-family:;"><FONT SIZE=2>All
related party transactions were made at arm's length on normal commercial terms and conditions. There have been no other transactions between the Trust and its related parties during the reporting
period. </FONT></P>

<P style="font-family:;"><FONT SIZE=4>12.&nbsp;Independent Review Committee ("IRC") </FONT></P>

<P style="font-family:;"><FONT SIZE=2>In
accordance with National Instrument&nbsp;81-107, Independent Review Committee for Investment Funds ("NI&nbsp;81-107"), the Manager has established an IRC for a number of funds managed by it,
including the Trust. The mandate of the IRC is to consider and provide recommendations to the Manager on conflicts of interest to which the Manager is subject when managing certain funds, including
the Trust. The IRC is composed of three individuals, each of whom is independent of the Manager and all funds managed by the Manager, including the Trust. Each fund subject to IRC oversight pays a
share of the IRC member fees, costs and other fees in connection with operation of the IRC. The IRC reports annually to unitholders of the funds subject to its oversight on its activities, as required
by NI&nbsp;81-107. </FONT></P>

<P style="font-family:;"><FONT SIZE=4>13.&nbsp;Soft Dollar Commissions </FONT></P>

<P style="font-family:;"><FONT SIZE=2>There
were no soft dollar commissions for the three and nine-month periods ended September&nbsp;30, 2013 or the three and nine-month periods ended September&nbsp;30,&nbsp;2012. </FONT></P>


<P style="font-family:;"><FONT SIZE=4>14.&nbsp;Personnel </FONT></P>

<P style="font-family:;"><FONT SIZE=2>The
Trust did not employ any personnel during the period, as its affairs were administered by the personnel of the Manager and/or the Trustee, as&nbsp;applicable. </FONT></P>

<P style="font-family:;"><FONT SIZE=4>15.&nbsp;Events After the Reporting Period </FONT></P>

<P style="font-family:;"><FONT SIZE=2>There
were no material events after the reporting period. </FONT></P>

<P ALIGN="CENTER" style="font-family:;"><FONT SIZE=2><B>17 </B></FONT></P>

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<P style="font-family:;"><FONT SIZE=4>Corporate Information </FONT></P>

<P style="font-family:;"><FONT SIZE=2><B>Head Office  </B></FONT></P>

<P style="font-family:;"><FONT SIZE=2>Sprott Physical Silver Trust<BR>
Royal Bank Plaza, South Tower<BR>
200&nbsp;Bay Street<BR>
Suite&nbsp;2700, PO Box&nbsp;27<BR>
Toronto, Ontario M5J&nbsp;2J1<BR>
Telephone: (416)&nbsp;203-2310<BR>
Toll Free: (877)&nbsp;403-2310<BR>
Email: ir@sprott.com </FONT></P>

<P style="font-family:;"><FONT SIZE=2><B>Auditors  </B></FONT></P>


<P style="font-family:;"><FONT SIZE=2>Ernst&nbsp;&amp; Young&nbsp;LLP<BR>
Ernst&nbsp;&amp; Young Tower<BR>
P.O.&nbsp;Box&nbsp;251, 222&nbsp;Bay Street<BR>
Toronto-Dominion Centre<BR>
Toronto, Ontario M5K&nbsp;1J7 </FONT></P>

<P style="font-family:;"><FONT SIZE=2><B>Legal Counsel  </B></FONT></P>

<P style="font-family:;"><FONT SIZE=2>Heenan Blaikie&nbsp;LLP<BR>
P.O.&nbsp;Box&nbsp;2900, Suite&nbsp;2900<BR>
333&nbsp;Bay Street<BR>
Bay Adelaide Centre<BR>
Toronto, Ontario Canada M5H&nbsp;2T4 </FONT></P>

<P style="font-family:;"><FONT SIZE=2>Seward&nbsp;&amp;
Kissel&nbsp;LLP<BR>
901 K&nbsp;Street NW, 8th&nbsp;Floor<BR>
Washington, DC 20001 </FONT></P>

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<P><br><A NAME="13ZCX13103_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:;"><A HREF="#toc_be13101_1">Exhibit 99.1</A></FONT><BR>
</UL>
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